Reliance Industries Ltd (RIL) is set to announce its Q4 FY26 results later today, with analysts expecting a steady performance driven by continued growth in its telecom arm, Reliance Jio. Ahead of the earnings announcement, shares of Reliance Industries were trading lower by 0.8% at ₹1,332 on the NSE.
Street expectations indicate modest sequential growth across key financial metrics for the March quarter. Revenue is estimated at around ₹33,465 crore, reflecting a 2% quarter-on-quarter (QoQ) increase and a 12% rise on a year-on-year (YoY) basis. EBITDA is expected to come in at ₹18,170 crore, up 3% QoQ and 14% YoY, with margins likely improving slightly to 54.3% from 54% in the previous quarter.
Profit after tax (PAT) is projected at ₹7,336 crore, marking a 2% QoQ increase and an 11% YoY rise, suggesting stable profitability despite a relatively short quarter with fewer operating days.
A key focus area for investors will remain Reliance Jio’s average revenue per user (ARPU), which is expected to rise to ₹216 per user per month in Q4 FY26, up 1.1% sequentially. This compares with ₹213.7 in Q3 FY26, ₹211.4 in Q2 FY26, and ₹208.8 in Q1 FY26, indicating a consistent upward trajectory in monetisation.
Analysts believe that ARPU expansion, supported by tariff hikes and an improving subscriber mix, along with steady subscriber additions, will continue to drive earnings growth. Jio is expected to add around 5 million subscribers during the quarter, taking its total subscriber base to approximately 520 million.
Additionally, growth in the home broadband segment is likely to support overall telecom revenues, while operational efficiencies and scale benefits could help sustain margins.
Despite the quarter having two fewer days sequentially, revenue growth is expected to remain resilient, underpinned by telecom momentum and stable performance across other segments.
All eyes will now be on management commentary, particularly on ARPU trajectory, subscriber growth outlook, and broader business performance across energy, retail, and digital segments.
Disclaimer: This article is based on analyst estimates and is for informational purposes only. It does not constitute investment advice.