Led by robust performance in oil-to-chemicals (O2C) and digital services (Jio) businesses, billionaire Mukesh Ambani-led Reliance Industries Ltd (RIL) reported on Friday its highest-ever quarterly revenue and a 41% jump in profit after tax (PAT) in the July-September quarter of this fiscal (Q2FY27). The conglomerate’s revenue from operations rose 29% year-on-year to Rs 3.32 lakh crore in the reported quarter while consolidated net profit surged sharply by 41% to Rs 25,548 crore.
In its first quarter after becoming a separate entity, Jio Platforms Ltd (JPL) reported a 14% year-on-year rise in net profit to Rs 8,389 crore. Revenue from operations grew 11% to Rs 40,475 crore. The important metric - average revenue per user (ARPU) - grew to Rs 218.8 in Q2FY27 from Rs 211.4 in Q2FY26, with the company crossing 542.4 million subscribers, up 7.1% year-on-year.
Revenue for RIL’s bread-and-butter O2C business grew by 44.2% Y-o-Y to Rs 231,601 crore, led by high energy prices. This segment’s EBITDA for Q2FY27 increased sharply by 67.9% Y-o-Y to Rs 25,203 crore with unprecedented strength in transportation fuel cracks and improved downstream chemical margins. Fuel cracks were up 3-3.7x Y-o-Y and reached historic highs during the quarter.
RIL stated that the Middle East conflict disrupted energy market supply chains, resulting in a 40.6% increase in crude oil price and a 50-78% increase in transportation fuel prices on a Y-o-Y basis. Further, revenue growth was aided by 25-35% Y-o-Y higher prices for most of the downstream chemical products.
“Our O2C business delivered a particularly strong performance this quarter, led by tight fuel markets, improved downstream petrochemical deltas and firm domestic demand. Our ability to optimise feedstock sourcing and product placement along with operations across the value chain enabled us to improve margin capture. This performance underscores the strength and resilience of our O2C business,” said Mukesh D. Ambani, Chairman and Managing Director of RIL.
He added that the digital services business (Jio) continued its robust growth this quarter. Jio’s performance across mobility, home broadband and enterprise was strong, with healthy growth in earnings.
Reliance Retail Ventures Ltd (RRVL) reported that its revenue from operations grew by 6% year-on-year to Rs 80,220 crore in Q2FY27. Profit of this segment, however, declined 24.5% y-o-y to Rs 2,619 crore. RRVL said that business performance in the reported quarter was impacted by the shift in the festive calendar to Q3.
Isha M. Ambani, Executive Director, Reliance Retail Ventures Limited, said, “We are building a future-ready retail business by combining our extensive physical network with digital convenience, technology, and a deep understanding of Indian consumers. The new model with fast-growing Digital Commerce and B2B channels is working and funded by the profits of offline business.”