Reliance Industries (RIL) reported strong March quarter results, with a beat on EBITDA. Key highlights include a miss in Retail Ebitda due to lower revenue, offset by better O2C on higher utilization and improved refining. Jio and Upstream numbers were in line. Analysts have raised FY25 and FY26 earnings estimates and target prices on RIL by up to 10% post-quarterly earnings.