New Delhi: Reliance Industries (RIL) have declined nearly 10 per cent over the past six months. Brokerage firm, Elara Capital has lowered its RIL share target price to Rs 1,619. however, it upgraded its rating to ‘Buy’ from ‘Accumulate’, projecting an upside potential. RIL stock was trading at Rs 1,337 at the time of writing this article on Monday. The decline in Reliance share price is attributed to margin pressure in the O2C business, supply disruptions, higher crude oil premiums, and the return of windfall tax.

Reliance Industries Q4 2025-26 Results

In its Q4 2025-26 Results, Reliance Industries mentioned that its Gross Revenue increased by 12.9% Y-o-Y to Rs 325,290 crore. Strong business momentum across O2C, Digital Services and Retail delivered double-digit revenue growth in each of these segments. Oil and Gas segment revenue decreased in-line with natural decline in KG D6 gas production, the conglomerate said.

EBITDA for the January-March quarter for FY26 was stable at Rs 48,588 crore. Strong earnings growth in Digital Services and positive contribution from Retail was offset by decline in energy businesses.

RIL’s digital and retail businesses supported the company’s performance. Digital services EBITDA jumped 16 percent to Rs 200 billion, while retail EBITDA appreciated 3 percent to Rs 67 billion. JIO Platform’ quarterly revenue was recorded at Rs 44,928 crore, up 12.7% Y-o-Y, while quarterly EBITDA stood at Rs 20,060 crore, up 17.9% Y-o-Y. Jio’s network leadership in 5G continued to attract subscribers with total 5G subscriber base reaching 268 million as of March 2026.

O2C segment’s EBITDA went down by 4 percent to Rs 145 billion, and the Oil & Gas segment saw a significant 18 percent decline, with EBITDA stood at Rs 42 billion.

Capital Expenditure for the quarter ended 31st March 2026, stood at Rs 40,560 crore ($ 4.3 billion).

Brokerage on RIL

Elara Capital has lowered its FY27 and FY28 EPS estimates for Reliance Industries by 9 percent and 3 percent, respectively, due to weak petrochemical margins and slower retail growth. The brokerage expects the company to record strong growth in the digital and telecom businesses.

(Disclaimer: This article is only meant to provide information. News9 does not recommend buying or selling shares or subscriptions of any IPO, Mutual Funds, gold, silver, crypto assets and commodities like Copper, aluminium)