“Equirus Securities is bullish on Reliance Industries, upgrading the stock to 'LONG' from 'ADD' with a September 2027 target price of ₹1586, implying 26% upside. The call is driven by attractive valuations (forward P/E ~19x, EV/EBITDA ~9.9x near multi-year troughs), improving O2C profitability with recovering margins, value unlocking in Jio through ARPU-led monetization, resilient retail growth, and contributions from new energy projects.”