Reliance Industries Share Price Target: Emkay Reiterates 'BUY' After Q4 FY25 Results - Key Highlights

Emkay has reiterated a 'BUY' rating on Reliance Industries Limited (RIL) with a target price (TP) of Rs 1,450, citing a favorable outlook post the company's Q4FY25 earnings announcement.

RIL reported a consolidated EBITDA of Rs 438 billion, meeting expectations, while the PAT stood at Rs 194 billion, exceeding estimates by 9%, bolstered by higher Other Income.

RIL Q4 Results 2025

Emkay's analysis highlights RIL's strong operational metrics across its key segments. Retail reported a robust 16% revenue growth year-on-year (YoY) with a corresponding 14% increase in EBITDA. Jio, the telecom arm, witnessed a 2% EBITDA beat and added 6.1 million subscribers quarter-on-quarter (QoQ), contributing positively to overall performance.

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Strategic Investments in New Energy and Retail Expansion
RIL's strategic initiatives include the commissioning of its first line of solar PV gigafactory, aimed at scaling up to a 10GWpa capacity within the next 1-1.5 years. Additionally, preparations are underway for the launch of its battery business in early CY26.

The retail segment continues to expand aggressively, with a focus on enhancing delivery capabilities and leveraging its physical footprint to drive growth.

Financial Insights and Future Outlook
The company's net debt remained stable at $1.17 trillion, with Q4FY25 capex reaching $360 billion, supporting ongoing expansions in petrochemicals and new energy ventures.

Emkay anticipates further earnings growth across various segments, prompting upward revisions of 3-5% in FY26-27E estimates.
 

Valuation and Risks
Emkay values RIL using a Sum-of-the-Parts (SOTP) methodology, reflecting positive sentiment across core segments and strategic investments in new energy. Key risks identified include commodity price fluctuations, competitive pressures in the B2C space, and regulatory uncertainties.

Reliance Industries Share Price Target
‘We maintain our positive view and raise FY26-27E earnings 3-5% each for various segments. We retain BUY with Mar-26E TP of Rs1,450,’ as mentioned in the report by Emkay.
With a bullish outlook on RIL's future prospects driven by sectoral expansions and operational efficiencies, Emkay maintains its positive stance on the stock, underscoring potential upside with a TP of Rs 1,450 by March 2026.

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