Following solid Q3 2025 earnings, Reliance's share price rises 3%. Do you want to purchase?
The price of Reliance shares: Shares of Reliance Industries Ltd. (RIL) saw heavy purchasing in the early hours of Friday on the release of the Q3 results 2025. Within minutes of the Opening Bell, the price of Reliance's shares rose from its opening price of ₹1,322.25 per share on the NSE to an intraday high of ₹1,326 per share.The Sensex heavyweight posted record EBITDA and PAT at a consolidated level, which is anticipated to shortly boost bull sentiment, according to stock market experts. All formats made significant contributions to Reliance Retail's impressive performance. They forecasted a short-term target of ₹1400 for the RIL and recommended a buy-on-dips strategy in Reliance shares.
Review of Reliance Q3 performance for 2025
Linking the robust RIL Q3 performance to the rise in Reliance's share price, "Reliance Industries has grown exponentially and set new benchmarks demonstrating strength and resilience across all businesses during the quarter," stated Prathamesh Masdekar, Research Analyst at StoxBox. This is demonstrated by the record EBITDA and PAT delivered this quarter at a consolidated basis. Consistently increasing consumer interaction metrics and adding new subscribers have been the main drivers of the digital services segment's performance. A favorable subscriber mix, with more people switching to 5G networks, helped to support this. All formats made significant contributions to Reliance Retail's impressive performance. During the quarter, the company made good use of the increase in consumption brought on by the holiday demand. Continued retail expansions and digital initiatives provide long-term growth potential for retail businesses.”
Linking the robust RIL Q3 performance to the rise in Reliance's share price, "Reliance Industries has grown exponentially and set new benchmarks demonstrating strength and resilience across all businesses during the quarter," stated Prathamesh Masdekar, Research Analyst at StoxBox. This is demonstrated by the record EBITDA and PAT delivered this quarter at a consolidated basis. Consistently increasing consumer interaction metrics and adding new subscribers have been the main drivers of the digital services segment's performance. A favorable subscriber mix, with more people switching to 5G networks, helped to support this. All formats made significant contributions to Reliance Retail's impressive performance. During the quarter, the company made good use of the increase in consumption brought on by the holiday demand. Continued retail expansions and digital initiatives provide long-term growth potential for retail businesses.”
Additionally, despite this extended period of instability in the global energy markets, the O2C company demonstrated its fundamental resilience by recording growth. Sequentially, refining margins recovered, whereas petrochemical deltas showed a mixed pattern. The vital transition fuel that supports India's energy security is still mostly supplied by the upstream sector. Overall, considering its size, diversification, and execution skills, we think RIL is still a solid long-term investment. However, the rate of recovery in the global petrochemical and refining industries, the advancement of 5G monetization, and retail spending patterns in rural areas might all have an impact on short-term stock performance, according to the StoxBox analyst.
RIL shares are upgraded by Citi.
According to the Citi analysis, which projects a significant increase in the price of RIL shares following the Q3 results of 2025, "Reliance delivered a strong beat in 3QFY25 with the rebound in Retail performance being the key highlight, followed by better O2C performance." This comes after recent quarters of muted performance. At Rs438 billion, 3Q consol. EBITDA was up 12% on a quarterly basis (5% ahead). Growth in retail revenue/EBITDA improved to 7%/9% year over year (compared to -4%/1% in 2Q), 14%/12% better than we had predicted. QoQ, O2C EBITDA increased 16% (7% ahead). Jio's performance fell about 2% short of projections. Both capex (-5% qoq) and net debt (flat qoq) were relatively constant. Overall, we are thrilled with the 3Q performance, particularly in retail, where softness has been a major factor dragging down stock performance.
RIL shares are upgraded by Citi.
According to the Citi analysis, which projects a significant increase in the price of RIL shares following the Q3 results of 2025, "Reliance delivered a strong beat in 3QFY25 with the rebound in Retail performance being the key highlight, followed by better O2C performance." This comes after recent quarters of muted performance. At Rs438 billion, 3Q consol. EBITDA was up 12% on a quarterly basis (5% ahead). Growth in retail revenue/EBITDA improved to 7%/9% year over year (compared to -4%/1% in 2Q), 14%/12% better than we had predicted. QoQ, O2C EBITDA increased 16% (7% ahead). Jio's performance fell about 2% short of projections. Both capex (-5% qoq) and net debt (flat qoq) were relatively constant. Overall, we are thrilled with the 3Q performance, particularly in retail, where softness has been a major factor dragging down stock performance.
Target price for Reliance shares
"The price of Reliance shares is a great buy-on-dips stock for investors," stated Sumeet Bagadia, Executive Director at Choice Broking, who anticipates more growth in RIL shares. Once it closes over ₹1,350 per share, the price of RIL's shares could reach ₹1,400 in the near future.
For long-term investors, Citi has also set a target of ₹1,530 per share.
Following the Q3 2025 results, Emkay also upgraded Reliance shares, stating, "We upgrade RIL to BUY from Add on attractive valuations." RIL's consol Q3FY25 EBITDA was Rs438 billion, which was 4% higher than our expectation because retail and O2C were 10% and 6% higher, respectively, while Jio and Upstream were mostly in line. Retail's 9% year-over-year top-line growth, as opposed to forecasts of a slight fall, led to improved profitability with steady margins. Consol PAT, at Rs185 billion, exceeded our projections by 3% due to a greater minority interest portion and reduced other revenue. While capex was down 5% QoQ at Rs323bn, net debt decreased 1% QoQ to Rs1.15trn. The management described continuing downstream expansion projects in O2C and reported robust growth in retail driven by festive and simplification.
"The price of Reliance shares is a great buy-on-dips stock for investors," stated Sumeet Bagadia, Executive Director at Choice Broking, who anticipates more growth in RIL shares. Once it closes over ₹1,350 per share, the price of RIL's shares could reach ₹1,400 in the near future.
For long-term investors, Citi has also set a target of ₹1,530 per share.
Following the Q3 2025 results, Emkay also upgraded Reliance shares, stating, "We upgrade RIL to BUY from Add on attractive valuations." RIL's consol Q3FY25 EBITDA was Rs438 billion, which was 4% higher than our expectation because retail and O2C were 10% and 6% higher, respectively, while Jio and Upstream were mostly in line. Retail's 9% year-over-year top-line growth, as opposed to forecasts of a slight fall, led to improved profitability with steady margins. Consol PAT, at Rs185 billion, exceeded our projections by 3% due to a greater minority interest portion and reduced other revenue. While capex was down 5% QoQ at Rs323bn, net debt decreased 1% QoQ to Rs1.15trn. The management described continuing downstream expansion projects in O2C and reported robust growth in retail driven by festive and simplification.
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