Reliance Industries Ltd (RIL) has secured board approval to borrow up to ₹15,000 crore through debentures. The authorization, disclosed on October 30, 2026, arrived alongside the September-quarter results, which showed record earnings and an improved net leverage ratio.
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What Reliance Has Approved
In an exchange filing, RIL said its board approved an enabling resolution for listed, secured or unsecured, redeemable non-convertible debentures worth up to ₹15,000 crore. The NCDs can be issued in one or more tranches on a private placement basis. In practical terms:
- Enabling, not final: The approval does not mean the full amount has already been raised.
- No dilution: NCDs are pure debt and cannot be converted into shares.
- Select investors: Private placements target institutions such as insurers and mutual funds, not retail buyers.
Q2 FY27: Record Earnings Behind the Move
RIL reported record consolidated earnings for the quarter, supported by stronger refining and petrochemical performance.
| Metric (Q2 FY27) | Figure | YoY change |
| Gross revenue | ₹362,268 crore | +27.8% |
| EBITDA | ₹62,409 crore | +23.9% |
| PAT (incl. associates & JVs) | ₹29,550 crore | +33.8% |
| PAT attributable to shareholders | ₹25,548 crore | +40.6% |
Oil-to-chemicals EBITDA jumped 68%, while Reliance Retail’s EBITDA fell 8.6%, so growth was uneven across businesses. Jio Platforms posted a profit of about ₹8,389 crore, up 13.7%. The company also spent heavily, with quarterly capital expenditure of ₹38,153 crore.
Debt Picture: Better Ratios, Bigger Borrowings
The balance sheet tells two stories. Compared with a year earlier, net debt eased to ₹1.17 lakh crore, and net debt to annualized EBITDA improved to 0.47x from 0.59x. Gross outstanding debt, however, rose to ₹3.85 lakh crore from ₹3.48 lakh crore. The gap between gross and net debt implies cash and equivalents of roughly ₹2.7 lakh crore, which explains why leverage looks comfortable despite larger borrowings.
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RIL already has about ₹39,389 crore of NCDs outstanding, and it issued roughly ₹12,000 crore of NCDs during the September quarter. The new approval fits that pattern of regular bond-market use. Reports describe it as liquidity headroom for future capital requirements.
A Familiar Playbook
RIL is among India’s most active corporate bond issuers. In April 2020, its board approved raising ₹25,000 crore through NCDs in tranches on a private placement basis. In November 2023, it raised ₹20,000 crore through 10-year bonds at a 7.79% coupon, the largest bond issue by a non-financial Indian firm, after drawing bids of ₹27,115 crore led by insurers.
What to Watch Next
The coupon on any tranche will show how the market prices RIL’s credit against government securities. Market observers also suggest tracking the effect of new debt on interest expenses in coming quarters, alongside refining margins and competition in retail and digital.
The approval gives RIL funding flexibility at a time of record profits and improving net leverage. The timing, size, and pricing of actual issuances will determine its real impact.
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