Mumbai, July 17 -- For Reliance Industries Ltd, the April-June quarter results will be a critical test as the Rs.20 trillion market cap firm looks to reaffirm its status as India's most valuable company.

After a prolonged slump in its core oil-to-chemicals (O2C) business, and as investor expectations rise, the Mukesh Ambani-owned conglomerate will not only have to deliver stronger earnings but also offer concrete progress on its much-touted new energy ventures.

While the O2C business has seen a sharp erosion in profitability, the retail and telecom arms have provided crucial support to overall earnings-though not without facing their own operational challenges.

Reliance Industries is scheduled to announce its June quarter results on 18...