“Retained 'Buy' rating on Reliance Industries with a price target of ₹1,870. The outlook for the O2C business is expected to improve further in the September quarter due to supportive refining fundamentals. Progress in new energy projects is a key long-term catalyst, despite near-term margin pressure in retail from digital commerce investments.”

Goldman Sachs Analysis’s track record: 3 graded calls · 95% CI 21–94%