Reliance Industries Q2 FY27 Results: Net Profit Jumps 41% to ₹25,548 Crore, Board Approves ₹15,000 Crore Fundraising

Reliance Industries Q2 FY27 results have delivered a strong performance, with the Mukesh Ambani-led conglomerate reporting a 40.6% year-on-year increase in net profit attributable to owners to ₹25,548 crore for the quarter ended September 30, 2026. Alongside the earnings announcement, the company’s board approved a proposal to raise up to ₹15,000 crore through non-convertible debentures (NCDs).

The financial results, announced on Friday, October 30, reflect strong contributions from Reliance’s oil-to-chemicals (O2C) and digital services businesses. The company also recorded its highest-ever quarterly gross revenue of ₹3,62,268 crore, marking a 27.8% increase compared with the corresponding quarter of the previous financial year.

Consolidated profit after tax, including the share of profits from associates and joint ventures, stood at ₹29,550 crore, up 33.8% from ₹22,092 crore a year earlier. Revenue from operations reached ₹3,32,861 crore, compared with ₹2,58,898 crore in Q2 FY26.

The company also reported consolidated EBITDA of ₹62,409 crore, representing a 23.9% annual increase. These figures highlight the contribution of its energy, telecom and consumer-facing businesses to the group’s overall financial performance.

O2C Business Leads Reliance’s Quarterly Performance

Reliance’s Oil-to-Chemicals business emerged as one of the biggest contributors to the September-quarter performance.

The segment reported EBITDA of ₹25,203 crore, registering a significant 67.9% increase compared with the same quarter last year. Improved refining margins, stronger petrochemical performance and optimisation of crude sourcing supported the business during the quarter.

The performance is particularly significant given the uncertainty in international energy markets. Fluctuating crude oil prices, geopolitical tensions and changing global supply chains continue to influence the refining and petrochemical industries.

Reliance’s integrated energy operations and ability to adjust sourcing and product placement have helped it respond to these changing market conditions.

Jio Platforms Maintains Growth Momentum

Reliance’s digital services business, led by Jio Platforms, also reported healthy growth during the quarter.

Jio Platforms recorded EBITDA of ₹22,223 crore, an increase of 17.7% year-on-year. Continued demand for mobile connectivity, digital services and broadband offerings supported its performance.

Jio has been expanding its 5G network and fixed broadband services while increasing the range of digital offerings available to customers.

The growth of digital consumption in India remains an important opportunity for the business. Increasing adoption of high-speed internet, online entertainment, cloud-based services and digital applications is expected to support demand for connectivity and related services.

Jio’s performance also comes at an important time for the group, following Jio Platforms’ entry into the capital markets.

Reliance Retail Reports Revenue Growth Amid Margin Pressure

Reliance Retail continued to expand its physical and digital presence, although its profitability faced pressure during the September quarter.

Reliance Retail Ventures Limited reported gross revenue of ₹91,716 crore, representing 6.4% year-on-year growth. Its EBITDA margin stood at 7.8%, while EBITDA before a one-time impairment charge declined 8.6% to ₹6,228 crore.

The company opened 303 new stores during the quarter. After accounting for the closure of underperforming outlets, its total store network stood at 19,947 locations across India, covering approximately 77.5 million square feet.

The retail business also recorded 7% growth in customer transactions despite major festive occasions shifting to the December quarter.

However, planned investments in digital commerce, higher input costs and the change in the festive calendar affected margins. The results indicate that while Reliance Retail continues to strengthen its distribution network, maintaining profitability amid expansion remains an important challenge.

Why Has Reliance Industries Approved ₹15,000 Crore in NCDs?

Alongside its quarterly results, Reliance Industries announced that its board had approved an enabling resolution to raise up to ₹15,000 crore through non-convertible debentures.

The proposed fundraising will involve listed, secured or unsecured, redeemable NCDs issued in one or more tranches through private placement.

NCDs are fixed-income debt instruments that companies use to raise funds from investors. Unlike convertible debentures, they cannot be converted into equity shares.

The approval does not mean that the entire amount has already been raised. It authorises the company to issue these debt instruments, subject to the applicable terms and requirements.

For a business with operations spanning energy, telecommunications, retail and new technology, access to different funding options can help manage financial requirements and maintain flexibility in capital allocation.

The proposed ₹15,000 crore issue should therefore be viewed as a capital-management decision rather than evidence of immediate financial stress.

Reliance has substantial ongoing investment requirements across its businesses, including digital infrastructure, retail expansion and new energy initiatives. The ability to access debt markets provides another financing option alongside internally generated cash flows.

Mukesh Ambani Highlights Business Resilience Amid Global Uncertainty

Commenting on the quarterly performance, Reliance Industries Chairman and Managing Director Mukesh Ambani highlighted the group’s ability to navigate a challenging global business environment.

He pointed to continuing geopolitical tensions, volatile commodity markets and disruptions in international supply chains.

According to Ambani, Reliance’s diversified business portfolio, domestic market focus and operational discipline helped the company manage these external challenges.

The group’s performance also demonstrates how its traditional energy operations and newer consumer and digital businesses contribute to its overall financial position.

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What Lies Ahead for Reliance Industries?

Reliance Industries enters the second half of FY27 with strong earnings momentum, supported particularly by its O2C and digital services businesses.

However, the company will need to balance growth investments with profitability across its different business segments. Developments in global crude oil markets, refining margins, retail demand and digital services monetisation will remain important factors in determining its performance in the coming quarters.

The proposed ₹15,000 crore NCD fundraising will also be worth watching as the company progresses with its capital allocation plans.

For investors and market participants, the September-quarter results provide a positive picture of Reliance’s overall earnings performance, while the contrasting trends in its energy, digital and retail businesses underline the importance of looking beyond headline profit growth.