Reliance Industries share price gains over 3% as brokerages raise target price post Q4 results. Is it a stock to buy?

Reliance Industries share price today: Shares of Reliance Industries Ltd. (RIL), the country's most valuable company by market capitalisation, rose 3.4% in early trade on Monday, April 28, to a 5-month high of ₹1344 apiece, after analysts retained their optimistic outlook on the company and raised their target price on the stock following March quarter numbers that beat estimates.

The company reported a 6% growth in its consolidated profit for the January–March quarter (Q4FY24) on Friday, driven by a resurgence in its retail business and better realisations in telecom, even as challenges persisted in its core oil-to-chemicals (O2C) business.

Reliance Industries Q4 results

Billionaire industrialist Mukesh Ambani-led energy-to-telecom conglomerate reported a consolidated profit of ₹22,434 crore in Q4FY25, higher than the ₹18,471.4 crore consensus estimate of analysts polled by Bloomberg. The profit in the corresponding quarter of the previous fiscal year was ₹21,143 crore.

The company's revenue from operations during the reporting quarter rose to ₹2.61 lakh crore, compared to ₹2.4 lakh crore recorded in the year-ago period. On the operating front, the operating profit rose nearly 4% to ₹48,737 crore. However, the EBITDA margin fell by 90 basis points to 16.9%.

For the financial year 2025 (FY25), the company's consolidated revenue came in at a record ₹10,71,174 crore, up 7.1 percent YoY, while the consolidated profit after tax (PAT) for FY25 grew 2.9 percent YoY to ₹81,309 crore.

Additionally, Reliance Industries said in an investor presentation that it has commissioned its first line for manufacturing of solar panels and is on track to build battery storage production facilities.

Reliance - India's largest conglomerate whose interest spans from oil and petrochemicals to telecom and retail - had in 2021 unveiled a USD 10-billion plan spanning renewables, storage and hydrogen as it chased net zero emissions status by 2035, a PTI report said.

The company also announced that it had become the first in the country to achieve a net worth of over ₹10 trillion, according to a press statement.

Reliance Industries share price target

Japanese brokerage firm Nomura maintained its "Buy" rating on Reliance Industries share price and raised its target price to ₹1,650, citing strong results across segments and highlighting three near-term triggers: the scale-up of the new energy business, upcoming tariff hikes for Jio, and the potential IPO/listing of Jio, which could drive significant value unlocking for the company.

JP Morgan also maintained an "Overweight" rating with a target price of ₹1,530, noting that the acceleration of Reliance Retail’s growth to 16% year-on-year in both revenue and EBITDA was a key positive for the quarter. With favorable valuations, the brokerage believes this could support the stock’s near-term performance.

Morgan Stanley reiterated its "overweight" stance with a target price of ₹1,606, highlighting that Reliance Industries outperformed expectations in both operations and earnings, particularly in retail and oil-to-chemicals (O2C) margins.

The brokerage emphasised that major growth drivers into 2026 will include the ramp-up of the new energy segment, increased traction in consumer brands, and margin improvements in the fashion and lifestyle divisions.

Macquarie, meanwhile, retained its "Outperform" with a target price of ₹1,500. While the Q4 results were largely in line, Macquarie noted that Jio remained the main contributor to incremental group EBIT, while retail saw an improvement in revenue growth momentum — from 3% in the first half of FY25 to 9% in the December quarter and further to 16% in March — alongside mild margin expansion.

Domestic brokerage firm Nuvama Institutional Equities kept its "Buy" rating on Reliance Industries with the highest target price of ₹1,708. Nuvama pointed out that RIL’s Q4 EBITDA of ₹48,737 crore beat estimates, supported by strong performance across segments.

The brokerage also highlighted the commissioning of RIL's HJT (Heterojunction Technology) module manufacturing facility as a positive development that will unlock new opportunities in the New Energy space.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.