Reliance Industries raises investors' wealth by almost Rs 2 lakh crore; Is EBITDA the real game changer?

Reliance Industries was the Brad Pitt of today's market rally. The stock skyrocketed 11.6 per cent to close at Rs 1,300. The buying in the stock was so intense that it contributed 195 points alone to Nifty 50, which closed 388 points higher. The company's market capitalisation stood at Rs 17.59 lakh crore as of the closing price of November 02, rising Rs 1.84 lakh crore from Friday.

Brokerages were confident about the company's oil-to-chemicals (O2C) segment growth. Its Earnings Before Interest, Tax, Depreciation, and Amortisation (EBITDA) surged 23 per cent year-over-year (YoY), while O2C jumped 68 per cent YoY. The growth in O2C was driven by stronger refining cracks and polyester spreads.

However, the company's retail segment witnessed headwinds in the reporting quarter. The Retail EBITDA fell 11 per cent YoY on JioMart investments. Also, Retail revenue growth slowed to 6.4 per cent as the festive season shifts to the third quarter. The company's management sees retail margin headwinds through FY27.

The stock has surged 12 per cent today, but Foreign Institutional Investors (FIIs) have been selling Reliance Industries quarter after quarter since December 2023. In the quarter ending December 31, 2023, FIIs held 22.13 per cent in Mukesh Ambani-led Reliance Industries. As of September 30, 2026, the holding stands at 16.67 per cent.

Talking on the technical front, Vipin Kumar, Associate Vice President of Globe Capital Markets, said that the shares of Reliance Industries witnessed a vertical rise from the support level of 1,150 following the announcement of its quarterly numbers. "At the current juncture, it is trading on the verge of a fresh breakout from the confluence zone of its price and moving average resistance at 1,340 levels. Going ahead, a decisive close above 1,340 levels will be a positive development that could push the stock towards the 1,460–1,470 zone in the short to medium term," he added.

Reliance Industries' shares gained the most in the Nifty50, closing 9.4 per cent higher. It was followed by Tata Steel, JSW Steel, Shriram Finance, Coal India, and many others.

Mukesh Ambani's personal wealth soared by $6.3 billion in a day, making him the top global wealth gainer, PTI reported.