RIL reported a bumper Q2 FY27 with consolidated EBITDA rising 19% QoQ (+23% YoY) to Rs 56,600 crore (10% beat), driven by record-high profitability in oil-to-chemical. Consolidated oil-to-chemical EBITDA rose ~48% QoQ (+68% YoY) to a record Rs 25,200 crore (26% beat), fueled by stronger refining cracks and polyester chain deltas (three-year highs). Reliance Retail (RRVL)'s net revenue grew modest ~6% YoY on a comparable basis (5% miss), hurt by the festive shift. Segment EBITDA declined ~10% YoY (-3% QoQ, 9% miss) as digital commerce investments, input cost inflation and festive shift weighed on margins.
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Motilal Oswal Report
Domestic brokerage firm Motilal Oswal has reiterated its Buy rating on Reliance Industries Ltd. with a revised target price of Rs 1,520 from earlier Rs 1,560, implying a potential upside of 30% from the report market price.
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At CMP, the brokerage estimates that RIL is currently trading at a ~54% holdco discount on its 64.5% stake in Jio Platforms, which Motilal Oswal believes is excessive.
The energy segment drives a near-term earnings upgrade; however, the brokerage views recovery in Reliance Retail Ventures's growth and profitability as the key driver of RIL's stock price.
RIL Q2 Results Highlights
- RIL reported a bumper 2QFY27 with consolidated EBITDA rising 19% QoQ (+23% YoY) to Rs 56,600 crore (10% beat), driven by record-high profitability in O2C.
- Consolidated oil-to-chemical EBITDA rose ~48% QoQ (+68% YoY) to a record Rs 25,200 crore (26% beat), fueled by stronger refining cracks and polyester chain deltas (three-year highs).
- Reliance Retail (RRVL)'s net revenue grew modest ~6% YoY on a comparable basis (5% miss), hurt by the festive shift. Segment EBITDA declined ~10% YoY (-3% QoQ, 9% miss) as digital commerce investments, input cost inflation and festive shift weighed on margins.
- Digital services EBITDA rose ~5% QoQ (+18% YoY, 3% ahead), supported by steady net adds, one additional day QoQ, scale of digital services under Jio Platform and robust ~88% incremental margins in RJio.
- Consol. E&P EBITDA declined 1% QoQ (-2% YoY, 14% beat) led by higher condensate and coal bed methane realisations, offset by lower KG-D6 volume.
- Attributable Q2 PAT grew 41% YoY (+22% QoQ) to Rs 25,600 crore (11% beat), driven by record EBITDA, partly offset by lower other income.
- Committed capex remained largely stable QoQ at Rs 38,200 crore, while reported net debt moderated by ~Rs 5,800 crore QoQ to Rs 1.17 lakh crore.
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