RELIANCE

ce Industries Q4 FY26 Preview: Jio steady, retail margins under watch as energy weakness looms; Revenue expected to rise 5% QoQ

Reliance Industries is expected to deliver a mixed set of earnings in the fourth quarter of FY26, with steady growth in its consumer‑facing businesses offset by pressure in the oil‑to‑chemicals (O2C) segment amid global geopolitical disruptions. Consolidated revenue is likely to rise sequentially on the back of continued momentum in Reliance Jio and modest growth in retail, even as EBITDA is seen remaining largely flat due to margin headwinds across businesses. The performance of the energy vertical will be a focus area, where disruptions in West Asia, higher crude and logistics costs, weaker petrochemical spreads and lower production from the KG‑D6 block are expected to weigh on profitability. At the same time, Reliance Retail is likely to post steady top‑line growth, supported by store additions and quick‑commerce expansion, though margins could come under pressure due to scaling costs and the impact of the RCPL demerger.