RELIANCE · Oil Gas & Consumable Fuels · filed 30 Oct 2026
Reliance Industries Ltd. reported revenue of ₹3.33 lakh cr for July to September 2026, +28.6% on the year and +6.7% on the quarter.
Operating profit (EBITDA) was ₹56,616 cr, a margin of 17.0%, −71 bps on the year and +177 bps on the quarter. Operating costs grew +29.7%, faster than revenue at +28.6%, so operating profit grew less than sales.
Net profit was ₹29,550 cr, +33.8% on the year and +27.4% on the quarter, with earnings per share of ₹18.88. Profit before other income, one-offs and tax grew 33.2%, so the profit growth came from the business itself.
Of the 5 companies in Oil, gas and energy that have reported Q2 FY27 so far, Reliance Industries Ltd. ranks 3rd on revenue growth; the sector median is +30.7%. Its margin moved −71 bps on the year against a sector median of −337 bps.
Reliance Industries Ltd. is a Nifty 50 company. Of the 16 Nifty 50 companies reported so far, the median profit growth is +16.0%; Reliance Industries Ltd.'s +33.8% puts it above that.
Refining and marketing profits swing with crude and product margins, and inventory gains or losses can move a single quarter sharply.
No check fired. That is a statement about the checks below, not a verdict on the company.
Profit is backed by cash: operating cash flow exceeded profit.
Operating cash flow for the first half ₹93,055 cr against profit of ₹52,746 cr.
Source: Cash flow statement
Could not run on this quarter: Exceptional items that recur, Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Trade receivables | ₹59,564 cr | ₹58,491 cr | ▲ 1.8% |
| Inventory | ₹1.85 lakh cr | ₹1.67 lakh cr | ▲ 11.1% |
| Cash | ₹1.82 lakh cr | ₹1.46 lakh cr | ▲ 24.5% |
| Long-term borrowings | ₹2.90 lakh cr | ₹2.71 lakh cr | ▲ 7.0% |
| Short-term borrowings | ₹95,208 cr | ₹1.04 lakh cr | ▼ 8.2% |
| Trade payables | ₹2.69 lakh cr | ₹1.59 lakh cr | ▲ 69.1% |
| Net block | ₹7.54 lakh cr | ₹7.51 lakh cr | ▲ 0.3% |
| Capital work in progress | ₹2.33 lakh cr | ₹1.92 lakh cr | ▲ 21.3% |
| Equity | ₹9.44 lakh cr | ₹9.04 lakh cr | ▲ 4.5% |
| Total assets | ₹22.75 lakh cr | ₹21.78 lakh cr | ▲ 4.4% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | ₹93,055 cr | ₹99,110 cr |
| Capital expenditure | −₹52,813 cr | −₹58,074 cr |
| Investing cash flow | −₹31,202 cr | −₹52,951 cr |
| Financing cash flow | −₹26,107 cr | −₹41,161 cr |
| Dividends paid | −₹8,120 cr | −₹7,443 cr |
Operating cash flow was 1.76× profit. Receivables at 17 days of sales (−3 days against the last year end). Inventory at 53 days of sales (−4 days).
No emphasis of matter.
“Initial Public Offer of Jio Platforms Limited (JPL) completed by fresh issue of 27,00,00,000 equity shares at ₹1,119 per share, listed on October 28,…”
The equity shares of Jio Platforms Limited (JPL) were listed on NSE and BSE on October 28, 2026 following successful completion of its IPO.
Tax: Effective tax rate on consolidated PBT of ₹38,613 crore with tax expense of ₹9,363 crore (current tax ₹5,250 crore and deferred tax ₹4,113 crore).
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Throughput (mmt) | 20.6 | 18.1 | 20.8 |
| Production | 18.1 | 15.6 | 18.1 |
| Realisation ($/bbl) | 13.24 | 12 | 9.53 |
| KGD6 Gas Realisation ($/MMBTU) | 8.88 | 8.89 | 9.97 |
| KGD6 Average Gas Production (MMSCMD) | 24 | 24.8 | 26.1 |
| CBM Average Production (MMSCMD) | 1.04 | — | — |
| KGD6 Oil / Condensate Production (bbl/day) | 15,903 | — | — |
O2C segment EBITDA reached record ₹25,203 crore driven by historic transportation fuel crack spreads and feedstock optimization; inventory gains are not separately split out in the reported margins.
Margins reflect strong operational crack spreads and crude sourcing optimization without separate line-item breakdown of inventory gains.
O2C earnings growth was constrained by Special Additional Excise Duty (SAED) costs and under-recoveries in the Jio-bp fuel retailing business; no government compensation is reported.
SAED levies and fuel retail under-recoveries impacted full margin capture.
Read using the Oil, gas and energy framework (named in the filing read). Primary valuation lens: Sum of the parts.
Read more closely in this sector: Inventory gains inside reported margin · Under-recoveries and government compensation.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Oil to Chemicals (O2C) | ₹2.32 lakh cr | ▲ 44.2% | ₹25,203 cr | ▲ 67.9% |
| Oil and Gas | ₹6,020 cr | ▼ 0.6% | ₹4,901 cr | ▼ 2.0% |
| Retail | ₹91,717 cr | ▲ 1.3% | ₹6,120 cr | ▼ 10.2% |
| Digital Services | ₹48,486 cr | ▲ 11.2% | ₹22,223 cr | ▲ 17.7% |
| Others | ₹25,317 cr | ▲ 56.2% | ₹2,777 cr | ▲ 0.2% |
| Q2 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|
| Revenue | ₹2.59 lakh cr | ₹3.25 lakh cr | ₹3.12 lakh cr | ₹3.33 lakh cr |
| YoY | — | — | — | +29% |
| EBITDA margin | 17.7% | 14.9% | 15.2% | 17.0% |
| Other income, % of PBT | 15% | — | 21% | 15% |
| Exceptional items | — | — | — | — |
| Tax rate | 24% | 24% | 25% | 24% |
| Net profit | ₹22,092 cr | ₹20,589 cr | ₹23,196 cr | ₹29,550 cr |
| YoY | — | — | — | +34% |
| Core profit YoY | — | — | — | +33% |
| EPS | ₹13.42 | — | ₹15.48 | ₹18.88 |
| Flags | · | · | · | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Reliance Industries Ltd. reported revenue of ₹3.33 lakh cr (+28.6% on the year) and net profit of ₹29,550 cr (+33.8% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +33.2% on the year, against +33.8% for reported profit.
None of the 15 checks that could run raised a question.
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