Reliance Industries share price: The sleeping giant is finally waking up. After remaining largely overlooked by Dalal Street investors for three consecutive months, Reliance Industries has witnessed renewed investor optimism following the company’s upbeat Q2 performance, helping the stock recover a significant portion of its losses.
The stock has gained 15% in November so far, closing at ₹1,339 on Friday, after ending every trading session in the green since the company’s results were announced on October 30.
On November 2, the stock surged 11.60%, as investors reacted to the September numbers, which also marked the biggest single-day gain in five years. The sharp rally added ₹1.82 lakh crore to the company’s market capitalisation in a single session.
Taking the latest gains into account, Reliance Industries has added ₹2,37,767 crore in market value during November so far, taking its total market capitalisation to ₹18,12,954 crore.
At its record high of ₹1,611, the company commanded a market capitalisation of ₹21.8 lakh crore. It had crossed the ₹21 lakh crore mark in June 2024, becoming the first Indian company to achieve this milestone.
The rally has not only revived gains in Reliance Industries shares but has also supported the broader market, contributing to the Nifty 50’s recovery given the company’s significant weightage in the benchmark index.
Meanwhile, investors in the Reliance Group have another reason to celebrate, as its telecom arm, Jio Platforms, made a blockbuster stock market debut last week. The shares listed at ₹1,440 apiece, marking a premium of 21.3% over the issue price.
Retail investor base expands
Although retail investors reduced their stakes in nearly half of listed companies, Reliance Industries saw a significant expansion in its retail shareholder base, with investor interest picking up around the Jio Platforms IPO.
Reliance added 204,923 retail shareholders in the March quarter and another 219,986 in the June quarter, before the additions nearly doubled to 401,762 in the September quarter. Its retail shareholder base reached 4.87 million, marking an increase of around 9% sequentially, while retail ownership edged up to 7.24% from 7.16%, according to Trendlyne data.
Meanwhile, 3,454 retail investors holding shares worth more than ₹2 lakh each collectively held a 1.43% stake in the company at the end of the September quarter.
Reliance Industries Q2 results: O2C business drives earnings growth
Reliance Industries Ltd reported a record consolidated profit after tax (PAT) of ₹29,550 crore for the July-September quarter (Q2 FY27), marking a 33.8% increase from ₹22,092 crore in the year-ago period. Revenue rose 27.8% year-on-year (YoY) to ₹3,62,268 crore, while EBITDA increased 23.9% to a record ₹62,409 crore.
The strong performance was primarily driven by a recovery in the oil-to-chemicals (O2C) business, where EBITDA surged 67.9% to ₹25,203 crore, supported by higher global fuel margins and improved petrochemical spreads.
O2C revenue increased 44.2% to ₹2,31,601 crore, with supply disruptions in West Asia and other regions pushing transportation fuel costs higher.
Digital services also contributed to earnings growth, while the retail business remained a relative weak spot. Reliance Retail Ventures reported a 24.3% decline in PAT to ₹2,611 crore, despite a 6.4% increase in revenue to ₹91,716 crore. Its EBITDA, before a one-time impairment charge, declined 8.6% to ₹6,228 crore.
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