Reliance Industries (RIL) is expected to report a mixed but resilient performance for the third quarter of Financial Year 2026 (Q3 FY26), with its refining and digital businesses driving growth, while retail and upstream segments face challenges. Brokerages anticipate consolidated operating income, or EBITDA, to increase by approximately 8-10% year-on-year (YoY), with net profit projected to rise by 7-9% YoY. The company's board is scheduled to announce the results on January 16, 2026. The Oil-to-Chemicals (O2C) business is projected to be a key driver of earnings, with analysts forecasting 13-15% YoY EBITDA growth, primarily fueled by strong refining margins. The digital services arm, Jio, is also expected to deliver strong and steady growth, with subscriber additions estimated around 9.5 million, pushing the total user base to 506.4-515 million, alongside an improvement in Average Revenue Per User (ARPU) to ₹211-214. Conversely, the retail business is anticipated to be a soft spot, with muted growth of 3-8% in EBITDA due to heightened competitive intensity, investments in quick-commerce initiatives, and a slowdown in discretionary spending. The upstream oil and gas segment is also expected to continue facing headwinds, with a projected 4-15% decline in EBITDA quarter-on-quarter or year-on-year, attributed to lower production volumes and softer realizations. Investors will be closely watching for updates on the timeline for Jio's initial public offering (IPO) and the progress of RIL's new energy projects.