Reliance Industries’ stock price climbed 2.61% after the company’s revenue growth during the quarter was supported by continuing growth momentum in consumer businesses. It said that the revenue for JPL increased by 10.6% on-year, led by 7.5% increase in subscriber base and higher ARPU. Revenue for RRVL grew by 18.8% with growth momentum across consumption baskets, led by food & grocery which grew by 33%. Revenue from the Oil & Gas segment increased significantly with incremental production of gas and condensate from the MJ field. And the O2C revenue declined 14% with decrease in crude oil prices leading to lower price realization for products.

The stock price of Reliance Industries gained 0.82% in the last five days, while it slipped 0.27% in the last one month, 5.29% in the last six months and 9.32% in the last one year.

Prabhudas Lilladher: Buy – Target Price: 2,618

“Reliance Industries’ (RIL) consolidated revenue grew 12% QoQ to Rs 2,31,900 crore (PLe: Rs 2,37,100 crore). EBITDA rose 8% QoQ to Rs 40,970 crore (PLe: Rs 43,660 crore) while PAT grew 9% QoQ to Rs 17,390 crore (PLe: Rs 19420 crore). Retail EBITDA grew 32% YoY led by grocery and fashion/lifestyle. O2C EBITDA grew sharply by 63% YoY led by strong petrol and PVC margins, optimized feedstock sourcing and lower SAED. ARPU stood at Rs 181.7 while total subscribers stand at 459.7mn. The stock is currently trading at 11.4x EV/EBITDA. We maintain ‘Buy’ rating with a Target Price of Rs 2,618, based on SoTP valuing the standalone business at 7.5x FY26 EV/EBITDA), Jio at 15x FY26 EV/EBITDA and Retail at 37x FY26 EV/EBITDA.”

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