Reliance Industries is expected to deliver a mixed set of earnings in the fourth quarter of FY26, with steady growth in its consumer‑facing businesses offset by pressure in the oil‑to‑chemicals (O2C) segment amid global geopolitical disruptions. Consolidated revenue is likely to rise sequentially on the back of continued momentum in Reliance Jio and modest growth in retail, even as EBITDA is seen remaining largely flat due to margin headwinds across businesses.
The performance of the energy vertical will be a focus area, where disruptions in West Asia, higher crude and logistics costs, weaker petrochemical spreads and lower production from the KG‑D6 block are expected to weigh on profitability. At the same time, Reliance Retail is likely to post steady top‑line growth, supported by store additions and quick‑commerce expansion, though margins could come under pressure due to scaling costs and the impact of the RCPL demerger.
Reliance Jio is expected to remain the brighter spot, aided by improving ARPU, steady subscriber additions and growth in home broadband services. Management commentary around pricing action in telecom, progress in the new energy business and clarity around Jio’s IPO timeline will be key monitorables for the Street, as investors assess the earnings outlook and re‑rating potential for the conglomerate heading into FY27.
O2C Business – Expect weakness
Reliance Jio ARPU Expectations
Factors at Play for Reliance Jio
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)
