Reliance Industries shares soar 8%: India's most valuable company fires up after Q2 earnings; what analysts say

Shares of Reliance Industries (RIL) jumped in early trade on Monday, November 2, after the company reported a stellar set of numbers for the quarter ended September 30, 2026 (Q2 FY27), last week.

The stock surged as much as 7.98% to hit a high of ₹1,257.90 on the NSE.

At 11:15 AM, Reliance Industries' (RIL) market capitalisation on the NSE stood at ₹17,00,092.84 crore.

The oil-to-telecom conglomerate reported a strong Q2 performance, driven by robust growth in its oil-to-chemicals (O2C) business, which benefited from a surge in global fuel margins.

Its telecom business also delivered solid growth, offsetting the relatively subdued performance of its retail arm.

RIL Q2 FY27 results: Key numbers

Reliance Industries posted a record quarterly profit of ₹29,550 crore for July-September, up 33.8% from a year earlier, as its oil-to-chemicals business benefited from a surge in global fuel margins and growth in its telecom arm offset the relatively subdued performance in retail.

Profit after tax, including the share of associates and joint ventures, stood at ₹22,092 crore in the same period last year. Net profit attributable to owners of the company rose 40% to ₹25,548 crore.

The latest profit also surpassed the previous quarter's ₹23,196 crore, marking a record for India's largest listed company by market capitalisation.

What analysts say

Analysts remain optimistic about RIL's O2C business, supported by strong refining and petrochemical margins and global supply disruptions.

Jefferies raised its FY27 and FY28 EBITDA estimates, citing a strong Q2 performance and expectations of robust winter refining profitability. However, retail profitability remains a key concern, with quick-commerce investments and inflation weighing on margins.

Check Jefferies' views

Jefferies said Reliance Industries' consolidated EBITDA rose 23% year-on-year to ₹56,616 crore in Q2 FY27, beating its estimates by 6%, with the oil-to-chemicals (O2C) business leading the performance.

However, retail EBITDA missed estimates by 6%, as investments in quick commerce and inflation weighed on margins.

The investment firm raised its FY27 and FY28 EBITDA estimates by 6% and 2%, respectively, and expects refining profitability to remain strong through the winter.