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Reliance Stock Soars on Record Profit Beat
2 Nov
Summary
- Reliance Industries stock surged 6.2% after a record quarterly profit.
- Consolidated net profit climbed 40% year-on-year to ₹25,548 crore.
- Oil-to-chemicals segment drove profit due to higher global fuel margins.
Reliance Industries witnessed a substantial 6.2% increase in its stock value, reaching ₹1,237.4 on November 2, 2026. This surge, the largest single-session gain in nine months, was propelled by the conglomerate's record quarterly profit that exceeded expectations.
The company reported a consolidated net profit of ₹25,548 crore for the July-September 2026 period, marking a 40% year-on-year increase. Total revenue also saw a significant jump of 27.8% to a record ₹3,62,268 crore, with EBITDA growing by 23.9% to ₹62,409 crore.
The oil-to-chemicals (O2C) segment was a primary driver, benefiting from an upswing in global fuel margins. Additionally, the digital services arm, Jio, contributed with steady growth, evidenced by a rise in average revenue per user and a net addition of 9 million subscribers.
Following the earnings release, several brokerages reiterated their positive ratings for Reliance Industries. Nuvama Institutional Equities maintained a "buy" rating with a price target of ₹1,703, while Equirus issued a "Long" rating with a target of ₹1,537, highlighting the better-than-expected results.
The broader Indian equity market provided a supportive environment for Reliance's stock performance, with major indices like the BSE Sensex and Nifty 50 advancing at the open on November 2, 2026. The company's stock gain notably outpaced the broader oil sector's performance.
