Reliance Industries Q2 results 2026 today: Preview, should you buy, sell or hold ahead of earnings? Experts' views
Reliance Industries Q2 results 2026 today: Mukesh Ambani-led Reliance Industries share price will remain in focus today as the oil-to-telecom conglomerate is all set to announce its second-quarter results on Friday, 30 October.
Reliance Industries share price ended Thursday's session in green, closed the day 0.81% higher at ₹1,167.40.
Brokerage firm Kotak Institutional Equities expects Reliance Industries' consolidated EBITDA to increase 15% year-on-year (YoY) and 11.1% quarter-on-quarter (QoQ).
At the segment level, O2C EBITDA is projected to grow 47% YoY, while retail EBITDA is likely to decline marginally by 0.8% and oil and gas EBITDA is expected to fall 7.2%.
The brokerage expects the O2C business to benefit from strong SEZ refinery earnings, the absence of windfall tax impact, US ethane-based petrochemicals and a weaker rupee. In contrast, the retail business is likely to report relatively subdued performance, with revenue growth of 11.7% YoY and lower EBITDA margins. The oil and gas segment is also expected to remain weak due to declining production.
“We expect consolidated EBITDA to decline 0.8% year-on-year (YoY) in the Retail segment, although it is likely to increase 7.2% quarter-on-quarter (QoQ). Meanwhile, O2C EBITDA is projected to surge 47% YoY and 29% QoQ, while the E&P segment is expected to witness a decline of 7.2% YoY and 6.7% QoQ,” the firm said in a note.
Meanwhile, Seema Srivastava, Senior Research Analyst at SMC Global Securities, anticipates that the core earnings growth is projected to be anchored by the oil-to-chemicals (O2C) segment, which stands to benefit from stronger Singapore gross refining margins, improved middle-distillate cracks, and the absence of windfall tax impacts, even though softer petrochemical spreads and subdued upstream oil and gas production will act as partial drags.
Srivastava further added that Jio Platforms is expected to deliver steady resilience, supported by consistent subscriber additions, stable average revenue per user (ARPU), and rising data consumption. However, the retail division is anticipated to report a relatively muted performance, characterized by moderate revenue expansion and compressed EBITDA margins due to ongoing heavy investments in digital commerce infrastructure.
“Given these cross-currents—where robust O2C and digital tailwinds offset retail and upstream weakness—new buyers should wait for a better entry point or clearer management guidance,” she said.
On the RIL stock outlook, Srivastava said that ahead of its Q2 earnings, Reliance Industries presents a mixed operational outlook, making a hold recommendation prudent for existing investors.
“Investors should closely monitor upcoming commentary regarding telecom tariff adjustments, subscriber monetization milestones, and retail margin recovery before making fresh allocation or exit decisions,” she added.
On the other hand, Anuj Gupta, SEBI Registered Research Analyst, recommend investors to buy and hold Reliance Industries shares, as the launch of Jio Platforms has enhanced the valuation of the overall Reliance empire.
“Efficient management, adequate growth opportunities and strong corporate governance have positively influenced the company's outlook. Reliance continues to be supported by strong fundamentals, which provide confidence in its long-term growth prospects. We expect the stock to test the ₹1,500–1,700 levels over the next one year,” Gupta said.
Vaamanaa covers business and stock market news. Started in 2020, she has been producing news on digital platforms for over 4.5 years now. She writes on markets, commodities, IPOs, and industry. She has worked for news channels like Jagran New Media and Business Insider India. You can reach out to her at vaamanaa.sethi@htdigital.in.
Get Latest real-time updates
Catch all the Business News , Market News , Breaking News Events, JIO IPO Listing Today LIVE and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
HomeMarketsStock MarketsReliance Industries Q2 results 2026 today: Preview, should you buy, sell or hold ahead of earnings? Experts' views
✕
Wait for it…
Oops! Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image.