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RIL growth hinges on Jio, O2C; retail may be a drag

Business Standard

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October 17, 2025

Telecom, refining gains may offset weakness in retail and upstream biz

- NIKITA VASHISHT

India’s biggest conglomerate, Reliance Industries (RIL), is likely to report muted earnings for the July-September quarter (Q2) of 2025-26 (FY26) on Friday, according to analysts.

Consensus earnings estimates for RIL, compiled by Business Standard, suggest that the Mukesh Ambani-led company could see consolidated earnings before interest, tax, depreciation, and amortization (Ebitda) grow around 3 per cent quarter-on-quarter (Q-0-Q), weighed down by a decline in its oil upstream business.

The Mumbai-headquartered company, however, may see robust growth in its telecommunications and oil-to-chemical (02C) businesses. The RIL board of directors is scheduled to meet on October 17 to consider and approve the Q2FY26 results.

RIL reported consolidated revenue of about 2.43 trillion, Ebitda of ₹42,905 crore, and net profit of ₹30,681 crore in the first quarter (Q1) of FY26. These figures stood at ₹2.31 trillion, ₹39,058 crore, and ₹19,101 crore, respectively, in Q2 of 2024-25.

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