Shares of Reliance Industries (RIL) climbed over 1% in opening trade on Monday, in line with the broader market, as investors reacted positively to its March quarter earnings. The telecom-to-oil conglomerate reported a sequential decline in profit for the quarter even as revenue rose, primarily due to weaker profitability in the oil-to-chemicals (O2C) segment amid disruptions linked to the West Asia conflict.

Reacting to the Q4 numbers, RIL shares rose as much as 1.29% to ₹1,344.80 on the BSE in the first two hours of trade, while its market capitalisation crossed ₹18 lakh crore. The country's most valued stock has corrected more than 15% in calendar year 2026 and is down nearly 1% over the past month. Over the past year, the stock has declined more than 2%, and is down about 10% over the last six months.

RIL shares touched a 52-week high of ₹1,611.20 on January 5, 2026, and a 52-week low of ₹1,288 on April 25, 2025.

For the fourth quarter ended March 31, 2026, Mukesh Ambani-led RIL reported an 8.98% quarter-on-quarter decline in consolidated net profit to ₹16,971 crore, even as revenue increased 10.8% to ₹2,98,621 crore.

At the operating level, EBITDA declined 4.1% QoQ to ₹44,141 crore, with margins contracting to 14.78% from 17.08% in the previous quarter.

Analysts' verdict on RIL Q4 performance

Brokerage firm Motilal Oswal Financial Services reiterated its ‘Buy’ rating on the stock, with a revised target price of ₹1,655, from ₹1,715 earlier. It noted that while weakness in the energy business has led to near-term earnings downgrades, sustained mid-to-high teen growth in the retail segment, potential tariff hikes in telecom, and the anticipated Jio Platforms IPO remain key triggers.

Emkay Global Financial Services said the company’s diversified sourcing strategy helped mitigate supply disruptions, with 40-45% of Middle East supplies impacted. It expects average revenue per user (ARPU) growth of 4-5% in the telecom segment, driven by a favourable subscriber mix, even without tariff hikes.

Another domestic brokerage, Elara Capital highlighted that the stock has corrected around 8% over the past six months, reflecting concerns around margin pressures in the O2C business. It has revised its target price to ₹1,619 and upgraded the stock to ‘Buy’, citing potential recovery in refining margins once disruptions in the Strait of Hormuz ease.

Global brokerage firm Goldman Sachs also maintained a ‘Buy’ rating with a target price of ₹1,910, noting that margin recovery in refining and chemicals is expected in the coming quarters. It also highlighted that the company’s integrated business model positions it well to benefit from tightening downstream conditions.

CLSA and Morgan Stanley echoed similar views, pointing to near-term challenges in the O2C segment but identifying recovery in retail and telecom as key drivers going forward. Meanwhile, Nomura said all eyes remain on the potential Jio IPO, which could act as a major catalyst for the stock.

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