Nomura maintained its “buy” rating on the stock with a price target of ₹1,680, stating that all eyes are now on the Jio IPO, which remains a key share price catalyst.
Morgan Stanley is also “overweight” on Reliance Industries with a price target of ₹1,803. The brokerage said that leveraging energy and chemical market tightness and sustained recovery in the retail business topline growth is key for Reliance to reverse its recent underperformance.Oil-to-chemical margins underperforming peers, and upstream oil and gas production division missing EBIDTA on higher costs, are some of the key negatives, while retail and FMCG were some key positives during the quarter.
CLSA has a price target of ₹1,800 on Reliance Industries while maintaining its “outperform” rating and cutting its financial year 2027-2028 Earnings per Share (EPS) estimates by 2%.Strong performance of yet-to-be valued FMCG & media businesses, confidence in the approaching commissioning of new energy capacity in solar & battery manufacturing along with rising momentum in hyper-local businesses were some of the key positives.
The brokerage highlights improvement in performance of retail & O2C over the coming quarters as the key upcoming triggers for the stock.
Reliance Industries reported strong performance in its retail business with revenue rising 11% in the fourth quarter with the Jio subscriber addition on a year-on-year basis at the highest level in seven quarters.
The management also said that it is moving steadily towards the listing of Jio Platforms.
Piyush Pandey, Senior Vice President at Centrum Indiasays the biggest near-term trigger for Reliance Jio isn’t just a potential listing—it’s pricing power. “Primarily, I would say trigger would be the next tariff, which comes in, say, in July or August,” he notes, adding that this, more than anything else, could drive the next leg of value.
Shares of Reliance Industries had ended 1% lower on Friday ahead of the results announcement at ₹1,331. The stock is still down 15.5% on a year-to-date basis.
