The earnings season may have begun on a mixed note but big boy Reliance Industries Ltd (RIL) is expected to post decent numbers as it benefits from a strong performance in its refining operations and steady performance from its digital services and retail businesses.

This comes even as its petchem business is projected to put a subdued show on a sequential basis.

While the company is yet to announce when results for the quarter ended September 30 will be announced, a Nomura report said that RIL will benefit from a strong refining sector despite lower margins.

Analysts at the brokerage pointed out that while the benchmark refining margins declined 6 per cent to $4.8 per barrel of crude oil for the week ended October 15 from $5.1 per barrel in the preceding week, RIL will benefit from its crude oil sourcing strategy, that will keep realised margins at a significant premium to benchmark margins. Here, the brokerage reportedly said that there were upside risks to its conservative refining margin estimate for RIL of $12 per barrel for the current fiscal.

According to a Prabhudas Lilladher report, refining margins of RIL during the second quarter will improve as benchmark rates increased during the period.

Meanwhile, Jio Financial Services (JFSL), which has already announced plans to launch an asset management company and enter the insurance segment, will shortly launch business and merchant loans for self-employed individuals, sole proprietors and small business entities. It is also planning to offer auto and home loans, apart from loans against shares.