RELIANCE Q2 FY27 Guidance vs Delivery (RELIANCE Management Mirror)

Sep'26 Qtr O2C EBITDA Reaches Rs 25,203 Crore, Meeting Strong Refining Cracks Guided in Jun'26 Qtr

In Sep'26 Qtr, Reliance reported O2C EBITDA of Rs 25,203 crore, up 67.9% YoY, with margins at 10.9%. This delivered on the Jun'26 Qtr and Mar'26 Qtr guidance which anticipated structurally strong refining cracks driven by global supply tightness and Middle East disruptions, as evidenced by gasoline cracks rising to ~$25/bbl and diesel to $65.8/bbl. Management now guides that elevated refining margins will persist over the next 6-9 months, with H1 FY27 tracking an annualized EBITDA run-rate well over Rs 80,000 crore, and expects petrochemical margins to rise as new ethane carriers are deployed.