Reliance Industries Q3 Preview: Refining, Consumer Business to Offset Upstream Weakness

• Reliance Industries Limited (RIL) Q3 FY26 performance expected to be stable, driven by O2C recovery and strong consumer segments.
• Brokerage firms project moderate growth: consolidated revenue around ₹2.54 lakh crore (6% YoY), EBITDA ₹47,900 crore (10% YoY), and PAT ₹19,200 crore (4% YoY).
• O2C business, particularly higher gross refining margins and improved refinery throughput, is anticipated to be a key growth driver.
• Strong support from consumer businesses like Reliance Jio (higher ARPU, subscriber growth) and Reliance Retail (gradual recovery, EBITDA margin growth) is expected.
• Weakness in the upstream oil and gas segment due to soft crude oil prices will likely impact overall performance.

Why It Matters: RIL's Q3 FY26 earnings will be bolstered by refining and consumer segments, mitigating upstream oil and gas challenges.