Reliance Industries Shares Surge 12% After Record Quarterly Profit
Reliance Industries shares saw their largest single-day gain since 2020 after reporting a 41% increase in quarterly net profit driven by oil-to-chemicals growth.
Shares of Reliance Industries surged approximately 12% on November 2, 2026, marking the company's largest single-day gain since April 2020. The rally followed a record quarterly report for the September quarter, which showed consolidated net profit rising 41% year-on-year to Rs 25,548 crore.
Growth was primarily driven by the oil-to-chemicals (O2C) segment, where EBITDA reached a record Rs 25,203 crore, a 68% increase. This performance benefited from lower crude costs and refining infrastructure disruptions in Russia and the Middle East. While the O2C segment exceeded expectations, brokerages noted that the company's Retail performance missed targets.
The stock's rally significantly boosted Indian benchmarks, leading the Nifty 50 to close 1.68% higher and the Sensex to gain 1.66%. In response to the results, Jefferies maintained a Buy rating with a target price of Rs 1,710, while Nomura lowered its target price to Rs 1,560.
