Archive · 20 Jan 2026
Analysts Mixed on Reliance After Q3 Results
Reliance Industries, a big company in India, recently shared its financial results for the third quarter.
Two companies that give advice on stocks, Jefferies and BNP Paribas, had different opinions.
Jefferies lowered its prediction for how high Reliance's stock price could go because the company's stores and shops didn't make as much money as expected.
However, Jefferies still thinks the stock is a good buy.
BNP Paribas, on the other hand, thinks the stock could go up by 31% and kept its good rating.
Reliance's oil and chemical business is doing well, and their phone service, Jio, is also doing well.
The stock price went down a bit after the results were announced, but it has gone up over the past year.
Jio is also planning to go public soon.
Jefferies reduced RIL's target price to ₹1,795 from ₹1,830 due to lower-than-expected retail segment performance and un-allocable expenses.
BNP Paribas maintained an 'Outperform' rating with a target price of ₹1,855, implying a 31% upside potential.
RIL's consolidated EBITDA growth was 5%, below Jefferies' estimates, with retail segment growth 4% lower than forecasted.
Jio's revenue and EBITDA were in line with estimates, with expected ARPU growth of 13% CAGR over FY26-28, and an IPO announcement expected soon.
RIL's share price declined 3% post-Q3 results but has risen over the past year, with strong performance in the O2C business and new-energy initiatives.
- Who
- Reliance Industries (RIL), Jefferies, BNP Paribas
- What
- Analysts have mixed reactions to RIL's Q3 results, with Jefferies lowering its target price and BNP Paribas maintaining an 'Outperform' rating.
- When
- After RIL's Q3 FY26 results were announced
- Where
- India, with global implications for RIL's operations
- Why
- RIL's consolidated EBITDA growth was below Jefferies' estimates, and retail segment growth was 4% lower than forecasted, while BNP Paribas found results largely in line with estimates.
- Current Share Price
- ₹1,414.50
- BNP Paribas Target Price
- ₹1,855
- Jefferies Target Price
- ₹1,795
- Q3 Revenue Growth
- 10% YoY
- Q3 Net Profit Growth
- 1.6% YoY
- Q3 EBITDA Growth
- 6.1% YoY
- Jio ARPU Growth (FY26-28)
- 13% CAGR
- Retail EBITDA Growth
- 2% YoY
- Jio New Subscribers (Q3)
- 89 lakh
- Total Broadband Users
- 2.5 crore
Sources
Reliance Industries share price drops 2.5% after Q3 results: Is it an opportunity to buy?
Jefferies slashes Reliance target: Retail hits speed bump, but there’s a hidden silver lining —All details here
Reliance shares down over 3.5%
Sensex crashes 700 points, Nifty drops below 25,500— Why is the Indian stock market falling? Explained
RIL shares: Brokerage sees 31% upside potential; expects Jio Platforms' IPO announcement 'soon'
Wipro down 8%; Reliance and ICICI Bank top drags
