Reliance Industries Ltd (RIL) – Q1FY26 Broker Takeaways

🔹 Key Themes Across Brokerages
Telecom (Jio) remains the strongest performing segment

Retail growth has decelerated, impacting consolidated performance

O2C (Oil to Chemicals) segment was weaker than expected

Earnings optically boosted by one-off gains (e.g., investment sale)

New Energy business and Jio tariff hike/IPOs seen as future triggers

Most brokerages remain positive but highlight short-term moderation

Key Takeaways by Segment

🔸 Telecom (Jio)
Strong ARPU and subscriber addition

Broadband expansion and margin lift contributed positively

Jio IPO now likely post-2025, but remains a major value trigger

🔸 Retail
Growth decelerated to low double digits

Electronics segment and slower new space additions weighed on performance

Still in transition phase according to most brokers

🔸 Oil-to-Chemicals (O2C)
Refinery shutdowns and weaker margins led to softer performance

Petchem expected to recover on expanded capacity and US ethane imports

🔸 New Energy
Multiple brokerages (Nomura, MS, Nuvama) highlight this as a long-term structural driver

Execution on 10GW integrated solar plant, perovskite technology, and hydrogen roadmap being closely watched

Consensus Outlook
Despite a muted Q1FY26, most brokerages maintain a positive stance on RIL, citing:

Structural strengths in telecom and energy

Visibility on new energy execution

Strong balance sheet and optionality in future listings (Jio, Retail)