Reliance Industries Ltd. share price target

Reliance Industries (RIL) posted a soft 3Q; its consolidated EBITDA was flat QoQ at INR460b (+5% YoY, 4% below estimates), hurt by a weaker performance of Reliance Retail (RRVL).

Reliance Industries (RIL) continues to progress on the 40GWh battery GIGA factory, which is set to commence operations in early CY26. We raise the New Energy business valuation for RIL to INR174/sh (earlier INR 116/sh) as we incorporate value for the battery manufacturing segment.

*over or under performance to benchmark index Reliance Industries Ltd (RIL) manufactures petrochemicals, synthetic fibres, fibre intermediates, textiles, blended yarns and polyester staple fibres. Its petroleum refinery-cum-petrochemicals complex in Jamnagar, Gujarat, produces gasoline, superior kerosene oil and liquefied petroleum gas, among other products....

RJio has reached the milestone of 500m subscribers (~498m at Jun’25 end) and accelerated the pace of home broadband net adds to 1m+ per month.

Rs451bn, BBGe: Rs445bn, +11% YoY, -2.1% QoQ) while adj PAT stood at EBITDA at Rs131.7bn was 8% down QoQ despite improvement in benchmark GRM and petrochem spreads, primarily due to partial shutdown and possible inventory losses. Retail EBITDA grew 11% YoY, -7% QoQ to Rs60.4bn. Jio ARPU...

*over or under performance to benchmark index Reliance Industries Ltd (RIL) manufactures petrochemicals, synthetic fibres, fibre intermediates, textiles, blended yarn and polyester staple fibre. Its petroleum refinery -cum-petrochemicals complex in Jamnagar, Gujarat, produces gasoline, superior kerosene oil and liquefied petroleum gas, among other products. RIL reported a 9.9% YoY increase in revenue to Rs. 264,573cr in Q4FY25, fuelled...

Reliance Industries' (RIL) consolidated EBITDA came in flat QoQ at Rs438.3bn (PLe: Rs397.1bn, BBGe: Rs433.6bn) while PAT grew 5% QoQ to Rs194.1bn (PLe: Rs166bn, BBGe: Rs184.7bn). Standalone EBITDA at Rs151.2bn was flat QoQ with sequentially week product cracks and petchem deltas. Retail EBITDA grew 14.6%YoY to Rs65.1bn. Jio ARPU increased 1.4% QoQ Rs206.2 on the back of tariff hike, with a subscriber addition of 6.1mn to 488.2mn. The stock is trading...

Q2 results were broadly in line with muted expectations, earnings likely bottomed out but softness may persist for couple of quarters

Key positives include announcement of bonus issue, high-growth targets for consumer business, and comfort in working with deep-tech

Retail market share at ~3.5% and targeting growth rate double that of market; Digital Services positioned to lead in FWAs and 5G

RIL missed consensus; while slowdown was anticipated in Retail and O2C, the extent was bit higher

Company delivered 26% EBITDA CAGR over FY21-FY24 clocking 29% CAGR in cyclical business and 22% in consumer businesses