Mukesh Ambani-led Reliance Industries Limited (RIL) will announce its second-quarter results for the financial year 2026 today, and expectations are high. Analysts across major brokerages predict that the company will report strong year-on-year earnings growth, led by robust oil-to-chemicals (O2C) margins, stable consumer demand in retail, and continued improvement in Jio’s telecom business.
Strong Outlook Across Core Segments
Reliance’s performance this quarter is expected to highlight its strength across diversified verticals. According to JPMorgan, the company’s consolidated EBITDA could rise by about 14 percent year-on-year, supported by higher refining margins in its O2C business and incremental gains from last year’s telecom tariff hikes. The weaker rupee is also likely to have boosted O2C earnings.
Meanwhile, the retail arm is projected to post healthy growth on the back of strong festive demand and expansion in its product portfolio. Despite the impact of the GST rate cut in September, Reliance Retail is expected to deliver around 10 percent EBITDA growth, driven by volume expansion and higher footfall across digital and physical stores.
Jio’s Continued Momentum
Jio, the telecom arm of Reliance, remains one of the company’s most consistent growth drivers. Analysts at ICICI Securities and Axis Capital forecast Jio’s EBITDA to rise between 13 and 14 percent year-on-year, powered by higher ARPU (average revenue per user), steady subscriber additions, and growing adoption of fixed wireless access (FWA) services.
The steady uptick in Jio’s ARPU reflects the benefits of tariff revisions introduced last year, while its expanding 5G rollout and fixed broadband push are expected to strengthen overall revenue growth further in the coming quarters.
O2C Margins to Boost Overall Profitability
Reliance’s core oil-to-chemicals segment, which remains a major earnings contributor, is expected to witness improved margins due to higher refining throughput and favorable product spreads. JPMorgan and Axis Capital both anticipate a marginal quarter-on-quarter uptick in O2C EBITDA, even though petrochemical demand may stay muted.
According to ICICI Securities, the O2C business could show an 18 percent year-on-year growth, helping offset some of the softness in retail margins and rising interest costs. Overall, the brokerage expects Reliance’s profit after tax (PAT) to climb around 8 percent compared to last year.
Analysts Predict Double-Digit Revenue Growth
Axis Capital estimates RIL’s consolidated revenue for Q2 FY26 at approximately ₹2.58 lakh crore, representing a 10 percent year-on-year increase and a 4 percent sequential rise. The company’s EBITDA is projected to reach nearly ₹44,400 crore, reflecting steady operational performance across segments.
With the festive season driving retail consumption, improved refining margins in the O2C segment, and Jio’s expanding user base, Reliance’s quarterly results are poised to reinforce its leadership in India’s energy-to-digital ecosystem.
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