Reliance Industries Q2 FY27 Concall Highlights: What Management Said and What Analysts Asked

In short: Reliance said tight global fuel supply looks structural, with first-half O2C EBITDA running at an annual rate of well over ₹80,000 crore.

Speaking for Reliance Industries: V Srikanth (CFO, Reliance Industries Limited), Anshuman Thakur (Head of Strategy, Jio Platforms Limited), Dinesh Taluja (CFO & Head of Corporate Development, Reliance Retail), Ashutosh Goyal (CFO - FMCG Business, Reliance Consumer Products Limited), Ishan Chatterjee (CEO - Sports, JioStar), Srinivas Tuttagunta (COO - Refining & Marketing, Reliance Industries Limited), Amit Chaturvedi (President - Petrochemicals, Reliance Industries Limited), Sanjay Barman Roy (President - E&P, Reliance Industries Limited), Karan Suri and Jeyandran Venugopal.

Key takeaways from the Reliance Industries Q2 FY27 concall

• Refining. Srinivas Tuttagunta, COO of refining and marketing, said refinery outages in the Middle East and Russia and low fuel inventories kept margins high. Reliance ran record crude volumes, switching crude sources month to month and moving fuel exports to higher-paying markets. High crude premiums, freight and insurance, the special additional excise duty (SAED), domestic prices lagging world prices and nearly doubled LPG (cooking gas) output for India weighed on margins.
• Petrochemicals. Amit Chaturvedi, president of petrochemicals, said Asian rivals struggled to get naphtha feedstock and paid very high prices and freight for it. Reliance's costs held steady because it drew naphtha from its own refineries and ethane from the US at stable prices, while product prices rose. At home, polymer demand fell 3% because supply was constrained, and demand for polyester filament and staple fibre was weaker.
• Jio. Jio Platforms head of strategy Anshuman Thakur said ARPU (average revenue per user) rose 3.5% from a year earlier without any tariff increase, because customers consumed more and the customer mix improved. He said such organic gains have tended to run at 3.5% to 4.5%. Thakur added that new premium digital add-ons are lifting what Jio earns from customers beyond ARPU.
• Retail. Reliance Retail CFO Dinesh Taluja said the festive season moved entirely into Q3, so Q2 and Q3 should be read together. Inflation at a two-year high and a monsoon deficit hurt demand, a weaker currency raised import costs, and the company absorbed some inflation rather than pass it on. It shut 500 unviable stores and plans to reuse the sites for newer formats over two to three quarters.
• JioStar. Ishan Chatterjee, CEO of sports at JioStar, said JioHotstar ended the quarter with 440 million monthly active users, up 10% from a year earlier, despite no marquee cricket. Sports viewing was strong, but the Middle East situation weighed on monetisation early in the quarter before it turned very strong by the India-West Indies series. JioHotstar also launched in the UK, Canada and Singapore.

Reliance Industries' guidance and outlook

• O2C outlook. CFO V Srikanth said first-half performance has O2C (oil to chemicals) tracking annualised EBITDA (earnings before interest, tax, depreciation and amortisation) well over ₹80,000 crore, and he called the tight supply structural. Petrochemicals president Amit Chaturvedi said one of three new ethane carriers is operating, a second is en route to the US and the third is due shortly. At today's naphtha-ethane gap, he said, they will add significantly to profit.
• New energy. Karan Suri said new energy commissioning is on target. Solar module capacity, now over 6 gigawatts, should reach up to 20 gigawatts early in 2027, and solar cell capacity, near 5 gigawatts, 20 gigawatts in the first half of 2027. A battery pack and container plant of up to 40 gigawatt hours is due within six months, and 35 to 40 gigawatt hours of battery cells late in 2027. CFO V Srikanth expects new energy to start adding to earnings in FY28.
• Jio growth. CFO V Srikanth said Reliance sees visibility of growth in the high teens for Jio. Jio Platforms head of strategy Anshuman Thakur said capex has started tapering now that 5G is deployed more or less across the country, pointing to healthy cash flow over the next several quarters. He expects fixed wireless connections, now 15.1 million, to ramp up in the coming quarters.
• Retail payback. CFO V Srikanth said Reliance Retail is trading short-term earnings growth for a scalable digital commerce platform, with the benefits showing through FY28 and FY29. Reliance Retail CFO Dinesh Taluja called FY27 the year of investment and expects online businesses to start adding to profit from FY28. He said grocery margins should recover through better use of store space and vendor terms, not price increases.
• Gas output. Sanjay Barman Roy, president of E&P (exploration and production), said a deepwater rig is back at KG-D6 for workovers (work on existing wells) and additional development wells to sustain output, and CBM (coal-bed methane) production should keep rising. He said the gas ceiling price rises by a dollar to nearly $9.9 per mmBtu for this half, which should give some upside.

What analysts asked

• Refining cycle. Analysts asked how long refinery outages would last and whether weaker Chinese demand would lower margins. Srinivas Tuttagunta, COO of refining and marketing, agreed the 4 to 5 million barrels a day still offline may take six to nine months to return at the earliest. He called China's shift to electric vehicles structural, but expects oil demand to rebound by 2 to 2.3 million barrels a day in 2027.
• O2C drivers. Analysts asked what drove O2C's profit jump and whether margin capture had improved. Refining COO Srinivas Tuttagunta called it a combined effect: diesel margins over crude were almost $2.8 a barrel higher than in the June quarter, time-chartered tankers limited freight costs, the gasifier gained as gas cost far more than coke, and buyers paid product premiums. Petrochemicals president Amit Chaturvedi said easing of the LPG control order lifted volumes.
• Retail margins. Analysts asked when Reliance Retail's investment phase would end and where margins might settle. Reliance Retail CFO Dinesh Taluja said online competition is still intense, with steep discounts, and online margins are inherently lower because of discounting and delivery costs. He said margins will depend on online's share of sales and how long rivals keep spending, though online needs less capital, so returns on capital remain acceptable.
• Retail target. One analyst asked whether Reliance Retail can still roughly double EBITDA in two years, given online grocery growth that trails the largest quick commerce players. Reliance Retail CFO Dinesh Taluja said there is no reason as of now to change that target, though timing could shift by a year. Jeyandran Venugopal said online growth is deliberately measured, building on 400 million existing customers and the store supply chain.
• Data centres. Asked about data centre capex, CFO V Srikanth said 44 megawatts of capacity is due in the next four to six months, and another 120 megawatts is planned but will take time. Separately, Reliance is building the infrastructure, power and telecom links for one hyperscaler, which pays for its own GPUs (the chips that run AI models).
• IPL. Asked whether Reliance is keen to bid for the IPL (Indian Premier League), Srikanth said “absolutely yes”, with price a separate question. JioStar sports CEO Ishan Chatterjee said the IPL and similar marquee properties are core to its strategy, but any bid will be weighed against the group's aim of profitable growth once the tender is out.

Reliance Industries Q2 FY27 results at a glance

What changed in the quarter, figure by figure: Reliance Industries Q2 FY27 results.

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Reliance Industries Q2 FY27 concall: questions

All Q2 FY27 results in one place

Sources

• Reliance Industries: Q2 FY27 media and analyst meet transcript, 1 November 2026
• Reliance Industries: Q2 FY27 consolidated and standalone results, 30 October 2026

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