11 hours ago
Shares of Nifty 50 heavyweight and the oil-to-telecom-to-retail conglomerate Reliance Industries Ltd. will be reacting to their fourth quarter results on Monday, April 28. Analysts tracking the stock have maintained their bullish stance on the stock, with the highest price target projecting a potential upside of as high as 31% on the stock.
It was a resilient quarter for Reliance Industries with acceleration of the Retail business growth was a key positive during the quarter. Retail revenue grew 15.6% from last year and analysts had mentioned that any figure above 15% will be a positive surprise.
Although the O2C business was subdued, it was higher than estimates on better realised margins and marketing contribution. Jio also delivered on expected lines.
Jefferies maintained its "buy" rating on Reliance Industries with a price target of ₹1,660, saying that Jio's Free Cash Flow profile and traction in home broadband were some of the key positives.
Further traction in retail, tariff hikes, and possible listing of Jio could be the key triggers for Reliance Industries in financial year 2026, Jefferies wrote in its note. The brokerage expects Reliance Industries' Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) to grow by 10% in the current financial year.
CLSA also has an "outperform" rating on Reliance Industries with a price target of ₹1,650. The start of solar module manufacturing, and a rising focus on Jiostar OTT offerings were some of the key positives during the quarter, according to the brokerage.
RIL's FMCG business was the eighth largest in the country in financial year 2025, CLSA said.
Similar to CLSA, Nomura also has a price target of ₹1,650 on Reliance Industries, along with a "buy" recommendation.
Nomura has highlighted three key triggers for the stock in the near-term:
Scale-up of the new energy business
Upcoming tariff hikes for Jio, which has upside in comparison to their conservative estimates
and a potential listing of Jio, which will drive value unlocking for shareholders of Reliance Industries.
With completion of streamlining of operations at Reliance Retail, it will sustain a healthy growth trajectory, Nomura further said.
JPMorgan also believes that the acceleration of Reliance Retail's during the quarter was a key positive. With valuations being favourable, this could help drive share price in the near-term, the brokerage said.
However, it added that JPMorgan said that elevated capex is a concern, although it maintained its "overweight" stance on the stock with a price target of ₹1,530.
Significant drivers for Reliance Industries in financial year 2026 include a ramp-up of the new energy business, consumer brands traction and fashion and lifestyle management, according to Morgan Stanley.
The brokerage is "overweight" on the stock with a price target of ₹1,606.
Nuvama has the highest price target on Reliance Industries at ₹1,708, with a "buy" recommendation. Commissioning of the HJT module manufacturing facility is a positive and will unlock new energy opportunities.
Out of the 38 analysts that have coverage on Reliance Industries, 35 of them have a "buy" rating, while three have a "sell" rating.
Shares of Reliance Industries ended little changed last Friday at ₹1,301.
