Reliance Industries Q2 results | Retail and Jio shine — experts weigh in

He added, “Retail — the growth has been good, beating our estimate. So I think that the focus is more on consumer-centric businesses, which are performing well and the standalone business is largely volatile. But the overall outlook, we think, is positive. Any weakness should be taken as the opportunity to buy this stock as this segment will also stabilize going forward.”

Probal Sen of ICICI Securities said he was disappointed in the results, which he termed a "negative surprise".

“Maybe the effect of windfall taxes has been a bit higher or the benchmark refining margins themselves have been a bit lower than what we were looking at. Oil and gas being strong is positive. I think retail has definitely surprised on the positive and to that extent that is encouraging,” Sen said.

Deven Choksey of KR Choksey Holdings said consumer-facing businesses are showing a remarkably good amount of resilience. "Good set of numbers from that segment," he said.

Prakash Diwan of Market Expert said the results seem to reflecting the stress that building on the O2C business. "Interestingly the O2C business, in terms of revenue contribution, is significant — almost like 50 percent of the overall consolidated number. Retail and telecom are yet to kind of become much more weighty in that sense, so you will see that impact. But there is no taking away from the fact that retail has outshone most expectations and it has just the kind of buildup that is starting off or beginning of a big secular trend in terms of the festive season.”