'Buy' Reliance Industries Says Yes Securities, Sees 18% Upside; Here's Why

Yes Securities Report

Stocks To Buy:

We maintain Buy with a target price of Rs 1,500/share.

Reliance Industries Ltd.’s stock price has seen a significant correction and is now trading at its bear case scenario, with limited downside from here. We expect a recovery driven by strong growth across its key segments. Jio Platforms is poised for monetization, with tariff hikes boosting average revenue per user and the upcoming Jio IPO providing a major valuation catalyst.

Reliance Retail, which is currently lacking on near term growth, while facing competition, is well-positioned for a long-term growth through its omnichannel strategy and strategic acquisitions. The oil-to-chemical segment remains robust despite global supply disruptions expecting refining margins to improve supported by global shutdowns and winter demand.

The upstream oil and gas segment remains stable with ongoing deepwater projects and increasing domestic gas demand. Additionally, Reliance’s Rs 750 billion new energy investment, aiming for 100GW of renewable capacity by 2030, strengthens its position as a leader in India’s energy transition, providing significant long-term value.

The consumer segment - Retail and JIO which are contributing over 55% to its FY27 Ebitda forms ~ 70% of the target price.

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