Reliance Industries shares jump 12% after strong Q2 earnings

Reliance Industries Ltd. closed at Rs 1,300 per share on Monday following a 12% rise that added roughly Rs 2 lakh crore to its market capitalisation. The surge came after the conglomerate posted a 41% year-on-year increase in consolidated net profit to Rs 25,548 crore for the July-September quarter of FY27, while revenue grew 29% to Rs 3.32 lakh crore.

Analysts highlighted four factors that could support further upside. Apurva Sheth, head of market perspectives and research at SAMCO Securities, said the rally was accompanied by a volume breakout that broke a long-standing downtrend, a pattern that historically precedes positive one-year returns. V K Vijayakumar, chief investment strategist at Geojit Investments, noted that delivery-based buying of about Rs 6,413 crore triggered short covering, suggesting that patient value buying may be rewarded.

International brokerages maintained bullish stances. Jefferies kept a “Buy” rating with a target price of Rs 1,710, implying a 47% upside, and raised its FY27 and FY28 EBITDA estimates. Nomura lowered its target to Rs 1,560 but still saw a 34% upside, citing stronger-than-expected performance in the oil-to-chemicals segment.

The recent listing of Jio Platforms was also cited as a catalyst that unlocked value for Reliance’s digital business. Sheth said the combination of technical breakout, high volumes, improving earnings and the Jio listing makes the stock noteworthy.

After the rally, the shares traded slightly lower at Rs 1,289 in the afternoon session and were around Rs 1,295 the next day, reflecting modest profit-taking. The stock remains down more than 17% for the calendar year 2026, but has gained about 9% over the past week and over 11% in the last month.