Reliance Industries Ltd. is expected to report subdued earnings in the second quarter of the financial year 2026, with modest revenue growth but a sharp decline in net profit due to a one-off gain in the previous quarter.
Jio is likely to continue its steady upward trajectory, supported by tariff hikes and subscriber additions.
The oil-to-telecom conglomerate's July-September quarter revenue is expected to rise 1.7% on a sequential basis. Operating margin is projected to improve to 18.2% from 17.6%.
RIL is scheduled to announce the Q2 results on Friday, Oct. 17.
Besides the headline numbers, the street will closely monitor the margin trends in the refinery and petrochemical segments, which have struggled lately.
Retail performance during the festive season will also be under watch. GST cuts on apparel in late September are expected to give a fillip to demand.
Commentary on potential tariff hikes ahead of Jio's IPO and Jio Fibre's growth trajectory will also be of interest.
Reliance Industries Q2FY26 Preview (Consolidated; QoQ)
Revenue seen up 1.7% at Rs 2,47,800 crore versus Rs 2,43,632 crore
Ebitda seen up 5.2% to Rs 45,151 crore versus Rs 42,905 crore
Ebitda margin seen at 18.2% versus 17.6%
Net profit seen down 26% at Rs 19,883 crore versus Rs 26,994 crore
Segmental Trends
Revenue from the retail segment is expected to decline 7% QoQ to Rs 77,979 crore, reflecting seasonal weakness. However, Ebitda may rise 2.7% to Rs 6,556 crore, supported by store additions and higher footfall on a year-on-year basis.
Oil-to-chemicals operating income is projected to grow 4% to Rs 15,093 crore, recovering from the impact of a maintenance shutdown in the June quarter.
The oil and gas exploration segment, Ebitda may drop 7.8% to Rs 4,607 crore due to lower realisations and volumes.
Reliance Jio (Ex-Jio Platforms) Q2FY26 (QoQ)
Revenue seen up 3% to Rs 31,806 crore versus Rs 30,882 crore
Ebitda seen up 3.3% to Rs 17,242 crore versus Rs 16,690 crore
Ebitda Margin seen at 54.2% versus 54%
Net profit seen up 3.7% to Rs 6,962 crore versus Rs 6,711 crore
ARPU seen up 1.4% at Rs 211.7 versus Rs 208.8
Subscribers seen at 50.36 crore versus 49.81 crore
Average revenue per user (ARPU) is expected to climb for the fifth consecutive quarter, aided by an extra day in the quarter and previous tariff hikes. Subscriber base is projected to grow to 50.36 crore, driven by strong additions in the broadband segment.
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