Jefferies has reiterated its Buy rating on Reliance Industries (RIL) with a target price of ₹1,650, citing improving growth visibility for FY26.
The brokerage noted that RIL stock has outperformed the Nifty by 12 percent year-to-date, driven by a recovery in retail growth.
Looking forward, Jefferies expects visibility on FY26E growth to strengthen due to:
Retail space addition continuing to drive topline growth
A constructive tariff outlook for Jio
A strong showing in the oil-to-chemicals (O2C) business in Q1
Jefferies also highlighted that the stock trades below long-term forward EV/EBITDA averages, leaving room for further re-rating.
Disclaimer: The views and target prices mentioned in this article are as stated by Jefferies. They do not represent the opinions or recommendations of this publication. Readers are advised to consult their financial advisors before making any investment decisions.
