Reliance Industries Q4 Results Review - Oil-To-Chemical Beats Expectations: Prabhudas Lilladher

Prabhudas Lilladher Report

Reliance Industries Ltd.’s consolidated revenue grew 5% QoQ to Rs 2,365.3 bn (our estimate: Rs 2,420.2 billion). Ebitda increased 5% QoQ to Rs 425.2 billion (our estimate: Rs 424.9 billion) while profit after tax grew 10% QoQ to Rs 189.5 billion (our estimate: Rs 172.3 billion). Retail Ebitda grew 18.1% YoY to Rs 56.3 billion.

RIL's standalone Ebitda improved 14% QoQ to Rs 200.2 billion aided by better refining margins and improvement across PE and PP deltas. Average revenue per user stood at Rs 181.7 while total subscribers stand at 481.8 million.

The stock is trading at 11.9 times FY26E enterprise value/Ebitda. We maintain Hold rating with a target price of Rs 2,955, 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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