Reliance Industries’ board will review September-quarter results Oct. 30 as brokerages expect its oil-to-chemicals business to drive growth, with consolidated EBITDA estimates ranging from 11% to 17%.
Reliance Industries’ Oct. 27 filing schedules a board review of unaudited standalone and consolidated results for the September quarter and first half of fiscal 2027, both ending Sept. 30. Directors will also consider raising funds through a private placement of listed, redeemable non-convertible debentures that may be secured or unsecured and issued in one or more tranches. The notice gives no proposed amount or terms, and an analyst discussion is planned after the board session.
Brokerage forecasts differ. Business Standard reported Elara’s estimate for consolidated EBITDA to rise 11% year over year to ₹50,809 crore. The Economic Times reported Kotak’s forecast of 15% growth, while Financial Express reported Nuvama’s estimate of 17% growth to ₹53,700 crore. These are analyst projections, not company guidance.
The oil-to-chemicals segment is expected to account for much of the increase. The Economic Times and Business Standard reported Kotak’s forecast for O2C EBITDA to grow 47% year over year. Financial Express reported Nuvama’s estimate of a 38% increase to ₹20,700 crore. Brokerage reports cited refining margins and middle-distillate cracks, throughput, currency effects and U.S. ethane-based petrochemicals as factors supporting the outlook.
Retail expectations are more mixed. The Economic Times reported Kotak’s forecast for revenue growth of 11.7% and an EBITDA decline of 0.8%. Reliance has said investment in digital-commerce and hyperlocal-delivery infrastructure weighed on retail margins in the June quarter, when the segment’s EBITDA margin was 7.9%, down 80 basis points from a year earlier.
Jio Platforms’ results are also on the calendar. Reliance said Jio shares began trading Oct. 28 and that Jio’s board is scheduled to review its quarterly and half-year results Oct. 30. Reliance’s analyst discussion is planned after its board session that day.
