Reliance Industries Limited (RIL) on Friday, 30 October 2026 posted a 22 per cent sequential jump in consolidated net profit to ₹25,548 crore for the second quarter of FY27 (July–September 2026), driven by a record-breaking performance in its oil-to-chemicals (O2C) segment and sustained momentum in digital services under Reliance Jio. The results, disclosed in the company's stock exchange filing, surpassed the ₹20,946 crore profit reported in the preceding June quarter (Q1 FY27).

Headline Numbers

Consolidated revenue rose 6.8 per cent sequentially to ₹3.31 lakh crore, up from ₹3.09 lakh crore in Q1 FY27. EBITDA climbed 19 per cent to a record ₹56,616 crore, with the EBITDA margin expanding to 17.1 per cent from 15.4 per cent in the previous quarter — signalling a sharp improvement in operational efficiency across the conglomerate's core verticals.

O2C Business Leads Growth

The O2C segment emerged as the standout performer, with segment EBITDA surging 67.9 per cent year-on-year to ₹25,203 crore. RIL attributed the strong showing to tighter global fuel markets, stronger fuel cracks, and favourable feedstock sourcing opportunities. According to the company's filing, geopolitical disruptions across global energy markets created openings for higher product realisations. RIL's ability to diversify crude sourcing and optimise its product mix allowed it to capitalise on shifting market conditions. Notably, improved price realisations and higher asset utilisation boosted downstream chemicals earnings — though gains were partly offset by elevated logistics costs and the impact of special additional excise duty on fuel.

Jio Adds 300 Million 5G Users, ARPU Climbs

Digital services continued to be a key growth engine. EBITDA from the segment rose 17.7 per cent year-on-year to ₹22,223 crore. Reliance Jio reported a 10.8 per cent increase in operating revenue to ₹35,307 crore, while segment EBITDA climbed 14.7 per cent to ₹20,505 crore. The telecom operator's subscriber base expanded to 542.4 million, including 300 million 5G users — a milestone that underscores Jio's deepening penetration of India's 5G market. Average revenue per user (ARPU) improved 3.5 per cent to ₹218.8 per month, according to the regulatory filing.

Retail and Oil and Gas Weigh on the Mix

Despite the headline beat, the retail and oil and gas segments remained drags on overall performance during the quarter. The company did not provide granular segment breakdowns for these divisions in the initial filing, but acknowledged the weakness. This comes amid a broader slowdown in organised retail consumption across several urban markets, and continued volatility in domestic upstream gas realisations.

What Comes Next

Analysts will closely watch whether the O2C upcycle — which has been intermittent in recent quarters — can sustain into Q3 FY27, particularly if global refining margins normalise. Jio's 5G monetisation path and Retail's turnaround trajectory are the two variables most likely to determine whether RIL can hold its record EBITDA run rate. The conglomerate's next quarterly update will be due in late January 2027.