Reliance Industries Profit Rises 40 Percent to Record as Refining and Jio Lift Earnings

Reliance Industries posted a 40.6 percent rise in quarterly net profit attributable to owners, to 255.48 billion rupees, for the quarter ended September 30, 2026, Reuters reported. The result beat the average analyst estimate of 214.19 billion rupees compiled by LSEG.

Profit after tax including the share of associates and joint ventures was a record 29,550 crore rupees, up 33.8 percent from 22,092 crore rupees a year earlier, The Hindu BusinessLine reported from the exchange filing. On the consolidated measure reported by BusinessLine, revenue rose 27.8 percent to a record 362,268 crore rupees, and earnings before interest, taxes, depreciation and amortisation climbed 23.9 percent to a record 62,409 crore rupees. This article uses that BusinessLine consolidated revenue measure throughout, because revenue figures in other reports are stated on different definitions.

Refining drove the quarter

The oil to chemicals business was the largest driver. Its EBITDA rose 67.9 percent to 25,203 crore rupees, on revenue of 231,601 crore rupees, up 44.2 percent, BusinessLine reported. The business was helped by elevated transportation fuel cracks and improved petrochemical margins.

Reliance has benefited from Brent crude rising about 60 percent since the Iran war broke out at the end of February, Reuters reported. The company operates the world's largest refining complex in western India, which is the refining business behind the quarter's numbers.

Chairman and Managing Director Mukesh Ambani said in the company statement: "During 2Q FY27, our businesses delivered a strong performance despite a complex operating environment. Commodity markets remained volatile while geopolitical tensions continued to weigh on global supply chains." The statement was reported by Upstox from the company release.

Jio and the record listing

Jio Platforms posted a 16.6 percent rise in core earnings in the same quarter, Reuters reporting summarised by Finimize said. Jio completed India's largest initial public offering, at 30,188 crore rupees, on October 28, and listed at a 26.7 percent premium, BusinessLine reported. Orbit Post covered the Jio Platforms result in a separate article. This article covers the consolidated Reliance Industries result, which includes Jio, refining, retail and the group's other businesses.

Retail was the weak link

Retail was the weak spot in the quarter. Retail core earnings fell 10.2 percent, including a 1.08 billion rupee impairment tied to the 7-Eleven business, and margins narrowed to 7.8 percent, according to Reuters reporting summarised by Finimize. BusinessLine separately reported that Reliance Retail Ventures profit after tax fell 24.3 percent to 2,611 crore rupees. Those are different measures from different reports, and this article keeps them attributed separately rather than treating them as one figure.

Earnings per share rose to 18.88 rupees, from 13.42 rupees a year earlier, according to Fact.net.in reporting of the exchange filing.

Taken together, the filing shows a quarter carried by refining and energy prices, with digital earnings growing, records on the consolidated profit, revenue and EBITDA lines, and retail moving the other way.