Reliance Industries Limited posts record Q2 profit on O2C

Reliance Industries Limited reported a record profit of Rs 29,550 crore in the September 2026 quarter, up 33.8% from Rs 22,092 crore a year earlier. Reliance Industries' Oil to Chemicals business delivered EBITDA of Rs 25,203 crore, while retail, digital and energy operations also recorded strong revenue and EBITDA growth.

What drove Reliance Industries' record September-quarter profit?

Reliance Industries' September-quarter profit was supported by stronger topline and operating income, with fuel earnings providing a major contribution. The company reported that O2C EBITDA reached Rs 25,203 crore, aided by strong refining margins, tight global refining capacity, optimised feedstock sourcing and targeted product placement.

The quarterly profit of Rs 29,550 crore was 33.8% higher than Rs 22,092 crore in the corresponding quarter a year earlier. The result was described as exceeding September-quarter estimates, and Reliance Industries became the first company mentioned in the discussion to report profit above Rs 50,000 crore for a half year.

Which businesses make up Reliance Industries?

Reliance Industries operates across Oil to Chemicals, Oil and Gas, Retail, Digital Services, Financial Services and Others. The portfolio spans the exploration and production of crude oil and natural gas, refining and petrochemicals, consumer retail, digital services, financial activities, media, SEZ development and textiles.

The O2C segment includes refining, petrochemicals, fuel retailing through Reliance BP Mobility Limited, aviation fuel and bulk wholesale marketing. Oil and Gas covers exploration, development and production. Retail includes consumer retail and related services, while Digital Services provides a range of digital services. Financial Services covers deployment of identified resources, including non-banking financial services and insurance broking. The Others segment includes media, SEZ development and textile operations.

Reliance Industries has developed from a textiles and polyester company into an integrated group active in energy, materials, retail, entertainment and digital services. Its operations include petroleum products, polyester products and intermediates, plastics, polymer intermediates, chemicals, synthetic textiles and fabrics.

How did retail and digital services perform in the quarter?

Reliance Industries' retail and digital businesses were among the segments cited for strong revenue and EBITDA growth. Reliance Retail's Q2 revenue rose 6.4%, while the Ajio catalogue expanded 23%, according to the discussion around the quarter.

Reliance Consumer's Q2 revenue increased 60% to Rs 8,266 crore. The retail network was described as having 20,160 stores across grocery, fashion, electronics and jewellery, with a hyperlocal delivery network reaching more than 5,100 pin codes. Average daily orders in its hyperlocal commerce business had also risen more than 300% year-on-year and 29% sequentially in Q4 FY26.

Digital Services gained another public-market milestone when Jio Platforms listed on October 28, 2026. The listing was described as the first public listing from the Reliance Group in 20 years. Jio Platforms reported strong revenue, EBITDA margin, net profit and ARPU in Q2 FY27, alongside 542.4 million subscribers, including 5G users.

What are Reliance Industries' latest investment and corporate actions?

Reliance Industries is continuing investment in new energy and AI alongside its established businesses, while maintaining high capital expenditure with a stable net debt position. The company is building a clean-energy manufacturing ecosystem on 5,000 acres in Jamnagar covering solar panels, batteries, electrolysers and biogas, with first modules already shipping and a $3 billion green-ammonia contract signed.

Its AI plan has entered an execution phase focused on infrastructure, platforms and services, including Indian-language models. As part of a partnership, Reliance Industries plans a 168-megawatt data centre in Jamnagar, Gujarat, to be delivered within two years, with an option to scale capacity further.

The company also authorised a private placement of non-convertible debentures worth up to Rs 150 billion. The disclosed information did not include details on the tenor, coupon, allocation, listing or timing. Separately, UK authorities issued a notice for the proposed voluntary dissolution of Hamleys (Franchising) Ltd, a UK subsidiary that recorded Rs 56.08 crore in 2025 turnover and had nil net worth at year-end.

Conclusion

Reliance Industries' record September-quarter profit reflects the continued importance of O2C cash generation, particularly the Rs 25,203 crore EBITDA contribution, alongside growth in retail and digital services. The results also show the group operating across mature energy businesses and consumer-facing platforms, with financial, media, SEZ and textile activities adding to its broader portfolio.

Investors will watch the execution of the Jamnagar clean-energy manufacturing programme and the planned 168-megawatt data centre over the next two years. Other points to track are further disclosures on the proposed Rs 150 billion NCD placement, the performance of Jio Platforms after its October 28 listing, and the proposed strike-off process for Hamleys (Franchising) Ltd.