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RELIANCE Price Target Potential

BrokerageTargetPotential
Prabhudas Lilladher295519.81%
Geojit Financial Services275814.09%
Motilal Oswal280015.38%
ICICIdirect.com295019.68%
HDFC Securities282015.98%

RELIANCE Ratings

Long term RELIANCE rating by FrontPage users
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NaN/5 ( Ratings)
RELIANCE share price target reports by brokerages below. See what is analyst's view on RELIANCE share price forecast, rating, estimates, valuation and prediction behind the target. You may use these research report forecasts for long-term to medium term for your investment or trades in 2020.
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RELIANCE Share Price Target

RELIANCE Share Price Target - Broker Reports - 2022

Price @ Call: 2478
23-Jan-22
Target: 2955
BUY
Price @ Call: 2338
28-Jan-22
Target: 2758
BUY
Price @ Call: 2478
23-Jan-22
Target: 2800
BUY
Price @ Call: 2478
23-Jan-22
Target: 2950
BUY
Price @ Call: 2478
24-Jan-22
Target: 2820
ADD

RELIANCE Share Price Target - Broker Reports - 2021

Price @ Call: 2446
29-Nov-21
Target: 2925
BUY
Price @ Call: 2500
25-Nov-21
Target: 2900
BUY
Price @ Call: 2473
22-Nov-21
Target: 2955
BUY
Price @ Call: 2627
23-Oct-21
Target: 2900
HOLD
Price @ Call: 2627
24-Oct-21
Target: 2900
BUY
Price @ Call: 2626
25-Oct-21
Target: 2855
ADD
Price @ Call: 2627
25-Oct-21
Target: 2955
BUY
Price @ Call: 2655
11-Oct-21
Target: 2760
HOLD
Price @ Call: 2653
11-Oct-21
Target: 2955
BUY
Price @ Call: 2394
21-Sep-21
Target: 2480
HOLD
Price @ Call: 1931.3
7-May-21
Target: 2298
BUY
Price @ Call: 1995
1-May-21
Target: 2256
BUY
Price @ Call: 1931.9
13-Apr-21
Target: 2330
BUY
Price @ Call: 2024.25
23-Feb-21
Target: 2232
BUY
Price @ Call: 2071.27
24-Jan-21
Target: 2232
BUY

RELIANCE Share Price Target - Broker Reports - 2020

Price @ Call: 1947.79
5-Dec-20
Target: 2240
BUY
Price @ Call: 2040.8
30-Oct-20
Target: 2232
BUY
Price @ Call: 2140.04
9-Sep-20
Target: 2250
BUY
Price @ Call: 2111.03
30-Jul-20
Target: 2170
BUY
We raise our PT on RIL to factor higher valuation in Jio and retail business on rollover to FY23E vs earlier Sept 22 to factor in higher multiple. We value the hydrocarbon business in Sept 22 valuation at EV/E of 8.5x vs 8x earlier. RIL with its stated intention to monetize and forge global partnership across businesses, is well positioned to incubate new business and pursue inorganic opportunities given its liquid BS. Despite sharp run-up in stock prices (+140% in last 4 months), we believe positive news flow on global partnerships or stake sale is likely to keep valuations at elevated level. Maintain BUY with a revised PT of 2,170 (Rs1,828 earlier).
... Read more
Price @ Call: 1860.72
10-Jul-20
Target: 2000
BUY
RIL has attained a dominant position in both digital services and organized retailing. We believe the focus on the ‘oil-to-chemicals’ project would lead to huge potential upside from the standalone business as well. Although the project could take a few years to get completed due to the sheer size of the complex, our estimates suggest that 10% increase in conversion would increase the FY22E standalone/consolidated EBITDA by ~5.7%/2.9%. Given the recent closures of raising INR1,159b through stake sale in Jio Platforms as well as INR531b through rights issue, the company would become net debt free once the cash comes in. Considering the company would become a net debt free, we have raised the multiple for refining and petrochemical from 6x to 7.5x. Consumption of petroleum products also appears to be normalizing. Making adjustments for the same, our valuation for refining and petrochemical increases from INR617/share to INR791/share. Also, for every 10% change in petchem margins or refining GRMs, EBITDA sensitivity stands at 5-6% on standalone and 3% on consolidated basis.  Currently, RIL’s global refinery and petrochemical peers are trading at 8.9x FY21 EV/EBITDA. The stock is trading at 11.3x FY22E consolidated EBITDA and 17.7x FY22E consolidated EPS. We value RIL using SOTP. Valuing the standalone refining and petrochemical segments at 7.5x FY22E EBITDA and adding equity valuation of INR885/share for Jio and INR500/share for retail, we raise our target price from INR1,743/share to INR2,000/share. We reiterate RIL as one of our top picks.
... Read more
Price @ Call: 1436.57
19-May-20
Target: 1601
BUY
RIL have raised Rs670bn through sale of stake in Jio platform to multiple global investors. To further strengthen B/S and capitalize on global opportunities amidst the Covid-19 pandemic, RIL plans to raise Rs531bn through right issue at Rs1,257/share. Though our price target would come down to Rs1,580 (earlier Rs1,601), stock offers an attractive opportunity to play on highly scalable with B2C oriented businesses. Reiterate BUY
... Read more
Price @ Call: 1484.25
7-May-20
Target: 1580
HOLD
Price @ Call: 1560.21
9-May-20
Target: 1730
BUY
During the quarter, bank downgraded on a net basis Rs 1,955 crores, Rs 67 crores, Rs 250 crores into the BB rated loan, investments and non-fund book respectively. Significant downgrades during the quarter include clients in the Cement & Cement Products, Medical services, Automobiles & Ancillaries sectors. Top 4 sectors (Infrastructure Construction, Cement & Cement Products, Power Generation & Distribution, Hotels) comprises 61% of the fund based BB & below outstanding. Bank have provided build-up of prudent provisioning for Covid-19 risks aggregating to Rs 3,000 crores in the quarter and its total pool of provisions for various contingencies stands at Rs 5,983 crores, which is not considered in PCR.
... Read more
Price @ Call: 1560.21
8-May-20
Target: 1713
BUY
Price @ Call: 1443.43
4-May-20
Target: 1560
ADD
Our view that the stock should outperform, is premised on rising share of Non-cyclical domestic consumer business in EBITDA to 58% in FY21E v/s 41% in FY20 and a clear path to a stronger Balance Sheet. We have downgraded the stock to ADD from BUY as the stock has rallied by 28% over the past 2 weeks. The stock offers 6% upside at our TP of INR 1,560.
... Read more
Price @ Call: 1469.7
2-May-20
Target: 1618
BUY
While the stake sale is expected to fetch INR436b, the company is creating a separate O2C business and is looking forward to another transaction of a similar magnitude. The RIL-BP joint venture is also expected to be concluded soon, which should fetch INR70b. This is in addition to the rights issue of INR531b and PAT + Depreciation of INR664b in FY21 (capex of INR500b), which would easily take the company to net debt free status and may drive the next leg of rerating for the company.
... Read more
Price @ Call: 1469.7
1-May-20
Target: 1601
BUY
We tweak our estimates for FY21/22E as we believe RIL is well placed to capitalize on growth opportunities in the digital and retail space. Fund raising plans of Rs1trn by way of right issue, stake sale to Facebook and recent BP transactions will help RIL to tide over the tough post Covid pandemic situation, especially in the hydrocarbons business. We will incorporate the fund raising plans post completion of the deals.
... Read more
Price @ Call: 1236.05
22-Apr-20
Target: 1609
BUY
Facebook stake purchase in Jio Platform positions RIL as a global digital services player and open the possibility of more deals in future. This will help ally leverage concerns and showcase RIL’s ability to create world class assets and monetize at right value with global majors. We value RIL at Rs1,609 and value the digital services at Rs799/sh.
... Read more
Price @ Call: 1192
14-Apr-20
Target: 1400
BUY
We have cut FY21/22E EPS by up to 33% and our TP by 11% to INR 1,400 factoring up to 31% lower downstream margins driven by slowing global economy. We use EV/EBITDA to value downstream at Sep-21E EV/e, Retail on peer benchmarked EV/e and E&P, Jio on DCF.
... Read more
Price @ Call: 1080.74
31-Mar-20
Target: 1523
BUY
Price @ Call: 1559.59
20-Jan-20
Target: 1820
BUY
Petrochem margins are likely to be weak in light of continued US-China trade concerns, the weak economic outlook and the strong additional supply globally over the next 2-3 years (RIL expects the petchem market to balance out by 2021-22). Polymer production was up 3% YoY, led by optimized operations of ROGC complex. Domestic polymer demand is likely to be healthy, driven by policy push and budgetary allocation for the infrastructure/agri sectors. We value RIL using SOTP. We value the core segment of Refining and Petrochem at 7.5x FY22E EV/EBITDA, factoring in the enhanced delayed coker capacity, the widening of crude blend window for maximizing distillate yields prior to IMO and the revival in Petchem margins for the company under its flexible feedstock utilization. Our DCF-based target price for RJio of INR500 ascribes 11% WACC and 3% terminal growth, with implied EV/EBITDA of 13/10x on FY21/22E. The rich valuation is justified by RJio’s strong leadership position in three years of commercial launch. While net debt including fiber assets is ascribed at INR2048b for FY21, management indicated that fiber asset sale would be announced soon, which could reduce debt by INR460b. Reliance Retail: We expect a CAGR (FY19-22) of 29% in revenue to INR2,828b and 36%/42% in EBITDA/core EBITDA to INR155b/INR147b. We value it on an FY22 SOTP basis to arrive at a target price of INR500/share. The stock trades at 15x FY21E EPS of INR105.2 and 9.8x FY21E EV/EBIDTA. We reiterate our Buy rating on the company with a revised TP of INR1,820.
... Read more
Price @ Call: 1573.9
18-Jan-20
Target: 1705
BUY
Retail earnings- growth continues unabated: The retail profitability continues remain strong as the company opens new stores and operating leverage plays out. For Q3, 456 new stores were opened and retail EBIDTA improved to Rs27bn (Rs23bn in Q2). 9MFY20 EBIDTA improved to Rs70.9bn (+66%YoY). Cut earnings, maintain BUY: We cut our estimates for FY20/21E to factor in lower refining margins by USD1/bbl for FY20/21 to USD9.5/10.5 and lower petchem profitability. Our revised PT stands at Rs1,705 (1,793 earlier).
... Read more

RELIANCE Share Price Target - Broker Reports - 2019

Price @ Call: 1560.87
5-Dec-19
Target: 1836
BUY
Price @ Call: 1554.89
6-Dec-19
Target: 1793
BUY
Reliance JIO has launched ‘All-in-One Plans’ with higher tariffs following hikes by Vodafone and Airtel. After three years of severe tariff war, price hikes are welcome and we expect further hikes going forward. We increase RJIO’s ARPU assumptions for FY21-22E to Rs 170 /180 vis-à-vis FY20 rate of Rs130. We also revise RJIO equity value to Rs799/sh as we ascribe higher multiple of 8.0x EV/E FY22E and to factor in recent proposed reorganization of its digital platform to transfer Rs1.08trn debt/liabilities to RIL. We upgrade RIL to BUY with a PT of Rs1,793 (Rs 1,395 earlier) as we incorporate higher value of JIO and also incorporate higher value on RIL retail at Rs439 (Rs316 earlier on roll over to FY22E).
... Read more
Price @ Call: 1392.85
24-Oct-19
Target: 1540
HOLD
Price @ Call: 1249
22-Jul-19
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’.
... Read more
Price @ Call: 1256.84
19-Jul-19
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.
... Read more
Price @ Call: 1344.8
23-Apr-19
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.
... Read more
Price @ Call: 1344.8
23-Apr-19
Target: 1835
BUY
Price @ Call: 1344.8
23-Apr-19
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).
... Read more
Price @ Call: 1344.8
23-Apr-19
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.
... Read more
Price @ Call: 1352.53
22-Apr-19
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.
... Read more
Price @ Call: 1378.42
19-Apr-19
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.
... Read more
Price @ Call: 1339.75
16-Apr-19
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.
... Read more
Price @ Call: 1388.45
3-Apr-19
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.
... Read more
Price @ Call: 1182.95
21-Jan-19
Target: 1331
BUY
Price @ Call: 1133.75
18-Jan-19
Target: 1465
BUY
Price @ Call: 1133.75
18-Jan-19
Target: 1415
BUY
Price @ Call: 1133.75
18-Jan-19
Target: 1426
BUY
Price @ Call: 1133.75
18-Jan-19
Target: 1238
ACCUMULATE

RELIANCE Share Price Target - Broker Reports - 2018

Price @ Call: 1099.23
12-Dec-18
Target: 1465
BUY
Price @ Call: 1053.39
23-Oct-18
Target: 1346
BUY
Price @ Call: 1101.65
22-Oct-18
Target: 1434
BUY
Price @ Call: 1091.48
20-Oct-18
Target: 1430
BUY
Price @ Call: 1168.25
18-Oct-18
Target: 1479
BUY
Price @ Call: 1294.45
30-Aug-18
Target: 1465
BUY
Price @ Call: 1176.32
3-Aug-18
Target: 1442
BUY
Price @ Call: 1143.09
30-Jul-18
Target: 1270
BUY
Price @ Call: 1129.6
30-Jul-18
Target: 1457
BUY
Price @ Call: 1127.61
28-Jul-18
Target: 1301
BUY
Price @ Call: 916.53
24-May-18
Target: 990
HOLD
Price @ Call: 963.48
3-May-18
Target: 1178
BUY
Price @ Call: 998.95
27-Apr-18
Target: 1110
BUY
Price @ Call: 998.95
28-Apr-18
Target: 1150
BUY
Price @ Call: 938.6
27-Feb-18
Target: 1111
BUY
Price @ Call: 968.73
29-Jan-18
Target: 1125
BUY
Price @ Call: 929.35
22-Jan-18
Target: 1174
BUY
Price @ Call: 927.02
20-Jan-18
Target: 1069
BUY
Price @ Call: 923
8-Jan-18
Target: 1151
BUY
Price @ Call: 916.35
4-Jan-18
Target: 1151
BUY

RELIANCE Share Price Target - Broker Reports - 2017

Price @ Call: 924.4
29-Dec-17
Target: 1040
BUY
Price @ Call: 949.5
27-Nov-17
Target: 1005
BUY
Price @ Call: 883.5
13-Nov-17
Target: 1077
BUY
Price @ Call: 901.55
10-Nov-17
Target: 1000
BUY
Price @ Call: 947.64
2-Nov-17
Target: 990
BUY
Price @ Call: 876.7
16-Oct-17
Target: 835
REDUCE
Price @ Call: 876.7
16-Oct-17
Target: 1104
BUY
Price @ Call: 876.7
16-Oct-17
Target: 1005
BUY
Price @ Call: 847.1
21-Sep-17
Target: 941
NEUTRAL
Price @ Call: 804.31
3-Sep-17
Target: 875
BUY
Price @ Call: 793
28-Jul-17
Target: 892.5
BUY
Price @ Call: 786.87
21-Jul-17
Target: 1000
BUY
Price @ Call: 786.87
21-Jul-17
Target: 900
BUY
Price @ Call: 786.87
21-Jul-17
Target: 832.5
BUY
Price @ Call: 764.5
20-Jul-17
Target: 891
BUY
Price @ Call: 693.93
19-Jun-17
Target: 775
BUY
Price @ Call: 693.95
16-Jun-17
Target: 822.5
BUY
Price @ Call: 1370.94
3-May-17
Target: 1600
BUY
Price @ Call: 704
28-Apr-17
Target: 792
BUY
Price @ Call: 685
20-Apr-17
Target: 800
BUY
Price @ Call: 604
22-Feb-17
Target: 726
BUY
Price @ Call: 1020.29
23-Jan-17
Target: 1330
BUY
Price @ Call: 520.5
17-Jan-17
Target: 728.5
BUY
Price @ Call: 538.5
17-Jan-17
Target: 547
ACCUMULATE
Price @ Call: 538
17-Jan-17
Target: 612.5
BUY
Price @ Call: 538
16-Jan-17
Target: 706.5
BUY

RELIANCE Share Price Target - Broker Reports - 2016

Price @ Call: 1039
25-Apr-16
Target: 1375
BUY
Price @ Call: 1014
25-Apr-16
Target: 1288
BUY
Price @ Call: 1027.9
25-Apr-16
Target: 1130
BUY
Price @ Call: 540.28
30-Dec-16
Target: 600
BUY
Price @ Call: 499
1-Dec-16
Target: 703.5
BUY
Price @ Call: 532.2
24-Oct-16
Target: 642.5
BUY
Price @ Call: 544
21-Oct-16
Target: 650
BUY
Price @ Call: 543.78
21-Oct-16
Target: 600
BUY
Price @ Call: 544.5
21-Oct-16
Target: 551
ACCUMULATE
Price @ Call: 544
20-Oct-16
Target: 700.5
BUY
Price @ Call: 514.5
1-Sep-16
Target: 564.5
NEUTRAL
Price @ Call: 514.6
1-Sep-16
Target: 600
BUY
Price @ Call: 515
11-Aug-16
Target: 685
BUY
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SOURCE: Data from D'Market via Quandl. Intraday data delayed 15 minutes.
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