Reliance Q2: profit up 34%, retail profit down 8.6%

Reliance Industries reported Q2 FY27 consolidated profit of Rs 29,550 crore, up 33.8 percent on a year earlier. Consolidated gross revenue was Rs 3,62,268 crore, up 27.8 percent. Net debt fell 4.7 percent on the quarter to Rs 1,17,140 crore. My 2 October post set the Q2 test as two things: Digital Services momentum and Retail stabilisation. Retail has not stabilised. Its operating profit fell 8.6 percent. Digital Services momentum is not quantified in any source I read, so that half of the test is still open. Oil-to-chemicals is named the main driver of growth, but no figure is given for it. Reliance [][***** closed at Rs 1,151.51 on StockGro’s 3:59 PM IST print on 30 October, down 0.2 percent from Rs 1,154.16. That is about 10 percent above my Rs 1,050 support and about 8 percent below the Rs 1,250 resistance. My view: hold, not a fresh entry. The profit print is strong, but the Retail half of my test failed, and Digital Services is not yet shown in numbers. Fresh money waits for the Rs 1,000 to 1,050 zone, or for a clean Retail recovery in the next quarter. My exit is a crude close below $75 a barrel, unchanged from 2 October. I did not confirm a crude price for this week, so that test is not run here. Disclosure: Vijay Kumar Gupta, SEBI Registered Research Analyst, INH000020226, Vijay Gupta Advisory. SEBI registration and NISM certification do not guarantee performance or assure returns. Securities markets are subject to market risks. No holdings in the subject company.