Shares of Reliance Industries Ltd (RIL) climbed nearly 4% on Monday following the release of its Q2 FY26 results, which exceeded street expectations and triggered a wave of bullish calls from brokerages. The stock touched an intraday high of ₹1,473.80 before closing around ₹1,467.90 on the NSE, buoyed by gains across all major business verticals.
The conglomerate reported a 10% year-on-year increase in consolidated net profit to ₹18,165 crore. Revenue from operations grew 10% to ₹2.59 lakh crore, while gross revenue stood at ₹2.83 lakh crore. EBITDA rose 15% to ₹50,367 crore, and operating margins improved to 17.8% from 17% in the same quarter last year.
Segment-wise, the oil-to-chemicals (O2C) division posted a recovery, driven by improved refining margins and stronger petrochemical spreads. The retail segment saw continued growth in footfall and sales, while digital services, led by Jio, benefited from an expanding subscriber base and stable ARPU.
Capital expenditure during the quarter reached ₹40,010 crore, with ongoing investments across new energy, telecom infrastructure, and retail expansion. Despite high capex, net debt levels remained largely unchanged, maintaining the company’s balance sheet strength.
Chairman Mukesh Ambani stated that the quarterly performance reflects the resilience of India’s consumer demand and Reliance’s ability to drive structural growth across its diversified businesses.
Brokerages were quick to respond. Nomura reaffirmed its ‘Buy’ rating and raised FY26–27 EBITDA estimates by 4% and 12%, respectively, setting a target price of ₹1,700. Morgan Stanley echoed the positive outlook with a target of ₹1,701, citing strong positioning going into the festive quarter. HDFC Securities, JPMorgan, and Macquarie also maintained bullish views, highlighting key growth triggers including retail outperformance, telecom tariff potential, and the emerging new energy segment.
While analysts see Reliance as a long-term growth story, they advise a staggered investment approach given recent price gains. With festive demand and operational strength aligning, Reliance remains a strong contender in Diwali and year-end portfolios.
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