“Bullish on Reliance Industries (RIL) for Q1 earnings, expecting O2C EBITDA to rise 24% sequentially and year-on-year to ₹18,025 crore, driving consolidated EBITDA up 12% year-on-year. This is based on strong refining cracks and petrochemical margins, despite maintenance at a crude-distillation unit. Investors will focus on RIL's ability to translate these margins into earnings, potentially leading to estimate upgrades for the rest of the year.”