Reliance Q3 FY26 Preview: Refining, Consumer Businesses Drive Growth Amid Upstream Softness

• Reliance Industries Ltd (RIL) anticipates steady Q3 FY26 performance, driven by oil-to-chemicals (O2C) recovery and strong telecom/retail segments.
• Brokerages project mid-single-digit to low-double-digit revenue and operating profit growth, with net profit rising modestly.
• O2C business, particularly refining, is expected to be a key driver due to higher Singapore gross refining margins and improved throughput.
• Consumer businesses (Reliance Jio and Reliance Retail) will provide stability, with Jio benefiting from increased ARPU and subscriber additions.
• The upstream oil and gas segment may weigh on earnings due to lower crude oil realisations and softer crude prices.

Why It Matters: RIL's Q3 FY26 performance will be bolstered by O2C and consumer segments, offsetting upstream challenges.