News ArticleReliance Industries Reports Record Q2 FY2027 EBITDA of Rs.62,409 Crores and PAT Nears Rs.30,000 Crores
Oil-to-Chemicals Sector Drives 68% EBITDA Growth Amid Elevated Operational Costs; Jio Platforms IPO Marks $137 Billion Valuation
Reliance Industries Limited announced its consolidated unaudited financial results for Q2 FY2027 with record EBITDA of Rs.62,409 Crores, a 24% year-on-year increase, and PAT nearing Rs.30,000 Crores, up 34%. The Oil-to-Chemicals segment led growth with a 68% rise in EBITDA despite operational challenges including elevated crude premiums and freight costs. The company highlighted strong performance in digital services and retail segments, and significant progress in new energy initiatives. Reliance’s Jio Platforms' successful IPO made it the second most valuable company in the group with a $137
Reliance Industries Limited
Earnings Call Transcript
Reliance Industries Limited announced its unaudited consolidated financial results for the quarter ended September 30, 2026, reporting a record EBITDA of Rs.62,409 Crores, up 24% year-on-year, and profit after tax close to Rs.30,000 Crores, a 34% increase. The Oil-to-Chemicals segment notably drove earnings with a 68% EBITDA rise despite higher operational expenses. Jio Platforms' IPO was a significant milestone, achieving a $137 billion valuation.
The quarter saw exceptional operational performance despite global market turbulence and elevated costs such as crude premiums, freight rates, and insurance. Reliance’s flexibility in crude sourcing and operational excellence contributed to the strong results, with the Oil-to-Chemicals business benefiting from a wide ethane-to-naphtha price advantage and new shipping capacity.
Jio Platforms reached 300 million 5G customers and 30 million fixed broadband users, with half of fixed connections as fixed wireless access (FWA). The company anticipates continuing high teen growth in digital services driven by expanding customer base and technology ownership.
Retail revenues increased by 6%, although EBITDA declined by 10%, reflecting ongoing investment in building a scalable digital commerce platform funded by cash flows from physical stores. Early signs show strong growth in online grocery business with a 42% increase in B2C sales and rising digital share in apparel and footwear segments.
Reliance Consumer Products Limited focused on manufacturing capacity and distribution expansion, while the media business maintained wide reach across linear and digital platforms with disciplined content strategies.
Overall, the first half of FY 2027 is on track for annualized EBITDA over Rs.80,000 Crores. New energy initiatives are accelerating, with earnings contributions expected to begin in FY 2028.
Highlights
- Consolidated EBITDA of Rs.62,409 Crores for Q2 FY2027, a 24% year-on-year increase
- Profit After Tax nearly Rs.30,000 Crores, up 34% year-on-year
- Oil-to-Chemicals segment EBITDA up 68% boosted by market tightness and operational excellence
- Jio Platforms IPO achieved a $137 billion first-day valuation, becoming the group’s second most valuable company
- 300 million 5G customers and 30 million fixed broadband subscribers in Jio Platforms
- Retail revenues rose 6% while EBITDA declined 10%, with strategic investment in digital commerce growth underway, including 42% growth in online grocery B2C sales
Key Data Snapshot
What happened
- Reliance Industries Limited reported record consolidated EBITDA of Rs.62,409 Crores and nearly Rs.30,000 Crores PAT for Q2 FY2027, with year-on-year growth of 24% and 34% respectively.
- The Oil-to-Chemicals segment delivered a 68% increase in EBITDA despite operating in a cost-inflated environment.
- Jio Platforms' IPO achieved a $137 billion valuation, becoming the group’s second most valuable publicly traded company.
- The company advanced its new energy initiatives and projects earnings contribution from these starting FY 2028.
Key details
- Operational costs rose due to elevated crude premiums, freight rates, and insurance, yet operational excellence offset these impacts.
- Crude sourcing flexibility enabled switching to advantaged crude types from Americas and Mediterranean regions.
- Digital services segment saw high teen growth with 300 million 5G customers and 30 million fixed broadband users, about half via fixed wireless access.
- Retail business revenue grew 6%, but EBITDA declined by 10% as investments in digital commerce intensified, funded by store cash flows.
- Online grocery B2C sales increased by 42%, with growing digital share in apparel and footwear.
- Media business maintains extensive reach with a disciplined content strategy.
Financial performance
- First half of FY 2027 projects an annualized EBITDA exceeding Rs.80,000 Crores.
- Standalone PAT and Jio Platforms PAT both increased, with Reliance Retail Ventures Limited (RRVL) PAT recorded at Rs.2,611 Crores, reflecting strategic transitions.
- Debt levels and capital expenditure remained consistent with prior quarters.
Next milestones
- Earnings contribution from new energy initiatives expected to begin in FY 2028.
- Further growth in Jio Platforms subscriber base and digital service offerings anticipated.
- Expansion of scalable digital commerce platform in retail sector to continue through FY 2028 and FY 2029.
Highlights
- Consolidated EBITDA of Rs.62,409 Crores for Q2 FY2027, a 24% year-on-year increase
- Profit After Tax nearly Rs.30,000 Crores, up 34% year-on-year
- Oil-to-Chemicals segment EBITDA up 68% boosted by market tightness and operational excellence
- Jio Platforms IPO achieved a $137 billion first-day valuation, becoming the group’s second most valuable company
- 300 million 5G customers and 30 million fixed broadband subscribers in Jio Platforms
- Retail revenues rose 6% while EBITDA declined 10%, with strategic investment in digital commerce growth underway, including 42% growth in online grocery B2C sales
Disclosures
- SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Source Information
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