Reliance Industries shares extended their weak performance in 2026, declining 1.6% to an intraday low of ₹1,451.00 during afternoon trading on January 12. The oil-to-telecom conglomerate has already lost 8% of its value in 2026, with investors awaiting the company's December quarter (Q3FY26) results scheduled for January 16.

Analyst Recommendations and Price Targets

Despite the recent decline, brokerage firms maintain optimistic outlooks for Reliance Industries. Goldman Sachs raised its 12-month price target to ₹1,835.00 per share on January 9, implying approximately 25% upside from current levels. The brokerage reiterated its Buy rating, citing expectations that near-term retail moderation will be offset by improving refining fundamentals and steady telecom momentum.

Q3FY26 Earnings Expectations

Nomura estimates Reliance Industries' consolidated EBITDA at ₹47,600.00 crore for Q3FY26, representing a 4% quarter-on-quarter increase. The projected growth reflects mixed performance across business segments, with strong refining operations expected to partially offset challenges in petrochemicals and retail.

Oil-to-Chemicals Segment Outlook

The Oil-to-Chemicals (O2C) segment is anticipated to deliver robust performance with estimated EBITDA of ₹16,500.00 crore, marking a 10% quarter-on-quarter increase. This improvement is expected to be driven by:

• Sequential gains in gasoline, diesel, and jet fuel spreads
• Widening refining margins
• Partial offset from softer petrochemical margins

For the Upstream business, Nomura forecasts EBITDA of ₹4,900.00 crore, down 1% quarter-on-quarter, with lower volumes and softer average selling prices expected to be largely offset by favorable foreign exchange movements.

Retail and Telecom Performance Projections

The retail segment is likely to experience a softer quarter due to macro-driven slowdown in discretionary consumption and weak discretionary spending patterns. Goldman Sachs expects earnings growth moderation in retail due to base effects and festive timing considerations.

In contrast, Jio's telecom operations are expected to maintain resilient performance. Key projections for Jio include:

Market Concerns and Recent Performance

Reliance Industries shares have corrected approximately 8% over recent trading sessions despite outperforming the Sensex, Nifty, and sector peers over the past year. Analysts attribute the recent pullback to investor concerns regarding the company's exposure to Russian crude and slowdown in retail growth momentum. However, Goldman Sachs believes these concerns are overdone and expects limited impact on the company's medium-term earnings outlook.

Reliance Industries has officially confirmed that its strategic plans for developing battery storage manufacturing remain unchanged, according to a company spokesperson. The confirmation addresses the company's comprehensive approach to entering the energy storage market through vertical integration.

Manufacturing Strategy Remains Intact

The company spokesperson emphasized that there have been no alterations to the planned development of battery storage manufacturing capabilities. This strategic initiative encompasses the entire production value chain, demonstrating the company's commitment to building a robust presence in the energy storage sector.

Comprehensive Production Scope

The manufacturing plans cover an extensive range of products and capabilities:

• Individual battery cell production
• Complete battery module assembly
• Containerised energy storage systems (ESS)
• End-to-end manufacturing integration

This comprehensive approach positions the company to serve various market segments within the energy storage industry, from component suppliers to complete system integrators.

Strategic Commitment to Energy Storage

The reaffirmation of these plans highlights the company's long-term vision for the energy storage market. By maintaining its original development timeline and scope, Reliance Industries demonstrates confidence in the growing demand for battery storage solutions across industrial and commercial applications.

The containerised ESS segment represents a particularly significant opportunity, as these systems provide scalable energy storage solutions for grid applications, renewable energy integration, and industrial backup power requirements.