Reliance Industries Ltd

Largest Private Enterprise: RIL is India’s biggest private-sector company, part of the Mukesh D. Ambani-led Reliance Group.

Diversified Business Segments: Operates across oil & gas exploration, petroleum refining, petrochemicals, retail, telecom (digital services), and media & entertainment.

Nationwide Presence: Has widespread manufacturing units and service outlets across India.

New Energy Focus: Entered the renewable energy sector in FY22, targeting solar PV, energy storage, and green hydrogen.

Ambitious Clean Energy Goals: Aims to build giga factories and enable 100 GW of renewable energy capacity by 2030.

Recommendation by Broking Firms (Updated on 23th July 2025)

Issuing Company	Rating	Target Price
Antique Stock Broking	Buy	1640
Dolat Capital	Accumulate	1625
J M Financial	Buy	1700
Kotak Institutional Equities	Add	1605
Systematix Institutional Equities	Buy	1680
Average Target Price		1650

*Reports are attached at the bottom of page*

Digital (Jio)

Subscriber base rose by 9.9M QoQ to 498M; 5G users at 210M.
JioAirFiber home connects surpassed 20M; UBR-based FWA driving growth.
Jio now world’s largest FWA provider (~82% India share).
Monetization ongoing in enterprise via cloud, content, Wi-Fi, security; B2C to follow.

Retail

Added 252 net stores (total: 19,592); transactions rose 16% YoY.
Grocery saw strong growth: HPC +15%, F&V +15%, Packaged Foods +13%.
Consumer brands revenue doubled YoY to ₹44B; RCPL demerger underway.
JioMart Quick orders up 175% YoY; expanding express delivery network.

O2C & Petrochemicals

Throughput down due to planned shutdown; retail volumes +35%.
Refining margins stable; petchem under pressure due to supply glut.
Gasoline/gasoil cracks up on ME conflict, low US inventory.

New Energy

Giga factories to be commissioned in 4–6 quarters.
Full integration across solar, battery, green fuels; expected 25% cost savings.

Financials

Capex moderated to ₹299B; net debt rose slightly to ₹1,176B.

Reports