Equirus upgrades Reliance to LONG, sees 26% upside as re-rating catalysts emerge across Jio, retail, O2C
After a 20% YTD underperformance vs Nifty 50, Equirus flags a turning point for Reliance Industries with a Sept 2027 TP of ₹1586. Drivers: O2C margin recovery, Jio ARPU monetisation ahead of IPO (FY27 EBITDA ₹84,500cr), resilient Reliance Retail growth, and New Energy ₹1,200bn execution.
Equirus upgrades Reliance Industries to LONG with Sept 2027 target of ₹1586 (26% upside), citing O2C margin recovery, Jio ARPU-led monetisation ahead of IPO, resilient retail growth, and New Energy execution as re-rating catalysts.