Reliance Industries shares surged nearly 7 per cent on Monday following the company’s Q2FY27 results, with consolidated net profit rising 33.8 per cent year-on-year to a record ₹29,550 crore. | Photo Credit: AMIT DAVE

Reliance Industries shares rallied 11.6 per cent on Monday following the company’s Q2FY27 results, with consolidated net profit rising 33.8 per cent year-on-year to a record ₹29,550 crore.

The stock closed 11.60 per cent higher at ₹1,300 (day’s high level) on the NSE from ₹1,164.90 previous close. It led the gainers of Nifty 50 in today’s session.

The company’s quarterly performance drew positive views from brokerages Jefferies, Kotak and JPMorgan, with all three maintaining positive recommendations on the stock and highlighting the performance of its refining and petrochemical businesses.

According to Jefferies, Reliance Industries’ consolidated EBITDA rose 23 per cent y-o-y to ₹566 billion in Q2, beating estimates by 6 per cent. The brokerage said the oil-to-chemicals (O2C) business led the performance.

However, retail EBITDA missed estimates by 6 per cent as investments in quick commerce and inflation weighed on margins.

JPMorgan also highlighted the 23 per cent y-o-y increase in consolidated EBITDA to ₹566 billion. It noted that profit after tax grew 41 per cent to ₹255.5 billion.

O2C EBITDA jumped 48 per cent q-o-q to ₹252 billion, while retail EBITDA declined 10 per cent y-o-y, according to JPMorgan.

Jefferies maintained its buy recommendation on Reliance Industries with a target price of ₹1,710. The brokerage raised its FY27 and FY28 EBITDA estimates by 6 per cent and 2 per cent, respectively. It also expects strong winter refining profitability.

Kotak maintained its buy rating with a target price of ₹1,500. The brokerage said strong refining and petrochemical margins support the O2C outlook amid global supply disruptions.

Kotak added that retail recovery depends on festive demand and returns from digital commerce investments. It also highlighted growth opportunities from FMCG brands Campa and Independence, while flagging retail profitability as a concern.

JPMorgan maintained its overweight rating and raised its target price to ₹1,675 from ₹1,625. The brokerage increased its FY27 and FY28 earnings per share estimates by 10.9 per cent and 5 per cent, respectively.

JPMorgan expects retail recovery and strong refining margins to support earnings.

Published on November 2, 2026