Reliance Industries (RIL) is expected to build on its retail and fuel refining verticals while new energy and AI are the key for next leg of growth, according to brokerages. RIL on Friday missed analyst estimates for the Q2FY26 as softness in its oil and gas and petrochemical segments tempered gains in refining, retail, and digital services. “RIL’s earnings should get investor confidence back; re-rating is ahead as consumer retail is turning around and beat estimates,” said Morgan Stanley. Terming that the guidance was optimistic, the brokerage said the setup for the December quarter looked very strong, notably retail and fuel refining. New energy and AI are key for the next $50 billion in value creation, it said.