Equirus tags Reliance LONG with Rs 1,586 target as Retail and Jio drive 65% of EV
Equirus upgrades Reliance Industries to LONG with a Rs 1,586 target by September 2027, implying 26% upside. Reliance Retail's 13% CAGR, Jio's 52.4 crore subscriber base with Rs 214 ARPU, and a Rs 1.2 lakh crore New Energy build anchor the re-rating thesis.
Equirus upgrades Reliance Industries to LONG with Rs 1,586 target (26% upside), citing resilient Retail growth (13% CAGR), Jio IPO preparations, ARPU monetisation lever, and new energy ramp-up. Telecom and Retail now contribute over 65% of EV.