India — Reliance Industries Shares Rally 7% Following Strong Quarterly Earnings
Reliance Industries shares staged a strong recovery on Monday after better-than-expected quarterly results strengthened investor confidence in the company’s oil and telecommunications businesses.
The Indian conglomerate’s stock gained as much as 7%, putting it on course for its strongest single-day performance since January 2024.
The increase came after Reliance announced that its net profit for the September quarter rose 40.6% to 255.48 billion rupees, or $2.69 billion.
The figure surpassed analysts’ average forecast of 214.19 billion rupees, with improved refining and petrochemical margins contributing significantly to the result.
The earnings growth underscored the increasing importance of Reliance’s oil-to-chemicals operations and telecommunications business in supporting its overall financial performance.
At 10:24 a.m. Indian Standard Time, the company’s shares were trading 6.8% higher. Reliance was the top-performing stock on the Nifty 50 index, which was up 1.2% at the time.
The rally offered some relief following a challenging period for the company’s shares. Reliance had lost more than 21% of its market value in 2026, while the Nifty had declined 11% over the same period.
Analysts pointed to the oil-to-chemicals division as one of the primary drivers of the improved quarterly performance.
Jefferies highlighted record crude processing volumes, adaptable sourcing strategies and increased exports of higher-value fuels. These developments enabled Reliance to take advantage of favorable refining conditions, leading the brokerage to raise its earnings projections.
Emkay Global similarly attributed the stronger results to a significant recovery in the oil-to-chemicals business and better profitability at Jio.
Macquarie characterized the quarter as a record-breaking period for the oil-to-chemicals segment. The brokerage also emphasized Jio Platforms’ continued subscriber expansion and improving margins.
Reliance’s telecommunications operations provided another important source of earnings growth.
Jio Platforms recorded an almost 14% increase in quarterly profit in its first financial results announcement since completing its record-breaking stock market debut the previous week.
Jio shares climbed as much as 3.1% during Monday’s session.
The telecommunications business has become an increasingly important part of Reliance’s broader expansion strategy as investors assess its potential in digital services, connectivity and emerging energy operations.
Despite the stronger performance from its other divisions, Reliance’s retail business continues to face difficulties.
Spending on quick-commerce operations, efforts to rationalize its store network and rising operating expenses have weighed on profitability.
The company has maintained its plans to expand JioMart, its online grocery delivery platform, together with its network of dark stores.
Analysts say the sustainability of Reliance’s share-price recovery will partly depend on the retail division’s ability to improve its financial performance. Investors are also looking for clearer returns from the company’s newer energy investments.
Citi said the latest quarterly results could provide near-term support for Reliance shares. However, the brokerage noted that maintaining stronger performance against the broader market would require progress in these areas.
The earnings announcement marks a significant development for Mukesh Ambani’s conglomerate, highlighting the strength of its refining and telecommunications operations despite substantial pressure on its stock during 2026.
For investors, the results demonstrate stronger earnings momentum across two major business divisions. However, restoring profitability in the retail segment remains an important challenge for the company.
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