Reliance Q2 Results: Profit Jumps 40.6% to ₹25,548 Crore on O2C

Reliance Industries’ net profit attributable to owners jumped 40.6% to ₹25,548 crore, the Reliance Q2 results showed on Friday, as its oil-to-chemicals (O2C) segment posted its best-ever quarterly performance.

Reported profit after tax, including associates and joint ventures, increased 33.8% year on year to ₹29,550 crore from ₹22,092 crore. These were the company’s first results since Jio Platforms listed on the exchanges on 28 October.

Revenue from operations stood at ₹3,32,861 crore against ₹2,58,898 crore in the corresponding period last year, an increase of 28.57%, Upstox reported. Attributable profit also grew around 22% over the ₹20,946 crore earned in the June quarter.

Record O2C quarter lifts Reliance Q2 results

Reliance operates in oil refining and petrochemicals, retail, and telecom and digital services. Its O2C segment includes the Jamnagar refinery in Gujarat, one of the largest single-site refineries in the world. This leaves the group highly exposed to global fuel margins.

The O2C segment did most of the heavy lifting in the July–September period. Its revenue rose 44.2% to ₹2,31,601 crore, while segment EBITDA jumped 67.9% to ₹25,203 crore.

Executive Director Anant Ambani said, “Our O2C business has delivered its best ever quarterly performance.” The company linked the gains to tight fuel markets, firmer downstream petrochemical margins and steady domestic demand, according to reports of its commentary.

Chairman and Managing Director Mukesh Ambani pointed to a difficult backdrop. “Commodity markets remained volatile while geopolitical tensions continued to weigh on global supply chains,” he said.

Jio Platforms grows, Reliance Retail profit slips

Listed entity Jio Platforms posted quarterly net profit of ₹8,387 crore, an increase of 13.7% year on year. EBITDA stood at ₹21,879 crore, up 16.6%, with a margin of 54.1%, an improvement of 250 basis points.

Average revenue per user rose to ₹218.8 from ₹211.4. With this, the telecom and digital division’s revenue increased 11.3% to ₹47,485 crore. Jio had 542.4 million customers at the end of the quarter, of whom 300 million were 5G users.

Retail was the weak spot in the quarter. Reliance Retail Ventures saw its revenue increase by 6.4% to ₹91,716 crore. However, net profit dropped approximately 24% to ₹2,611 crore, and EBITDA before a one-time impairment charge decreased 8.6% to ₹6,228 crore.

Why it matters for investors

As one of the most valuable companies listed on Indian markets and a key component of both the Sensex and the Nifty, Reliance can move the overall market with its results. This quarter, its energy division profited from global supply disruption while its consumer retail business took some hits.

These figures give investors their first full picture of the group since the Jio Platforms listing. According to IIFL, RIL shares dropped as much as 2% to ₹1,176.70 on 28 October, when Jio Platforms was listed on the exchanges.

The upside in refining extends beyond Reliance as well. Higher fuel cracks and petrochemical spreads worked in RIL’s favour this quarter and are a key swing factor for other Indian refiners and oil marketing companies as they report September-quarter results.

What happens next

Reliance and Jio Platforms shares are expected to react to the Reliance Q2 results when the market reopens on Monday, 2 November. Investors will watch whether the company can maintain its O2C profits if oil prices and fuel margins decline over the next few months.

They will also want to see whether retail earnings bounce back once the one-time impairment is out of the picture. The size of the impairment was not disclosed in the reports reviewed for this article, and analysts will be looking for more information.

Mukesh Ambani has described the Jio listing as a historic moment in the group’s value creation, and the market will now judge the two companies on their own quarterly numbers.

With telecom now valued separately by the markets, O2C and retail can be expected to take centre stage in driving RIL’s share price over the next few quarters, along with its new energy business.

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Region: India
Meta title: Reliance Q2 Results: Profit Up 40.6% on Record O2C Quarter (58 characters)
Meta description: Reliance Q2 results: net profit attributable to owners rose 40.6% to ₹25,548 crore as O2C had its best quarter; Jio grew while retail profit fell. (146 characters)
Focus keyword: Reliance Q2 results
Secondary keywords: Jio Platforms, Reliance Retail, O2C business
Slug: reliance-q2-results-o2c-profit
Tags: Reliance Industries, Mukesh Ambani, India, Quarterly Results, Jio Platforms
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Internal links used: https://businesseramagazine.com/business/jio-platforms-listing-premium/, https://businesseramagazine.com/business/hpcl-q2-results-refining-margin/
Note: Fact & grammar check done — 44 corrections (mostly restoring figures, attributions and grammar altered by Phrasly). Phrasly humanization run paragraph by paragraph (headings, quotes and paragraphs under 30 words not sent). Official RIL media release/BSE filing for Q2 FY27 could not be located; all figures are from secondary outlets (Upstox, IndiaIPO) — verify against the exchange filing. Conflicts: consolidated EBITDA reported as ₹62,409 crore (IndiaIPO) vs ₹56,616 crore (Upstox) — omitted from article; Jio revenue ₹47,485 crore (gross, IndiaIPO) vs ₹40,475 crore (revenue from operations, Upstox); Jio PAT ₹8,387 vs ₹8,389 crore; Retail PAT ₹2,611 crore/−24.3% (IndiaIPO) vs ₹2,619 crore/−24.5% (Upstox), article says ‘about 24%’; Upstox labels ₹25,548 crore as PAT, but its ₹18,165 crore base matches last year’s attributable profit, so article uses ‘attributable to owners’. Retail impairment amount not disclosed in sources read. External link goes to ril.com home page (specific release not found).

Sources (fact-check):

• https://upstox.com/news/market-news/earnings/reliance-industries-q2-results-live-updates-mukesh-ambani-ril-earnings-o2c-retail-jio-profit-revenue-share-price-news/liveblog-202688/
• https://www.indiaipo.in/news/detail/ril-jpl-q2-results-2026-impact-reliance-industries-jio-platforms-shares-in-focus-on-monday-2-nov-what-to-expect
• https://www.thehansindia.com/business/reliance-industries-q2-profit-jumps-22-pc-on-strong-o2c-jio-performance-1137589
• https://www.indiainfoline.com/news/companies/reliance-industries-shares-fall-2-after-jio-platforms-listing-q2-results-on-october-30