Summary:
Reliance Industries is expected to report Q2FY27 net profit of around ₹21,368 crore, with stronger O2C margins and steady digital services supporting operating earnings. Investors will also track Jio growth, retail margins, share-price movement and the proposed NCD fundraising plan.
Reliance Industries Ltd (NSE: RELIANCE) is set to announce its Q2FY27 financial results today, October 30, 2026, for the quarter ended September 30. The company's performance will be closely watched as stronger refining margins, growth in its telecom business and changing crude oil prices could influence earnings. The board will also consider a proposal to raise funds through non-convertible debentures (NCDs).
Reliance Industries Q2 Results 2026: What to Expect?
Reliance Industries' consolidated net profit is estimated at around ₹21,368 crore for Q2FY27, compared with ₹20,946 crore in Q1FY27 and ₹22,092 crore in Q2FY26. This implies a sequential increase of approximately 2% but a YoY decline of around 3%.
Despite the expected dip in net profit compared with last year, operating earnings could improve due to stronger oil-to-chemicals (O2C) profitability and steady contributions from digital services. Consolidated EBITDA growth expectations are in the range of 15-17% YoY.
Key Q2FY27 segment estimates include:
| Business segment | Expected revenue | Expected EBITDA |
| Oil-to-Chemicals | ₹1,62,000 crore | ₹16,434 crore |
| Digital Services | ₹41,213 crore | ₹18,848 crore |
| Retail | ₹91,966 crore | ₹6,593 crore |
| Oil & Gas | ₹5,699 crore | ₹4,536 crore |
Crude Oil Prices and Refining Margins in Focus
Reliance's O2C business is expected to be a major contributor to earnings during the September quarter. Improved refining margins and favourable product spreads could support profitability despite volatility in global crude oil prices.
Higher refining margins generally improve earnings from converting crude oil into petroleum products. However, changes in feedstock costs, petrochemical margins and inventory valuations can affect overall O2C performance.
The segment's earnings will therefore be important in determining whether the company delivers stronger operating profit growth.
Jio and Retail: Key Businesses to Watch
Jio Platforms is expected to report steady growth, supported by subscriber additions and improving average revenue per user (ARPU).
The telecom business reported an EBITDA of ₹20,865 crore in Q1FY27, up 15.1% YoY. Its total subscriber base exceeded 533 mn, including 285 mn 5G subscribers.
Jio Platforms also made its stock market debut on October 28, 2026, making the upcoming earnings announcement its first as a separately listed company.
Meanwhile, Reliance Retail's revenue growth, store expansion and operating margins will remain in focus. Margin pressure could partly offset growth in sales.
Reliance Industries Share Price Ahead of Q2 Results
Reliance Industries shares traded around ₹1,159 on October 30 at approximately 10:35 AM, ahead of the earnings announcement. The stock's movement reflects positioning before the quarterly results rather than a reaction to the yet-to-be-released numbers.
The company reported Q1FY27 consolidated revenue of ₹3,40,257 crore, EBITDA of ₹54,067 crore and recurring PAT of ₹23,196 crore. These figures provide a basis for assessing the upcoming quarterly performance.
What Lies Ahead for Reliance Industries?
Reliance Industries' Q2FY27 results will offer further clarity on refining profitability, telecom subscriber growth and retail margins. Updates on the proposed NCD fundraising and capital expenditure will also be important.
The actual results, scheduled for later today, will determine how closely the company's September-quarter performance matches current market expectations.
