Nomura maintains a ‘Buy’ rating with a price target of ₹1,700, citing a slight beat in Q2 driven by strong retail performance.
The brokerage has raised its FY26 and FY27 EBITDA estimates by 4% and 12%, respectively. Nomura also said that RIL’s net debt remained steady at ₹1.18 lakh crore, while capital expenditure increased to ₹40,000 crore.
Nomura mentioned three near-term growth triggers for RIL –
– Scale-up of the new energy business.
– Tariff hikes for Jio, which would directly benefit the bottom line.
– A potential IPO or listing for Jio by the first half of 2026.
Morgan Stanley, with an ‘Overweight’ rating and a price target of ₹1,701, said that RIL’s earnings should restore investor confidence, with a re-rating expected as consumer retail turns around and beats estimates.
The brokerage described the setup for the December 2025 quarter as very strong, particularly in retail and fuel refining.
Morgan Stanley also emphasised that New Energy and AI initiatives are key drivers for the next $50 billion in value creation.
JPMorgan holds an ‘Overweight’ rating with a price target of ₹1,695, citing that Q2FY26 was operationally stronger and that growth should sustain in the near term.
The brokerage expects RIL’s EBITDA momentum to continue, driven by –
– Better refining margins, expected to remain strong into winter.
– A weaker rupee, aiding O2C earnings.
– Seasonal strength in retail.
– Continued upside in telecom through higher subscribers, ARPU, and margins year-on-year.
JPMorgan added that tariff increases ahead of the proposed Jio IPO could further strengthen growth prospects. Overall, RIL’s valuations appear comfortable relative to peers and the broader market.
Macquarie maintains an ‘Outperform’ rating with a price target of ₹1,650, citing strong Q2 earnings momentum, with retail performing well, Jio steady, and O2C much improved.
The foreign brokerage said that RIL’s September quarter results indicate a turnaround in earnings growth, led by Retail, Jio, O2C, and JioStar segments, supporting its consensus estimate of 15% EPS growth for FY25-28E.
Kotak Institutional Equities has an ‘Add’ rating with a price target of ₹1,600, citing a positive outlook for retail and telecom, though noting some headwinds for O2C.
DAM Capital maintains a ‘Buy’ rating with a price target of ₹1,515, observing that RIL is pivoting towards three strategic segments, New Energy, Media, and FMCG, while capex intensity in Jio begins to taper.
On New Energy, DAM Capital estimates that over 40% of the committed ₹75,000 crore capex has already been deployed, with visible progress on the ground.
Leveraging Jio’s position as the country’s largest distribution network, DAM Capital believes RIL has a strong competitive edge in the Media segment. Retail challenges appear to be behind the company, which reported strong revenue growth during the quarter.
The brokerage expects mid-teens revenue growth going forward, while O2C continues to be a cash cow to fund growth capex. DAM Capital projects PAT growth of 5.1% per annum for FY25-28E.
36 out of the 38 analysts covering Reliance Industries have a ‘Buy’ rating on the stock, while two have a ‘Sell’ recommendation.
Shares of Reliance Industries are trading 2.80% higher on Monday at ₹1,456.40. The stock has risen about 20% so far this year.