Sat Jan 18 14:42:51 UTC 2025: ## Reliance Industries Stock Upgraded to ‘Buy’ After Strong Q3 Results

**Mumbai, India** – Reliance Industries Ltd (RIL) saw its stock price receive a boost following the release of its impressive December quarter (Q3FY25) earnings, prompting several brokerage firms to upgrade their ratings. The company exceeded analysts’ expectations, leading to a wave of positive sentiment and increased buying interest.

RIL’s consolidated EBITDA reached Rs 43,800 crore, surpassing estimates by 4%. Strong performances from the retail and oil-to-chemicals (O2C) sectors were key drivers, outperforming predictions by 10% and 6% respectively. Retail revenue showed a robust 9% year-on-year growth, defying expectations of a decline. Consolidated profit after tax (PAT) also beat estimates, reaching Rs 18,540 crore.

Several brokerages reacted positively to the results. Emkay Global upgraded RIL to ‘Buy’ from ‘Add,’ citing attractive valuations following a 19% drop in the stock price over the past six months. Antique Stock Broking also upgraded the stock to ‘Buy’ from ‘Hold,’ highlighting the strong retail and O2C performance as the main drivers. Nuvama reiterated its positive outlook, emphasizing RIL’s long-term growth potential, particularly in the petrochemicals sector and its burgeoning new energy business. Several other brokerages, including MOFSL and foreign firms like CLSA and MS, maintained their ‘Buy’ or equivalent ratings, with target prices ranging from Rs 1,456 to Rs 1,677.

Analysts pointed to several factors contributing to their bullish outlook, including the potential for significant growth from RIL’s new energy initiatives and the expected recovery in petrochemical margins. The company’s substantial stake in Jio Platforms and Reliance Retail also contributed to the positive assessments. The upgrades reflect a widespread belief that RIL is undervalued and poised for further growth.

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