Reliance Industries Ltd (RIL) is set to disclose its Q2 FY26 results today, October 17, with analysts expecting strong performance by its telecom (Jio) and oil-to-chemicals (O2C) divisions. The market will be paying very close attention to any news regarding the company's new energy business, Jio IPO plans, and retail expansion.
According to analysts, Reliance is expected to post double-digit growth in both revenue and profit as compared to last year.
According to Motilal Oswal Financial Services, RIL’s consolidated revenue is likely to rise 6.5% year-on-year (YoY) to Rs. 2.46 lakh crore, while adjusted net profit could jump 22% YoY to around Rs. 20,200 crore.
The brokerage also estimates that EBITDA will grow 17% YoY to Rs. 45,800 crore, with margins improving to 18.6%, up from 16.9% last year.
Kotak Institutional Equities projects even stronger figures, expecting an 11.3% rise in revenue and a 10.3% increase in adjusted PAT. EBITDA is expected to rise 12% YoY, aided by better refining margins and higher subscriber revenue from Jio.
Reliance's oil-to-chemicals (O2C) segment is expected to be the key contributor to revenue, supported by refining margins and increased throughput, as analysts expect EBITDA to increase nearly 20% YoY despite low petrochemical spreads.
The telecom division, Reliance Jio, is likely to provide stable growth at 14-17% EBITDA, a small uplift in ARPU to Rs. 211- Rs. 212, and more than 5 million new subscribers, and its potential IPO in 2026 is expected to be a major catalyst.
The retail sector is expected to grow EBITDA by 11-15% due to growth in the network expansion and festive demand, though a greater base and cautious consumer spending remain downside risks.
The oil and gas business, in contrast, may have a muted performance with EBITDA close to Rs. 4,900 crore due to lower gas production and weak pricing.
In addition to the financial metrics, the market will look for management insights into a few key strategic areas:
Updates on the Rs. 75,000 crore new energy initiatives, which include solar, hydrogen, and battery storage projects.
Progress on the Jio IPO and the possibility of demerging the consumer business.
Cash flow trends and capex outlook, as investors remain cautious about high capital expenditure cycles.
Retail network expansion and performance of premium formats.
RIL shares have declined nearly 6%, wiping out nearly Rs. 1.8 lakh crore in market capitalization. Despite this, analysts remain moderately optimistic, pointing to Reliance's diverse growth levers across energy, telecom, retail, and new energy.
“The next six months will be crucial in shaping Reliance’s transformation into a clean energy and consumer-tech giant,” said Saurabh Jain of SMC Global Securities.