Nuvama believes that new energy ecosystem will ramp-up in the next four to six quarters, which will turn out to be the largest multi-decadal growth driver. The brokerage also said that the RIL’s Petchem expansion is on track for financial year 2027 and a rise in US ethane imports will lift margins.
However, Morgan Stanley said in its note that RIL’s earnings did not provide the growth confidence they were hoping for. It also said that the guidance provided by the company was optimistic. Despite this, it retained its “overweight” recommendation on the stock, with a price target of ₹1,617.Jefferies is another brokerage which has a price target of over ₹1,700 for the stock. It had a “buy” rating with a price target of ₹1,726 on the stock. The brokerage said that the refining outlook remains constructive, even as the o2C business was impacted by a refinery shutdown.
The focus will now shift to the company’s Annual General Meeting, with expectations of a possible listing of Jio, preceded by a tariff hike, Jefferies said.Nomura sees three growth triggers for Reliance in the near-term – scale up of the new energy business, tariff hikes for Jio, which will flow directly into the bottomline, and potential IPO and listing for Jio.
The brokerage has cut RIL’s profit after tax (PAT) estimates by 1% and 10% for financial year 2026 and 2027, and its EBITDA estimate for financial year 2027 by 3%.
Nomura has a “buy” rating on Reliance Industries with a price target of ₹1,600.
34 out of the 37 analysts covering Reliance Industries have a “buy” rating on the stock, while two have a “sell” and one has a “hold” recommendation.
Shares of Reliance Industries ended little changed on Friday at ₹1,476. The stock has risen 20% so far in 2025.
