Shares of Reliance Industries Ltd jumped over 5% on Monday, April 28, 2025, touching ₹1,360.80 after the company posted a strong set of fourth-quarter results, leading to a wave of brokerage upgrades.
Reliance Industries reported a 2.4% year-on-year (YoY) rise in consolidated net profit to ₹19,407 crore for the quarter ended March 2025. The profit figure was also higher sequentially compared to ₹18,540 crore in the December quarter. Despite muted annual profit growth at ₹69,648 crore, Reliance became the first Indian company to cross a net worth of ₹10 lakh crore during FY25.
The rally in Reliance shares came after the company reported strong growth in its telecom and retail segments, offsetting the weakness in its oil-to-chemicals (O2C) business. Jio Platforms’ quarterly profit rose 26% YoY to ₹7,022 crore, while Reliance Retail’s revenue surged 16% YoY during the quarter.
The upbeat sentiment was further fueled by Reliance’s plans for aggressive growth in its quick commerce business and its green energy initiatives.
Brokerage reactions:
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CLSA retained an ‘Outperform’ rating with a target price of ₹1,650, citing stronger-than-expected Q4 earnings and expected growth in quick commerce.
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JPMorgan maintained an ‘Overweight’ rating with a target price of ₹1,530, highlighting the 16% YoY growth in Reliance Retail as a major positive.
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Macquarie reiterated its ‘Outperform’ rating with a target price of ₹1,500, noting that Reliance Jio contributed significantly to group earnings growth.
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Nuvama Institutional Equities maintained a ‘Buy’ call with a target price of ₹1,708, optimistic about Reliance’s new energy business. It estimates that Reliance’s green energy segment could contribute over 50% to consolidated profits by FY30.
With optimism around continued telecom expansion, a strong retail rebound, and emerging green energy bets, Reliance Industries remains a key stock to watch on Dalal Street.
