Reliance Industries Shares Surge Nearly 7% as Strong O2C Business and Jio Growth Boost Earnings

Shares of Reliance Industries Limited (RIL) surged nearly 7% on Monday, November 2, putting the stock on course for its strongest single-day performance since January 2024. The rally followed the company’s better-than-expected September-quarter earnings, with strong performances in its Oil-to-Chemicals (O2C) business and Jio Platforms boosting investor confidence in its financial outlook.

The shares climbed as much as 7% during the trading session, making Reliance the top gainer on the Nifty 50. The company’s stock was trading significantly higher after its quarterly results demonstrated improved profitability, supported by stronger refining and petrochemical margins.

Reliance Industries, led by billionaire Mukesh Ambani, reported a 40.6% year-on-year increase in consolidated net profit for the September quarter, reaching Rs 25,548 crore. The figure exceeded analysts’ expectations of Rs 21,419 crore, reflecting the contribution of its energy and telecommunications businesses.

The O2C segment emerged as a major driver of the earnings growth. Improved refining margins, record crude processing, flexible sourcing strategies and increased exports of higher-value fuel products helped the company benefit from favourable conditions in international energy markets.

The telecommunications business also contributed positively to the company’s performance. Jio Platforms recorded nearly 14% growth in quarterly profit, supported by subscriber additions and improving operational performance. The recent stock market debut of Jio Platforms further strengthened investor interest in Reliance’s broader business portfolio.

However, the company’s retail business continued to face profitability challenges. Investments in quick-commerce operations, store rationalisation and rising operating expenses affected earnings. Reliance plans to expand its JioMart platform and dark-store network as it seeks to strengthen its position in the rapidly growing online grocery market.

The strong quarterly results have provided a boost to Reliance shares, which had declined more than 21% during 2026 before Monday’s rally. Analysts believe sustained growth in energy and telecommunications could support the company’s earnings outlook, although improvements in retail profitability and returns from its new energy investments remain important factors for investors.