Accumulate Reliance Industries; target of Rs 1238: Prabhudas Lilladher

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26 Aug, 2025 12:21

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Prabhudas Lilladher's research report on Reliance Industries

RIL reported highest quarterly profits in Q3FY19. Results were ahead of our estimates at PAT level; Standalone EBITDA of Rs145bn (PLe: Rs141.5bn), PAT of Rs89.2bn (PLe: Rs81.9bn). Healthy performance was supported by better than expected petrochemicals profitability even as refining profitability came in lower than expected. For Q3, GRMs were at US$8.8/bbl (PLe: US$8.5/bbl) due to weak gasoline spreads given high inventory and weak demand. However, gasoil spreads were healthy given low inventory. Q3 refining thruput were higher at 18MTPA.

Outlook

Maintain earnings, maintain Hold: We maintain our estimates for FY19/20E. We maintain our rating to ACCUMULATE as we await clarity on petcoke commercialisation.

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