Brokerages expect Reliance Industries to report double-digit growth in operating profit for the second quarter ended September 2026 (Q2 FY27), led by its oil-to-chemicals (O2C) and digital segments, partly offset by weaker performance in its retail business.
The Mukesh Ambani-controlled conglomerate, which is scheduled to announce its results on October 30, is expected to deliver stronger sequential performance, led by 12 per cent quarter-on-quarter growth in O2C EBITDA, as stronger middle-distillate cracks outweigh weaker petrochemical spreads, according to Equirus Securities. Similarly, Nuvama Institutional Equities expects O2C EBITDA to increase 38 per cent year-on-year, driven by strong Singapore gross refining margins (GRMs), which are expected to offset the impact of geopolitical tensions in West Asia.
“The O2C business is likely to benefit from strong earnings from the SEZ refinery, the absence of any windfall tax impact, US ethane-based petrochemicals, and a weaker rupee,” Kotak Institutional Equities said.
In the retail segment, analysts expect a muted performance, with revenue growth of 11.7 per cent year-on-year and lower EBITDA margins. However, telecom arm Jio Platforms is expected to deliver steady growth, supported by subscriber additions and broadly stable average revenue per user (ARPU). These gains are expected to more than offset a weaker contribution from the upstream business, supporting consolidated EBITDA growth, according to Equirus. On Wednesday, Jio also made its stock market debut listing at a premium of ₹1,385 per share as against the offer price of ₹1,119 per share.
Meanwhile, the oil and gas business is expected to report lower production volumes. Investors are likely to focus on management commentary regarding O2C margins, retail revenue growth, ARPU and subscriber additions, potential telecom tariff hikes, and capital expenditure (capex) plans.
Published on October 28, 2026
