Mukesh Ambani-led Reliance Industries is set to announce its Q3FY26 results today, on January 16.
Kotak Institutional Equities expects Reliance Industries’ consolidated EBITDA to grow about 9% year-on-year, led mainly by the oil-to-chemicals (O2C) and telecom businesses.
Here are three key factors that the Street will be keenly awaiting.
#1. Reliance Jio- EBITDA seen rising 15% amid IPO buzz
Any announcement on the initial public offering of Reliance Jio is keenly awaited. According to Mukesh Ambani’s address to shareholders last August, the IPO is expected in H1FY26.
Kotak expects Reliance Jio’s EBITDA to grow 15% year-on-year, with ARPU at Rs214, up 1.3% sequentially.
#2. Oil-to-chemicals- Kotak sees 15% EBITDA growth
According to a report by Kotak Institutional Equities, EBITDA is seen rising 15% in O2C supported by better refining margins and a weaker rupee, though weak petrochemicals may limit gains.
The oil-to-chemical business will be in focus as Reliance, top buyer of Russian oil, during the third quarter reduced its oil imports from Russia due to sanctions imposed by the US and West. Any commentary on that will be keenly awaited.
#3 Retail business- Kotak flags slower revenue growth
Kotak Institutional Equities expects Reliance Retail’s revenue growth to slow to about 9.6% year-on-year, mainly due to the festive season being split across quarters and the demerger of RCPL. Retail EBITDA is likely to rise around 6% both year-on-year and quarter-on-quarter.
In December, Reliance Industries has restructured its consumer brands/FMCG business by dissolving the existing Reliance Consumer Products (RCPL) and creating a new entity called New Reliance Consumer Products (New RCPL) effective from December 1, 2025; the consumer brands business has been demerged from Reliance Retail Ventures (RRVL) and transferred to New RCPL, which will become an 83.56% direct subsidiary of Reliance Industries.
Reliance Q2FY26- highlights
In Q2FY26, Reliance Industries posted a 9.6% rise in its Q2 net profit at Rs 18,165 crore on robust consumer business supported by an uptick in cash cow oil-to-chemical unit. On sequential basis the profit was 33% lower when than Q1FY26.
Revenue from operations rose to Rs 2.59 crore in Q2 from Rs 2.35 crore last year.
Reliance Jio Platforms, which houses Reliance Industries’ telecom and digital businesses, reported a 12.8% year-on-year rise in its consolidated net profit to Rs 7,379 crore, driven by a rise in average revenue per user(ARPU) and higher traction in fixed wireless access service, JioAirFiber.
The revenue from operations of Jio Platforms rose 14.6% to Rs 36,332 crore. ARPU increased by 8.4% to Rs 211.4.
Reliance Retail Venture, the retail arm of Reliance Industries, reported an 18% increase in its gross revenue to Rs 90,018 crore, while its profit after tax went up 21.9% to Rs 3,457 crore in Q2FY26, led by festive buying and increase in operational efficiencies of stores.