RIL delivered a strong performance despite a complex operating environment.
| Photo Credit: Reuters
Reliance Industries Ltd (RIL) reported a 41% year-on-year (YoY) increase in consolidated net profit to ₹25,548 crore for the second quarter ended September 30, 2026, driven by strong performances in its Oil-to-Chemicals (O2C) and Jio Platforms businesses.
Gross revenue rose 27.8% YoY to ₹3,62,268 crore. Jio Platforms Ltd (JPL) recorded an 11.3% increase in revenue to ₹47,485 crore, aided by subscriber additions, higher average revenue per user (ARPU) and growth in digital services. Consolidated net profit rose 13.7% to ₹8,387 crore.
Revenue at Reliance Retail Ventures Ltd (RRVL) grew 6.4% to ₹91,716 crore. Performance was affected by a shift in the festive calendar to the third quarter. Consolidated profit after tax declined 24.5% to ₹2,619 crore.
The O2C business emerged as a key growth driver, with revenue surging 44.2% YoY, reflecting a sharp rise in crude and product prices. Crude prices increased 40.6%, while transportation fuel prices rose 50-78%. Prices of most downstream chemical products climbed 25-35%, driven by higher feedstock costs.
O2C EBITDA jumped 67.9%, supported by a steep increase in transportation fuel cracks and improved petrochemical margins. Fuel cracks rose 3-3.7 times amid tight global refining capacity. Polyester chain margins improved 33%, led by increases of 15% in PX delta and 52% in PTA delta.
However, higher crude premiums, elevated freight rates and under-recoveries in domestic fuel retail constrained earnings.
Oil and Gas segment revenue remained stable, as lower KGD6 gas production and price realisations were offset by higher condensate realisations.
“During 2Q FY27, our businesses delivered a strong performance despite a complex operating environment. Commodity markets remained volatile while geopolitical tensions continued to weigh on global supply chains,” said Mukesh D. Ambani, Chairman and Managing Director, RIL.
“Our O2C business delivered a particularly strong performance this quarter, led by tight fuel markets, improved downstream petrochemical deltas and firm domestic demand,” he said.
Mr. Ambani said Jio continued to register robust growth across mobility, home broadband and enterprise services, supported by its proprietary technology stack and expanding digital offerings.
“The Jio IPO is a defining milestone. The faith placed in us by millions of our investors reinforces our commitment to building indigenous, world-class deep-tech solutions to deliver sustained value to customers and shareholders,” he added.
Published – October 30, 2026 08:55 pm IST
