Reliance’s record quarter: What drove it, what lagged, what the reports disagree on

What drove it: oil-to-chemicals EBITDA of Rs 25,203 crore, up 67.9%, as fuel margins rose.

What lagged: retail EBITDA fell about 10% from a year earlier.

Where reports differ: most give profit as about Rs 29,550 crore, while one gives about Rs 25,548 crore.

What moved the market: the stock rose between about 7% and 11.6%, depending on the time of the report.

What to check: the company’s exchange filing for exact figures.

Consolidated revenue was about Rs 3.62 lakh crore, up about 28% year on year, according to the same reports.

Consolidated EBITDA, a measure of operating earnings, rose about 24% to a record Rs 62,409 crore, according to the reports.

The oil-to-chemicals business was the main driver, with revenue of about Rs 2.32 lakh crore, up 44.2%, and EBITDA of Rs 25,203 crore, up 67.9%, according to IIFL.

Transportation fuel margins, known as cracks, rose to about 3 to 3.7 times their year-earlier level, according to IIFL.

Jio Platforms reported revenue up 11.3% to Rs 47,485 crore and EBITDA up 16.6% to Rs 21,879 crore, which the report attributes to a larger subscriber base, higher average revenue per user and new digital services.

Retail EBITDA fell about 10% from a year earlier, and one brokerage said it missed estimates by 6% because of investments in quick commerce and inflation, according to TradingView’s summary of brokerage notes.

The profit figure is not uniform across reports: most give about Rs 29,550 crore, while one report cites a record consolidated profit of about Rs 25,548 crore and a JPMorgan note puts profit after tax at about Rs 25,550 crore.

The gap could come from a difference in how profit is defined, but that could not be confirmed from the reports, so the company’s exchange filing is the best check.

Reliance shares rose on Monday, November 2, 2026, and were the top gainer on the Nifty 50, according to the reports.

Reliance petrol pump (file image), Wikimedia Commons, CC BY 3.0