Shares of Mukesh Ambani-owned Reliance Industries Ltd ( RIL) fell 4.3% to Rs 1,194 in Friday’s intraday trade on the BSE, as markets reacted to global developments, including the Trump administration’s latest tariff revisions.
According to a White House document released on Friday, reciprocal tariffs have been updated for 14 countries, including India. While Trump had earlier announced a 27% tariff on Indian goods, the revised figure now stands at 26%. The aggressive tariff stance has reignited concerns over a potential global trade war, dampening sentiment across sectors — with heavyweights like RIL also coming under pressure.
Meanwhile, ahead of its Q4 earnings report, leading brokerages have shared their outlook on RIL’s business prospects, highlighting key factors likely to influence performance in the coming quarters.
Goldman Sachs maintains a Buy rating, expecting stable core EBITDA for Q4. “We expect retail ex-connectivity revenue to grow 6.5% YoY in Q4, and Jio revenue to see 4% QoQ growth. The focus will be on retail growth guidance into FY26 and updates on the company’s new energy projects,” the brokerage noted. It forecasts FY26 earnings to grow 18% YoY, supported by a rebound in retail and accelerating earnings from Jio.
Macquarie, which previously held a cautious view, has turned more constructive. It now expects FY25–27 earnings to grow at a 15–16% CAGR, compared to a modest 2% in FY23–25. The brokerage has raised its price target to Rs 1,500, shifting to a scenario-weighted SOTP (sum-of-the-parts) valuation to reflect potential spin-offs within RIL’s structure. Growth is expected to be balanced across consumer-facing businesses like Jio and retail, along with the energy segment.
JPMorgan, meanwhile, sees value in RIL’s overseas bonds. It upgraded the 2032 and 2045 bonds to Overweight, citing the company’s strong fundamentals, robust liquidity, and diversified business model. JPMorgan added that recent legal issues—such as the gas dispute with the government—are unlikely to materially impact financials and may even present buying opportunities if bond prices react negatively.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
According to a White House document released on Friday, reciprocal tariffs have been updated for 14 countries, including India. While Trump had earlier announced a 27% tariff on Indian goods, the revised figure now stands at 26%. The aggressive tariff stance has reignited concerns over a potential global trade war, dampening sentiment across sectors — with heavyweights like RIL also coming under pressure.
Meanwhile, ahead of its Q4 earnings report, leading brokerages have shared their outlook on RIL’s business prospects, highlighting key factors likely to influence performance in the coming quarters.
Goldman Sachs maintains a Buy rating, expecting stable core EBITDA for Q4. “We expect retail ex-connectivity revenue to grow 6.5% YoY in Q4, and Jio revenue to see 4% QoQ growth. The focus will be on retail growth guidance into FY26 and updates on the company’s new energy projects,” the brokerage noted. It forecasts FY26 earnings to grow 18% YoY, supported by a rebound in retail and accelerating earnings from Jio.
Macquarie, which previously held a cautious view, has turned more constructive. It now expects FY25–27 earnings to grow at a 15–16% CAGR, compared to a modest 2% in FY23–25. The brokerage has raised its price target to Rs 1,500, shifting to a scenario-weighted SOTP (sum-of-the-parts) valuation to reflect potential spin-offs within RIL’s structure. Growth is expected to be balanced across consumer-facing businesses like Jio and retail, along with the energy segment.
JPMorgan, meanwhile, sees value in RIL’s overseas bonds. It upgraded the 2032 and 2045 bonds to Overweight, citing the company’s strong fundamentals, robust liquidity, and diversified business model. JPMorgan added that recent legal issues—such as the gas dispute with the government—are unlikely to materially impact financials and may even present buying opportunities if bond prices react negatively.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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