Reliance Industries' record Oil-to-Chemicals (O2C) performance helped lift consolidated profit 33.8% to ₹29,550 crore ($3.1 billion) for the quarter ended Sept. 30, cushioning weakness in retail.
The unaudited results received board approval Oct. 30. The consolidated profit measure includes Reliance’s share of profits from associates and joint ventures. Separately, profit attributable to owners was ₹25,548 crore, compared with ₹18,165 crore a year earlier. Gross revenue advanced 27.8% to ₹362,268 crore ($37.8 billion).
Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 23.9% to ₹62,409 crore ($6.5 billion). The EBITDA margin was 17.2%, compared with 15.9% in the June quarter and 17.8% a year earlier. The exchange filing lists ₹332,861 crore in revenue from operations and ₹29,407 crore in recovered goods and services tax.
O2C EBITDA reached a quarterly record of ₹25,203 crore, up 67.9% from a year earlier. Reliance said tight fuel markets and stronger downstream petrochemical margins supported the business. Higher crude costs and freight, spending tied to SAED, and under-recoveries on domestic fuel sales offset some of the improvement.
Retail segment EBITDA was ₹6,120 crore, down 10.2% year over year and 3% sequentially. Reliance separately linked pressure on Reliance Retail Ventures Limited’s (RRVL) margin to digital-commerce spending, costs absorbed to shield customers from input inflation, and festival activity shifting into Q3. Digital Services EBITDA rose 17.7% to ₹22,223 crore.
Brokerage price targets differed even as ratings remained positive, NDTV Profit reported Nov. 2. The outlet said JPMorgan raised its target to ₹1,675 from ₹1,625, while Jefferies kept its at ₹1,710. It reported that Emkay lowered its target to ₹1,550 from ₹1,680 and Motilal Oswal cut its to ₹1,520 from ₹1,560; all four notes it reviewed retained Buy ratings.
Net debt stood at ₹117,140 crore, down from ₹122,914 crore in the prior quarter, while capital expenditure totaled ₹38,153 crore. Management expects New Energy to begin contributing to earnings in FY28 and digital-commerce investment to build value in FY28 and FY29. Q3 FY27 includes the festive period that Reliance said shifted out of the September quarter.
