Maintained a Buy rating on Reliance Industries, raising its target price to ₹1,690, implying a 27.4% upside. The company delivered a record Q1, with consolidated EBITDA up 11% YoY, beating estimates by 6%, driven by stronger-than-expected O2C and Upstream earnings. Nomura largely retained FY27 EBITDA forecasts, rolling valuation forward by a quarter.

Nomura Analysis’s track record: 3 graded calls · 95% CI 6–79%

Reliance IndustriesBullishCalled 20 Jul 2026
Verdict:PENDING

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