Brokerage Views: Reliance Industries In Focus, Citi On Bharti Hexacom And More

Brokerages have shared their views on Reliance Industries Ltd. after announcements made by billionaire Mukesh Ambani at the annual general meeting on Thursday. The company's focus on new energy has been well received, with optimistic projections. Meanwhile, Citi has initiated coverage on Airtel-backed Bharti Hexacom Ltd.

NDTV Profit tracks what brokerages are putting out on stocks and sectors. Here are all the top calls from analysts you need to know about on Friday.

Nuvama On Reliance Industries

Nuvama maintained 'buy' rating on RIL stock at Rs 3,786 per share target, implying a potential upside of 24% upside over the last closing price.
The company's overall business could double by fiscal 2030, while Jio and retail business is likely double in three-four years.
The new energy business earning capacity can match the O2C segment's in five-seven years.
New energy is expected to add two-fifth of Ebitda, more than 50% to attributable net profit by 2030.
Strong guidance for digital, retail, and huge petchem capacity adds to drive fresh growth.

Also Read: RIL AGM Highlights: Board Mulls Bonus Issue; Jio, Retail Business To Double In Four Years, Says Mukesh Ambani

Motilal Oswal On Reliance Industries

The brokerage maintained 'buy' call on RIL stock with a price target of Rs 3,435 per share, representing a potential upside of 13% over the closing price.
The second quarter will benefit from higher refining margin and telecom tariff hikes, it said.
AI/data centers and new energy will be key drivers for next five years.
It expects Jio and Reliance Retail to see operating profit (Ebitda) CAGR of 25% and 19% over fiscal 2024 to 2026.
Future growth to be driven by footprint additions, new retail categories, subscriber growth and tariff hikes.
It expects refining and petchem segments to pick up from current levels.

Emkay On Reliance Industries

The brokerage maintained 'add' rating on RIL with a price target of Rs 3,335 per share, implying a potential upside of 10% from the last closing price.
Thursday's AGM highlighted the company's makeover into a deep tech and new-age manufacturing entity.
The notable highlight is new energy becoming as big and profitable as oil-to-chemicals business over the next five-seven years.
No update on Reliance Retail or Jio monetisation was a dampener.
Execution will be key for new energy segment, Emkay said. It expects the verticals' earnings to contribute meaningfully from fiscal 2028 onward.

Also Read: Reliance's New Energy Business Set To Rival O2C Segment In Next 5-7 Years: Mukesh Ambani

Citi On Bharti Hexacom

Citi initiated coverage with a 'buy' call on Bharti Hexacom, with a target price of Rs 1,405 apiece, implying a potential upside of 20% over previous close.
The regional telecom company has scope for better growth and subscriber mix.
Net debt-to-Ebitda is at 2.2 times and return on capital employed of 14% given lower capex needs.
It forecasts three-year Ebitda CAGR of 26%.
Value at 26 times the September 2026 estimate.

Nomura On Lupin

The brokerage retained its 'buy' rating on Lupin, with a price target of Rs 2,427 per share, implying an upside of 10% to the previous close.
The US generics business present strong support to near-term earnings.
It expects improvement in other markets and segments as well.
Earnings-per-share estimate for fiscal 2025 and 2026 revised upwards to 28% and 54%, respectively.
It also raised price-to-earnings multiple to 30 times the fiscal 2027 estimate (ex-gTolvaptan).

Also Read: Lupin Launches Generic Cancer Treatment Drug In US Market

Nirmal Bang On HUDCO

The brokerage maintained 'buy' rating with a price target of Rs 375 per share, representing a potential upside of 28% to the previous close.
The infrastructure finance company's status will be beneficial for HUDCO, and makes its the only multi-sector infrastructure lending non-banking financial company.
It enhances single/group borrower exposure limits upwards.
It expect HUDCO’s earnings to clock a CAGR of 22.7%.
The company is valued at 3.6 times the June 2026 estimate.

Also Read: HUDCO Receives RBI Certification As Infrastructure Finance Company

Correction: Changes in headline and lede.