Reliance Industries Ltd (RIL) is expected to report mixed results for the June quarter, with strong refining margins and improved petrochemical profitability likely offsetting weakness in retail margins and upstream operations. The company’s shares rose 1.23% to Rs 1,312.50 ahead of the earnings announcement on July 17, 2026, according to market data.
Telecom Growth
Reliance Jio is projected to be a stable earnings driver for RIL, with expectations of continued subscriber growth. Brokerages predict Jio's wireless subscriber base could surpass 500 million, with average revenue per user (ARPU) anticipated to rise to around Rs 205 per month. Nomura estimates approximately 8 million new subscribers added during the quarter, while Emkay forecasts about 9.5 million additions, with ARPU expected to reach Rs 216.5.
Oil-to-Chemicals Segment
The oil-to-chemicals (O2C) segment is also expected to show improvement, with Jefferies projecting a 20% year-on-year increase in O2C EBITDA, driven by better petrochemical spreads and higher gross refining margins (GRMs). However, Nuvama has a more cautious outlook, estimating O2C growth at around 2%, citing factors such as fuel retailing losses and operational constraints that could limit performance.
The anticipated mixed results could influence RIL's stock performance, particularly in the energy and telecommunications sectors. Stronger refining margins may support oil and gas stocks, while any weakness in retail margins could weigh on broader market sentiment. Investors will watch for the official earnings release to gauge the overall impact on RIL's stock and the sectors it operates in.