Reliance Shares Surge 6.6% on Blockbuster Q2: Profit Jumps 34% as Brokerages

Shares of oil-to-telecom heavyweight Reliance Industries Limited (RIL) took center stage on Dalal Street on Monday, November 2, 2026, surging 6.6 percent in early trading to touch an intraday peak of ₹1,242 against the previous close of ₹1,164.90. The sharp rally crowned the conglomerate as the top gainer on the benchmark Nifty 50 and lifted its total market capitalization to roughly ₹16.77 lakh crore. The market re-rating followed an unprecedented quarterly financial scorecard released after market hours on Friday, October 30, wherein Reliance recorded its strongest quarter in corporate history for the July–September period (Q2 FY27). The company's consolidated revenue escalated 27.8 percent year-on-year to an all-time peak of ₹3.62 lakh crore compared to ₹2.84 lakh crore in Q2 FY26 and ₹3.40 lakh crore in the preceding quarter, while consolidated net profit jumped nearly 34 percent year-on-year to ₹29,550 crore against ₹22,092 crore a year ago and ₹23,196 crore in Q1 FY27. Simultaneously, consolidated operational earnings before interest, taxes, depreciation, and amortization (EBITDA) expanded 24 percent to a historic ₹62,409 crore, with operating EBITDA margins standing resilient at 18.8 percent.

O2C and Fuel Cracks Supercharge Core Earnings Alongside Steady Jio and Retail Expansion

The primary engine powering the record-breaking quarter was Reliance's Oil-to-Chemicals (O2C) segment, which delivered historic operational numbers on the back of multi-decade-high refining margins. O2C top-line revenue expanded 44.2 percent year-on-year to ₹2.32 lakh crore, while the segment's operating EBITDA surged 67.9 percent to ₹25,203 crore, underpinned by transportation fuel cracks that multiplied between 3 and 3.7 times compared to the prior-year period. While seasonal spikes in Very Large Crude Carrier (VLCC) freight rates could temper refining spreads during the third quarter, analysts note that the strategic processing of discounted heavy crude grades offers an effective profit hedge. In the digital ecosystem, Jio Platforms sustained solid compounding momentum as quarterly revenue grew 11.3 percent year-on-year to ₹47,485 crore and EBITDA rose 16.6 percent to ₹21,879 crore, anchored by aggressive net subscriber additions, rising Average Revenue Per User (ARPU), and broader digital services adoption. Meanwhile, Reliance Retail posted gross revenue of ₹91,716 crore—a 6.4 percent year-on-year expansion adjusted for the demerger of its Consumer Brands business—reflecting sustained capital deployment into digital commerce fulfillment and shifting festive purchasing schedules, while the upstream Oil & Gas division saw operating profit margins strengthen from 79 percent in Q1 FY27 to 81.4 percent in Q2 FY27.

Global Brokerages Issue Strong Buy Calls: Goldman Sachs, Nomura, JPMorgan & Jefferies Raise Targets

Bolstered by the earnings beat, leading international investment banks have upgraded their valuation models and reaffirmed high-conviction ratings across the board. Wall Street major Goldman Sachs maintained a 'Buy' recommendation with an ambitious target price of ₹1,840 per share—implying an upside potential of approximately 58 percent over Friday’s closing levels—citing a 9 percent beat in quarterly EBITDA and resilient petrochemical integration. Global brokerage Nomura reiterated a 'Buy' rating with a target price of ₹1,560 per share, noting that consolidated EBITDA expanded 19 percent sequentially on the back of historic refining realizations and pointing out attractive valuations at 8.7 times FY28 estimated EV/EBITDA and 16.5 times price-to-earnings (P/E). Concurrently, JPMorgan retained an 'Overweight' stance while lifting its price target from ₹1,625 to ₹1,675 per share, elevating its earnings per share (EPS) estimates for FY27 and FY28 by 10.9 percent and 5 percent, respectively. Rounding out the institutional consensus, Jefferies reaffirmed a 'Buy' call with a target price of ₹1,710, increasing its forward EBITDA projections by up to 6 percent in anticipation of robust winter crack spreads and steady telecommunications monetization.