
Jefferies reiterated its Buy rating on Reliance Industries, with a target price of ₹1,660, citing that Q3 EBITDA was 5% ahead of estimates. The retail and O2C (oil-to-chemicals) businesses delivered robust performance, signaling a restoration of growth in retail, which Jefferies believes indicates that the worst is likely behind.
While Jio’s EBITDA missed estimates by 2% due to slightly lower ARPU and elevated costs, O2C profitability benefited from refining operations, which are expected to have a positive outlook in FY26. Jefferies also highlighted potential triggers for FY26, including further traction in retail, tariff hikes, and the possibility of Jio’s listing, which could unlock value for the company.
Reliance Q3FY25 Results:
- Net Profit: ₹18,540 crore (+7.4% YoY)
- Revenue: ₹2.40 lakh crore (+6.6% YoY)
- EBITDA: ₹43,789 crore (+8% YoY)
- EBITDA Margin: 18.3% (vs. 18.1% YoY)