“Retained a Buy rating on Reliance Industries with a target price of ₹1,680, implying a 27% upside. Q1FY27 consolidated EBITDA and PAT exceeded expectations, driven by strong O2C and upstream performance, while Retail faced margin pressure. Stable Jio margins and management's confidence in doubling Retail EBITDA by FY29 support the outlook. Improved O2C performance is expected to be a key growth driver.”