Reliance Industries Stock Sees Re-Evaluation by Analysts as Q3 Performance Shines

Mumbai (Alayaran.com) - Following Reliance Industries' outstanding performance in its third quarter, nine top-tier brokerages have expressed optimism about the stock's rebound and predicted a potential re-rating to mid-cycle multiples. The consensus target price has taken a substantial leap, with some analysts estimating an upper limit of Rs 1,723.

The Q3 results revealed a significant surge in consolidated net profit, up by 7% year-on-year to Rs 18,540 crore, accompanied by a marked increase in revenue growth, which rose by 7% YoY to Rs 2.43 lakh crore. This impressive performance led to an upward correction of 2.6% as the stock closed at Rs 1,301.30 on Friday.

The nine brokerages have revised their assessments, projecting that Reliance Industries has the potential to re-rate in the near future. The projected target prices are a testament to the confidence of analysts, with some foreseeing possible price movements reaching up to the stated benchmark values of Rs 1,723.