RIL Q3 Earning Results Live Updates: Axis Direct’s outlook on RIL
We estimate Q3FY26 consolidated revenue at around Rs 2,58,800 crore (flat q-o-q; up 6% YoY) and EBITDA at Rs 46,700 crore (up 2% q-o-q; 7% YoY). Retail growth is expected to slow due to a higher base, festive season shift, GST rationalisation and the demerger of RCPL. Jio is likely to report a steady quarter, supported by healthy subscriber additions, a rise in ARPU and increasing FWA traction. O2C EBITDA is expected to improve on stronger refining margins, partly offset by weaker petchem performance. RIL trades at 10.7x one-year forward EV/EBITDA, at an around 11% discount to its five-year average, with the BUY rating maintained.