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RELIANCE Consensus Forecast
No. of reports in last year
10
No. of analysts
4
Average Consensus Forecast
2401.5
Consensus Potential
-10.20%
RELIANCE Price Target Potential
| Brokerage | Target | Potential |
|---|---|---|
| ICICIdirect.com | 2760 | 4.98% |
| Prabhudas Lilladher | 2955 | 11.25% |
| Geojit Financial Services | 2298 | -14.12% |
| Motilal Oswal | 2330 | -12.55% |
RELIANCE Ratings
Long term RELIANCE rating by FrontPage users
- ★★
- ★★
- ★★
- ★★
- ★★
3.7/5 (3 Ratings)
10 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 - 2021
ICICIdirect.com
11-Oct-21
Price @ Call: 2655
Target: 2760
HOLD
Prabhudas Lilladher
11-Oct-21
Price @ Call: 2653
Target: 2955
BUY
ICICIdirect.com
21-Sep-21
Price @ Call: 2394
Target: 2480
HOLD
Geojit Financial Services
7-May-21
Price @ Call: 1931.3
Target: 2298
BUY
Prabhudas Lilladher
1-May-21
Price @ Call: 1995
Target: 2256
BUY
Motilal Oswal
13-Apr-21
Price @ Call: 1931.9
Target: 2330
BUY
Prabhudas Lilladher
23-Feb-21
Price @ Call: 2024.25
Target: 2232
BUY
Prabhudas Lilladher
24-Jan-21
Price @ Call: 2071.27
Target: 2232
BUY
RELIANCE Share Price Target - Broker Reports - 2020
Motilal Oswal
5-Dec-20
Price @ Call: 1947.79
Target: 2240
BUY
Prabhudas Lilladher
30-Oct-20
Price @ Call: 2040.8
Target: 2232
BUY
Motilal Oswal
9-Sep-20
Price @ Call: 2140.04
Target: 2250
BUY
Prabhudas Lilladher
30-Jul-20
Price @ Call: 2111.03
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).
Motilal Oswal
10-Jul-20
Price @ Call: 1860.72
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.
Prabhudas Lilladher
19-May-20
Price @ Call: 1436.57
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
Geojit Financial Services
7-May-20
Price @ Call: 1484.25
Target: 1580
HOLD
Hem Securities
9-May-20
Price @ Call: 1560.21
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.
Motilal Oswal
8-May-20
Price @ Call: 1560.21
Target: 1713
BUY
HDFC Securities
4-May-20
Price @ Call: 1443.43
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.
Motilal Oswal
2-May-20
Price @ Call: 1469.7
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.
Prabhudas Lilladher
1-May-20
Price @ Call: 1469.7
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.
Prabhudas Lilladher
22-Apr-20
Price @ Call: 1236.05
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.
HDFC Securities
14-Apr-20
Price @ Call: 1192
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.
Motilal Oswal
31-Mar-20
Price @ Call: 1080.74
Target: 1523
BUY
Motilal Oswal
20-Jan-20
Price @ Call: 1559.59
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.
Prabhudas Lilladher
18-Jan-20
Price @ Call: 1573.9
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).
RELIANCE Share Price Target - Broker Reports - 2019
Motilal Oswal
5-Dec-19
Price @ Call: 1560.87
Target: 1836
BUY
Prabhudas Lilladher
6-Dec-19
Price @ Call: 1554.89
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).
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’.
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.
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.
YES Securities
23-Apr-19
Price @ Call: 1344.8
Target: 1835
BUY
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).
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.
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.
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.
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.
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.
HDFC Securities
21-Jan-19
Price @ Call: 1182.95
Target: 1331
BUY
Sharekhan
18-Jan-19
Price @ Call: 1133.75
Target: 1465
BUY
Edelweiss
18-Jan-19
Price @ Call: 1133.75
Target: 1415
BUY
Motilal Oswal
18-Jan-19
Price @ Call: 1133.75
Target: 1426
BUY
Prabhudas Lilladher
18-Jan-19
Price @ Call: 1133.75
Target: 1238
ACCUMULATE
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
HDFC Securities
30-Jul-18
Price @ Call: 1143.09
Target: 1270
BUY
Edelweiss
30-Jul-18
Price @ Call: 1129.6
Target: 1457
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
Sharekhan
27-Apr-18
Price @ Call: 998.95
Target: 1110
BUY
Motilal Oswal
28-Apr-18
Price @ Call: 998.95
Target: 1150
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
Kotak Securities
16-Oct-17
Price @ Call: 876.7
Target: 835
REDUCE
Edelweiss
16-Oct-17
Price @ Call: 876.7
Target: 1104
BUY
Motilal Oswal
16-Oct-17
Price @ Call: 876.7
Target: 1005
BUY
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
Ashwanigujral.com
21-Jul-17
Price @ Call: 786.87
Target: 1000
BUY
Systematix Shares & Stocks
21-Jul-17
Price @ Call: 786.87
Target: 900
BUY
Sharekhan
21-Jul-17
Price @ Call: 786.87
Target: 832.5
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
KRChoksey
17-Jan-17
Price @ Call: 520.5
Target: 728.5
BUY
Prabhudas Lilladher
17-Jan-17
Price @ Call: 538.5
Target: 547
ACCUMULATE
HDFC Securities
17-Jan-17
Price @ Call: 538
Target: 612.5
BUY
Edelweiss
16-Jan-17
Price @ Call: 538
Target: 706.5
BUY
RELIANCE Share Price Target - Broker Reports - 2016
Axis Direct
25-Apr-16
Price @ Call: 1039
Target: 1375
BUY
KRChoksey
25-Apr-16
Price @ Call: 1014
Target: 1288
BUY
Kotak Securities
25-Apr-16
Price @ Call: 1027.9
Target: 1130
BUY
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
Religare
21-Oct-16
Price @ Call: 543.78
Target: 600
BUY
Prabhudas Lilladher
21-Oct-16
Price @ Call: 544.5
Target: 551
ACCUMULATE
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
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RELIANCE Peer Stocks - Share Price Targets
SOURCE: Data from D'Market via Quandl. Intraday data delayed 15 minutes.
DISCLAIMER: Information is provided "as is" and solely for informational purposes, not for trading purposes or advice, and may be delayed. Information herein should be regarded as a resource only and should be used at one's own risk. This is not an offer to sell or solicitation to buy any securities and FrontPage will not be liable for any losses incurred or investment(s) made or decisions taken/or not taken based on the information provided herein.