Market Crash, Reliance tanks 1% ahead of results announcements

24 Apr 2026 , 02:49 PM

Indian benchmark indices – Nifty and Sensex tumbled more than 1% with Nifty edging closer to 23,800 levels and Sensex plunging to 76,700 levels. The crash in the market is related to weaker than expected results seasons for major Indian listed companies – including IT tech giants such as HCL Tech, Infosys, and Tech M.

Shares of Mukesh Ambani led Reliance Industries Ltd. also declined more than 1% ahead of its Q4Fy26 results announcement. Expectations from experts suggest a steady but underwhelming quarter, with mixed performance across its key business segments. While telecom continues to provide momentum through Reliance Jio, pressure in Oil-to-Chemicals (O2C) and retail could weigh on overall growth.

Earnings Expectations for Q4

Analysts project moderate growth for Reliance Industries in the fourth quarter:

• Revenue: ₹2.80–2.85 lakh crore
  → Growth of 7–9% YoY and 6–8% QoQ
• Net Profit: ₹19,300–19,650 crore
  → 3–5% QoQ increase, but largely flat YoY
• EBITDA: ₹45,100–45,400 crore
  → Expected to remain flat, impacted by weaker margins in O2C

Overall outlook: Growth remains stable but lacks strong momentum, reflecting challenges in core segments.

 

Segment-Wise Performance Breakdown

O2C (Oil-to-Chemicals)

The O2C business is likely to remain a key drag:

• Margins are under pressure due to crude oil price volatility
• Global demand uncertainty continues to impact profitability

Retail Business

Reliance’s retail arm may show signs of softness:

• Potential demand slowdown
• Margin pressure amid competitive intensity

Telecom (Reliance Jio)

Telecom continues to be the standout performer:

• Driven by ARPU (Average Revenue Per User) improvement
• Expected single-digit growth in revenue and profit
• Strong subscriber base supports steady expansions

Key Factors Investors Should Watch

Investors will closely track management commentary on:

• Retail demand recovery trends
• Future outlook for O2C margins
• Sustainability of telecom growth via Reliance Jio
• Potential updates on the Jio IPO timeline, a major catalyst for the stock

Technical Analysis: Reliance Share Price

• Trend: Bearish (trading below 20, 50, and 200 EMA levels)
• Support Level: ₹1,290
  → Breakdown could trigger further downside
• Resistance Zone: ₹1,430–₹1,440
  → Strong resistance near the 200 EMA
• RSI (~45): Indicates neutral-to-bearish momentum

Reliance Industries is expected to deliver a “steady but uninspiring” Q4 performance. While Reliance Jio remains a bright spot, ongoing challenges in O2C and retail could limit overall upside.

From a technical perspective, the stock remains under pressure, and a decisive breakout above resistance levels is needed to shift sentiment bullish.

Disclaimer – The stock/s and indices mentioned in this article is discussed solely for informational and educational purposes. It should not be construed as investment advice or a recommendation to buy or sell any securities. Investors should conduct their own research or consult a financial advisor before making any investment decisions. Investments in securities market are subject to market risks. Read all the related documents carefully before investing.