Reliance Q3 Preview: O2C Soars, Oil & Gas Dips; Refining Margins Boost Growth

• Reliance Industries' O2C segment is projected for strong Q3FY26 growth, driven by improved refining margins.
• Jefferies estimates Singapore GRMs at $7.5/barrel, a 97% sequential improvement.
• Diesel, ATF, and gasoline margins are expected to rise significantly year-on-year, while petrochemical margins remain weak.
• O2C EBITDA is estimated at ₹16,579 crore, a 15% YoY and 10% QoQ increase.
• Oil and gas segment faces pressure due to declining KG-D6 production and lower deepwater gas prices, with EBITDA estimated to decline by 14% YoY.

Why It Matters: Reliance's Q3FY26 performance is expected to be driven by robust O2C growth, offsetting oil & gas segment weakness.