Reliance Industries Share Price Jumps Over 6%: Top 5 Reasons Behind Its Sharpest Single-Day Rally in Over 2 Years

Reliance Industries has increasingly relied on its consumer and digital businesses for recurring growth, even as its integrated energy operations remain the group’s largest earnings engine. In the September quarter, exceptionally strong fuel and petrochemical margins pushed the company to record revenue and profit, while Jio Platforms Ltd. completed its stock-market listing after the quarter ended.

Why Reliance Industries Share Price Is Rallying on Monday, November 2, 2026

Reliance Industries reported its highest-ever quarterly gross revenue of Rs 3,62,268 crore for the quarter ended September 30, 2026, up 27.8 per cent YoY. Earnings before interest, Tax, depreciation and amortisation, or EBITDA, rose 23.9 per cent to a record Rs 62,409 crore, while profit after tax, including the share of associates and joint ventures, increased 33.8 per cent to Rs 29,550 crore.

The Oil-to-Chemicals business, which includes refining, petrochemicals and fuel marketing, was the principal earnings driver. Segment revenue rose 44.2 per cent YoY to Rs 2,31,601 crore and EBITDA climbed 67.9 per cent to Rs 25,203 crore. Its EBITDA margin expanded by 160 basis points to 10.9 per cent as transportation-fuel cracks rose sharply and polyester-chain margins recovered.

Reliance said it maintained record crude runs despite disruptions around the Strait of Hormuz by diversifying crude sourcing across multiple regions. However, the segment continued to face costs related to special additional excise duty and under-recoveries in the Jio-bp fuel-retailing business.

Jio Platforms reported an 11.3 per cent YoY increase in gross revenue to Rs 47,485 crore and a 16.6 per cent rise in EBITDA to Rs 21,879 crore. Its margin expanded 250 basis points to 54.1 per cent. The subscriber base reached 542.4 million after net additions of 9.1 million, while average revenue per user rose to Rs 218.8 a month. Jio had 300 million 5G users and 30 million fixed-broadband subscribers at the end of the quarter.

Retail remained the weaker part of the portfolio. Reliance Retail Ventures reported a 24.5 per cent decline in profit after tax to Rs 2,619 crore as EBITDA before a one-time impairment charge fell 8.6 per cent. The company attributed part of the pressure to investment in digital commerce and the shift of major festivals into the December quarter. Group capital expenditure stood at Rs 38,153 crore, led by Oil-to-Chemicals, new energy and consumer-business infrastructure.

As of 9:41 am on November 2, 2026, Reliance Industries shares were trading at Rs 1,242. The stock was 6.63 per cent above its previous close of Rs 1,163.55, although it remained about 23 per cent below its 52-week high of Rs 1,592.45. The company’s market capitalisation stood at about Rs 15.75 lakh crore. Foreign institutional ownership declined by 0.52 percentage points, while domestic institutional ownership increased by an equal extent.

What This Means for Investors

The quarter reinforces the value of Reliance’s diversified structure. Oil-to-Chemicals delivered exceptional earnings when fuel markets were tight, while Jio continued to add subscribers, lift average revenue per user and expand higher-margin broadband services. Jio’s October listing and use of most IPO proceeds to prepay external borrowings should also strengthen the digital business’s financial flexibility. Retail remains the key operational counterweight because digital-commerce investment is currently weighing on margins and profits.

The result is supportive for earnings visibility in the near term, but its quality is mixed across segments. A large part of the Oil-to-Chemicals uplift reflects unusually strong refining cracks and downstream spreads, which can normalise as supply disruptions ease. Jio offers a more durable monetisation opportunity as network capital expenditure moderates. Reliance trades at 19.18 times trailing earnings and 8.23 times enterprise value to trailing EBITDA, leaving continued execution in digital services, retail and new energy important for sustaining valuation support.

Disclaimer: The article is for informational purposes only and not investment advice.