The big stock in focus today- Reliance Industries share price is in the spotlight after its Q3 results. Jefferies has cut the target price on Reliance Industries to Rs 1,795 from Rs 1,830 per share. The target price was cut after Reliance Industries’ consolidated EBITDA growth came in at 5%, below Jefferies’ estimates, with retail segment growth 4% lower than the forecast, and a less than 3x jump in un-allocable expenses YoY.
However, the RIL target price set by Jefferies still implies an upside of 23% from current levels. The brokerage house maintained its ‘Buy’ rating on the stock.
Jefferies on RIL: Challenges in retail segment
Reliance Retail missed estimates due to factors like the festive‑season shift, RCPL (FMCG) hive‑off, etc. This resulted in a 2% YoY EBITDA growth. The global brokerage house said that Core Retail growth slowed, which was impacted by promotions and Q-C aggression.
The other big factor that Jefferies pointed out is that the company reported “60% YoY growth in revenues but didn’t disclose EBITDA that could help to ascertain the fair value with a high degree of confidence.”
Jefferies on RIL: Oil-to-chemical segment outlook
The oil-to-chemical segment also came in line with the refining outlook, as per Jefferies. The brokerage house highlighted that the refining remains firm with war-related impact on refining infrastructure in Europe and the EU’s ban on Russian refined product imports effective January 21, 2026.
According to them, stable refinery operating rates and disruption of Russian refined product supplies are likely to support gross refining margins in FY27. Also, petrochemical overcapacity is likely to continue in FY27. However, acceleration of announced closures could aid a small recovery in margins from current lows.
Jefferies on RIL: Steady revenue from Jio
Jio’s revenue and EBITDA were in line, Jefferies added, as the company awaits the government’s approval of the new IPO rule to proceed. “Over FY26-28, we expect Jio’s ARPU to rise at 13% CAGR to Rs 271, led by 15% tariff hike in Jun-26 and another 10% hike in June 2027. Jefferies is broadly maintaining its estimates and expects Jio to deliver 20% annual growth in revenue and 24% EBITDA growth annually on a compounded basis over FY26-FY28.
They believe that from here on, revival in retail growth and tariff hike in Jio are set to be the key factors for the stock going forward.
Reliance Industries Q3 FY26 results
Reliance Industries’ consolidated revenue rose 10% year-over-year to Rs 2.94 lakh crore in the third quarter of the current financial year.
The company’s net profit increased 1.6% YoY to Rs 22,290 crore in Q3 FY26, while profit before tax surged 3.7% YoY to Rs 29,697 crore in the same time period. Reliance’s consolidated EBITDA grew 6.1% YoY to Rs 50,932 crore in Q3 FY26.
Reliance Industries share performance
The share price of Reliance Industries has declined 7% over the past one month and has surged over 2% in the last six months. Reliance Industries’ stock has risen 12% in the last one year.