RIL Q4 Results: Brokerages Make Big Moves on Stock, But Should You Buy?
Reliance Industries (RIL) declared its fourth-quarter results on Thursday, with gross revenue witnessing a 10.8% year-on-year increase to ₹2,64,834 crore. While profit after tax (PAT) stayed mostly steady at ₹21,243 crore compared to the same period last year’s ₹21,327 crore, EBITDA grew by 14.3% YoY to ₹47,150 crore.
All of the group’s businesses, including oil and gas, retail, and telecom, reported positive performances.
Brokerage Recommendations
The RIL Q4 results have been positively received by brokerages, and many have maintained their optimistic ratings while some have even raised RIL’s stock target prices in anticipation of the company’s completion of its capital expenditure cycle.
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Motilal Oswal Financial Services
: Maintains a ‘buy’ rating with a target price of ₹3245, citing Q4FY24 EBITDA and PAT exceeding expectations.–
Morgan Stanley
: Upgrades to an ‘overweight’ call with a target price of ₹3,046, anticipating multiple catalysts for re-rating across verticals as the company exits its fourth investment cycle.–
Nuvama Wealth Management
: Significantly increases its target price by 10% to ₹3,500 with a ‘buy’ recommendation, emphasizing the consumer business’s (digital and retail) growing contribution to EBITDA.–
Kotak Institutional Equities
: Issues an ‘add’ call and revises its fair value to ₹3,200, up 10% from its previous estimate of ₹2,900, citing marginally lower EBITDA estimates for FY2025-26E due to reduced subscriber growth in RJio following Vodafone Idea’s fundraising.–
