Most likely Real Madrid can win the game against Chelsea, but I doubt Real Madrid can win the game against Bayern or Man City in the next round.
After Real Madrid's performance against Barcelona yesterday, I saw some supporters of Chelsea who insisted that if that was the current form that Real Madrid is, where they were struggling to score goals, that they were going to win them. The game Real Madrid played was in the Spanish league, and the not the champions league. Real Madrid play differently in the champions league regardless of their form in the La Liga, Chelsea do not need to think that Real Madrid will be an equal challenge to them. Both teams are not having a good time in their domestic league.
I started to doubt Real Madrid's consistency too because they are not too good when it comes scoring of goals this days, that is why Barcelona beat them in all competitions this season. But when it comes to Champions League, Real Madrid is something entirely different because they knows how to play Champions League better than any team, moreover Chelsea are not yet stable interns of performance, so they have less chances of winning g compared to Real Madrid.
Real Madrid is a very strong team in the Champions League. And they have played well in every Champions League match. It seems that the first priority of the Madrid management is the Champions League. And then they will focus on winning the La Liga title. Beating Real Madrid in the Champions League will not be easy. They played well in both matches against Liverpool. It is expected that they will start preparing for the match against Bayern Munich.