Reliance stock jumps nearly 12% after earnings beat estimates
Published on 11/03/2026 at 10:54 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSWhat changed for investors
- Reliance Industries reported a sharp year-on-year increase in September-quarter net income.
- Analyst sentiment improved, while Reliance Retail remained a key operating concern.
Reliance stock rose nearly 12% on Monday, November 2, after stronger-than-expected September-quarter earnings, according to Kotak Neo. The move marked the company's biggest one-day gain since April 2020, while the earnings release changed the focus from valuation concerns to improving profitability.
Profit growth lifts expectations
Reliance Industries' net income increased more than 40% year on year to 25,550 crore rupees in the September quarter, exceeding the average analyst estimate of 21,367 crore rupees. Strong refining margins supported the improvement, with diesel margins remaining near historic highs amid tight global supplies.
Jio Platforms, in which Reliance holds a 64.5% stake, also reported a 14% increase in profit. The performance added to expectations that the group's digital businesses can support growth alongside its established energy operations.
Retail remains the pressure point
Reliance Retail's revenue rose only 1.3% from a year earlier, according to the report. Its expansion in quick commerce is weighing on margins, leaving the retail business as an important test for the group's earnings momentum in coming quarters.
Analyst sentiment nevertheless shifted materially. Kotak Neo, citing data compiled by Bloomberg, reported 32 buy recommendations and no hold or sell calls. That positioning leaves future retail execution and the durability of refining margins as key issues for investors.
Reliance Industries at a glance
- Reporting period: September quarter 2026
- Net income: 25,550 crore rupees
- Year-on-year net income growth: More than 40%
- Jio Platforms profit growth: 14%
- Reliance Retail revenue growth: 1.3%
