Swiss investment bank UBS maintained its ‘Buy’ rating on the stock, with a target price of ₹1,820 per share.
In its latest note, the brokerage said that strong refining trends are expected to drive a recovery in Reliance’s oil-to-chemical (O2C) earnings.
UBS mentioned that the Singapore benchmark margins are currently not reflecting the actual profitability of diesel-heavy refiners like Reliance.
The brokerage also said that Reliance’s diversified crude sourcing strategy helps cushion the impact of geopolitical volatility on margins.
UBS expects O2C EBITDA to improve from ₹29,500 crore in the first half of FY26 to ₹34,000 crore in the second half, and further rise to ₹64,800 crore in FY27.
Thirty-six of the 38 analysts covering Reliance Industries have a ‘Buy’ recommendation on the stock.
Shares of Reliance Industries are currently trading 1.38% higher on Thursday at ₹1,539.90.
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