Prabhudas Lilladher's research report on Reliance Industries
Reliance Industries’ (RIL) consolidated revenue declined 3% QoQ to Rs2,250.9 bn (PLe: Rs2,392.7 bn). EBITDA fell 1% QoQ to Rs 406.6bn (PLe: Rs 403.3 bn) while PAT also fell 1% QoQ to Rs 172.7 bn (PLe: Rs157.9 bn). Retail EBITDA grew 31.1% YoY to Rs62.6bn. Standalone EBITDA declined 8.5% QoQ due to lower fuel and downstream margins and planned maintenance shutdown. ARPU stood at Rs 181.7 while total subscribers stand at 470.9mn. The company is on track to commission new energy segment in phases starting this fiscal year end.
Outlook
The stock is trading at 10.8x FY26E EBITDA. We maintain Accumulate rating with a TP of Rs 2,912, based on SoTP valuing the standalone business at 7.5x FY26 EBITDA, Jio at 15x FY26 EBITDA and Retail at 39x FY26 EBITDA.
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