Macquarie has maintained its Outperform rating on Reliance Industries (RIL) with a target price of ₹1,500, indicating a modest 2% upside from the current market price of ₹1,476. The brokerage said that RIL’s June quarter earnings optically beat estimates, but this was largely due to one-off investment gains rather than core operational performance.
At the segment level, Jio continued to deliver strong performance, while retail remained underwhelming and the Oil-to-Chemicals (O2C) segment showed signs of gradual recovery.
Macquarie noted that the company’s management presentation highlighted strategic optionality across New Energy, Jio, and Retail over a three-year horizon, suggesting potential value-unlocking opportunities in the medium term. While near-term operating trends remain mixed, the brokerage believes RIL’s diverse business verticals and long-term strategic initiatives support its positive outlook.
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.
