Brokerage firm Jefferies has maintained a ‘Buy’ rating on the stock with a price target of ₹1,710 per share per share, which implies a potential upside of 53% from current levels.
Jefferies said around 4% of global refinery throughput has been disrupted due to conflicts, pushing diesel and gasoline inventories to five-year lows. As a result, Singapore gross refining margins (GRMs) remain close to lifetime highs, with the brokerage expecting the tightness to persist through CY2026.
The brokerage also expects firm petrochemical spreads to support earnings growth in Reliance’s oil-to-chemicals (O2C) business in FY27.
Jefferies noted that RIL is trading more than one standard deviation below its long-term average valuation, indicating a favourable risk-reward profile. It projects a 10% EBITDA CAGR over FY26-29.
Separately, a block deal in RIL saw 19.84 lakh shares, or 0.01% of equity, worth ₹256.80 crore, change hands at ₹1,295 per share on Tuesday.
RIL has strong analyst coverage, with 33 of the 34 analysts tracked having a ‘Buy’ recommendation, while one has a ‘Sell’ rating.
