Reliance Industries stock surged 6.2% to ₹1,237.4 on Monday, posting its largest single-session gain in nine months after the conglomerate reported record quarterly profit that exceeded market expectations.
Consolidated net profit attributable climbed 40% year-on-year to ₹25,548 crore in the July-September 2026 period. Total revenue jumped 27.8% to ₹3,62,268 crore and EBITDA grew 23.9% to ₹62,409 crore.
The oil-to-chemicals segment drove results, benefiting from higher global fuel margins. The digital services arm Jio added 9 million net subscribers, with average revenue per user rising to ₹219 from ₹216 in the prior quarter.
Nuvama Institutional Equities maintained a "buy" rating and trimmed its price target to ₹1,703 to account for a holding-company discount ahead of the Jio Platforms listing. Equirus issued a Long rating with a ₹1,537 target, calling the results better than expected.
Management said the new energy business is on track to begin contributing to earnings from FY28. The retail segment remained weak but was offset by strength in oil-to-chemicals and telecom.
Reliance's 6.2% gain outpaced the oil sector's rise by roughly 2 percentage points, indicating the move was driven by company-specific earnings rather than broader market tailwinds. The BSE Sensex opened 718 points higher and traded up 1.0%. The Nifty 50 also advanced at the open.
The stock had traded near its 52-week low of ₹1,152.2 in recent weeks and bounced on the earnings catalyst, though it remains below its 52-week high of ₹1,611.8.