Multiple brokerages reviewing Reliance Industries’ (RIL) first-quarter results say the company’s oil-to-chemicals (O2C) segment is the main bright spot. They characterize O2C performance as sufficiently strong to offset weakness elsewhere in the business. At the same time, the sources note that RIL’s retail operations continue to face pressure, with sentiment remaining cautious around the outlook for that segment. One brokerage commentary highlights a “beat” in the quarter, while still pointing to uneven performance across divisions. Overall, the reviews suggest investors are weighing the improved contribution from O2C against ongoing challenges in retail. The combined takeaway is that near-term results are supported by strength in chemicals-linked activities, but retail softness limits the extent of the upside. Target prices and ratings, where mentioned, are discussed in the context of this mixed operating picture, with O2C improvements viewed positively and retail uncertainty remaining a key risk.