Reliance Industries (RIL) shares climbed as much as 2.75% to ₹1,219.10 on the NSE in Tuesday’s trade (October 6), extending the recovery from the stock’s recent lows. The rally is attributed to a combination of company‑specific developments, improving earnings expectations and a broader recovery in Indian equities. The proposed IPO of Jio Platforms, the telecom and digital arm of RIL, remains a key catalyst, with reports suggesting a launch later this month that could raise around $3.8 billion. This potential listing would provide an independent market valuation for Jio, offering investors clearer insight into the value of RIL’s stake in the business.

Strong refining margins are a major positive for RIL, supporting profitability in its Oil‑to‑Chemicals (O2C) business. While crude prices remain elevated, the critical factor for refiners is the spread between crude costs and refined product prices. Sustained or wider refining cracks can therefore support RIL’s O2C earnings even in a high‑crude‑price environment. In simple terms, for RIL, high crude is not necessarily the problem or the benefit – the crucial question is whether refined‑product prices rise faster than crude, keeping refining margins strong.

With the company’s September‑quarter results approaching, investors are increasingly focusing on the possibility of stronger earnings. Expectations of improved refining profitability, continued growth in Jio and a recovery in other businesses are supporting sentiment. Better‑than‑expected earnings could also provide a fresh trigger for the stock after its recent weakness. The anticipation of a robust Q2 performance is therefore a significant factor underpinning the current rally in RIL shares.

Jio remains an important part of the RIL investment story. Growth in subscribers and average revenue per user (ARPU) can support the telecom business’s revenue and profitability. Expectations of continued growth in Jio’s earnings are therefore another factor supporting RIL shares. Reliance Jio gained the highest number of wireless mobile subscribers in August 2026, adding nearly 2.40 million users, followed by Bharti Airtel with about 2.11 million additions, according to data released by the Telecom Regulatory Authority of India (TRAI).

RIL shares had come under pressure in recent months and touched a 52‑week low earlier this month. The stock has since recovered, prompting some investors to look for opportunities at lower valuations. The rebound could also attract short covering and fresh buying as the stock moves away from its recent lows. Data show that the RIL stock has fallen around 23% so far in 2026 (year‑to‑date).

The rally in RIL is also taking place against the backdrop of a broader recovery in Indian equities. After a prolonged period of weakness, domestic benchmarks have recently shown signs of stabilising. As one of India’s largest companies, RIL tends to benefit when investors increase exposure to large‑cap stocks during a broader market recovery. Lower crude prices and improving macro sentiment also support the broader Indian market, easing pressure on inflation, the trade deficit and corporate costs. Reuters reports that the Delhi High Court granted temporary relief over the use of the “energy drink” label for certain Campa beverages, removing a near‑term regulatory overhang for Reliance Consumer Products and positively impacting the company’s growing FMCG business.