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JPMorgan mentioned that stronger O2C margins, potential tariff hikes, and improved retail growth could act as key positives for the company.

In a latest development, rating agency S&P said that Reliance Industries could be in line for a rating upgrade over the next 12 months. S&P cited the company's growing presence in digital services as a driver of stronger earnings and a shield against volatile global macroeconomic conditions.

"We expect the share of earnings from Reliance Industries' domestically-centred businesses such as digital services and retail to rise to about 60% by the end of fiscal 2026 (ending March 31, 2026), from about 45% in fiscal 2022. These businesses tend to have more predictable performances than the company’s cyclical oil and gas-related businesses," S&P said in its report.