Reliance Q2 results: Net profit likely to see up to 24% YoY growth driven by recovery in O2C business and strong refining margins

Oil-to-telecom conglomerate Reliance Industries will announce its September quarter results on Friday, October 30. At the same board meeting, the company will also consider raising funds through non-convertible debentures (NCDs). The Q2 earnings come just a few days after the listing of Jio Platforms.

According to experts, Reliance could report strong quarterly earnings, with double-digit growth in revenue and net profit. This would be supported by a recovery in its oil-to-chemicals (O2C) business, strong refining margins and a weaker rupee.

Reliance Q2 revenue and net profit expectations

As per experts, Reliance Industries’ consolidated Q2 revenue could range between ₹3.12 lakh crore and ₹3.15 lakh crore, up 23% to 24% YoY and 1% to 2% QoQ. The company reported revenue of ₹3.09 lakh crore in the previous quarter and ₹2.54 lakh crore in Q2FY26.

Net profit could rise 16% to 20% YoY to between ₹21,100 crore and ₹22,110 crore. The company reported a net profit attributable to owners of ₹18,165 crore in Q2FY26 and ₹20,946 crore in the previous quarter.

Consolidated EBITDA is expected to rise 15% to 17% YoY to between ₹51,000 crore and ₹53,000 crore, mainly due to the recovery in the O2C business.

Investors will closely track the Q2 results to gauge the performance of the retail, O2C, and oil and gas businesses. Management commentary on the new energy business and the overall business outlook will also be watched closely.

Ahead of the Q2 results, Reliance Industries shares closed 0.8% higher at ₹1,167 on Thursday, October 29. The stock is down 25% so far this year, amid volatile crude oil prices and a sell-off in the broader market due to global geopolitical concerns.

Reliance Industries technical outlook ahead of Q2 results

Reliance goes into its Q2 results sitting right on a key support level. The bounce was limited, though. The stock rose to ₹1,182 during Thursday’s session but gave back most of the gain by the close. This shows sellers are still active on any rise.

The trend remains weak and the stock is trading below its 20-day EMA and 50-day EMA , and the 20-day EMA has been below the 50-day EMA since mid-September. Meanwhile, the Directional Movement Index (DMI) also reflects sellers in control and the ADX at 27 has flattened, so the downtrend is steady rather than speeding up.

Reliance options: the move priced in for November

The options market expects a move of about ±5.6% by expiry, which puts the expected range at roughly ₹1,110 to ₹1,242. Reliance has rarely made such a large move on the first day after its results. In the last 12 quarters, the next-day move never went beyond 5.6%, and in 11 of those quarters it stayed within ±3.5%. The direction has also changed almost every quarter, with gains and falls taking turns.

The bigger moves have come over the following days. The stock moved more than 5.6% within 10 days of its results in three quarters. If the results come out after market hours on Friday, the first reaction will be on Monday, November 2, which leaves about three weeks until expiry.

Options strategy for Reliance Q2 results

If you expect the stock to stay in a range, a short straddle could be considered. Reliance has never moved more than the current pricing on the day after its results in the last three years, and option premiums usually fall once the results are out. The strategy makes profit if the stock stays between roughly ₹1,104 and ₹1,236 until the November expiry. However, the stock is sitting on a key support, and a breakdown below ₹1,152 could lead to a sharp fall. Traders can limit the risk by buying a call and a put further away from the current price.

If you expect a sharp move after the results: A long straddle could be considered. The stock is at a turning point: a break below ₹1,152 or a recovery above ₹1,234 could each lead to a bigger move. Reliance has also moved more than 5% within 10 days of its results in five of the last 12 quarters. However, option premiums usually fall after the results, so the move needs to be large for this trade to work.