Petrochemical margins remain weak
Polyester chain margins are under pressure due to massive capacity additions in China, and global cracker operating rates are low at 79.5%.
RELIANCE / Q2-FY26 / risks
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Material risks this quarter
medium
E&P production decline from KG D6 fields
Natural decline in KG D6 fields is reducing output, though less than expected. Augmentation plans are in early stages.
No near-term tariff hike for Jio
Management stated no current plans for base tariff hikes, relying on nudges to higher plans. This could limit ARPU growth if competition intensifies.
Quick commerce competition and investment drag
Retail is investing heavily in quick commerce (600 dark stores), which may pressure margins in the near term as the business scales.