Reliance posts record ₹29,550 crore profit as refining margins triple
Reliance Industries reported a record consolidated profit after tax of ₹29,550 crore for the September quarter, up 33.8% from ₹22,092 crore a year earlier, as refining margins widened on global fuel supply disruptions. Profit attributable to owners rose 40% year-on-year to ₹25,548 crore, and consolidated revenue climbed 27.8% to ₹3,62,268 crore.
The oil-to-chemicals business did the heavy lifting. Segment EBITDA rose 67.9% year-on-year to ₹25,203 crore and revenue 44.2% to ₹2,31,601 crore, as fuel cracks reached 3.0–3.7 times year-ago levels. Reliance attributed the gain to supply disruptions tied to the West Asia conflict, including tensions around the Strait of Hormuz, and attacks on refining infrastructure in the region and Russia. Dated Brent averaged $97 a barrel in the quarter, up 40.6%. The company said diversified crude sourcing and product placement helped it record its highest-ever crude processing volumes, though higher crude premiums, freight, insurance, the Special Additional Excise Duty and domestic fuel retail under-recoveries weighed on results.
Digital services held up, with Jio's average revenue per user rising to ₹219 from ₹216 and net subscriber additions of 9 million, according to Equirus Securities. Retail lagged: revenue grew just 6% year-on-year after adjusting for the demerger base effect, and EBITDA fell 13% year-on-year to ₹5,780 crore, which Equirus linked to digital commerce investment, input-cost inflation and the festive calendar shifting into the third quarter.
Brokerages diverge on the stock, which closed 0.44% lower at ₹1,163.55 on the BSE on Friday. Nuvama Institutional Equities kept a Buy rating but cut its target price to ₹1,703 from ₹1,766, citing a 25% holding-company discount for the Jio listing, and warned that retail's rich 27 times EV/EBITDA valuation could dilute the O2C performance. Equirus has a Long rating with a ₹1,537 target, though it said the recommendation is under review. Nuvama expects new energy to start contributing from FY28, with 6GW of solar module and 5GW of cell capacity already operating and 40GWh of battery storage planned for FY27.
The shares have fallen 26.12% so far in 2026 and 21.83% over the past year, though they are up 383.99% over the past decade, according to Token Times.
