RELIANCE's Q2 FY27 numbers came in strong, with revenue of Rs. 332,861.00 Cr (+28.57% YoY) and PAT growth of +33.76% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | October 30, 2026 |
|---|---|
| Revenue (Q2) | Rs. 332,861.00 Cr (+28.57% YoY) |
| PAT (Q2) | Rs. 29,550.00 Cr (+33.76% YoY) |
| EBITDA margin | 17.01% (-71 bps YoY) |
| EPS (Q2) | Rs. 18.88 (+40.69% YoY) |
Q2 FY27 delivered 28.57% revenue growth and 33.76% PAT growth with O2C EBITDA up 67.93% and margin up 153 bps, while cash conversion (CFO 1.76x PAT) and FCF of Rs.40,242 crore confirm earnings quality. The JPL IPO (Rs.30,188 crore) and Rs.27,500 crore RJIL ECB prepayment address the finance-cost drag from Q3 onward. Retail EBITDA declined 10.22% YoY and Oil & Gas drifted lower on the KG D6 decline path, the main soft spots in an otherwise broad-based quarter.
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| O2C revenue ahead on price+volume | "carried higher by both price and volume" | O2C gross revenue +44.25% YoY | Played out |
| O2C margin expansion vs SAED offset | "likely expanding on cracks and the duty revocation, offset by SAED" | O2C EBITDA +67.9% YoY; margin 10.88% vs 9.35% | Played out |
| Digital momentum intact | "intact volume momentum" | Digital EBITDA +17.69% YoY, margin 45.83% | Played out |
| Oil & Gas on decline path | "KG D6 natural-decline path" | O&G EBITDA −2.02% YoY | Played out |
| Below-EBITDA still compressing | finance cost/D&A growing faster than EBITDA | Finance +24.2% YoY ≈ EBITDA +23.4% YoY; D&A +6.2% — compression did not widen this quarter | Partially |
| Crude spike → inventory build | "a working-capital and inventory-value event" | Changes in inventories −Rs.17,539 cr build (vs −8,421 YoY); BS inventories up | Played out |
| SAED drag quantified | "expect management to quantify a meaningful Q2 SAED drag" | Not disclosed in filing — open for the call | Not observable |
| KG D6 $9.89/MMBtu ceiling from Oct 1 (web-sourced, dated) | Q3 tailwind to size on the call | Not addressed in filing — open for the call | Not observable |
Read our full results preview.
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| JPL IPO "fairly imminent" | Q4 FY26 earnings call | Listed Oct 28, 2026; Rs.30,188 cr gross proceeds; Rs.27,500 cr to RJIL ECB prepayment (filing Note 3) | Met |
| NCD fundraising | Q1 FY27 call / announcements | Rs.12,000 cr issued in Q2 (filing Note 2); further Rs.15,000 cr enabling resolution passed Oct 30 | Met / Open |
| Retail double absolute Operating EBITDA in 3 years, no margin target | Q1 FY27 earnings call (CFO) | Q2 Retail EBITDA Rs.6,120 cr, −10.2% YoY; H1 Rs.12,429 cr — 3-yr window | Too Early |
| Jio ARPU +5–6% p.a. organic | Q3 FY26 earnings call | Not disclosed in this filing (last: Rs.215.6, +3.26% YoY, Q1 FY27) | Too Early |
| New Energy commissioning (20 GWp solar / 40 GWh battery / Kutch power) | Q1 FY27 call / AGM | No update in this filing | Too Early |
| Metric | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|
| Jio subs (Mn) | 506.4 | 515.3 | 524.4 | 533.3 |
| ARPU (Rs.) | 211.4 | 213.7 | 214.0 | 215.6 |
| Data (Bn GB) | 58.4 | 62.3 | 66.0 | 69.4 |
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.