Kotak Institutional Equities forecasts a 15% year-on-year rise in consolidated EBITDA, heavily supported by a 47% jump in the oil-to-chemicals segment. However, analysts warn that this energy-led momentum must absorb an estimated 0.8% decline in retail EBITDA alongside a 7.2% drop in the oil and gas division. Market watchers are specifically advising investors to scrutinize management guidance regarding telecom subscriber monetization, future tariff adjustments, and the expected timeline for a retail profitability turnaround.
Key points
Analyst Anuj Gupta advises buying and holding the stock with a projected one-year price t…: Analyst Anuj Gupta advises buying and holding the stock with a projected one-year price target between ₹1,500 and ₹1,700.
SMC Global Securities analyst Seema Srivastava recommends holding current positions and w…: SMC Global Securities analyst Seema Srivastava recommends holding current positions and waiting for clearer operational guidance before initiating fresh purchases.
Favorable Singapore refining margins, SEZ refinery earnings, and the absence of windfall…: Favorable Singapore refining margins, SEZ refinery earnings, and the absence of windfall taxes are helping offset weaker performance in retail.
Sources checked by our analysis pipeline: 1
Reliance Industries Q2 results 2026 today: Mukesh Ambani-led Reliance Industries share price will remain in focus today as the oil-to-telecom conglomerate is all set to announce its second-quarter results on Friday, 30 October.
Reliance Industries share price ended Thursday's session in green, closed the day 0.81% higher at ₹1,167.40.
Brokerage firm Kotak Institutional Equities expects Reliance Industries' consolidated EBITDA to increase 15% year-on-year (YoY) and 11.1% quarter-on-quarter (QoQ).
At the segment level, O2C EBITDA is projected to grow 47% YoY, while retail EBITDA is likely to decline marginally by 0.8% and oil and gas EBITDA is expected to fall 7.2%.
The brokerage expects the O2C business to benefit from strong SEZ refinery earnings, the absence of windfall tax impact, US ethane-based petrochemicals and a weaker rupee. In contrast, the retail business is likely to report relatively subdued performance, with revenue growth of 11.7% YoY and lower EBITDA margins. The oil and gas segment is also expected to remain weak due to declining production.
“We expect consolidated EBITDA to decline 0.8% year-on-year (YoY) in the Retail segment, although it is likely…
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