Reliance Industries shares delivered their strongest single-day gain in more than six years, jumping 11.6% on November 2 after the Mukesh Ambani-led conglomerate reported record second-quarter earnings. The rally added nearly ₹1.84 lakh crore to its market capitalisation and made the stock the biggest contributor to the Nifty 50’s gains.
The shares closed at ₹1,300 on the National Stock Exchange, their highest closing level since early September. Reliance’s market capitalisation climbed to around ₹17.6 lakh crore, reinforcing its position as India’s most valuable listed company. The stock was also the top Nifty gainer and one of the most actively traded shares on both the NSE and BSE.
The surge came after Reliance reported its strongest-ever quarterly performance for the July-September period of FY27. Consolidated revenue rose 28% year-on-year to a record ₹3.62 lakh crore, while earnings before interest, tax, depreciation and amortisation (EBITDA) increased 24% to ₹62,409 crore. Consolidated profit after tax, including the share of associates and joint ventures, rose 33.8% to ₹29,550 crore.
Profit attributable to shareholders stood at ₹25,548 crore, up around 41% from ₹18,165 crore in the corresponding quarter last year. Revenue from operations increased 29% to ₹3.32 lakh crore. The results exceeded several analyst estimates, with the oil-to-chemicals (O2C) business emerging as the biggest driver of the earnings surprise.
The O2C segment, which includes refining and petrochemicals, recorded revenue of ₹2.32 lakh crore, a 44.2% increase from a year earlier. Its EBITDA surged 67.9% to ₹25,203 crore. Higher refining margins, stronger transportation fuel cracks and improved product spreads supported the performance. Fuel cracks, which measure the difference between crude oil prices and refined fuel prices, rose sharply during the quarter.
Reliance’s digital services business also provided support. Jio Platforms reported an 11.3% year-on-year increase in revenue to ₹47,485 crore, while EBITDA grew 16.6% to ₹21,879 crore. Subscriber additions, higher average revenue per user (ARPU) and growing demand for digital services helped the telecom business maintain momentum.
The strong results have prompted brokerages to retain positive views on Reliance Industries shares, although they have also flagged areas that investors will watch closely. Goldman Sachs maintained its Buy rating and set a target price of ₹1,840. Nomura also retained its Buy recommendation, with a target of ₹1,560. Both highlighted the strength of the O2C business and steady telecom performance, while noting that the retail segment remained relatively soft.
Jefferies maintained its Buy rating and a target price of ₹1,710, identifying earnings upgrades and a recovery in retail growth as possible triggers for a further re-rating. It raised its EBITDA estimates for FY27 and FY28 by 6% and 2%, respectively. The brokerage expects retail growth to recover towards the mid-teens, which could improve the company’s overall earnings outlook.
Analysts have identified several factors behind the sharp movement in the Reliance share price. One is a technical breakout, with the stock moving above a prolonged downward trendline after months of consolidation. The rise was accompanied by unusually high trading volumes, suggesting renewed buying interest.
Another factor was delivery-based buying and short covering. Delivery-based purchases, which involve investors taking shares into their demat accounts rather than simply trading intraday, were estimated at around ₹6,413 crore. Analysts said the combination of fresh buying and investors covering earlier bearish positions amplified the rally.
The recent listing of Jio Platforms has also added to the investment case. Its separate market valuation has given investors a clearer view of the value of Reliance’s digital business. Analysts believe this value unlocking, combined with stronger quarterly earnings, could improve sentiment towards the parent company.
However, the sharp rise does not automatically signal a sustained recovery. Reliance shares had remained under pressure for much of 2026 and were still down more than 17% for the year despite Monday’s surge. On November 3, the stock saw some profit booking, slipping more than 1% in intraday trade after its steep previous-session advance.
There are also operating risks. Goldman Sachs expects refining margins to moderate in the December quarter, partly because of higher freight costs for very large crude carriers. Reliance Retail’s performance remains another area to monitor, as investments in digital commerce and changes in festive demand have weighed on near-term profitability.
The broader market also benefited from Reliance’s rally on Monday. The Sensex rose 1,233 points, or 1.66%, to close at 75,692.78, while the Nifty gained 387.70 points, or 1.68%, to settle at 23,440.80. Reliance alone accounted for a substantial share of the benchmark index’s advance.