Reliance Industries is set to report a mixed March quarter. Analysts expect steady revenue growth but anticipate pressure on profitability due to weakness in the oil-to-chemicals (O2C) and upstream segments. Brokerages like ICICI Securities, Nuvama, and Emkay Research expect earnings to remain under pressure, while YES Securities is more optimistic about the bottom line.
Estimates for net profit vary widely, with YES Securities predicting a marginal uptick, while others foresee profit declines in the high single to mid-teen range. Revenue growth is expected to be mid-to-high single digits, with ICICI Securities and Emkay projecting around 9-13% growth. The energy vertical is anticipated to be the biggest drag, with weak petrochemical spreads and volatile crude prices compressing profitability.
Telecom is expected to be a stable contributor, supported by steady subscriber additions. Analysts will closely watch management commentary on margins, demand outlook, and capital allocation across segments post-results.
