Reliance Industries reported Q2 2026 earnings that beat analyst forecasts on both metrics. EPS reached 17.65, above the forecast of 16.77. Revenue came in at 3.2162 trillion Indian rupees, exceeding the expected 3.19085 trillion.
Consolidated EBITDA hit INR 62,409 crores, a record high and up 24% year on year. Profit after tax climbed to INR 30,000 crores, up 34% year on year. Consolidated revenue rose 28% year on year.
The oil-to-chemicals division led growth, with EBITDA up 68% year on year to INR 25,203 crores. Management attributed strength to tight global energy markets and elevated refining margins. Digital services EBITDA reached INR 22,200 crores, up 18% year on year. Jio had 542 million subscribers and 300 million 5G users. Retail EBITDA grew 24% year on year to INR 6,120 crores.
Net debt-to-EBITDA improved to 0.47x from 0.50x.
CFO Srikanth Sundararaman said the company delivered "the highest EBITDA that we have declared for consol" and called the company "very, very constructive" on its outlook. Management said first-half FY2027 performance implies annualized EBITDA well above INR 80,000 crores.
In digital services, Reliance said it sees visibility for high-teen growth in Jio. For new energy, the company said solar module capacity now exceeds 6 gigawatt with a target to reach 20 gigawatt by early FY2028. A 40 gigawatt-hour battery energy storage system is expected to be commissioned in the next half year.
The stock slipped 0.21% to $1,164.9 and remained near its 52-week low of $1,152.2, trading 27.7% below its 52-week high of $1,611.8.
Analysts raised concerns about the duration of refinery disruptions, with management citing six to nine months in the best case scenario. Questions also focused on sustainability of oil-to-chemicals margins and whether elevated freight and insurance costs would normalize.