By: ICN Bureau
Last updated : October 31, 2026 7:15 pm
Best ever O2C business performance, EBITDA at Rs. 25,203 crore, up 67.9% YoY
Reliance Industries Limited (RIL) delivered a record-breaking performance for Q2 FY27, with consolidated net profit surging 33.8% year-on-year to an all-time high of Rs. 29,550 crore as compared to Rs. 22,146 crore in Q2 FY26. The energy-to-retail conglomerate posted a 27.8% jump in consolidated gross revenue to Rs. 3,62,268 crore, comfortably beating street estimates.
The stellar quarter was primarily driven by an extraordinary rebound in its energy portfolio, alongside sustained operational growth in digital services. Consolidated EBITDA climbed 23.9% year-on-year to a record Rs. 62,409 crore as compared to Rs. 50,367 crore, reinforcing the group's robust cash generation capabilities.
Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: "...During 2Q FY27, our businesses delivered a strong performance despite a complex operating environment. Commodity markets remained volatile while geopolitical tensions continued to weigh on global supply chains. Against this backdrop, the domestic orientation of our portfolio, combined with operational discipline and versatility of our integrated businesses, helped Reliance navigate external volatility effectively.
Our O2C business delivered a particularly strong performance this quarter, led by tight fuel markets, improved downstream petrochemical deltas and firm domestic demand. Our ability to optimise feedstock sourcing and product placement along with operations across the value chain enabled us to improve margin capture. This performance underscores the strength and resilience of our O2C business…
Our disciplined capital allocation has helped create businesses that provide sustainable cash-flows and will remain significant contributors to India’s energy independence and technology evolution.”
O2C Legacy Engine Outperforms
The Oil-to-Chemicals (O2C) business emerged as the chief growth driver, posting its highest-ever quarterly earnings. Propelled by structural tightness in global fuel supplies and geopolitical bottlenecks across Russia and the Middle East, the segment's revenue zoomed 44.2% year-on-year to reach Rs. 2,31,601 crore.
O2C EBITDA witnessed an exceptional 67.9% growth, touching Rs. 25,203 crore. The massive surge was supported by a steep escalation in transportation fuel cracks. Global diesel refining cracks climbed 252% year-on-year, while jet fuel and gasoline spreads nearly tripled. Jamnagar's refinery throughput recovered sequentially to 20.6 million tonnes, following planned maintenance in the previous quarter, allowing RIL to optimize its product mix and capitalize on lucrative export margins.
Petrochemicals Show Downstream Resilience
The petrochemical division provided critical downstream support to the O2C ecosystem. Asset utilization remained high, helping the company benefit from stable regional demand. Prices for major downstream chemical products rose 25% to 35% compared to the previous year. RIL reported an improvement in downstream chemical deltas, particularly within the polyester chain, where margins expanded by 33% to touch their highest levels in three years. This improvement was underpinned by a 15% increase in PX delta and a 52% surge in PTA delta, offsetting higher crude premium costs and elevated global freight rates.
Strategic Capital Thrust in New Energy
Reliance directed a significant portion of its Rs. 38,153 crore quarterly capital expenditure toward its green transformation. The corporate update confirmed that RIL’s mega renewable energy projects, centered at the Dhirubhai Ambani Green Energy Giga Complex in Jamnagar, remain on target. The company continues to advance manufacturing capabilities across key verticals, including solar panels, energy storage systems, and green hydrogen infrastructure. These investments aim to transition the legacy refining footprint into a round-the-clock green energy hub.
RIL Chairman and Managing Director Mukesh Ambani commented, "Against a backdrop of volatile commodity markets and geopolitical tensions, the domestic orientation of our portfolio, combined with operational discipline and versatility, helped Reliance navigate external volatility effectively."