Reliance's Equity Value Sharply Increased: Experts Forecast 58% Growth

Reliance Industries, led by Mukesh Ambani, presented impressive financial results for the second quarter of the 2026-27 fiscal year (Q2 FY27). For the period from July to September 2026, the company's profit increased by 40.64% compared to the same period last year, reaching 25,548 crore rupees. Last year, the profit for the same period was 18,165 crore rupees.

Furthermore, the digital and telecommunications company Reliance, Jio Platforms, also released its quarterly reports. Jio's revenue grew by 11.3%, amounting to 47,485 crore rupees. As part of its operations, Reliance also began preparations to raise funds of up to 15,000 crore rupees.

Reliance Industries' operating income in the second quarter increased by 28.57%, reaching 332,861 crore rupees. In the same quarter last year, this figure was 258,898 crore rupees. Thus, the income increased by 73,963 crore rupees over the year. Operating income represents the total revenue received by the company from its core, day-to-day business operations. The company reported its quarterly results to the shareholders' market on Friday, and the growth in both profit and revenue indicates business stability.

Alongside the quarterly results, Reliance announced a capital raising plan. The company's board of directors approved the proposal to raise funds of up to 15,000 crore rupees. Unsecured debt obligations (NCDs) will be issued for this purpose. Simply put, NCDs are a type of loan that a company issues to investors to raise money, paying interest according to the agreement. These debt obligations cannot be converted into shares. Reliance plans to issue these bonds through private placements in one or more tranches. These bonds can be secured or unsecured.

Reliance's digital and telecommunications arm, Jio Platforms, also showed strong growth in the second quarter. The company's consolidated revenue increased by 11.3% compared to last year, reaching 47,485 crore rupees. This is significant growth compared to the same period last year. Jio's EBITDA also grew by 16.6%, reaching 21,879 crore rupees. EBITDA is a metric used to assess a company's earnings, reflecting profit before interest, taxes, and certain other expenses, helping to understand the income and operational status of the core business.

Jio's telecom services revenue, including mobile and internet, increased by 11%. Revenue from digital services grew by 16%. According to the company, the growth in operating profit and more efficient cost management contributed to an approximate 17% increase in EBITDA. Meanwhile, the company's margin improved by 250 basis points, or 2.5 percentage points, compared to last year.

For the first half of the 2026-27 fiscal year, i.e., from April to September 2026, Jio registered a Free Cash Flow of 32,130 crore rupees. This figure is 98% higher than the same period last year. Free Cash Flow shows how much money the company has left after covering operating expenses and necessary investments. It is calculated by subtracting Capital Expenditure from EBITDA.

In the second quarter, Jio also achieved two major milestones regarding its customer base. The company's 5G mobile customer base exceeded 300 million people. Additionally, the number of customers using fixed broadband internet for home and office exceeded 3 million. The company's total subscriber base reached 54.24 crore. Over the last 12 months, 3.6 crore new customers joined Jio. Jio's Average Revenue Per User (ARPU) grew to 218.8 rupees. The growth in this indicator signifies an improvement in the company's revenue per customer.

Mukesh Ambani, Chairman and Managing Director of Reliance Industries, called the listing of Jio Platforms on the stock market a historic achievement for the company. He noted that Jio's IPO attracted over 22 times subscription, and the shares showed significant growth during the listing. This demonstrates investor confidence in Jio's business and its future prospects. Ambani stated that Jio has become the second-largest company in India. He also emphasized that this is an important stage in the journey of increasing Reliance's value. Furthermore, he noted that Jio's listing gave new momentum to the beginning that the company's founder, Dhirubhai Ambani, started in 1977 through Reliance's IPO, connecting retail investors to the stock market. Jio Platforms' IPO worth 30,188 crore rupees was completed on October 28, 2026, becoming the largest IPO in India to date.

Shares of Jio Platforms, owned by Mukesh Ambani, successfully debuted in the market. Following an impressive listing day, Jio Platforms shares continued to rise on Thursday, showing a significant surge.

Not only did Ambani's shares demonstrate growth, but Piramal Pharma shares, the company of Mukesh Ambani's in-laws, also showed a sharp jump. While Jio grew by over 16% at its listing, it continued to rise on Thursday, bringing returns to investors.

Looking at the dynamics of Jio Platforms shares on the second day after going public, it is worth noting that they debuted in the market with a gain of 21 percent. By the close of trading, this figure exceeded 25%, reaching the mark of 1419 rupees. On Thursday, strong trading was also observed; the shares opened at 1445.90 rupees and quickly rose to 1489.70 rupees.

While Mukesh Ambani's Reliance Industries shares traded sluggishly after the Jio Platforms listing, Piramal Pharma shares, the company of Mukesh Ambani's in-laws, looked like a rocket. These pharmaceutical shares closed at 230.60 rupees, which is 16 percent higher than the previous closing on October 27, when the price was 199.75 rupees. On Wednesday, Piramal Pharma shares soared, and on Thursday, they maintained high momentum, although the growth rate was slightly slower compared to the previous close, trading with a rise of about one and a half percent at 239.54 rupees.

The significant growth of Piramal Pharma shares over two days led to an increase in the company's market capitalization by approximately 18 percent. The level of 239.54 rupees on Thursday was the highest in 52 weeks. As of the time of writing, Piramal Pharma's market capitalization reached 31,060 crore rupees. Over the last six months, this share of Mukesh Ambani's in-laws has grown by 47 percent.

Mukesh Ambani's daughter and Nita Ambani's daughter, Isha Ambani, married into the Piramal family on December 12, 2018, to Anand Piramal. Her father-in-law is Ajay Piramal, who heads the Piramal Group, which is among the country's major corporate dynasties. Ajay Piramal is considered one of the prominent industrialists. His company, Piramal Enterprises, operates in pharmaceuticals, healthcare, and financial services. The Piramal Group's branches are present in 30 countries worldwide. Piramal began his business career in the textile industry in 1977 at the age of just 22 and gained particular fame in the pharmaceutical sector.

There are many stocks in the stock market that bring huge profits to their investors. Some of these multibagger stocks have enriched long-term investors, while others have become real money machines for investors in a very short time.

One such little-known asset is the stock of JTL Defence, which belongs to the defense sector. In one year, the price of this stock has grown from 7 rupees to over 570 rupees.

The price indicators of JTL Defence stock allow for an easy assessment of how profitable this asset has been for investors. Just a year ago, on October 27, 2025, the value of one JTL share traded for only 7.14 rupees. However, on the last working day of last week, despite hitting the lower price level, it closed at 583.10 rupees, and on Monday it opened and dropped to 571 rupees. The maximum price of the stock over the last 52 weeks reached 924 rupees.

Based on the changes in the price of JTL Defence stock over the year, investors achieved an impressive multiple return of 8066 percent. If an investor had invested 100 thousand rupees in the company's shares at a price of 7 rupees and held that position, their funds would have increased to 8,166,000 rupees.

The company belongs to the small-cap segment, and its market capitalization is 613.79 crore rupees. Nevertheless, the stock proved capable of making investors wealthy. In just six months, the price of JTL Defence stock grew by 151 percent, meaning that investors' invested funds more than doubled during this period.

It should be noted that JTL Defence Limited was previously known as RCI Industries & Technologies Limited. The company changed its name in April of this year. JTL Defence Limited is engaged in the production of products made from copper, brass, and other special metals. This product is used in the defense, electrical, automotive, electronic, and industrial sectors.