RIL: Optimistic Growth Outlook

Expect a 11% EBITDA/PAT CAGR Over FY25-28

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Reliance Industries (RIL) reported a 2% q-o-q decline in consolidated EBITDA to ₹42,900 crore in Q1FY26 (+11% y-o-y), missing estimates by 5%, primarily due to weaker performance in Retail and Oil-to-chemicals (O2C).

Reliance Retail's operational EBITDA was 7% below estimates, as revenue grew 11% y-o-y—lagging the expected 16%.

RJio's EBITDA rose 5% q-o-q, beating estimates by 2%, supported by lower costs and strong incremental EBITDA margins of 97%.

The digital services segment also delivered a 6% q-o-q EBITDA increase, beating expectations by 2%.