Reliance Industries Ltd (RIL) is expected to report a stable performance in Q3 FY26, with brokerages forecasting that improving refining margins and higher throughput will help offset continued softness in the upstream oil & gas segment.
Steady growth across consumer-facing businesses—Reliance Retail and Jio Telecom—is also likely to support the conglomerate’s overall earnings during the quarter.
Refining Business to Drive Performance
Analysts believe that a recovery in gross refining margins (GRMs) and better refinery utilisation will be key positives in the December quarter. The refining segment is expected to provide earnings stability amid volatility in crude prices and weaker upstream realizations.
Upstream Segment May Remain Under Pressure
The oil & gas (upstream) business is likely to continue facing headwinds due to:
- Lower gas prices
- Moderation in production
- Margin pressure from regulatory factors
This softness, however, is expected to be largely balanced by strength in other segments.
Retail and Jio to Deliver Steady Growth
Brokerages expect Reliance Retail to post consistent revenue growth driven by store expansion and steady consumer demand. Jio Telecom is also seen maintaining healthy performance, supported by a stable subscriber base and improving data usage metrics.
These consumer businesses are increasingly becoming key earnings drivers for RIL.
What Investors Will Watch in Q3 Results
- Refining margins and throughput trends
- Performance of retail and digital businesses
- Updates on new energy and capex plans
- Management commentary on FY26 outlook
Key Highlights
- RIL Q3 FY26 performance expected to be stable
- Refining recovery to support earnings
- Retail and Jio likely to offset upstream weakness
- Focus on management guidance post-results
⚠️ Disclaimer: This article is for informational purposes only and does not constitute investment advice. Please consult a financial advisor before investing.
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