The shares of Reliance Industries hit over 16-month high on Friday after Jefferies hiked the target price to Rs 1,785 from Rs 1,780 apiece, noting improved earnings.
The stock is still trading below mean long-term enterprise value and Ebitda, which is keeping the risk-reward ratio of Reliance Industries favourable, Jefferies said.
Reliance Industries reported an improvement in earnings growth as all three businesses of the oil-to-telecom major reporting double-digit growth in financial year 2026 so far.
Jefferies forecasted a mid-teens revenue growth by financial year 2027 as 6–7% area growth will support along with same-store-sales growth of Jio Mart and Reliance Retail.
Strong festive demand will help Reliance Retail report double-digit revenue growth for the second consecutive quarter in October–December. Jio Mart has seen a 200% surge in daily orders as it accelerated the roll-out of dark stores in metros and speed of order fulfilment, according to Jefferies.
Reliance Industries' oil-to-chemical business is clocking 14% year-on-year growth on the back of supply tightness leading to strength in auto fuels, Jefferies said.
Reliance Industries Share Today
The scrip rose as much as 1.14% to Rs 1,581.30 apiece on Friday, highest since July 19, 2024. It pared gains to trade 0.84% higher at Rs 1,576.60 apiece, as of 10:57 a.m. This compares to a 0.19% advance in the NSE Nifty 50 Index.
It has risen 23.95% in the last 12 months and 29.61% year-to-date. Total traded volume so far in the day stood at 11.72 times its 30-day average. The relative strength index was at 78.92 indicating it was over bought.
Out of 37 analysts tracking the company, 35 maintain a 'buy' rating and two suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target of Rs 1,686.94 implies an upside of 6.8%.
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