Reliance Industries Ltd (RIL) saw its market capitalisation cross Rs 17 lakh crore on Monday, as its shares surged more than 8 percent intraday following record Q2 FY27 earnings and bullish brokerage calls. The stock recorded its biggest intraday gain in over six years, since April 2020. It emerged as the top Nifty gainer and the biggest positive contributor to the benchmark index today.
The sharp rally in RIL stock drove broad gains across Indian equity markets. Reliance Industries shares climbed to an intraday high of Rs 1,259, up 8.1 percent, taking the Mukesh Ambani-led conglomerate’s market capitalisation to approximately Rs 17.05 lakh crore. The stock stood out as the most actively traded security across both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).
At 11:20 am, the BSE Sensex had advanced 966 points (1.3 percent) to 75,425, while the NSE Nifty 50 gained 274 points (1.2 percent) to trade at 23,327, largely anchored by Reliance’s heavyweight contributions.
Record Q2 FY27 Earnings Fuel Massive Stock Rally
The sharp upward re-rating follows Reliance Industries’ strongest-ever quarterly financial performance for the July-September quarter (Q2 FY27). The conglomerate posted record metrics across revenue, operating profit, and net earnings, heavily driven by its oil-to-chemicals (O2C) division alongside steady gains in digital services.
| Metric | Q2 FY27 Value | YoY Growth (%) |
|---|---|---|
| Consolidated Revenue | Rs 3.62 lakh crore | +28.0% |
| Consolidated EBITDA | Rs 62,409 crore | +24.0% |
| Consolidated Net Profit | Rs 29,550 crore | +34.0% |
| O2C Business Revenue | Rs 2.32 lakh crore | +44.2% |
| O2C Business EBITDA | Rs 25,203 crore | +67.9% |
| Jio Platforms Revenue | Rs 47,485 crore | +11.3% |
| Jio Platforms EBITDA | Rs 21,879 crore | +16.6% |
Consolidated revenue surged 28 percent year-on-year to an all-time high of Rs 3.62 lakh crore, while consolidated EBITDA increased 24 percent to a record Rs 62,409 crore. Net profit jumped 34 percent to Rs 29,550 crore, setting a quarterly benchmark.
O2C Business Delivers Outsized Performance
The O2C segment served as the primary engine for the earnings beat. Segment revenue climbed 44.2 percent year-on-year to Rs 2.32 lakh crore, while segment EBITDA surged 67.9 percent to Rs 25,203 crore.
“Transportation fuel cracks—a critical metric for refining margins—expanded 3 to 3.7 times compared to the prior-year period, reaching historic highs during the quarter,” noted industry analysts reviewing the operational numbers.
Meanwhile, Jio Platforms maintained steady momentum. The digital services business posted an 11.3 percent YoY increase in revenue to Rs 47,485 crore, with segment EBITDA rising 16.6 percent to Rs 21,879 crore. Growth was supported by consistent subscriber additions, improved average revenue per user (ARPU), and broader adoption of digital solutions.
Global Brokerages Retain ‘Buy’ Ratings with Steep Targets
Leading international brokerages reiterated strong Buy ratings on Reliance Industries following the announcement, attributing their optimism to exceptional refining operations and structural telecom tailwinds despite ongoing operational adjustments in retail earnings.
- Goldman Sachs: Maintained a Buy rating with a target price of Rs 1,840 per share, implying a 58 percent upside from Friday’s closing price of Rs 1,164.90. The brokerage highlighted that RIL’s Q2 EBITDA surpassed its baseline estimates by 9 percent, driven predominantly by outperformance in O2C.
- Nomura: Retained its Buy rating, establishing a target price of Rs 1,560 per share. Analysts at Nomura cited multi-decade-high refining cracks and noted that consolidated EBITDA rose 19 percent sequentially, beating consensus estimates by 9 percent.
Strategic Value Context: Why Today’s Rally Matters
Today’s stock movement marks a decisive shift in market sentiment for India’s largest company by market value. Over recent quarters, investor focus had leaned heavily toward consumer-facing arms—Jio Platforms and Reliance Retail. However, the Q2 FY27 results emphasize that Reliance’s legacy energy and downstream petrochemical operations retain immense cash-generation capabilities during favorable global refining cycles.
The massive single-day market cap expansion of over Rs 1.25 lakh crore in a single session underscores how pivotal RIL remains to overall Indian capital market liquidity and benchmark index movements. With capital expenditure in green energy initiatives scaling up alongside disciplined telecom monetization, institutional inflows into RIL are expected to remain robust through the remainder of FY27.
Frequently Asked Questions (FAQs)
Reliance Industries shares jumped over 8% due to record Q2 FY27 financial results—highlighted by a 34% rise in net profit to Rs 29,550 crore—and strong buy ratings from global brokerages like Goldman Sachs and Nomura.
Reliance Industries’ market capitalisation crossed the Rs 17 lakh crore milestone during intraday trading, reaching approximately Rs 17.05 lakh crore.
Goldman Sachs set a bullish target price of Rs 1,840 per share (implying up to 58% upside), while Nomura issued a target price of Rs 1,560 per share.
The O2C business recorded a 67.9% YoY surge in EBITDA to Rs 25,203 crore due to historic high refining cracks, while Jio Platforms reported an 11.3% increase in revenue to Rs 47,485 crore.
Today’s 8.1% surge represents Reliance Industries’ single largest intraday gain in over six years, matching levels last seen during the market recovery in April 2020.
Conclusion & Outlook
Reliance Industries’ Q2 FY27 earnings showcase the resilience of its diversified conglomerate structure. While the O2C business continues to capitalize on favorable global refining dynamics, steady digital expansion via Jio offers dependable defensive growth. Market participants will closely monitor incoming trends in domestic retail consumption and progress on the group’s new energy giga-factories. In the immediate term, RIL’s market cap reclaim of Rs 17 lakh crore provides a solid foundation for benchmark indices Nifty and Sensex to pursue higher levels.
Manish Kumar began his professional journey in digital marketing and performance marketing, and currently works as a Digital Marketing Excutive and SEO expert. With over 3 years of professional experience, he handles both strategy and execution. Currently, he manages digital marketing and performance marketing at ‘Shabd Sanchi’ (shabdsanchi.com).
