Reliance Industries shares climbed over 6% on Monday, Nov. 2, as investors are assessing its strongest-ever quarterly performance, with a sharp improvement in its oil-to-chemicals (O2C) business driving earnings growth in the September quarter.
The stock is trading at Rs 1,238.3 apiece on the NSE at around 9:50, up from its previous close at Rs 1,164.9 on the NSE.
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The company's consolidated Ebitda increased 19% year-on-year to Rs 56,616 crore, while net profit rose 22% to nearly Rs 25,548 crore.
Reliance Industries Q2 Results: Key Highlights (Consolidated QoQ)
- Net profit up 22% to Rs 25,548 crore versus Rs 20,946 crore (Estimate: Rs 21,368 crore).
- Revenue up 6.8% to Rs 3.31 lakh crore versus Rs 3.09 lakh crore (Estimate: Rs 3.14 lakh crore).
- Ebitda up 19% to Rs 56,616 crore versus Rs 47,517 crore.
- Ebitda margin at 17.1% versus 15.4%.
Also Read: Reliance Q2 Scorecard: O2C Roars, Jio Expands, Retail Feels The Pinch — 10 Key Takeaways
O2C Strength Drives Performance
According to the company, the strength in the O2C business is supported by tight fuel markets, higher refining cracks, and Reliance's ability to change crude sourcing based on market conditions.
Management said gasoline cracks were around three times their year-ago levels, while diesel cracks were 3.5 times higher and jet fuel cracks were 3.7 times higher. The company also used its time-chartered fleet of around 20 to 25 vessels to mitigate the impact of higher freight rates.
Reliance CFO V Srikanth said the company remained positive on the outlook for O2C, adding that “the markets are fundamentally structurally changed” and the company was well positioned to benefit.
On retail, management said it was prioritising the expansion of its digital commerce platform, even at the cost of near-term earnings growth. Online grocery revenue grew 42%, with the company expecting the benefits of its investments to become visible over the next few years.
On new energy, Srikanth said the business was accelerating, with “earnings contribution definitely starting in FY 2028.” Solar module capacity has crossed 6 GW, while solar cell capacity is nearing 5 GW, with both targeted to reach 20 GW next year.
RIL Share Price Performance
Even though the stock has been rallying today post solid Q2 earnings, it remains down around 22.7% in 2026 so far.
Currently, trading at a price-to-earnings multiple of 16.49 times, with a market cap of Rs 16,72,757.1 crore on the NSE.
Also Read: Reliance Industries Q2 Review: Record O2C Earnings, Retail Weakness And A Brokerage Divide
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