Reliance earnings rose in the September 2026 quarter, with consolidated net profit increasing 34% from a year earlier to a record ₹29,550 crore. Growth in oil-to-chemicals and digital businesses offset a more subdued retail performance.

Reliance earnings and revenue

Net profit increased from ₹22,092 crore in the year-earlier quarter. Revenue from operations rose 28.5% to a record ₹3.38 lakh crore in the fiscal second quarter.

Consolidated earnings before interest, tax, depreciation and amortization, or EBITDA, rose 15% from ₹54,067 crore a year earlier. The EBITDA margin nevertheless narrowed to 17.2% from 17.8%, although it improved from 15.9% in the preceding quarter.

Oil-to-chemicals drives growth

Oil-to-chemicals was the biggest driver of quarterly earnings growth. The segment’s EBITDA rose 68% to a record ₹25,203 crore from ₹15,008 crore a year earlier, while revenue increased 44.2% to ₹231,601 crore.

Reliance’s oil-to-chemicals portfolio includes transportation fuels, polymers, elastomers, intermediates and polyesters. Its refining and petrochemical operations are integrated across sites.

Chairman and Managing Director Mukesh Ambani attributed the segment’s performance to tight fuel markets, improved downstream petrochemical margins and firm domestic demand. Chief Financial Officer Srikanth Venkatachari said the business benefited from tight energy markets and stronger refining spreads.

Board approves debt-raising plan

Reliance’s board also approved a plan to raise up to ₹15,000 crore through a private placement of non-convertible debentures. The company may issue the debt in one or more tranches; the approval does not mean the funds have already been raised.

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