Reliance Industries shares rise 1% ahead of Q2 results; check preview

Shares of Reliance Industries (RIL) were among the top gainers on Friday, gaining over 1 per cent ahead of the second quarter earnings of the financial year 2026. The RIL board of directors is scheduled to meet on Friday to consider and approve the Q2FY26 results.

 

The stock of India's biggest company by market capitalisation rose as much as 1.3 per cent during the day to ₹1,417.8 per share, the biggest intraday rise since October 16 this year. The stock pared gains to trade 1.3 per cent higher at ₹1,416.4 apiece, compared to a 0.60 per cent advance in Nifty 50 as of 11:55 AM. 

 

 

Shares of the company rose for the second straight session and were trading at the highest level since September 18 this year. The counter has risen 16.5 per cent this year, compared to an 8.8 per cent advance in the benchmark Nifty 50. RIL has a total market capitalisation of ₹19.16 trillion. 

RIL Q2 preview

India’s biggest conglomerate's consolidated earnings before interest, tax, depreciation, and amortisation (Ebitda) are expected to grow around 3 per cent quarter-on-quarter (Q-o-Q), weighed down by a decline in its oil upstream business. RIL, however, may see robust growth in its telecommunications and oil-to-chemical (O2C) bus­in­esses, according to consensus earnings estimates compiled by Business Standard.

 

RIL reported consolidated revenue of about ₹2.43 trillion, Ebitda of ₹42,905 crore, and net profit of ₹30,681 crore in the first quarter (Q1) of FY26. These figures stood at ₹2.31 trillion, ₹39,058 crore, and ₹19,101 crore, respectively, in Q2 of 2024-25.

 

Global brokerage Nomura expects RIL’s Q2FY26 consolidated Ebitda to rise 3 per cent Q-o-Q to about ₹44,400 crore, driven by strong performances from Reliance Jio and the O2C business. Growth in these segments, it said, will likely be partially offset by subdued performance in retail and a slight decline in the upstream business. 

Reliance Retail worth $143 billion: JP Morgan

JP Morgan, in a recent report, said that RIL’s consumer businesses are set to drive nearly all of the group’s earnings growth in the coming years. Reliance Retail’s December revenues could be supported by the recent GST cuts. A tariff increase at Jio is likely ahead of the IPO, it said.

 

“Reliance Retail and telecom now account for 54 per cent of total FY25 consolidated Ebitda. In our estimates, they will account for almost all of the net Ebitda growth over the next three years,” JP Morgan wrote in a September 30 report  .

 

A month after RIL Chairman Mukesh Ambani announced the listing of RIL’s telecom arm, JP Morgan valued the entire Reliance Retail at $143 billion and Reliance Jio Infocomm at $135 billion.