Reliance Q2 FY27 Earnings: Record EBITDA ₹62,409 Cr, PAT ₹30,000 Cr. Jio IPO Valued at $137 Bn.
Reliance Industries reported record Q2 FY27 consolidated EBITDA of ₹62,409 Cr (up 24% YoY) and PAT of ₹30,000 Cr (up 34% YoY). O2C segment EBITDA surged 68%. Jio Platforms' IPO valued it at $137 Bn, with 300 million 5G customers. Reliance Retail revenue grew 6.4%, with digital commerce investments ongoing.
The announcement details record financial performance, significant segment growth, and a major IPO valuation for Jio, all of which are material positive developments for the company and its investors.
The company reported record-breaking financial results with significant year-on-year growth in both EBITDA and PAT, driven by strong performance across its key business segments, particularly O2C and Jio.
Reliance Industries Limited announced exceptionally strong financial results for the quarter and half-year ended September 30, 2026. The company reported a consolidated EBITDA of ₹62,409 Crore, marking a 24% year-on-year increase and an all-time high. Profit After Tax (PAT) also reached an all-time high of approximately ₹30,000 Crore, up 34% year-on-year.
The Oil to Chemicals (O2C) segment led the performance with EBITDA up by 68%, benefiting from tight energy markets and downstream crack advantages. The company highlighted its operational excellence in managing elevated expenses, including crude premiums and freight rates, and its flexibility in crude sourcing. The O2C business is expected to contribute annualized EBITDA well over ₹80,000 Crore for FY2027.
Jio Platforms saw significant traction, with its IPO being a defining moment, valuing the company at $137 billion. The total subscriber base reached 542 million, with 300 million 5G customers and 30 million fixed broadband connections. Jio's revenue from operations was ₹40,475 Crore, with EBITDA at ₹21,879 Crore. The company anticipates high teen growth for Jio.
Reliance Retail's revenue grew by 6.4% year-on-year, reaching ₹6,120 Crore, though EBITDA saw a 10% decline due to investments in its digital commerce platform. The company is focusing on building its online presence and expects benefits from FY2028 and FY2029. Online grocery revenue grew by 42%, with a steady increase in the online share for grocery and apparel.
The transcript of the analyst meet held on October 30, 2026, details discussions on group performance, Jio Platforms, Reliance Retail, FMCG, JioStar, Refining & Marketing, Petrochemicals, and Exploration & Production, followed by a Q&A session. Key participants included V Srikanth (CFO), Anshuman Thakur (Head of Strategy, Jio Platforms), and Dinesh Taluja (CFO, Reliance Retail).
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