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RIL earnings growth to rise in FY26: Goldman

Business Standard

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April 03, 2025

Brokerage continues to see favourable risk-reward for the stock

- SAI ARAVINDH

RIL earnings growth to rise in FY26: Goldman

Ukesh Ambani-led Reliance Industries (RIL) is likely to post muted sequential fourth-quarter margins, according to Goldman Sachs, with earnings growth likely to resume in this financial year.

The global research firm highlighted that the market will focus mainly on the retail segment growth trends and the residual tariff hike-driven growth in Jio.

"We expect to hear from the company on guidance for retail growth into FY26 and updates to new energy capacity construction progress," it said in a note on March 28.

The conglomerate's net asset value has moderately improved but remains wide relative to the historical average amid a flat operational margin in FY25 and an earnings downgrade cycle.

Goldman Sachs believes that earnings growth will resume in FY26, driven by a rebound in retail earnings before interest, taxes, depreciation and amortization (EBITDA) growth, acceleration in Jio's earnings growth to 24 per cent and improving refining margins.

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