RIL shares see rare consensus as all 33 recommendations turn 'Buy'

Reliance Industries Ltd (RIL) has seen a rare consensus, with all 33 analysts covering on the stock suggesting 'Buy', with no 'Hold' or 'Sell' call. Bloomberg data compiled by Business Today, covering the period since 2012, suggests that RIL had just 31 per cent of the ratings being 'Buy' at the start of 2013. It peaked at 86 per cent in that cycle (December 2015), hit a low of 57 per cent in August 2017 and has been above 90 per cent since March 2025.

More recently, Kotak Institutional Equities and Avendus Spark upgraded their ratings on the stock post Q2 results, with Goldman Sachs' Nikhil Bhandari suggesting the highest target of the oil-to-telecom major with a target of Rs 1,840.

CLSA's Vikash Kumar Jain has set a target of Rs 1,800 on RIL, ICICI Securities' Probal Sen finds the stock worth of Rs 1,740 level, while JM Financial's target stood at Rs 1,730.

Jefferies noted that RIL's oil-to-chemical (O2C) segment delivered a strong beat in Q2, helping consolidated Ebitda beat its own estimates by 6 per cent. This is even as Retail segment's performance came in 6 per cent below Jefferies' estimates.

It noted that inventories of diesel in Europe and gasoline in the US are at multi-year lows, supporting cracks. RIL is also benefitting from
higher export volume due to better crude availability, analysts said noting that petrochemical feedstock supplies from the Middle East are yet to normalise, supporting improvement in petchem spreads in FY27.

"Global gasoline and diesel inventories were 6–10 per cent below their five-year averages. Winter stocking and inventory replenishment should support near-term cracks," Emkay said noting that fuel cracks rose 3–3.7 times year-on-year (YoY) in Q2, with gasoline, diesel and ATF cracks at $24.9 and $65.8 and $59.3 per barrel, respectively. Supply disruptions, Russian export restrictions, and low product inventories supported margins, it noted.

Nomura recently changed its FY27 and FY28 Ebitda estimates for RIL on higher O2C estimates and lower Ebitda forecasts for the Retail business.

It lowered its target to Rs 1,560 amid rolling forward of earnings estimates by a quarter.

Over the last few months, the RIL stock has consistently faced selling
pressure at higher levels. From its all-time high, the stock has corrected by over 25 per cent.

"Technically, after a prolonged correction, the stock is currently trading near an important support zone , and momentum indicators also indicate a strong possibility of a fresh uptrend from the current levels. We are of the view that the stock has completed its corrective wave, and we could expect a fresh uptrend from the current levels," Kotak Neo said while suggesting a 'Buy' on RIL this Diwali.