Reliance Industries Shares Surge 4% on Strong Q4 Results; Brokerages Stay Bullish

Robust Growth Across Digital, Retail, and Oil-to-Chemicals Segments Lifts Investor Sentiment

Mumbai, April 28 — Shares of Reliance Industries Ltd (RIL) surged nearly 4% in early trade on Monday, becoming the top gainer on the Nifty 50 index, after India’s largest conglomerate reported better-than-expected earnings for the March quarter. The strong performance was driven by robust growth in its digital services, retail, and oil-to-chemicals (O2C) businesses.

Reliance Industries

At 10:30 AM IST, RIL’s shares were trading at ₹1,350.5 on the NSE, marking their biggest intraday gain since January 17, 2025.

Reliance Industries Q4 FY25 Performance Highlights

For the quarter ended March 31, 2025:

• Net Profit Attributable to Shareholders: ₹19,407 crore, up 2.4% year-on-year

• Revenue: ₹2.88 lakh crore, up 8.8% year-on-year

Lower depreciation, interest, and tax rates helped the company surpass Street expectations, reinforcing investor confidence in RIL’s diversified business model.

Brokerages Raise Target Prices, Maintain Positive Outlook

Following the earnings report, leading brokerages have reiterated their bullish stance on Reliance Industries:

• Motilal Oswal Financial Services: Predicts Jio will be the largest growth driver with 21% annual EBITDA growth over FY25-27, fueled by another telecom tariff hike, market share gains, and growth in home and enterprise services.

• Nomura Holdings: Identifies key near-term triggers such as the scale-up of Reliance’s new energy business, upcoming tariff hikes at Jio, and the potential IPO/listing of Jio for significant value unlocking.

• JPMorgan: Highlights a sharp 16% year-on-year jump in Reliance Retail’s Q4 growth, suggesting retail will continue to contribute meaningfully to share price appreciation.

• Nuvama Institutional Equities: Forecasts the new energy business could contribute up to 12% of RIL’s profits by FY2030, projecting it to match the O2C segment’s profit contribution by FY2031.

Overall, analysts expect a consolidated EBITDA and PAT CAGR of 13–14% over FY25-27, driven by strong double-digit EBITDA growth from Jio and Retail. Meanwhile, the O2C segment is expected to rebound following a subdued FY25.

Key Growth Drivers Ahead

• Expansion of Jio’s homes and enterprise business

• Scaling up of new energy and clean tech initiatives

• Strategic restructuring at Reliance Retail

• Upcoming telecom tariff revisions

• Potential IPO of Jio for unlocking shareholder value

The strong Q4 results, combined with favorable sectoral trends and strategic initiatives, continue to position Reliance Industries as a formidable player across multiple sectors.