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Shares of Reliance Industries Ltd (RIL) climbed nearly 4% in early trade on April 28, emerging as the top gainer on the Nifty 50
Reliance Industries Share Price
Shares of Reliance Industries Ltd (RIL) climbed nearly 4% in early trade on April 28, emerging as the top gainer on the Nifty 50, after the company reported a stronger-than-expected performance for the quarter ended March 2025.
The Mukesh Ambani-led conglomerate posted a 2.4% year-on-year rise in net profit to Rs 19,407 crore, beating analyst estimates. The earnings boost was largely attributed to lower depreciation, interest expenses, and a reduced tax rate. Revenue for Q4FY25 stood at Rs 2.88 lakh crore, an 8.8% increase over the previous year, driven by growth in the digital services, retail, and oil-to-chemicals (O2C) businesses.
Following the results, several brokerages raised their target prices on Reliance, citing broad-based strength across business verticals and better-than-expected margins in the O2C segment.
As of 10:30 am, RIL shares were up 3.9% at ₹1,350.5 on the NSE, marking the stock’s strongest intraday gain since January 17, 2025.
The rally was underpinned by investor optimism around Reliance Jio, the group’s telecom arm. Motilal Oswal projected 21% annual EBITDA growth for Jio between FY25 and FY27, supported by potential tariff hikes, increased wireless market share, and continued expansion in home and enterprise services.
Nomura Holdings identified three key drivers for RIL’s near-term growth: the scale-up of its new energy business, upcoming Jio tariff hikes, and a potential IPO or listing of Jio, which could unlock significant shareholder value. Nomura also noted that with operational streamlining completed at Reliance Retail, the segment is well-positioned to maintain a strong growth trajectory.
JPMorgan, too, pointed to the 16% year-on-year surge in Reliance Retail’s Q4 revenue, highlighting favorable valuations as a near-term catalyst for the stock.
On the new energy front, Nuvama Institutional Equities estimated that the segment could contribute 12% of consolidated PAT by FY2030, with ambitions to match the O2C segment’s profitability by FY2031. The brokerage added that new energy could account for over half of RIL’s incremental profit in the coming years, reflecting investor appetite for clean technology ventures.
Motilal Oswal projected a 13–14% CAGR in EBITDA and PAT for RIL between FY25 and FY27, supported by double-digit EBITDA growth in Jio and retail. While FY25 is expected to remain soft for the O2C segment, the brokerage sees a recovery ahead, led by improving refining margins.
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