Shares of Reliance Industries Ltd (RIL), India's most valued company, saw a significant surge today, July 17, 2026, ahead of its first-quarter results for the fiscal year 2026. The stock advanced 2.38 percent to reach a high of Rs 1,323.80 per share, boosting its market capitalization by Rs 37,000 crore.
The market capitalization of the Mukesh Ambani-led conglomerate stood at Rs 17,86,836.41 crore intraday, an increase from Rs 17,49,757.26 crore recorded in the previous trading session.
Brokerage Expectations for Q1 FY26 Results
Brokerages largely forecast single-digit profit growth for RIL, with robust performances from the oil-to-chemicals (O2C), Retail, and Jio businesses expected to partially offset a weaker upstream segment.
Overall Outlook
- Antique Stock Broking projects an 8.3 percent year-on-year (YoY) rise in net profit to Rs 19,566 crore, with sales jumping 34.7 percent YoY to Rs 3,34,908 crore. They expect RIL's EBITDA to climb 12 percent YoY (or 8.9 percent quarter-on-quarter) to Rs 48,100 crore, supported by growth across most major segments except upstream.
- Emkay Global anticipates a 2.8 percent YoY drop in net profit to Rs 17,567 crore, despite a 38.9 percent YoY rise in sales to Rs 3,38,420 crore. They see EBITDA rising 4.9 percent YoY to Rs 45,013 crore, with a margin of 13.3 percent.
- ICICI Securities estimates RIL's Q1 EBITDA to increase 8.9 percent quarter-on-quarter (12 percent YoY) to Rs 48,100 crore, also noting growth across all segments except upstream.
- Elara forecasts RIL's Q1 profit to increase 2.4 percent to Rs 18,512 crore, with consolidated EBITDA growing 8 percent YoY.
- Kotak Institutional Equities expects an adjusted net income of Rs 19,004 crore.
Segment-Specific Forecasts
Jio Platforms
- Nomura estimates a steady addition of 80 lakh subscribers for Jio Platforms, potentially bringing the total subscriber base to 53.2 crore in Q1. They foresee a modestly higher Average Revenue Per User (ARPU) of Rs 217 per month, up from Rs 214 per month in Q4.
- Antique anticipates Jio EBITDA to increase 2.4 percent quarter-on-quarter, driven by 70 lakh subscriber additions and a marginal ARPU improvement to Rs 215.
- Emkay predicts 95 lakh subscriber additions in Q1 FY27, with ARPU rising 1 percent quarter-on-quarter.
- Elara projects a 12 percent EBITDA growth in digital services (telecom).
Reliance Retail
- Nomura suggests a slight improvement in Q1 growth for Reliance Retail, with revenue estimated at Rs 94,100 crore (up 12 percent YoY) and EBITDA at Rs 6,600 crore (up 3 percent YoY).
- Antique expects Retail EBITDA to grow 7 percent YoY.
- Emkay sees Retail EBITDA rising 1 percent quarter-on-quarter to Rs 6,990 crore.
- ICICI Securities predicts retail EBITDA growth of 7 percent YoY to Rs 6,830 crore.
- Elara expects a 10 percent EBITDA growth in retail.
- Kotak foresees a relatively muted retail business with 12 percent YoY revenue growth.
Oil-to-Chemicals (O2C)
- Nomura estimates O2C EBITDA at Rs 15,000 crore for Q1, up 3 percent quarter-on-quarter. They note that refinery turnaround may offset strong refining margins and higher petrochemical prices, with the business impacted by increased refinery LPG output and fuel retailing losses.
- Antique expects O2C EBITDA to rise 25 percent quarter-on-quarter, driven by stronger Gross Refining Margins (GRMs) and improved petrochemical spreads.
- Emkay projects O2C EBITDA to rise 2 percent quarter-on-quarter to Rs 14,800 crore.
- ICICI Securities also expects O2C EBITDA to rise 25 percent quarter-on-quarter due to stronger GRMs and improved petrochemical spreads.
- Elara believes O2C EBITDA is likely to be flat YoY.
- Kotak suggests the O2C segment will benefit from strong SEZ refinery earnings, US ethane-based petrochemicals, and a weak rupee.
Upstream (Oil & Gas)
- This is consistently expected to be the weakest segment.
- Antique and ICICI Securities both anticipate EBITDA to decline due to lower KG-D6 gas production volumes.
- Emkay sees Upstream EBITDA falling 5 percent quarter-on-quarter to Rs 3,960 crore.
- Elara expects E&P (Exploration & Production) EBITDA to drop 21 percent.
- Kotak also forecasts a weak oil & gas business due to declining production.