Reliance Industries Ltd. share price target and research reports

Latest analyst research reports with target prices and PDF download for RELIANCE, BSE:500325 Reliance Industries Ltd.

Reliance Industries Ltd.

03 May 2020

1414.80

-0.16%

Tech and consumer businesses - the new core

Buy: Reliance Industries Ltd.

Target

Motilal Oswal

2 May 2020 Standalone debt net of cash and current investments has risen from INR938b in FY19 to INR1,516b driven by transfer of INR1,080b of debt from telecom and partial repayments. While the stake sale is expected to fetch INR436b, the company is creating a separate O2C business and is looking forward to another transaction of a similar magnitude. business EBITDA came in line with our estimate of INR218b (+5% YoY), primarily led by better performance of the Digital and Retail segments. However, higher depreciation and interest cost led to a miss on PBT (before exceptional expense) to INR135b (13% miss, -2% YoY). The company recognized exceptional expense of INR42.7b, primarily as non-cash inventory loss in the O2C business (with ~INR0.2b toward other liabilities and AGR dues reversal). Reported PAT came in at INR66b (-37% YoY). Adj. PAT was 8% lower YoY to INR96b (20% miss).

Prabhudas Lilladhar increased Accumulate price target of Reliance Industries Ltd. to 1555.0 on 19 Jul, 2025.

Reliance Industries Ltd.

02 May 2020

1414.80

-0.16%

Reliance Industries (ADD): RJio, Retail drive earnings; cut to ADD on limited upside

Buy: Reliance Industries Ltd.

Target

BOB Capital Markets Ltd.

Key highlights from Reliance Industries' (RIL) Q4FY20 results.

Reliance Industries .. has an average target of 1561.50 from 3 brokers.

Reliance Industries Ltd.

22 Apr 2020

1414.80

-0.16%

Reliance Industries: Company Update

Accumulate: Reliance Industries Ltd.

Target

IDBI Capital

Reliance Industries (RIL) today announced that Facebook (FB) would invest Rs436 bn for a 9.99% stake in Jio Platforms, valuing it at Rs4.6 tr. We see partnership with a strong technological partner like FB would strengthen entire digital ecosystem for RIL and would enable it to come out with new business opportunities. First such opportunity we think is combined go-to-market of Whatsapp and Reliance Retail. FB's investment in Jio unlocks value for RIL and lowers its net debt (Rs1.5tr at the end of Q3FY20) and provides access to a global technology platform. The company's monetisation of assets after a massive investment of US$70 bn in downstream, retail and Telecom over the...

Reliance Industries Ltd. is trading above its 200 day SMA of 1325.2

Reliance Industries Ltd.

22 Apr 2020

1414.80

-0.16%

RIL, Jio Platforms Ltd (JPL) and Facebook Inc (FB) announced the signing of binding agree...

Buy: Reliance Industries Ltd.

Recommendation Target

Emkay

RIL, Jio Platforms Ltd (JPL) and Facebook Inc (FB) announced the signing of binding agreements for Rs435.7bn investment by FB in JPL. FB's investment will translate into a 9.99% equity stake in JPL on a fully diluted basis. Deal is subject to statutory approvals. The investment values JPL at a pre-money EV of Rs4.62tn, or USD65.95bn (at Rs70/USD) which is in line with RIL's aspiration of USD65-70bn. JPL is hold-co for Reliance Jio, along with other Jio app companies/digital platforms. RIL will now have ~90% stake in JPL. Concurrent with this, JPL, Reliance Retail and WhatsApp have also entered into a commercial partnership agreement to further accelerate Reliance Retail's New Commerce...

Reliance Industries Ltd. is trading above its 200 day SMA of 1325.2

Reliance Industries Ltd.

14 Apr 2020

1414.80

-0.16%

Reliance Retail: De-coding India's Everything store

Mgmt Note: Reliance Industries Ltd.

HDFC Securities

Capital intensity in biz remains high with pre-working capital CFO covering just ~58% of capital needs over FY14-19. Hence, while still manageable, leverage has inched up to 1x in FY19 (near-zero in FY17). We bake in Rev/EBITDA/PAT CAGR of 20/28/34% over FY19-22E and value RR/Core Retail at an EV of Rs.2.4/2.3tn (SOTP-based), implying 19/20x FY22 EV/EBITDA. Reliance Retail is Indias biggest retailer by revenue/network (~USD23bn/>27mn sq. ft) and is akin to an Everything store catering to the entire consumer basket. Grocery, Fashion & Lifestyle (F&L;) and Consumer Electronics (CE) form its core (~59% of rev; USD13.4bn, grew 37% CAGR over FY14-20) and is estimated to be spread across 4900 core retail stores.

Reliance Industries Ltd. is trading below its 30 day SMA of 1473.0

Reliance Industries Ltd.

14 Apr 2020

1414.80

-0.16%

Reliance Industries: Investment in consumer business paying off, upgrade to Buy

Buy: Reliance Industries Ltd.

Recommendation Target

HDFC Securities

We have cut FY21/22E EPS by up to 33% and our TP by 11% to INR 1,400 factoring up to 31% lower downstream margins driven by slowing global economy. We use EV/EBITDA to value downstream at Sep-21E EV/e, Retail on peer benchmarked EV/e and E&P, Jio on DCF. RIL stock has corrected by 25% from its peak over the past 4 months driven by global economic slowdown concerns. Our view that the stock price correction is overdone, and the stock should outperform, is premised on 1) Non-cyclical domestic consumer business accounting for 56% of FY21E EBITDA (31% in FY19), 2) The stock factoring only an USD 3.0/bbl FY21E refining margin, 49% lower than Global Financial Crises (GFC) quarterly trough and 3) Interest Coverage ratio of 4.3x and Net Debt/EBITDA of 1.6x in FY22E (12-35% better than the FY19 lows). The stock offers 18% upside at our TP of INR 1,400.

Number of FII/FPI investors increased from 2246 to 2280 in Jun 2025 qtr.

Reliance Industries Ltd.

31 Mar 2020

1414.80

-0.16%

Core business implies mere 2.5x FY22E EV/EBITDA

Buy: Reliance Industries Ltd.

Target

Motilal Oswal

Recovery is expected to be slow with potential EBITDA cut of ~60%/30% The ongoing lockdown should have limited impact on RJio as telecom companies are expected to see recharge upgrades given the increase in data consumption. We have cut GRM forecast from USD10/bbl earlier to USD8/bbl for FY21E. With valuation of INR450/share for Reliance Retail and INR500/share for RJio, the current price implies 2.5x FY22E EV/EBITDA for the core segment. If FY22E were to turn out similar to FY21E, the current price would imply 3.2x FY22E EV/EBITDA for the core segment. This could be due to additional ARPU increase or market share gains as RJio remains well placed to gain from the bleeding Given the fluid nature of the current circumstances, we have not cut our estimates for Reliance Retail, but have trimmed valuations to capture the potential revenue loss in the coming period and the risk of slow recovery.

Reliance Industries Ltd. is trading below its 30 day SMA of 1473.0

Reliance Industries Ltd.

22 Jan 2020

1414.80

-0.16%

RELIANCE INDUSTRIES LIMITED

Hold: Reliance Industries Ltd.

Target

Geojit BNP Paribas

Robust performance in Digital & Retail offset by O&G; weakness In Q3FY20, topline remained under pressure as major revenue contributor, Refining and Marketing segments revenue slipped (-7.2% YoY; contributed ~49% of revenue) due to weak crude prices and geopolitical tensions impacting heavy crude sourcing & freight markets. Petrochemical segment also declined 19.1% YoY (~18% of revenue) due to lower price realization across product categories and global demand slowdown. This is partially offset by robust growth in Digital Services (+36.1% YoY; ~8% of revenue) and Organized Retail (+27.4% YoY; ~22% of revenue) with double digit likefor-like sales from existing store. Standalone exports fell 13.7% YoY to Rs. 53,804cr....

Reliance Industries Ltd. is trading below its 30 day SMA of 1473.0

Reliance Industries Ltd.

20 Jan 2020

1414.80

-0.16%

Reliance Industries

Results Update: Reliance Industries Ltd.

SMC online

on account of 10.6% decline in order-to-cash (O2C) business revenues, with lower product price realization and 6.6% fall in Brent crude price. This was partially offset by continuing growth momentum in consumer businesses. Digital Services and Retail business recorded an increase of 36.2% and 27.4% respectively, in revenue during the quarter compared to the corresponding quarter of the previous year. Exports (including deemed exports) from RIL's India operations were lower by 13.7% at Rs 53,804 crore as against Rs 62,378 crore in the...

Number of FII/FPI investors increased from 2246 to 2280 in Jun 2025 qtr.

Reliance Industries Ltd.

19 Jan 2020

1414.80

-0.16%

Reliance Industries (3QFY20): Petchem dents profitability. Maintain NEUTRAL

Neutral: Reliance Industries Ltd.

Target

HDFC Securities

The much awaited IMO regulations will boost the core refining business. However, both refining and petchem segments face demand slack, given the impending capacity additions in CY20. We expect both segments to peak out in the near term. Monetisation of Jio's infrastructure is a catalyst, but timing/pricing are crucial. We remain NEUTRAL on RIL, post an underwhelming 3QFY20. Reported EBITDA was 10% below our estimate at Rs 128.71bn. Weak margins across petchem products and higher operating expenses have adversely impacted this segment. Our SOTP valuation is Rs 1,562/sh (7.5/9.0x EV/e for refining/petchem, 18.0x EV/e for Retail, 10x EV/e for Telecom business and Rs 116/sh for E&P; assets).

Number of FII/FPI investors increased from 2246 to 2280 in Jun 2025 qtr.

Is Reliance Industries Ltd. worth buying?

11482 Votes:

Buy 71.42%

Sell 16.05%

Hold 12.53%

RESEARCH REPORTS

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