Reliance Industries, Jio Financial to release Q3 earnings next week: Date, time, and key updates you need to note

Along with IT majors such as Tata Consultancy Services (TCS), HCL Technologies, and Infosys, index heavyweights such as HDFC Bank, Reliance Industries (RIL), and ICICI Bank are also slated to unveil their financial numbers for the December quarter.

Jio Financial Services, the NBFC arm of conglomerate RIL, is also slated to unveil their financial performance for the quarter ended December 31, 2025, in the upcoming week.

Reliance Industries

In its filing to stock exchanges on Thursday, January 8, RIL said that a meeting of the Board of Directors of the company is scheduled to be held on Friday, January 16, 2026, inter alia, to consider and approve the standalone and consolidated unaudited financial results of the company for the quarter and nine months ended December 31, 2025.

The company will hold an analyst meeting after the board meeting to discuss the financial results for the quarter and nine months ended December 31, 2025.

Jio Financial Services

A meeting of the Board of Directors of the Company is scheduled to be held on Thursday, January 15, 2026, inter alia, to consider and approve the standalone and consolidated unaudited financial results of the Company for the quarter and nine months ended December 31, 2025.

A presentation to analysts on financial results of the company for the quarter and nine months ended December 31, 2025, shall be made on the same day after the meeting.

Reliance Industries: What you need to know

After hitting a record high earlier this week, shares of the oil-to-telecom conglomerate have seen a sharp slide.

Data show that the RIL stock has slipped over 8.5% (as of late morning deals on Friday, January 9) in the past five sessions.

Oil & Gas sector outlook

In its outlook for the oil & gas sector, ICRA Ratings recently said that crude oil prices are expected to average between $60 and $70/bbl in FY2027 due to muted global demand growth amid increasing supplies. Even at these levels, the profitability of domestic crude producers will remain healthy, and their capex plans are likely to remain intact.

Domestic POL (Petroleum, Oil, Lubricants) consumption is expected to grow by 1-2%, and Singapore GRMs are expected to be in the range of $4-5/barrel.

Singapore’s Gross Refining Margin (GRM) is closely monitored in India, as it is the key Asian benchmark for global refining profitability. Indian oil companies rely on this benchmark to evaluate their operational performance and estimate future earnings.

GRM reflects the profit a refinery makes by processing one barrel of crude oil into refined products such as petrol, diesel, and LPG. By tracking Singapore GRM, Indian refiners.

The marketing margins on retail sales of auto fuels are expected to remain healthy owing to stable crude prices, and under recoveries in domestic LPG are expected to reduce.

ICRA expects natural gas consumption in the country to grow 3-4% YoY, supported by increased offtake from refining, fertiliser and city gas distribution sectors.”

RIL stock: Jio IPO a major catalyst

Jefferies has reaffirmed its bullish view on Reliance Industries Ltd (RIL), citing two key catalysts that could shape the company’s outlook in 2026: a potential tariff hike in the telecom business and the listing of Jio, alongside a recovery in retail growth.

RIL outperformed the NIFTY50 index by 19% in calendar year 2025, supported by a return to double-digit consolidated EBITDA growth following a subdued fiscal 2025. In a note released on Wednesday, Jefferies said it expects this momentum to persist, forecasting 13% consolidated EBITDA growth in fiscal 2027, with Jio driving the majority of incremental earnings.

For the retail segment, Jefferies projects a 16% year-on-year revenue increase in fiscal 2027. However, margins could face slight pressure due to a greater contribution from the grocery segment and the continued expansion of JioMart’s quick-commerce operations.

Elevated capital expenditure and working capital needs may turn free cash flow marginally negative and lead to a modest rise in net debt. Meanwhile, the planned spin-off of the FMCG business is expected to enhance management focus and execution.