Reliance Industries shares surged over 8% on Monday, November 2, 2026, posting their biggest single-day gain in more than six years, after the company reported record quarterly earnings for Q2 FY27 .

What Drove the Rally

The oil-to-telecom conglomerate reported a 34% year-on-year jump in consolidated net profit to ₹29,550 crore, its highest ever. Consolidated revenue rose 28% to ₹3.62 lakh crore, while EBITDA climbed 24% to a record ₹62,409 crore .

The standout performer was the Oil-to-Chemicals (O2C) business, where EBITDA jumped 48% sequentially to ₹25,200 crore, driven by stronger refining margins and improved gasifier performance . Jio Platforms also delivered steady growth, with EBITDA rising 5% sequentially to ₹22,220 crore, helped by 9.1 million net subscriber additions and an ARPU of ₹218.8 .

The weak spot was Reliance Retail, where revenue grew just 1% year-on-year and EBITDA fell 10%, as festive-season timing and input cost inflation weighed on margins .

Brokerage Target Prices

Major brokerages maintained bullish ratings after the results, though some trimmed targets due to retail weakness:

• Goldman Sachs: Buy, target ₹1,840 (58% upside from Friday’s close of ₹1,164.90)

• Jefferies: Buy, target ₹1,710

• JPMorgan: Overweight, target ₹1,675

• Nomura: Buy, target ₹1,560

• Emkay Global: Buy, target ₹1,550 (trimmed from ₹1,680)

• Kotak: Buy, target ₹1,500

Jefferies noted that RIL stock trades more than two standard deviations below its long-term average EV/EBITDA, suggesting “maximum pessimism” is priced in .

Technical Picture

The stock crossed the crucial ₹1,234 resistance level during the session, a technical breakout that analysts say could open the door to further gains. Market expert Rakesh Bansal identified ₹1,325 as the next trading target and sees a longer-term move toward ₹1,500 . The stock touched an intraday high of ₹1,259, pushing market capitalisation above ₹17 lakh crore .

What to Watch

The key question for investors is whether the O2C strength can sustain through the winter refining season, and whether Retail recovers in the coming quarters as festive demand picks up. Emkay expects Jio to maintain its trajectory while Retail recovers, but flagged macro volatility and a 20% holdco discount on Jio as reasons for the trimmed target multiple .

FAQ

Q1: Why did Reliance shares jump on November 2, 2026?
Reliance shares surged 8% after Q2 FY27 net profit rose 34% year-on-year to a record ₹29,550 crore, driven by strong O2C earnings and steady Jio growth .

Q2: What is the highest brokerage target price for Reliance?
Goldman Sachs has the highest target at ₹1,840 per share, implying 58% upside from Friday’s closing price .

Q3: Why is Reliance Retail underperforming?
Retail EBITDA fell 10% year-on-year as festive-season mismatch and input cost inflation weighed on margins, despite revenue growth of just 1% .

Q4: What is the next technical target for Reliance shares?
Analysts identify ₹1,325 as the next trading target, with a longer-term view of ₹1,500 .

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