Reliance Industries Q3 Results Review - Upstream, Retail Major Ebitda Growth Driver: Dolat Capital

Potential listing of consumer biz plus tariff hike a key trigger

The national auditor said 831.88 sq kms of KG-D6 area needs to be taken away from Reliance Industries. (Source: Company website)

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

Dolat Capital Report

Reliance Industries Ltd.'s Ebitda up 15% YoY but down 1% QoQ to Rs 406 billion (in line with estimates), strong performance in upstream and retail segment was offset by a relatively muted telecom average revenue per user.

Weak show by oil-to-chemical on planned maintenance shutdown and weak margin environment.

Profit after tax up 9% YoY but down 1% QoQ to Rs 173 billion (2% above estimates).

Moderation in capex (-20% YoY and -22% QoQ), decline in capex is expected as the completion of 5G rollouts. Net Debt is marginally higher with pay down of other liabilities related to capex. Net debt/Ebitda lower than one time.

We forecast RIL Ebitda/PAT compound annual growth rate of 12%/16% during FY24E-FY26E with Jio contributing 55% share on the back of a tariff hike and retail contributing 25% on operating leverage and improved throughput.

We have increased the earnings of FY25E/FY26E but we maintain 'Accumulate' on RIL. Thus, we have raised up SoTP-based target price to Rs 3,010 (earlier Rs 2,730) based on March 2026 estimates.

Click on the attachment to read the full report:

Dolat Capital Reliance Industries Q3FY24 Result Update.pdf
Read Document

Also Read: Reliance Industries Q3 Results: Profit And Revenue Drop On Refinery Shutdown

DISCLAIMER

This report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

lock-gif
To continue reading this story
Subscribe to unlock & enjoy your
Subscriber-Only benefits
Still Not convinced?  Know More
Watch LIVE TV, Get Stock Market Updates, Top Business, IPO and Latest News on NDTV Profit.
GET REGULAR UPDATES