Reliance Q2 results preview: Mukesh Ambani-led oil-to-telecom-to-retail conglomerate Reliance Industries (RIL) will announce its July-September quarter (Q2) earnings on Friday, October 17. India’s largest company by market capitalisation is expected to report a healthy double-digit year-on-year (YoY) growth in consolidated revenue and profit, while margins may also see a healthy rise year-over-year.
Along with the key numbers, investors’ focus will be on management commentary on its new energy business, the pace of retail store additions, and any pricing actions in the telecom segment.
In Reliance’s 48th Annual General Meeting (AGM) in August this year, Mukesh Ambani, Chairman of Reliance Industries, gave hints about his ambition of turning the company into a deep-tech firm and reiterated that Reliance will double by the end of its golden decade in 2027.
Meanwhile, Reliance Jio is expected to make its stock market debut in the first half of the next calendar year (H1CY26).
RIL Q2 results: What experts expect
Saurabh Jain, the head of fundamental research at SMC Global Securities, believes Reliance may report steady financial growth, supported by healthy contributions from its telecom and oil-to-chemicals (O2C) divisions.
Jain said the O2C segment is likely to benefit from improved refining margins and higher throughput, reflecting a recovery in global energy markets and stable product spreads.
Reliance’s upstream oil and gas business, however, may show muted performance due to lower gas output and subdued realisation trends, Jain said.
Jio is anticipated to remain a key earnings driver, driven by steady subscriber additions and rising data consumption, which continue to strengthen its digital ecosystem.
On the other hand, the retail segment may witness relatively slower growth, impacted by moderation in consumer spending and a high base effect from previous quarters, said Jain.
Nonetheless, continued store expansion and traction in premium formats are likely to help sustain momentum in the long term.
According to the brokerage firm Motilal Oswal Financial Services, RIL’s consolidated EBITDA may rise 17 per cent YoY to ₹45,800 crore, while EBITDA margin may come to 18.6 per cent from 16.9 per cent YoY.
Revenue may rise 6.5 per cent YoY to ₹2,46,700 crore, while adjusted PAT may jump 22.1 per cent YoY to ₹20,200 crore.
“Further clarity on ₹75,000 crore announcements in the new energy business, growth in retail store additions, and any pricing action in the telecom are the key monitorables,” said Motilal Oswal.
As per the Kotak Institutional Equities’ estimates, RIL’s revenue may rise 11.3 per cent YoY and adjusted PAT may rise by 10.3 per cent. EBITDA may grow by 12 per cent YoY, and EBITDA margin may rise by 11 bps YoY to 17 per cent.
Kotak expects digital services EBITDA to increase by 16.5 per cent YoY, driven by marginally higher ARPU and subscribers.
Retail EBITDA may rise 14.7 per cent YoY, O2C EBITDA may increase by 21 per cent YoY on likely better refining margins and a weaker INR. E&P EBITDA may decline 6.1 per cent YoY on lower volumes, Kotak said.
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