Reliance Industries shares jump over 7 per cent after record Q2 results
The stock emerged as the top Nifty gainer and biggest index contributor following record revenue, EBITDA and net profit.
Reliance Industries Ltd (RIL) shares rose more than 7 per cent in early trade on Monday, according to Moneycontrol, following record Q2 FY27 earnings. The Mukesh Ambani-led conglomerate's shares were trading at Rs 1,252, up 7.5 per cent, in morning deals, making it the most actively traded stock on the NSE and BSE.
The company reported its strongest-ever quarterly performance for the July-September quarter, with consolidated revenue rising 28 per cent year-on-year to a record Rs 3.62 lakh crore. Net profit increased 34 per cent to a quarterly record of Rs 29,550 crore, while EBITDA grew 24 per cent to Rs 62,409 crore.
Growth was driven by the oil-to-chemicals (O2C) business, which saw revenue rise 44.2 per cent year-on-year to Rs 2.32 lakh crore. Jio Platforms reported an 11.3 per cent year-on-year increase in revenue to Rs 47,485 crore, while its EBITDA rose 16.6 per cent to Rs 21,879 crore.
Goldman Sachs and Nomura maintained their Buy ratings on the company. Goldman Sachs assigned a target price of Rs 1,840 per share, noting that Q2 EBITDA beat estimates by 9 per cent. Nomura set a target price of Rs 1,560 per share, attributing the earnings to multi-decade-high refining cracks.
Both brokerages noted steady growth in telecom but pointed to weakness in Reliance Retail due to shifts in festive demand and digital commerce investments. The rally in Reliance shares contributed to a broader market surge, with the Sensex up 1.4 per cent and the Nifty gaining 1.3 per cent by 10.45 am.