** Reliance Industries Q3 FY26 Outlook** Reliance Industries (RIL) is scheduled to report its third-quarter earnings today. Market expectations center on a robust performance from the **Energy** division, specifically within the refining sector. Analysts anticipate that wider **diesel cracks** and the **depreciation of the rupee** will act as primary catalysts for margin expansion in this segment. The **Telecommunications** arm, Reliance Jio, remains a focal point for investors. Attention is concentrated on the **Average Revenue Per User (ARPU)** trajectory, which serves as a critical metric for long-term profitability and valuation in the digital services space. Contrasting these strengths, the **Retail** segment is navigating significant operational hurdles. Performance in this area is being pressured by a broader **slowdown in consumption** and continued losses stemming from aggressive competition in the **quick commerce** market. The **Petrochemicals** business also presents a cautious outlook. Persistent global supply-demand imbalances continue to exert pressure on margins, making this a high-priority area for management commentary during the earnings call.