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Prabhudas Lilladher Report
Reliance Industries Ltd.'s consolidated revenue declined 3% QoQ to Rs 2,250.9 billion (our estimate: Rs 2,392.7 billion). Ebitda fell 1% QoQ to Rs 406.6 billion (our estimate: Rs 403.3 billion) while profit after tax also fell 1% QoQ to Rs 172.7 billion (our estimate: Rs 157.9 billion).
Retail Ebitda grew 31.1% YoY to Rs 62.6 billion. Standalone Ebitda declined 8.5% QoQ due to lower fuel and downstream margins and planned maintenance shutdown.
Average revenue per user stood at Rs 181.7 while total subscribers stand at 470.9 million. The company is on track to commission new energy segment in phases starting this fiscal year end. The stock is trading at 10.8 times FY26E Ebitda.
We maintain 'Accumulate' rating with a target price of Rs 2,912, based on SoTP valuing the standalone business at 7.5 times FY26 Ebitda, Jio at 15 times FY26 Ebitda and retail at 39 times FY26 Ebitda.
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