Reliance Industries delivered a record quarterly performance for the April-June period, with brokerages maintaining their bullish stance on the stock. According to reports from Moneycontrol, the conglomerate reported record recurring operating profit and its highest-ever recurring quarterly profit for the June quarter, supported by double-digit growth across its O2C, digital services and retail businesses. The strong results were driven by robust earnings from the oil-to-chemicals (O2C) business, steady growth at Jio, and an improving outlook for its new energy ventures. As per latest market data, Reliance Industries is trading at ₹1,332.30 as of July 20, 2026, representing a 0.44% increase from the previous closing price of ₹1,326.50.
Goldman Sachs maintained its 'Buy' rating on Reliance Industries stock with a target price of ₹1,870, implying about 41 percent upside from Friday's closing price. As reported by Moneycontrol, the brokerage said core EBITDA for the April-June quarter was broadly in line with expectations, with the O2C business performing better than anticipated despite elevated crude oil prices. Goldman Sachs expects the earnings outlook to become more constructive in the September quarter and highlighted RIL's upcoming commissioning of its fully integrated solar photovoltaic and battery manufacturing facilities as a key catalyst.
According to Nomura's analysis reported by Moneycontrol, Reliance delivered a record quarter driven by a sharp improvement in O2C crack spreads, with strength in the energy business more than offsetting weakness in retail. O2C EBITDA climbed to a four-year high of about ₹17,000 crore, while exploration and production EBITDA improved to around ₹5,000 crore. The brokerage noted that Jio's revenue growth was supported by subscriber additions and higher average revenue per user (ARPU), although recovery in retail margins remains a key monitorable. Latest data shows the oil-to-chemicals business recorded a 30% YoY increase in revenue to ₹2.01 lakh crore ($21.3 billion), driven mainly by a 54.1% YoY jump in crude oil prices, though this was partially offset by lower production due to a planned turnaround.
The market sentiment remains overwhelmingly positive with 28 analysts having initiated coverage on Reliance Industries, as reported by latest market data. 17 analysts have given it a strong buy rating and 10 analysts have given it a buy rating, while only 1 analyst has given a sell rating. The average broker rating on the stock is Strong Buy, reflecting broad confidence in the company's fundamentals. The stock has traded in a range of ₹1,317.30 to ₹1,346.25 in recent sessions, with a 52-week high of ₹1,611.20 and 52-week low of ₹1,253.65. The company's market capitalization stands at ₹18,02,940.13 crore as of July 20, 2026.
