Reliance reported its highest ever revenue, EBITDA and quarterly profit for the three months to 30 September 2026. Almost all of the growth came from one segment, for one reason, and the reason is a refining margin that is running at roughly twice its five-year average.
Reliance Industries Ltd · BSE 500325 · NSE RELIANCE
Source documents: media release and investor presentation filed 30 October 2026, for the quarter and half year ended 30 September 2026. All figures stated by the company in ₹ crore unless noted.
Published 5 November 2026.
The 60-second read
- Consolidated EBITDA rose ₹12,042 crore year on year. ₹10,195 crore of that, 85%, came from Oil to Chemicals alone, where fuel cracks were up 3 to 3.7 times (media release pages 1 and 13).
- Profit after tax including the share of associates and joint ventures was ₹29,550 crore, up 33.8%. The line above it, profit after tax, is ₹29,250 crore. News reports quote both.
- Retail went backwards. EBITDA from operations fell 11.1% and the store count dropped by 222 net, with 303 opened and roughly 525 closed (media release pages 9 and 10).
- Jio Platforms raised ₹30,188 crore on 28 October 2026, India's largest IPO. None of it is in this balance sheet: the listing fell after the 30 September cut-off.
- Net debt fell to ₹1,17,140 crore, but gross debt rose ₹15,247 crore in the quarter to ₹3,84,952 crore. The improvement is cash, not repayment.
- New Energy, flagged three months ago as the thing to watch, still has no capacity, no commissioning date and no revenue disclosed. Earnings contribution is now stated as FY28.
What they actually make
Reliance is five quite different businesses stapled to one balance sheet. Here is each one, and who pays for it.
1. Oil to Chemicals: ₹2,31,601 crore revenue, 40% of EBITDA
Reliance buys crude oil, refines it at Jamnagar into diesel, petrol and jet fuel, and cracks the leftovers into plastics and polyester. The buyers are state oil companies, airlines, exporters in Africa and Europe, and the garment and packaging industries.
The money is made on the crack, the gap between what a barrel of crude costs and what the fuel refined from it sells for. This quarter that gap went vertical. Gasoil, which is diesel, earned $65.8 a barrel, up 252% on last year (media release page 14). Gasoline earned $24.9, against a five-year average of about $12 (presentation slide 51).
Reliance also runs Jio-bp, 2,304 petrol pumps plus 5,943 EV charge points and 200 CNG and CBG stations. Fuel volumes grew 4.2% to 1.83 million kilolitres, and EV charging volumes grew 60% to 15.8 GWh (presentation slide 54).
2. Jio Platforms: 542.4 million subscribers
Jio sells mobile data and home broadband. 542.4 million people pay it an average of ₹218.8 a month and use 44.2 GB each. 300 million are on 5G; 30 million take fixed broadband, mostly over JioAirFiber, which beams the connection to a rooftop box instead of digging a trench (media release pages 6 and 7).
3. Reliance Retail: 19,947 stores
Groceries (Smart, Reliance Fresh, Metro), phones and televisions (Reliance Digital), clothes (Trends, AJIO), plus JioMart for online. 400 million registered customers, 77.5 million square feet of floor space.
4. Reliance Consumer Products: ₹8,266 crore gross revenue
The FMCG arm, which makes Campa cola, Independence and Good Life staples, Udhaiyam pulses and Glimmer soaps, sold through the kirana shops Reliance already supplies. Revenue was 1.6 times last year's quarter; the Campa beverages line alone did ₹5,250 crore in the half year (presentation slide 35).
5. JioStar: 440 million monthly viewers
Television channels and the JioHotstar streaming service, earning from advertising and subscriptions. Revenue from operations was ₹6,806 crore, up 10.1%, with Bigg Boss reaching over 90 million viewers in three weeks (media release pages 20 and 21).
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