Archive · 19 Aug 2025
S&P Eyes RIL Upgrade on Digital Services Growth
S&P, a company that assesses how reliable other companies are, thinks a big Indian company called Reliance Industries (RIL) might get a better rating soon.
They expect the company to make more money from things like phone services and stores.
These parts of the business are more steady than the oil and gas side.
RIL already made a lot of money recently, and the phone service Jio is expected to do even better.
Overall, the company is expected to keep growing, even with challenges in some areas.
S&P anticipates a potential upgrade for Reliance Industries Ltd (RIL) within the next 12 months.
Digital services and retail are expected to contribute 60% of RIL's earnings by the end of fiscal 2026.
RIL's Q1 EBITDA reached ₹58,000 crore, surpassing S&P's expectations.
Reliance Jio's EBITDA is projected to increase by 15-17% in fiscal 2026.
RIL's overall earnings are forecast to grow 6-8% to ₹1.8 lakh crore in fiscal 2026.
- Who
- S&P, Reliance Industries Ltd (RIL), and Reliance Jio.
- What
- S&P has stated that RIL's rating could be upgraded, citing factors like growth in digital services.
- When
- Within the next 12 months, based on S&P's analysis.
- Where
- India
- Why
- Due to RIL's increasing earnings from its digital services and retail sectors, which are expected to offset volatility.
Source of Growth
Economic Conditions
Business Segments
Source of Growth
S&P believes digital services and retail will be a major growth driver.
Economic Conditions
Oil and gas-related businesses are subject to more volatility.
- Potential Rating Upgrade
- Within 12 Months
- Q1 EBITDA
- ₹58,000 crore
- Digital and Retail Earnings (Fiscal 2026)
- ~60%
- Reliance Jio EBITDA Growth (Fiscal 2026)
- 15-17%
- RIL Earnings Growth (Fiscal 2026)
- 6-8%
Sources
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India’s Telecom Sector Operating Profit To Rise 12–14% in FY26 Due To Higher Data Use
Reliance Jio plan discontinued: Vodafone Idea, Bharti Airtel, RIL shares in focus
Largecap vs midcap vs smallcap: Which segment should you bet on post Q1 results?