RIL investors lose Rs 3.5 lakh crore this year. Can Q1 earnings bring the stock back to life?

Reliance Industries shares have declined around 20 percent from their 52-week high of Rs 1,611.20 reached on January 5, eroding about Rs 3.5 lakh crore in investor wealth this year amid slower retail growth, weakness in oil and gas, and pressure on refining margins. Brokerages expect Q1 FY26 results to be steady, with consolidated EBITDA projected to grow 8-10 percent year-on-year led by a recovery in the oil-to-chemicals segment, while retail may remain muted and oil and gas could drag due to lower production. The market is watching for Jio IPO timelines, better retail margins and broad-based improvement in management commentary for a potential rerating.