Reliance Industries shares experienced significant selling pressure on January 13, declining 2.3% to reach an intraday low of ₹1,448.00 during afternoon trading. This latest decline extends the oil-to-telecom conglomerate's challenging performance in 2025, with the stock already down over 8% year-to-date.

Q3FY26 Results Scheduled for January 16

The market weakness comes ahead of Reliance Industries' December quarter (Q3FY26) results announcement scheduled for Friday, January 16. Investors are closely watching the upcoming earnings report as the company navigates through various business segments including refining, petrochemicals, retail, and telecommunications.

Technical Analysis Points to Consolidation Phase

According to technical analysts, the current decline represents a healthy consolidation rather than a trend reversal. Ajit Mishra, SVP at Religare Broking, notes that Reliance Industries is undergoing a corrective phase after posting a record high near ₹1,610.00.

The stock has slipped below its short-term 20-day and medium-term 100-day exponential moving averages, signaling a loss of near-term momentum. However, moderate volumes during the pullback suggest an absence of panic selling.

Analyst Recommendations and Price Targets

Despite the recent weakness, brokerage firms maintain positive outlooks on Reliance Industries. Goldman Sachs recently raised its 12-month price target to ₹1,835.00 per share while reiterating its buy rating. The brokerage expects near-term retail moderation to be offset by improving refining fundamentals and steady telecom momentum.

Q3FY26 Performance Expectations

Nomura estimates Reliance Industries' consolidated EBITDA at ₹47,600.00 crore for Q3FY26, reflecting a 4% quarter-on-quarter increase. The analysis suggests mixed performance across business segments:

• Refining Segment: Expected to deliver strong performance
• Petrochemicals: Likely to face weaker margins
• Retail Business: Anticipated muted performance
• Jio Telecom: Steady operating performance expected

Investment Outlook

Technical analysts suggest that investors with medium-to-long-term horizons may consider accumulating shares near the support zone of ₹1,440.00-1,450.00. Aakash Shah from Choice Equity Broking emphasizes that as long as Reliance holds above the 200-day EMA support, the stock may stabilize and attempt a rebound. A sustained recovery above ₹1,520.00 could revive bullish momentum and open the path toward the ₹1,580.00-1,600.00 resistance band.

Reliance Industries has firmly dismissed reports of delays in its battery manufacturing plans, reaffirming its commitment to establishing a comprehensive battery storage ecosystem in India. The company spokesperson categorically stated that there has been no change in plans for creating a world-leading battery storage manufacturing ecosystem, spanning from cell production to containerised energy storage systems.

Manufacturing Timeline and Capacity Targets

The company maintains its previously announced timeline, with battery cell manufacturing scheduled to commence in 2026. Chairman and Managing Director Mukesh Ambani had outlined the ambitious production targets during a shareholder meeting in August of the previous year.

Comprehensive Manufacturing Ecosystem at Jamnagar

Reliance has committed ₹75,000 crores to establish an integrated manufacturing ecosystem at the Dhirubhai Ambani Green Energy Giga Manufacturing Complex in Jamnagar, Gujarat. This facility will encompass multiple components of the energy storage value chain, positioning itself as what the company describes as the world's largest, most modern, modular and integrated manufacturing ecosystem at a single site.

The manufacturing ecosystem includes three key components:

• BESS Manufacturing: Production of Battery Energy Storage Systems for grid stability and renewable energy integration
• Battery Pack Manufacturing: Assembly of battery packs for various applications
• Cell Manufacturing: Core battery cell production capabilities

Current Progress and Technology Development

Reliance has already begun construction of an integrated advanced chemical battery manufacturing facility with an annual capacity of 30 GWh at Jamnagar. The company is simultaneously advancing sodium-ion battery technology, which offers advantages for stationary storage and two-wheeler applications due to the abundance of sodium.

For lithium-ion battery development, essential for higher-performance automotive applications, Reliance leverages expertise from its international subsidiaries. The company draws upon the experience of its US subsidiary Lithium Werks, which specialises in LFP (lithium-iron-phosphate) batteries, and its UK subsidiary Faradion.

Investor Communication and Updates

The company spokesperson indicated that regular updates on the new energy business, including battery manufacturing plans, are shared during quarterly investor calls. The next comprehensive update is scheduled for January 16, coinciding with the third quarter earnings call, where stakeholders can expect detailed progress reports on the battery manufacturing initiatives.