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Profit before tax (PBT) increased 32.58% YoY to Rs 38,613 crore in the quarter ended 30th September 2026.
Earnings before interest, tax, depreciation and amortisation (EBITDA) increased 23.9% YoY to Rs 62,409 crore from Rs 50,367 crore in Q2 FY26. However, the EBITDA margin moderated to 17.2% from 17.8% a year earlier.
Depreciation expenses increased 6.2% YoY to Rs 15,315 crore, primarily due to higher depreciation in the digital services business following the capitalisation of 5G assets. Finance costs rose 24.2% YoY to Rs 8,481 crore, reflecting higher liability balances and the capitalisation of 5G assets.
Capital expenditure stood at Rs 38,153 crore during the quarter, with investments primarily directed towards oil-to-chemicals (O2C) and new energy projects under implementation, alongside the expansion of infrastructure and distribution networks across consumer businesses.
Mukesh D. Ambani, chairman and managing director, Reliance Industries, said: “This week marked a historic moment in Reliance’s value creation journey with Jio’s record-setting listing on Indian bourses. With over 22x subscription, and strong listing appreciation, the issue has set multiple global benchmarks. JPL is now India’s second largest company. It demonstrates the depth of confidence investors place in Jio’s solid foundation and strong growth visibility. I am proud to witness the rejuvenation of “the equity cult” originally pioneered by our founder-chairman during the 1977 Reliance IPO.
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. Against this backdrop, the domestic orientation of our portfolio, combined with operational discipline and versatility of our integrated businesses, helped Reliance navigate external volatility effectively.”
Consolidated Reliance Retail Ventures (RRVL)
Reliance Retail Ventures (RRVL) reported gross revenue of Rs 91,716 crore, up 6.4% YoY, with performance impacted by the shift in the festive calendar to the December quarter. EBITDA before one-time impairment charges declined 8.6% to Rs 6,228 crore, while the EBITDA margin contracted 120 basis points to 7.8%.
The company opened 303 stores during the quarter, while the net store count declined by 222 after accounting for closures of unproductive outlets. Its total store network stood at 19,947 stores, covering an area of 77.5 million square feet. Transactions increased 7% YoY despite the shift in major festivals to Q3.
JioMart recorded 42% revenue growth, driven by higher average order values and a 24% increase in units per order.
Oil To Chemicals (O2C) Segment
The O2C segment reported a 44.2% YoY increase in revenue to Rs 2,31,601 crore, supported by higher energy and product prices amid disruptions in global energy supply chains. Crude oil prices increased 40.6% YoY, while transportation fuel prices rose 50-78%. Prices of most downstream chemical products were also up 25-35%.
Segment EBITDA surged 67.9% YoY to Rs 25,203 crore, driven by stronger transportation fuel cracks and improved downstream petrochemical margins. Fuel cracks increased 3-3.7 times year-on-year and reached historic highs during the quarter. Polyester chain margins also recovered sharply, reaching a three-year high, supported by improved PX and PTA delta
However, earnings growth was constrained by continued SAED-related costs, higher crude oil premiums and under-recoveries in the Jio-bp business.
Global oil demand declined by 3.4 million barrels per day (mb/d) year-on-year to 102.5 mb/d in Q2 FY27. Demand for diesel fell by 0.35 mb/d, while gasoline and jet fuel consumption declined by approximately 0.3 mb/d and 0.13 mb/d, respectively.
Jio-bp’s combined MS and HSD volumes grew more than 4.2% Y-o-Y in Q2 FY27 to 1.83 million KL, led by continued momentum in Motor Spirit (MS) and the strength of the company’s premium and loyaltyled retailing.
Oil And Gas (Exploration and Production) Segment
In the oil and gas segment, revenue declined marginally by 0.6% YoY to Rs 6,020 crore, mainly due to lower production and price realisation from KG-D6. This was partly offset by higher condensate prices and improved CBM gas realisations and volumes.
EBITDA declined 2% YoY to Rs 4,901 crore, reflecting lower revenue and higher government levies, partly offset by favourable exchange rate movements. Average KG-D6 gas production stood at 24.0 MMSCMD, while oil and condensate production was approximately 15,903 barrels per day.
Jiostar Business
JioStar reported revenue from operations of Rs 6,806 crore in Q2 FY27, registering 10.1% YoY growth, supported by subscription revenue and digital entertainment advertising. EBITDA from operations stood at Rs 1,372 crore, with a margin of 22.1%. JioHotstar averaged approximately 440 million monthly active users (MAUs), up 10% YoY.
Reliance Industries is India's largest private sector company with businesses spanning digital services, retail, oil-to-chemicals, exploration and production, new energy and consumer products.
The scrip shed 0.44% to settle at Rs 1163.55 on the BSE.
In the cash market, the Nifty 50 index rose 116.35 points or 0.51% to 23,053.10.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, added 2.21% to 15.45.
Reliance Industries (RIL), Infosys and HDFC Bank were the top-traded individual stock futures contracts in the F&O segment of the NSE.
November 2026 F&O contracts will expire on 23 November 2026.
Reliance Industries announced that in the application for voluntary strike off filed by Hamleys (Franchising) (HFL), a step-down subsidiary of the Company, the Registrar of Companies, United Kingdom has published a notice in the gazette stating that unless cause is shown to the contrary, HFL will be struck off the register and dissolved not less than 2 months from 27 October 2026.
The turnover of HFL for the calendar year 2025 was Rs. 56.08 crore and its contribution to the consolidated turnover of the Company for the financial year 2025-26 was 0.0048%. It had Nil networth as on 31 December 2025.
In the cash market, the Nifty 50 index surged 237.90 points or 1.05% to 22,936.75.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 6.43% to 15.20.
Reliance Industries, HDFC Bank and Infosys were the top-traded individual stock futures contracts in the F&O segment of the NSE.
In the cash market, the Nifty 50 index fell 50.90 points or 0.22% to 22,698.85.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, shed 0.28% to 16.36.
In the cash market, the Nifty 50 index fell 3.45 points or 0.02% to 22,749.75.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 1.73% to 17.15.
HDFC Bank, Reliance Industries and Infosys were the top-traded individual stock futures contracts in the F&O segment of the NSE.
Further, The rally was driven by buying in heavyweight stocks and optimism surrounding September-quarter earnings, despite persistent concerns in global markets over AI-related debt and intensifying competition in the semiconductor industry.
Private bank, IT and auto shares advanced while PSU Bank, media and FMCG shares declined.
As per provisional closing data, the S&P BSE Sensex surged 1,533.72 points or 2.11% to 74,315.61. The Nifty 50 index jumped 374.65 points or 1.66% to 22,997.35.
In the broader market, the BSE 150 Midcap Index shed 0.48% and the BSE 250 Smallcap Index declined 1.04%.
The market breadth was weak. On the BSE, 1,716 shares rose and 2,670 shares fell. A total of 214 shares were unchanged.
In the commodities market, Brent crude for December 2026 settlement dropped $2.44 or 2.30% to $103.62 a barrel. The United States 10-year bond yield tumbled 2.10% to 5.080.
Initial Public Offer (IPO)
HD Fire Protect received bids for 2,31,12,77,760 shares as against 1,84,20,492 shares on offer, according to stock exchange data at 15:30 IST on 15 October 2026. The issue was subscribed 125.47 times.
The issue opened for bidding on 13 October 2026 and will close on 15 October 2026. The price band of the IPO is fixed between Rs 258 and 271 per share. An investor can bid for a minimum of 55 equity shares and multiples thereof.
Fusion CX received bids for 1,39,47,939 shares as against 1,40,40,000 shares on offer, according to stock exchange data at 15:30 IST on 15 October 2026. The issue was subscribed 0.99 times.
The issue opened for bidding on 14 October 2026 and will close on 16 October 2026. The price band of the IPO is fixed between Rs 275 and 289 per share. An investor can bid for a minimum of 51 equity shares and multiples thereof.
Tonbo Imaging India received bids for 3,09,16,242 shares as against 85,26,033 shares on offer, according to stock exchange data at 15:30 IST on 15 October 2026. The issue was subscribed 3.63 times.
The issue opened for bidding on 15 October 2026 and will close on 19 October 2026. The price band of the IPO is fixed between Rs 665 and 700 per share. An investor can bid for a minimum of 21 equity shares and multiples thereof.
Zetwerk Manufacturing Business received bids for 2,29,76,415 shares as against 18,50,66,845 shares on offer, according to stock exchange data at 15:30 IST on 15 October 2026. The issue was subscribed 0.12 times.
The issue opened for bidding on 15 October 2026 and will close on 19 October 2026. The price band of the IPO is fixed between Rs 143 and 151 per share. An investor can bid for a minimum of 99 equity shares and multiples thereof.
Sahajanand Medical Technologies received bids for 28,37,871 shares as against 97,50,482 shares on offer, according to stock exchange data at 15:30 IST on 15 October 2026. The issue was subscribed 0.29 times.
The issue opened for bidding on 15 October 2026 and will close on 19 October 2026. The price band of the IPO is fixed between Rs 327 and 344 per share. An investor can bid for a minimum of 43 equity shares and multiples thereof.
Bonfiglioli Transmissions received bids for 1,24,72,800 shares as against 3,02,82,330 shares on offer, according to stock exchange data at 15:30 IST on 15 October 2026. The issue was subscribed 0.41 times.
The issue opened for bidding on 15 October 2026 and will close on 19 October 2026. The price band of the IPO is fixed between Rs 558 and 586 per share. An investor can bid for a minimum of 25 equity shares and multiples thereof.
Buzzing Index:
The Nifty Private Bank index jumped 1.89% to 27,679.30. The index declined 0.58% in the past trading session.
ICICI Bank (up 3.18%), HDFC Bank (up 1.9%), IndusInd Bank (up 1.88%), Kotak Mahindra Bank (up 1.81%), Axis Bank (up 1.67%), Bandhan Bank (up 0.81%), Federal Bank (up 0.39%), IDFC First Bank (up 0.14%) advanced.
Stocks in Spotlight:
Reliance Industries rose 2.90% after its subsidiary, Jio Platforms, filed the Red Herring Prospectus (RHP) for its proposed initial public offering (IPO) and announced the price band.
Jio Platforms has fixed the IPO price band at Rs 1,065-1,119 per equity share. Eligible employees bidding under the employee reservation portion will receive a discount of Rs 54 per share. The minimum bid lot is 12 equity shares, with bids accepted in multiples of 12 shares. The proposed IPO comprises a fresh issue of up to 27 crore equity shares with a face value of Rs 10 each.
Reliance Industries will retain a controlling 66.43% stake in Jio Platforms. As of 31 March 2026, Reliance Industries held 593.78 crore shares in the company.
Nestle India fell 7.52%. The company reported a 35.9% YoY increase in consolidated net profit to Rs 1,009.61 crore in Q2 FY27, compared with Rs 743.17 crore in Q2 FY26. Revenue from operations rose 20.2% YoY to Rs 6,788.34 crore from Rs 5,643.61 crore. Sequentially, net profit increased 5.3% from Rs 958.68 crore in Q1 FY27, while revenue from operations rose 6.7% from Rs 6,378.18 crore.
Tata Technologies shed 0.68% after a sequential decline in net income in Q2 September 2026. On a consolidated basis, the company reported a 3.6% YoY increase in net income to Rs 171.4 crore and a 28.4% rise in revenue from operations to Rs 1,698.8 crore in Q2 FY27. Sequentially, net income declined 5.2%, while revenue increased 2.1% during the quarter.
Hathway Cable Datacom dropped 6.73% after the company reported a 44.3% year-on-year (YoY) decline in consolidated net profit to Rs 10.21 crore in Q2 FY27, compared with Rs 18.26 crore in Q2 FY26. Revenue from operations increased 5.75% YoY to Rs 567.51 crore in the quarter ended 30 September 2026.
Global Markets:
Dow Jones futures climbed 166 points, signalling a positive opening for US equities.
European equities advanced on Thursday as stronger-than-expected UK economic growth data offset concerns over a global technology sell-off and hotter-than-expected US inflation. The UK economy grew 0.1% in August, against forecasts for a 0.1% contraction, according to the Office for National Statistics (ONS).
Meanwhile, Iranian Parliament Speaker Mohammad Bagher Ghalibaf said Tehran did not seek an endless war or prolonged negotiations with the United States but would continue fighting until Washington accepted its demands.
Asian equities ended lower as the technology sell-off intensified. South Korea's Kospi plunged 7.57% to close at 5,554.22, while Japan's Nikkei 225 also recorded steep losses. Semiconductor stocks faced heavy selling pressure, with Samsung Electronics and SK Hynix among the major decliners.
The sell-off reflected concerns over the sustainability of AI-related investment and intensifying competition in the semiconductor industry. Reports of advances by Chinese memory-chip maker ChangXin Memory Technologies (CXMT) added to concerns over competition and potential pricing pressure in the global memory-chip market.
US equities ended lower on Wednesday, with technology shares accounting for much of the decline. The Nasdaq Composite dropped 1.88% to 26,692.87, while the S&P 500 fell 1.11% to 7,718.94. The Dow Jones Industrial Average slipped 0.09% to 51,621.48.
According to the US Bureau of Labor Statistics, the Consumer Price Index (CPI) rose 0.6% in September from August, following a 0.4% increase in August. Annual inflation accelerated to 3.7% from 3.4%. Gasoline prices rose 9.1% during the month, accounting for more than half of the monthly increase in the overall index.
Core CPI, which excludes food and energy, increased 0.3% month on month and 2.6% year on year, compared with 2.4% in August. The stronger inflation reading heightened concerns over persistent price pressures and the possibility of interest rates remaining elevated for longer.