Reliance Industries - Well On Track To 2x Size Before End Of Decade: Dolat Capital

Dolat Capital Report

Reliance Industries Ltd. hosted its 47th AGM, wherein Chairman Mr. Mukesh Ambani once again outlined a long-term plan with five growth engines- oil-to-chemical, retail, Jio, media, green energy and fuels.

As per the guidance, Jio and retail are expected to post two times Ebitda in the next three-four years on the back of-

1. Jio's 5G network strength enabling the creation of new verticals and

2. Retails' wide reach and scale. New energy business profitability is expected to match the profitability of O2C business over five-seven years.

This implies Reliance's consolidated FY28 Ebitda can cross Rs 2483 billion with 11% compound annual growth rate with major growth driver of Jio (55%)/retail (22%) and O2C with new energy (23%).

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