QUICK TAKE | Seven Things to Know About Reliance Industries’ Nearly 12% Share Rally

1. Why did Reliance shares surge?

Reliance Industries jumped about 11.6% on November 2 after its July–September results beat market expectations. The stock closed around ₹1,300, becoming the Nifty 50’s biggest gainer. Investors welcomed stronger earnings from oil-to-chemicals and telecom after a difficult year for the shares.

2. How much did it lift the market?

Reliance accounted for roughly half the Nifty’s advance, Reuters reported. The Nifty closed 1.68% higher at 23,440.8, while the Sensex gained 1.66% to 75,692.78. Reliance’s heavy index weighting means a large move in its shares can substantially influence the broader benchmarks.

3. What stood out in Q2 FY27?

Gross revenue rose 27.8% to ₹3,62,268 crore and EBITDA, earnings before interest, tax, depreciation and amortisation, increased 23.9% to ₹62,409 crore. Group profit, including its share of associates and joint ventures, rose 33.8% to ₹29,550 crore. Profit attributable to Reliance shareholders was ₹25,548 crore, up 40.6%, explaining the different profit-growth headlines.

4. Why was the oil business so strong?

Oil-to-chemicals EBITDA surged 67.9% to ₹25,203 crore. Reliance benefited from unusually strong margins on transportation fuels, improved downstream chemical margins and flexibility in sourcing crude. Refining margins reflect the value earned by converting crude into products such as petrol and diesel. O2C led the group’s earnings growth.

5. What did Jio contribute?

Jio Platforms’ EBITDA rose 16.6% to ₹21,879 crore, while profit reached ₹8,387 crore, up 13.7%. Its subscriber base exceeded 542 million. Subscriber additions, higher average revenue per user and expanding broadband services supported growth, providing another substantial earnings stream alongside the energy business.

6. Did retail share in the improvement?

Retail remained a weaker part of the results. Reliance Retail Ventures’ profit fell 24.3% to ₹2,611 crore. Management pointed to investment in digital commerce, while analysts also cited the festive-calendar shift and cost pressures. The group’s earnings surge therefore masked uneven performance across businesses.

7. What are brokerages watching next?

Goldman Sachs and Nomura retained Buy ratings, with targets of ₹1,840 and ₹1,560 respectively. Their focus includes sustaining refining earnings, continued Jio growth and recovering retail profitability. These targets are analyst estimates. After Monday’s surge, Reliance was still down more than 17% for 2026.