Reliance Industries shares surged 11.6% to close at a record high of 1,300 rupees on the National Stock Exchange on Monday, November 2, following the announcement of stellar Q2 FY27 results. The stock's intraday peak of 1,300 rupees marked the strongest session for the oil-to-telecom conglomerate after it reported a robust set of quarterly results the previous week. At market close, Reliance's market capitalisation stood at 17,59,230.03 crore rupees, equivalent to approximately 17.59 lakh crore rupees, reinforcing its position as India's largest listed company by market value.

The company's consolidated net profit attributable to owners rose 40% to 25,548 crore rupees for the July-September period, while total consolidated revenue increased 27.8% to 3,62,268 crore rupees. Reliance Industries posted a record quarterly profit of 29,550 crore rupees, surpassing the previous quarter's 23,196 crore rupees and marking the highest profit for India's largest listed entity. EBITDA climbed 23.9% to a record 62,409 crore rupees, driven by strong performance across key business segments despite mixed results in retail operations.

The oil-to-chemicals (O2C) business emerged as the primary growth driver, benefiting from a surge in global fuel margins and robust refining and petrochemical margins. Analysts at Jefferies noted that the O2C business led overall performance, with consolidated EBITDA rising 23% year-on-year to 56,616 crore rupees, beating estimates by 6%. However, retail EBITDA missed estimates by 6% due to investments in quick commerce and inflationary pressures weighing on margins. Kotak Institutional Equities identified growth opportunities in FMCG brands such as Campa and Independence, while noting that retail recovery depends on festive demand and returns from digital commerce investments.

Jefferies raised its FY27 and FY28 EBITDA estimates by 6% and 2% respectively, citing the strong Q2 performance and expectations of robust winter refining profitability. The investment firm maintained optimism about RIL's O2C business, supported by strong refining margins and global supply disruptions. Despite the positive momentum in oil-to-chemicals, retail profitability remains a key concern, with quick-commerce investments and inflation continuing to pressure margins. The company's telecom business delivered solid growth, partially offsetting the relatively subdued performance of its retail arm during the quarter.

With inputs from PTI, the quarterly results highlight Reliance Industries' continued dominance in India's corporate landscape, though challenges persist in the retail segment. The record profit of 29,550 crore rupees and market capitalisation exceeding 17.59 lakh crore rupees underscore the company's scale and performance. Analyst views remain divided, with optimism surrounding O2C and telecom offset by concerns over retail margin compression. The results reinforce Reliance's position as a market heavyweight, even as it navigates mixed performance across its diverse business portfolio.