Reliance Industries Ltd EXPECTED TO POST STRONG Q2

Reliance Industries Ltd, India's most valuable company, is expected to report healthy earnings for the September quarter, driven by strong refining margins, growth in telecom revenues and stable performance in its retail business. The Mukesh Ambani-led conglomerate is scheduled to announce its Q2 FY27 financial results on October 30. According to Bloomberg consensus estimates, Reliance Industries is likely to report a consolidated net profit of ₹21,368 crore. The Oil-to-Chemicals (O2C) segment is expected to remain the key earnings driver, supported by higher refining margins and strong product cracks. Meanwhile, Jio's continued subscriber additions and improvement in Average Revenue Per User are likely to strengthen the company's digital services business. Reliance's O2C business is expected to benefit from elevated refining margins amid tight global product supplies and geopolitical tensions in the Gulf region. According to experts, Brent crude averaged $91.4 per barrel during Q2 FY27, following a sharp rise in September amid renewed US-Iran tensions. Refining cracks also remained elevated, particularly for diesel and aviation turbine fuel, providing further support to the segment. On the telecom front, Reliance Jio is expected to sustain its earnings growth momentum, backed by rising subscriber numbers and higher average revenue per user. Overall, strong refining performance and steady growth in the telecom business are expected to support Reliance Industries' quarterly earnings, while investors will closely monitor the performance of its retail and digital segments.