Reliance Industries shares jump nearly 8 per cent after record Q2 results
The Mukesh Ambani-led conglomerate saw its market capitalisation reach Rs 16.94 lakh crore following its strongest-ever quarterly performance.
Reliance Industries Ltd (RIL) shares rose nearly 8 per cent in early trade on Monday, following record earnings for the July-September quarter of FY27, according to Moneycontrol. The stock was the top performer and the largest positive driver for the Nifty 50 index.
The conglomerate reported its strongest quarterly financial results ever, with consolidated revenue increasing 28 per cent year-on-year to a record Rs 3.62 lakh crore. Net profit rose 34 per cent to Rs 29,550 crore, while EBITDA grew 24 per cent to Rs 62,409 crore.
Growth was driven by the oil-to-chemicals (O2C) business, which saw revenue rise 44.2 per cent to Rs 2.32 lakh crore. Jio Platforms also reported an 11.3 per cent increase in revenue to Rs 47,485 crore, supported by subscriber additions and digital service expansion.
Following the results, Goldman Sachs maintained a Buy rating with a target price of Rs 1,840 per share, noting that Q2 EBITDA beat estimates by 9 per cent. Nomura also retained a Buy rating with a target price of Rs 1,560 per share.
Both brokerages noted steady growth in the telecom sector but pointed to weakness in Reliance Retail due to shifts in festive demand and digital commerce investments. Goldman Sachs expects refining margins to moderate in the December quarter due to higher freight costs.