HSBC has reiterated its Buy rating on Reliance Industries (RIL) with a target price of ₹1,630, implying a 10% upside from the current market price of ₹1,476. While the company’s Q1 earnings received a boost from a one-time share sale, HSBC noted that the core operational performance was somewhat soft, particularly in the Oil-to-Chemicals (O2C) and Retail segments.
The brokerage said that the O2C business remained under pressure, while Retail is in what it describes as the “last leg of turnaround”. HSBC also highlighted encouraging traction in UBR-led Air Fibre services, which could contribute to growth in the telecom segment.
Looking ahead, HSBC believes RIL is gearing up for the launch of its New Energy business, which could act as a significant growth lever over the coming years. The firm remains positive on RIL’s diversified portfolio and its strategic initiatives across telecom, energy, and retail verticals.
Disclaimer: The brokerage view is based on publicly available research and does not constitute investment advice. Please consult a certified financial advisor before making any investment decisions.
