Mukesh Ambani-led Reliance Industries is going to announce its second quarterly results for the financial year 2026 today.

“A meeting of the Board of Directors of the Company is scheduled to be held on Friday, October 17, 2025, inter alia, to consider and approve the standalone and consolidated unaudited financial results of the Company for the quarter and half year ended September 30, 2025,” Reliance Industries said in its regulatory filing.

Brokrages expects Reliance Industries to post 13-14% year-on-year EBITDA growth, driven by growth in the retail, Jio, and oil-to-chemicals (O2C) businesses. Sequentially, growth in earnings before interest, taxes and depreciation & amortisation (EBITDA) is expected to be flat, they said.

Reliance Q2 Preview: JPMorgan expects 14% rise in Reliance’s Q2 EBITDA

JPMorgan said that Reliance could report 14% year-on-year growth in consolidated EBITDA, driven by improved O2C margins, which will be supported by a weaker rupee and the telecom tariff hikes from last year.

“We expect Reliance Retail to deliver 10% y-o-y EBITDA growth, contained to some degree by the GST cuts announced in early September. RIL’s Q2FY26 net profit growth is likely to be softer, though (JPMorgan estimate of 12%), due to anticipated increases in DDA (depreciation, depletion, and amortisation), interest and minority interest,” it said.

ICICI Securities sees Reliance Q2 PAT up 8% YoY

ICICI Securities expects Reliance’s profit after tax (PAT) to rise by 8% y-o-y and decline 1%  q-o-q.

“RIL is likely to see a sharp increase (10%) in retail segment earnings y-o-y. Jio may deliver a 14.2/2.9% y-o-y/q-o-q rise in Ebitda. The O2C segment to improve by 18% y-o-y while q-o-q trends are flattish, with muted margins partly offset by higher throughput,” the brokerage said.

Axis Capital sees Reliance Q2 revenue up 10% YoY

Axis Capital estimates RIL’s Q2FY26 consolidated revenue at approximately Rs 2,58,200 crore — up 4% q-o-q and up 10% y-o-y — and EBITDA at Rs 44,400 crore, up 4% q-o-q and 14%  y-o-y.

“We expect retail to deliver robust growth, partially aided by a favourable base, and Jio to gain from healthy subscriber additions, Arpu (average revenue per user) uptick, and growing FWA (fixed wireless access) traction. The O2C Ebitda should rise marginally on better refining performance, though partially offset by some weakness in petchem,” it said.