Reliance Industries spans energy, telecom, retail and new energy, and its Q2 FY27 print arrives against a quarter of sharply higher crude, a reimposed Strait of Hormuz blockade and the first results since Jio Platforms listed. The print will speak most to the O2C margin bridge — SAED levies and fuel-retail under-recoveries against the 7.5% customs-duty reinstatement from July 16 — and to whether Retail's 80-bps digital-commerce margin drag is troughing on the path to doubling absolute EBITDA.
| Results date | October 30, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 340,257 Cr (+24.5% YoY) |
| Previous quarter PAT | Rs. 23,196 Cr (incl. associates/JVs, +6.1% YoY) |
| Net debt (latest quarter) | Rs. 1,22,914 Cr at Jun-26 (0.60x LTM EBITDA) |
| Market cap | Rs. 1,618,492.5 Cr |
| CMP | Rs. 1,196.2 |
The board meets on October 30, 2026 to approve standalone and consolidated unaudited results for the quarter and half year ended September 30, 2026, and to consider raising funds via listed, secured/unsecured, redeemable NCDs on a private-placement basis in one or more tranches. An analyst meet follows the board meeting (filed under Regulation 29, SEBI LODR 2015).
An analyst meet follows the board meeting on October 30, 2026. No separate dial-in details or webcast link are stated in the announcements.
The dominant swing factor this quarter is energy-market dislocation — Brent breached $100 on September 9 for the first time since July 24 and the Indian basket averaged $90.19/bbl in August versus $82.04 in July — which management's own 'cracks may remain strong for some time to come' framing extends into a rising-crude quarter. The 7.5% customs duty reinstated on 40+ petrochemical imports from July 16 landed inside the quarter, the policy catalyst management had guided to 'in the second quarter hopefully', while SAED stayed elevated through most of the window (diesel export SAED at Rs. 25.5/L on August 3, easing to Rs. 16/L by October 1). Jio enters with ARPU at Rs. 215.6, up 3.26% YoY — below the 5–6% annual organic improvement management called 'a good number' — and this is Jio Platforms' first results as a listed company after trading began October 28, 2026 at Rs. 1,119/share. Retail's EBITDA margin fell 80 bps YoY to 7.9% in Q1 on 'planned investments in scaling Digital Commerce', against the 3-year ambition to double absolute Operating EBITDA with no margin target, per CFO Dinesh Taluja. New Energy milestones guided 'this year' (FY27) — 20 GWp solar, 40 GWh battery and Kutch RERTC power supply — plus the October 30 board agenda on further NCD fundraising after the Rs. 13,008.6095 crore 7.90% raise on October 1, form the balance-sheet leg of the review.
Performance vs Guidance Tracking: Guidance items management has put out, and where each stands heading into the call.
O2C margin bridge: SAED, duty revocation and cracks
Retail margin and digital-commerce unit economics
New Energy commissioning cadence
Balance sheet and Jio Platforms as a listed entity
CFO Dinesh Taluja called the 3-year ambition to double absolute Operating EBITDA 'a stretch, but we feel confident', pointing to revenue growth and rising online share this year. He explicitly declined a margin target, saying 'we are looking to double our absolute EBITDA number'.
Management said 'no comments on tariff at this point in time, no such plans'. ARPU of Rs. 215.6 in Q1 FY27 grew 3.26% YoY, below the 5–6% annual organic improvement management framed as 'a good number'.
AI data centers sit in the Reliance Intelligence entity, not Jio Platforms. Captive and partner data centers are under construction at Jamnagar, with a gigawatt-scale data center update promised in the 'next few quarters'.
The Jio Platforms IPO priced at Rs. 1,119/share, with allotment on October 26, listing approval on October 27 and trading from October 28, 2026. The fresh issue was of up to 27 crore shares of Rs. 10 face value, with reservations up to Rs. 500 crore for employees and Rs. 2,500 crore for eligible RIL shareholders.
Consolidated revenue rose 24.5% YoY to Rs. 340,257 crore in Q1 FY27, with O2C segment EBITDA up 17.2% and Digital Services EBITDA up 16.1% YoY. Retail revenue grew 11.6% YoY adjusted for the Consumer Brands demerger.