RELIANCE INDUSTRIES Q2 FY27 results: net profit up 33.8% to ₹29,550 crore, revenue up 28.6%

How did RELIANCE INDUSTRIES perform in Q2 FY27?

Reliance Industries reported consolidated revenue of ₹3,32,861 crore for Q2 FY27, up 28.6% from ₹2,58,898 crore in Q2 FY26 and 6.7% from ₹3,11,850 crore in Q1 FY27. EBITDA rose 23.4% year on year to ₹56,616 crore and increased 19.1% from ₹47,517 crore in Q1 FY27. The EBITDA margin was 17.0%, compared with 17.7% a year earlier and 15.2% in the previous quarter.

Consolidated profit before tax was ₹38,613 crore, compared with ₹29,124 crore in Q2 FY26 and ₹30,630 crore in Q1 FY27. Net profit was ₹29,550 crore, up 33.8% year on year and 27.4% from the previous quarter, while profit attributable to owners was ₹25,548 crore. Basic EPS was ₹18.88 against ₹13.42 in Q2 FY26 and ₹15.48 in Q1 FY27. On a standalone basis, revenue was ₹1,74,668 crore and net profit was ₹15,354 crore.

What changed in RELIANCE INDUSTRIES's costs and profit?

Total expenses increased 28.1% year on year to ₹3,00,041 crore, mainly reflecting a 40.5% rise in cost of materials to ₹1,49,628 crore from ₹1,06,488 crore. Finance costs rose 24.2% to ₹8,481 crore and depreciation increased 6.2% to ₹15,315 crore. Employee cost declined 0.2% to ₹7,474 crore, while other expenses rose 2.2% to ₹43,088 crore. The filing did not state a reason for the year-on-year movement in these cost lines.

Other income increased 29.3% to ₹5,793 crore from ₹4,482 crore in Q2 FY26. Tax expense rose 34.2% to ₹9,363 crore from ₹6,978 crore, and the filing included no exceptional item. Against Q1 FY27, total expenses rose 4.3%, cost of materials rose 15.2%, finance costs rose 1.7%, and other expenses fell 4.8%; other income fell 11.6% and tax expense rose 22.7%.

How did the first half of FY27 go?

Reliance Industries reported H1 FY27 consolidated revenue of ₹6,44,711 crore, up 27.0% from ₹5,07,558 crore in H1 FY26. Total income was ₹6,57,054 crore, up 24.6% from ₹5,27,159 crore. Profit before tax rose 4.5% to ₹69,243 crore from ₹66,270 crore, while net profit was ₹52,746 crore compared with ₹52,875 crore in the year-ago half.

Basic EPS for H1 FY27 was ₹34.36, up 3.0% from ₹33.37 in H1 FY26. The filing did not provide a separate explanation for the difference between the higher profit before tax and the broadly lower net profit comparison.

What do the balance sheet and cash flow show?

At 30 September 2026, Reliance Industries reported total assets of ₹22,75,033 crore and total equity of ₹11,32,648 crore, compared with ₹21,78,140 crore and ₹10,85,866 crore at 31 March 2026. Borrowings were ₹3,84,952 crore against ₹3,74,421 crore, while cash and cash equivalents were ₹1,81,723 crore against ₹1,45,977 crore. Inventories were ₹1,85,480 crore, trade receivables ₹59,564 crore and trade payables ₹2,68,670 crore.

For H1 FY27, operating cash flow was ₹93,055 crore, compared with ₹99,110 crore in H1 FY26. Investing cash flow was negative ₹31,202 crore against negative ₹52,951 crore, financing cash flow was negative ₹26,107 crore against negative ₹41,161 crore, and capital expenditure was ₹52,813 crore against ₹58,074 crore. The filing did not state a reason for the operating cash-flow change.

How has RELIANCE INDUSTRIES done over the last 8 quarters?

Revenue reached ₹3,32,861 crore in Q2 FY27, the highest level in the reported eight-quarter series, while net profit of ₹29,550 crore was also the highest. EBITDA margin rose to 17.0% from 15.2% in Q1 FY27 but remained below 17.7% in Q2 FY26. Revenue rose year on year in each of the last eight quarters.

The lowest revenue in the series was ₹2,43,865 crore in Q3 FY25, and the lowest net profit was ₹20,589 crore in Q4 FY26. The EBITDA margin bottomed at 14.8% in Q4 FY26 and reached 18.0% in Q3 FY25. In the latest quarter, revenue and profit were higher than in Q1 FY27, while margin recovered from 15.2% to 17.0%.

Which businesses drove the quarter?

Oil to Chemicals (O2C) reported revenue of ₹2,31,601 crore, up 44.2% from ₹1,60,558 crore in Q2 FY26, and EBIT of ₹22,347 crore against ₹12,560 crore. Oil and Gas revenue was ₹6,020 crore, down 0.6% from ₹6,058 crore, while EBIT rose to ₹3,941 crore from ₹3,552 crore.

Retail reported revenue of ₹91,717 crore, up 1.3% from ₹90,544 crore, with EBIT of ₹4,300 crore compared with ₹5,269 crore. Digital Services revenue was ₹48,486 crore, up 11.2% from ₹43,617 crore, and EBIT was ₹14,249 crore against ₹12,065 crore. Others recorded revenue of ₹25,317 crore, up 56.2% from ₹16,208 crore, and EBIT of ₹1,454 crore against ₹706 crore.

What else did the company announce?

The board approved the unaudited consolidated and standalone financial results for the quarter and half year ended 30 September 2026, along with the independent auditor’s review report, on 30 October 2026. The meeting began at 5:30 p.m. IST and discussions on these items concluded at 7:25 p.m. IST, while the meeting continued for other agenda items.

The board also passed an enabling resolution authorising the issuance of listed, secured or unsecured, redeemable non-convertible debentures up to ₹15,000 crore, in one or more tranches, on a private-placement basis. The company had earlier scheduled the board meeting to consider the results and the proposed fund-raising.

What did RELIANCE INDUSTRIES's management say?

Management said H1 FY27 O2C performance was tracking annualised EBITDA well over ₹80,000 crore. CFO V Srikanth said the first-half performance was tracking annualised EBITDA well over Rs.80,000 Crores and that new-energy earnings contribution was expected to begin in FY2028. Management also maintained visibility of high-teen growth for Jio and said its capex had started tapering after national 5G and UBR core-network deployments.

Retail management said the strategy remained unchanged, including the ambition to double operating EBITDA, while the timing of the benefit could move by a year. Management said digital-commerce benefits were expected to begin lifting absolute EBITDA from the next year, with scale-to-value conversion expected in FY28 and FY29. The company’s presentation said module capacity was above 6 GW and targeted to reach up to 20 GW early in calendar 2027, while cell capacity was nearing 5 GW and targeted to reach 20 GW in H1 calendar 2027.

Management identified risks including refinery outages, sanctions, shipping attacks, high crude premiums, freight and insurance costs, inflation, rupee depreciation, food prices, a deficient monsoon, quick-commerce discounting and Chinese petrochemical capacity additions in about two years. The presentation said O2C benefited from tight fuel markets, all-time-high fuel cracks and feedstock advantages, while logistics costs and SAED constrained EBITDA.

How did RELIANCE INDUSTRIES shares react?

After the filing appeared after market hours, the stock was down 0.9% at 5 minutes, up 0.2% at 15 minutes and up 0.9% at 30 minutes from the price when the filing appeared. On the reaction day, it rose 9.4% from the previous close of ₹1,164.9. By the next day’s close, the stock was up 11.7% from that pre-results close; the five-day reaction was not available.

The Refineries & Marketing sector’s other stocks recorded a median move of 2.0% on the reaction day and 2.6% by the next day’s close. Reliance exceeded those medians by 7.4 percentage points on the reaction day and 9.1 percentage points by the next day’s close. Earlier results-day moves included 3.4% on 17 October 2025, negative 3.3% on 16 January 2026 and negative 0.5% on 17 July 2026.

How did other Refineries & Marketing companies do?

Seven other Refineries & Marketing companies had filed results for the quarter, and their median revenue growth was 26.0%. Four peers grew revenue more slowly than Reliance Industries, while three grew faster. Among the six peers with a profit comparison, three reported higher profit. The peer data was as of 5 November 2026.