Reliance board to meet on October 30 to approve Q2 results; no dividend mentioned in notice

Investors are watching the quarterly results of Reliance Industries, counted among the country's largest companies. The company has convened a board meeting on Friday, October 30, to announce its financial results for the second quarter and the half-year.

The results for the quarter ended September 30, 2026 will be announced at the meeting. The company had given this information on October 27. After the meeting, the company will speak to analysts the same evening. It will explain how business fared in the past three months and what the plans ahead are. The company will announce two sets of results, one standalone and one consolidated.

Many investors are wondering whether a dividend will be paid. However, the notice of the board meeting does not mention a dividend even in a single word. Investors should therefore not expect a dividend this time. If the company takes any decision, it will announce it itself, so investors should wait for the official announcement rather than believe rumours.

At the meeting, attention will be on two matters: the profit and loss accounts and a plan to raise money through NCDs. The board is likely to discuss how to raise funds from the market. Preliminary information suggests the company is preparing to raise funds by issuing NCDs.

NCD stands for non-convertible debenture. The company borrows money from the public and pays interest on it. These NCDs can be secured or unsecured. The company will issue them in a single tranche or in several tranches to raise money, and the funds are to be used for new projects.

According to the estimates of brokerage Nuvama Research, Reliance's results could be better than market expectations. It says the refinery business has improved, margins on refining and selling crude oil are higher, and the company has processed more crude.

Nuvama estimates that consolidated EBITDA will rise 17 per cent to Rs 53,700 crore. PAT, or net profit, is expected to rise 15 per cent to Rs 20,900 crore. EBITDA of the O2C business is estimated to rise 38 per cent to Rs 20,700 crore.

Nuvama Research has given the stock a BUY rating with a target price of Rs 1,766, nearly 47 per cent above the current price. It believes the new green energy business has strength. It also estimates that the EBITDA of the new energy business could reach Rs 1,500 crore by 2027 and Rs 20,100 crore by 2030.

On October 30, all eyes will be on how the results turn out, what is decided on the NCDs and what the company says about its future plans.