Reliance stock gains 13% as O2C beat lifts broker outlook
Published on 11/06/2026 at 10:41 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSO2C strength meets retail concerns
- Reliance's Oil-to-Chemicals EBITDA rose 68 percent year over year to about INR 25,200 crore in the September quarter.
- Jio reached 542 million subscribers, while average revenue per user increased 3.5 percent year over year to INR 218.8.
- Retail profitability remains the key test after EBITDA fell 10 percent year over year to INR 6,120 crore.
Reliance stock gained 13 percent during the week to Friday, November 6, 2026, after a strong September-quarter performance led by the Oil-to-Chemicals business, according to The Financial Express. The report said four brokerages retained Buy ratings, with target prices ranging from INR 1,520 to INR 1,710.
O2C drives the earnings upgrade
Reliance Industries' consolidated EBITDA rose 23.4 percent year over year to INR 56,616 crore, while adjusted profit after tax increased 40.6 percent to INR 25,550 crore. O2C EBITDA climbed 68 percent to about INR 25,200 crore, supported by stronger transportation-fuel cracks, improved refining margins and wider petrochemical spreads.
Brokerage estimates also reflect expectations that tight refined-product supplies and favorable crude sourcing could support margins. Jefferies raised its fiscal 2027 and fiscal 2028 consolidated EBITDA estimates by 6 percent and 2 percent, respectively, while Motilal Oswal lifted its standalone EBITDA estimates by 13 percent and 7 percent.
Retail remains the main execution risk
Retail profitability weakened despite the broader earnings beat. Reliance Retail's EBITDA fell 10 percent year over year to INR 6,120 crore, as digital-commerce investment, input-cost inflation and a shift in festive-season timing weighed on margins. The net store count declined by 222, while retail area remained broadly stable at 78.4 million square feet.
Jio provided a more stable growth contribution. Its subscriber base reached 542 million after 9.1 million net additions in the quarter. Average revenue per user rose 3.5 percent year over year to INR 218.8, and Jio Platforms' EBITDA increased 17.7 percent to INR 22,220 crore.
What investors will watch next
The brokerage outlook depends on the durability of refining and petrochemical margins and on a recovery in retail profitability. Religare expects digital investments to begin supporting absolute retail EBITDA growth from fiscal 2028, while New Energy projects are viewed as a longer-term earnings driver.
Reliance Industries at a glance
- Company: Reliance Industries Limited
- ISIN: INE002A01018
- Reporting period: September quarter, fiscal 2027
- Key earnings driver: Oil-to-Chemicals
- Key risk: Retail profitability
Indian equities have advanced for six straight sessions ahead of Diwali, with earnings, foreign flows and crude prices shaping the wider market backdrop. Current market reports provide the broader regional context.
