Reliance Industries Ltd (RIL) is expected to post strong earnings growth for Q2 FY26, driven by improved refining margins and steady expansion in its consumer segments—Reliance Retail and Jio. Analysts estimate net profit to rise about 11% year-on-year to nearly ₹18,450 crore, while consolidated EBITDA may grow 14% to ₹44,400 crore, supported by gains across oil-to-chemicals (O2C), retail, and digital businesses. The O2C segment is likely to benefit from firm refining margins, strong diesel and jet fuel spreads, and a weaker rupee aiding export realisations. Axis Capital and UBS project over 20% YoY O2C EBITDA growth, while JPMorgan sees up to 26%.
Retail and Jio continue to anchor growth, with UBS forecasting over 13% retail revenue growth, led by grocery and fashion. Analysts also expect stable performance from the upstream oil and gas business. Investor focus will be on RIL’s “Powering AI” ecosystem, including data centres, renewables, and partnerships with global tech leaders. Brokerages remain optimistic, maintaining Buy or Overweight ratings with target prices of ₹1,700–₹1,780, citing RIL’s diversified earnings and long-term digital and energy prospects.