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RELIANCE Share Price Target

Reliance Industries Ltd.
Sector: Petroleum
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RELIANCE Share Price *
1,556.3 +5.45 (0.35%)
* (quote may be delayed)
RELIANCE Share Price Forecast - Consensus
No. of reports in last year
17
No. of analysts
8
Average Consensus Forecast
1497.82
Consensus Potential
-4.44%

RELIANCE Share Price Target - Broker Reports - 2019

Geojit Financial Services
24-Oct-19
Price @ Call: 1392.85
Target: 1540
HOLD

Edelweiss
22-Jul-19
Price @ Call: 1249
Target: 1652
BUY
Reliance Industries (RIL) continued to deliver steady earnings with Q1FY20 consolidated PAT at INR101bn beating estimate by 2.3%. EBITDA at INR208bn (adjusted for gains from Ind-AS 116: INR4.8bn) was broadly in line with estimate. Key highlights: 1) RIL has announced that the INR252bn investment by Brookfield in the tower InvIT will be used primarily for repayment of existing debt; 2) it has expanded coker capacity to leverage IMO, enabling it to convert HSFO in to gasoil; 3) refining in Q1FY20 delivered a solid beat on EBITDA (6% above estimate) despite lower GRM (GRM: USD8.1/bbl, estimate: 8.3/bbl) due to surge in refinery utilization; 4) petchem beat estimate 5% due to ramp up of cheaper ethane imports replacing costlier naptha and propane; and 5) RJIO’s earnings came in line while capex continues to remain elevated accounting for bulk of the INR220bn invested during the quarter. With no clarity on start of petcoke gasifier, we revise down refining and petchem earnings (lower polymer margins) leading to 4.5% cut in FY20E EPS for RIL and 3% cut in TP to INR1,652/share (INR1701 earlier). Maintain ‘BUY’.
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Prabhudas Lilladher
19-Jul-19
Price @ Call: 1256.84
Target: 1363
ACCUMULATE
Cut earnings, maintain Hold: We cut our estimates for FY20/21E by 10%/9% respectively to factor in lower GRMs. Our PT cut is cushioned by increased in value of retail to Rs132 (Rs117 earlier). We maintain our rating to ACCUMULATE.
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Sharekhan
23-Apr-19
Price @ Call: 1344.8
Target: 1630
BUY
Maintain Buy rating with revised PT of Rs. 1,630: We have fine tuned our FY2020E EPS and FY2021E EPS to factor in higher subscriber additions, higher earnings for retail business and lower refining margins. We maintain our Buy rating on the stock with a revised price target (PT) of Rs. 1,630 as we ascribe higher value to the telecom and retail business backed by higher multiple and upward revision in earnings estimates for the segments. We believe that deleveraging of consolidated balance sheet with transfer of telecom infrastructure to infrastructure investment trusts and potential stake sale in downstream business (as per media reports) along with continued high growth in retail and telecom businesses would remain a key re-rating catalyst for the stock in near to medium term. At CMP, the stock is trading at 16.8x its FY2020E EPS and 15.2x its FY2021E EPS.
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HDFC Securities
23-Apr-19
Price @ Call: 1344.8
Target: 1535
BUY
We upgrade RIL to BUY after the 4QFY19 beat. We believe RIL will be the biggest beneficiary of the IMO regulations, as it is the most complex refiner globally. Hiving off R-Jio’s optical fiber and tower assets will unlock value by reducing attributable consolidated debt.RIL is creating value via (1) Transition from a low-multiple refining business to the consumer-oriented, digitally fired R-Jio, (2) Monetisation and deleveraging achieved by hiving off fiber and tower assets, (3) GRMs rising post the new IMO regulations (est. USD 9.2-12.0/bbl over FY19- 21E). Our SoTP is Rs 1,535/sh (7.5x EV/e for refining, 9x EV/e for petchem, Rs 6.0/sh for domestic E&P, 1x EV/capital for Shale, 25x EV/e for Retail and 10x EV/e for Telecom).
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YES Securities
23-Apr-19
Price @ Call: 1344.8
Target: 1835
BUY

Nalanda Securities
23-Apr-19
Price @ Call: 1344.8
Target: 1638
BUY
Valuations We value the company using SOTP valuation, thereby, valuing refining & petchem business at 7.0x FY21E EBITDA & telecom at 7.0x FY21E EBIDTA to arrive at a target price of INR 1638/share indicating 18.2% upside. We strongly recommend to add the stock on dips with an investment horizon of 1 year.
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Motilal Oswal
22-Apr-19
Price @ Call: 1352.53
Target: 1431
NEUTRAL
Ourreport‘Weaknessaheadinrefiningandpetrochem’(releasedon2nd Apr’19) echoes with management’s guidance of expanding supply glut in both refining and petrochem in 1-2 years, which would keep the core sector performance under pressure. CapexintensityremainshighwithtotalinvestmentofINR327bin4QFY19 and INR1,345b in FY19 (+70% YoY). There is no specific guidance on capex. However, the petcoke gasifiers appear to have been commissioned fully, which should decrease capex, at least in the standalone business.
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Prabhudas Lilladher
19-Apr-19
Price @ Call: 1378.42
Target: 1406
ACCUMULATE
Maintain earnings, maintain ACCUMULATE: We maintain our estimates for FY19/20E. after a sharp run up, we maintain our rating to ACCUMULATE.
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Edelweiss
16-Apr-19
Price @ Call: 1339.75
Target: 1636
BUY
We estimate RIL’s EBITDA to clock a robust 19% CAGR over FY19-23 driven by 14% CAGR for refining and 40% and 29% for retail and telecom, respectively, off a low base. Hence, we revise our TP to INR1,636 (INR1,435 earlier; based on SOTP). We reiterate ‘BUY/SO’. At CMP, the stock is trading at 7.0x FY21E EV/EBITDA.
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Motilal Oswal
3-Apr-19
Price @ Call: 1388.45
Target: 1457
NEUTRAL
Global refining and petrochem peers are trading at ~6x FY20 EV/EBITDA. We value RIL’s refining and petrochemical segments at 7.5x – the premium here reflects the company’s superior capability to manage the crude basket, refinery yields, hedging and multiple feedstock for its petrochem segment. We value RIL using SOTP. We use 7.5x EV/EBITDA for refining/petrochem, DCF for E&P, 2.5x EV/sales for Reliance Retail and DCF for RJio. We roll over our valuation to FY21. With a revised TP of INR1,457, we downgrade our rating to Neutral due to limited upside in the stock.
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HDFC Securities
21-Jan-19
Price @ Call: 1182.95
Target: 1331
BUY

Prabhudas Lilladher
18-Jan-19
Price @ Call: 1133.75
Target: 1238
ACCUMULATE

Motilal Oswal
18-Jan-19
Price @ Call: 1133.75
Target: 1426
BUY

Edelweiss
18-Jan-19
Price @ Call: 1133.75
Target: 1415
BUY

Sharekhan
18-Jan-19
Price @ Call: 1133.75
Target: 1465
BUY

RELIANCE Share Price Target - Broker Reports - 2018

Sharekhan
12-Dec-18
Price @ Call: 1099.23
Target: 1465
BUY

Axis Direct
23-Oct-18
Price @ Call: 1053.39
Target: 1346
BUY

Nalanda Securities
22-Oct-18
Price @ Call: 1101.65
Target: 1434
BUY

HDFC Securities
20-Oct-18
Price @ Call: 1091.48
Target: 1430
BUY

Motilal Oswal
18-Oct-18
Price @ Call: 1168.25
Target: 1479
BUY

Sharekhan
30-Aug-18
Price @ Call: 1294.45
Target: 1465
BUY

KRChoksey
3-Aug-18
Price @ Call: 1176.32
Target: 1442
BUY

Edelweiss
30-Jul-18
Price @ Call: 1129.6
Target: 1457
BUY

HDFC Securities
30-Jul-18
Price @ Call: 1143.09
Target: 1270
BUY

Motilal Oswal
28-Jul-18
Price @ Call: 1127.61
Target: 1301
BUY

Geojit Financial Services
24-May-18
Price @ Call: 916.53
Target: 990
HOLD

HDFC Securities
3-May-18
Price @ Call: 963.48
Target: 1178
BUY

Motilal Oswal
28-Apr-18
Price @ Call: 998.95
Target: 1150
BUY

Sharekhan
27-Apr-18
Price @ Call: 998.95
Target: 1110
BUY

Motilal Oswal
27-Feb-18
Price @ Call: 938.6
Target: 1111
BUY

Axis Direct
29-Jan-18
Price @ Call: 968.73
Target: 1125
BUY

Edelweiss
22-Jan-18
Price @ Call: 929.35
Target: 1174
BUY

Motilal Oswal
20-Jan-18
Price @ Call: 927.02
Target: 1069
BUY

Edelweiss
8-Jan-18
Price @ Call: 923
Target: 1151
BUY

Edelweiss
4-Jan-18
Price @ Call: 916.35
Target: 1151
BUY

RELIANCE Share Price Target - Broker Reports - 2017

Sharekhan
29-Dec-17
Price @ Call: 924.4
Target: 1040
BUY

Motilal Oswal
27-Nov-17
Price @ Call: 949.5
Target: 1005
BUY

Motilal Oswal
13-Nov-17
Price @ Call: 883.5
Target: 1077
BUY

Geojit Financial Services
10-Nov-17
Price @ Call: 901.55
Target: 1000
BUY

Axis Direct
2-Nov-17
Price @ Call: 947.64
Target: 990
BUY

Motilal Oswal
16-Oct-17
Price @ Call: 876.7
Target: 1005
BUY

Edelweiss
16-Oct-17
Price @ Call: 876.7
Target: 1104
BUY

Kotak Securities
16-Oct-17
Price @ Call: 876.7
Target: 835
REDUCE

Motilal Oswal
21-Sep-17
Price @ Call: 847.1
Target: 941
NEUTRAL

Sharekhan
3-Sep-17
Price @ Call: 804.31
Target: 875
BUY

Axis Direct
28-Jul-17
Price @ Call: 793
Target: 892.5
BUY

Sharekhan
21-Jul-17
Price @ Call: 786.87
Target: 832.5
BUY

Systematix Shares & Stocks
21-Jul-17
Price @ Call: 786.87
Target: 900
BUY

Ashwanigujral.com
21-Jul-17
Price @ Call: 786.87
Target: 1000
BUY

Edelweiss
20-Jul-17
Price @ Call: 764.5
Target: 891
BUY

Sharekhan
19-Jun-17
Price @ Call: 693.93
Target: 775
BUY

Edelweiss
16-Jun-17
Price @ Call: 693.95
Target: 822.5
BUY

Axis Direct
3-May-17
Price @ Call: 1370.94
Target: 1600
BUY

Geojit Financial Services
28-Apr-17
Price @ Call: 704
Target: 792
BUY

Edelweiss
20-Apr-17
Price @ Call: 685
Target: 800
BUY

Edelweiss
22-Feb-17
Price @ Call: 604
Target: 726
BUY

Axis Direct
23-Jan-17
Price @ Call: 1020.29
Target: 1330
BUY

HDFC Securities
17-Jan-17
Price @ Call: 538
Target: 612.5
BUY

Prabhudas Lilladher
17-Jan-17
Price @ Call: 538.5
Target: 547
ACCUMULATE

KRChoksey
17-Jan-17
Price @ Call: 520.5
Target: 728.5
BUY

Edelweiss
16-Jan-17
Price @ Call: 538
Target: 706.5
BUY

RELIANCE Share Price Target - Broker Reports - 2016

Religare
30-Dec-16
Price @ Call: 540.28
Target: 600
BUY

Edelweiss
1-Dec-16
Price @ Call: 499
Target: 703.5
BUY

KRChoksey
24-Oct-16
Price @ Call: 532.2
Target: 642.5
BUY

Axis Direct
21-Oct-16
Price @ Call: 544
Target: 650
BUY

Prabhudas Lilladher
21-Oct-16
Price @ Call: 544.5
Target: 551
ACCUMULATE

Religare
21-Oct-16
Price @ Call: 543.78
Target: 600
BUY

Edelweiss
20-Oct-16
Price @ Call: 544
Target: 700.5
BUY

Motilal Oswal
1-Sep-16
Price @ Call: 514.5
Target: 564.5
NEUTRAL

Religare
1-Sep-16
Price @ Call: 514.6
Target: 600
BUY

Axis Direct
11-Aug-16
Price @ Call: 515
Target: 685
BUY

KRChoksey
25-Apr-16
Price @ Call: 1014
Target: 1288
BUY

Axis Direct
25-Apr-16
Price @ Call: 1039
Target: 1375
BUY

Kotak Securities
25-Apr-16
Price @ Call: 1027.9
Target: 1130
BUY

  • RELIANCE - Share Price Target Potential

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    BrokerageTargetPotential
    Geojit Financial Services1,540-0.70%
    Edelweiss1,6526.12%
    Prabhudas Lilladher1,363-13.78%
    Sharekhan1,6304.86%
    HDFC Securities1,535-1.03%