Retail segment may weigh on RIL’s quarterly results

Analysts expect 02C, telecom biz to drive positive profit growth

- RAM PRASAD SAHU

Reliance Industries Ltd’s (RIL’s) results for the third quarter of 2025-26 (Q3FY26), which are to be announced on Friday, are likely to be a mixed bag, with weakness in the retail segment being offset partly by the energy business.

While RIL, India’s most valued company, has outperformed the benchmarks over the past year, it has been trading weak since the start of calendar year 2026 (CY26) amid concerns related to refining exposure to Russian crude oil, and lack of growth acceleration in retail. Brokerages have, however, kept their estimates unchanged for now.

Analysts led by Nikhil Bhandari of Goldman Sachs Research say: “We expect moderation in Q3 earnings growth in retail due to weak discretionary spend, base effects, and festive timing, but this is likely to be partly offset by a strong refining-led performance in energy. We have trimmed near-term retail growth assumptions and raised refining estimates, resulting in largely unchanged overall earnings.”