Mumbai woke up to a market on the move on Monday. The Sensex jumped more than 1,000 points in early trade, the Nifty pushed past 23,300, and at the centre of the rally stood one company: Reliance Industries. Shares of India’s most valuable company surged over 7 percent intraday to Rs 1,246.45, its sharpest single-day rally in nearly three years, after it reported a record quarterly profit of Rs 29,550 crore for the July-September period.
The results, announced on Friday, beat market expectations by a wide margin. And on Monday, investors finally got their chance to react. By mid-morning, Reliance alone was doing much of the heavy lifting for the Sensex, with Tata Steel, NTPC, Maruti Suzuki and State Bank of India also trading higher. Foreign investors, who bought equities worth Rs 3,598 crore on Friday, added to the positive mood, while a fall in crude oil prices to around 110 dollars a barrel gave the broader market another reason to cheer.
A record quarter on every front
Reliance’s September quarter numbers were strong almost everywhere you look. Consolidated gross revenue rose 27.8 percent year-on-year to a record Rs 3,62,268 crore. Profit after tax, including the share of profit from associates and joint ventures, climbed 33.8 percent to Rs 29,550 crore, up from Rs 22,092 crore in the same quarter last year. Earnings before interest, tax, depreciation and amortisation, or EBITDA, hit a record Rs 62,409 crore, up 23.9 percent.
The first half of the financial year told an even bigger story. Reliance’s profit for April to September crossed Rs 52,746 crore, making it the first Indian company ever to cross the Rs 50,000 crore mark in a single half-year. Revenue for the six months crossed Rs 7 lakh crore, another first for an Indian company.
Chairman Mukesh Ambani called it a historic moment in the company’s value-creation journey, pointing to the record-setting listing of Jio Platforms on the bourses in the same week as the results.
Fuel earnings did the heavy lifting
The star of the quarter was Reliance’s oil-to-chemicals business, the refining and petrochemicals arm that still powers much of the group’s profit. Its EBITDA jumped 67.9 percent to a record Rs 25,203 crore, helped by strong transportation fuel margins and better petrochemical spreads as global crude and product prices stayed elevated. Revenue from the segment rose 44.2 percent to Rs 2,31,601 crore.
For a company that runs the world’s largest refining complex at Jamnagar, high fuel cracks translate almost directly into profit. Analysts noted that the performance beat even optimistic estimates: a Bloomberg poll of analysts had pegged quarterly net profit far lower, at around Rs 21,368 crore on the attributable basis.
The board also approved a plan to raise up to Rs 15,000 crore through non-convertible debentures, a routine fundraising move that gives the company room to fund its expansion plans.
Jio keeps growing, retail stays steady
The digital arm, Jio Platforms, continued its steady run. Net profit rose 13.7 percent to Rs 8,387 crore, with EBITDA up 16.6 percent to Rs 21,879 crore. The subscriber base reached 542.4 million, including 300 million on 5G, just days after Jio completed India’s largest-ever IPO and listed at a strong premium.
Retail was the softer spot, though not a weak one. Reliance Retail reported revenue of Rs 80,220 crore, up 5.8 percent, but its operating profit slipped 11.1 percent to Rs 5,886 crore as the company invested in expansion and the festive season shifted partly into the December quarter. Analysts expect the festive quarter to be stronger for the retail business.
Why the market is cheering today
Monday’s rally was not only about Reliance. Several forces lined up at once:
- Crude oil cooled from last week’s highs near 118 dollars a barrel to around 110 dollars, easing pressure on an import-dependent economy.
- Global technology stocks sold off sharply on Friday, with the Nasdaq falling 2.9 percent, and analysts say India benefits as a counter-play to the artificial intelligence trade.
- Foreign investors turned net buyers, and domestic sentiment got a lift from hopes of long-term capital gains tax relief in the coming Budget.
- October auto sales and festive demand data pointed to a resilient consumer economy.
Still, analysts struck a note of caution. The fall in crude helps, they said, but a sustained re-rating of oil-sensitive businesses needs crude to stay lower for longer. On the technical charts, the Nifty faces immediate resistance in the 23,175 to 23,285 band, and a decisive close above that zone would strengthen the case for a longer recovery.
What to watch next
Investors will now watch whether Reliance can hold Monday’s gains and whether the December quarter delivers the festive boost for retail that analysts expect. The next triggers include monthly business updates, crude price direction, and Budget-related signals on capital gains tax. For now, though, the message from Dalal Street is clear: India’s biggest company just delivered its biggest quarter, and the market is celebrating.
FAQs
What was Reliance’s profit in the September 2026 quarter?
Reliance Industries reported a record consolidated profit of Rs 29,550 crore for the July-September quarter, up 33.8 percent from Rs 22,092 crore a year earlier.
How much did Reliance shares rise on Monday?
Reliance shares rallied 7.12 percent intraday to Rs 1,246.45 on the BSE, the sharpest intraday jump in nearly three years.
What drove Reliance’s record profit?
The oil-to-chemicals business was the main driver, with EBITDA up 67.9 percent to a record Rs 25,203 crore, supported by strong fuel margins and growth in Jio Platforms.
How did the Sensex perform on Monday, November 2?
The Sensex surged more than 1,000 points in early trade and the Nifty crossed 23,300, led by Reliance, Tata Steel, NTPC and Maruti Suzuki.
What is Reliance’s profit for the first half of FY27?
Reliance’s consolidated profit for April to September 2026 reached Rs 52,746 crore, the first time any Indian company has crossed Rs 50,000 crore in a half-year.
Reliance Industries’ record quarter has set the tone for the week on Dalal Street. Whether the rally sustains will depend on crude, global cues and the festive quarter ahead, but for now, the bulls are firmly in charge.
