RIL shares jump 3% as street gives thumbs up to Q4; should you buy, hold, or sell Reliance stock?

Shares of billionaire Mukesh Ambani-led Reliance Industries (RIL) surged over 3% as investors gave thumbs up to its better-than-expected March quarter earnings. The country’s most valued stock saw strong trading volume as over 6.5 lakh shares changed hands over the counter in the first hour of trade so far, compared with two-week average of 3.18 lakh stocks.

Early today, Reliance Industries shares opened 2.5% higher at
₹1,332.35 on the BSE, after ending 0.12% lower at ₹1,300.05 on Friday. In the first hour of trade, RIL share price jumped as much as 3.3% to ₹1,343, while its market capitalisation crossed over ₹18 lakh crore.

At the day’s high level, RIL shares are down 16.5% from its 52-week high of ₹1,608.95 touched on July 8, 2024, while it has rebounded over 20% from its 52-week low of ₹1,115.55 hit on April 7, 2025. The counter has delivered a negative return of nearly 9% in a year, while it has risen 10% in the calendar year 2025, and added over 5% in a month.

Q4 results beat estimates

Reliance shares witnessed strong buying momentum today as Street reacted positively to its Q4 results. The oil-to-telecom conglomerate recorded a consolidated profit of ₹19,407 crore in Q4 FY25, an increase of 2.4% YoY from ₹18,951 crore during the corresponding quarter last year, primarily driven by strong growth in digital services and retail businesses, which offset subdued performance by energy segment. The consolidated gross revenue grew 8.8% YoY₹2,61,138 crore as against ₹2,36,000 crore in the year-ago period.

The consolidated EBITDA increased 3.6% YoY to a record high of ₹43,832 crore on strong contributions from consumer businesses; however, margin dipped 90 basis points to 16.9% in Q4 FY25 from 17.8% in the year-ago period.

As of March 31, 2025, RIL's consolidated net debt was marginally higher at ₹1,17,083 crore as against ₹1,16,281 crore as of December 31, 2024.

Should you buy, hold, or sell RIL shares post Q4?

Brokerages have mostly given ‘Buy’ calls on RIL shares after the conglomerate’s stellar Q4 results, raising target price to up to ₹1,700 apiece, indicating an upside potential of 26.5% from the current levels. Foreign brokerages Nomura, JP Morgan, Morgan Stanley, and Macquarie remained bullish on the stock, along with domestic brokerage houses Nuvama, Motilal Oswal, and Emkay.

While American brokerages Morgan Stanley and JP Morgan have reiterated "overweight" stance with target prices of ₹1,606 and ₹1,530, respectively, Japanese brokerage house Nomura maintained its "Buy" rating and raised its target price to ₹1,650. Macquarie has also retained its "Outperform" call on the stock with a price target of ₹1,500.

On the domestic front, Nuvama Institutional Equities maintained "Buy" rating on Reliance Industries with the highest target price of ₹1,708, while Motilal Oswal reiterated ‘Buy’ with a revised price target of ₹1,515. Emkay Global has also retained ‘Buy’ call with price target of ₹1,450 per share.

Nuvama in its report said that the commissioning of RIL's HJT (Heterojunction Technology) module manufacturing facility is positive for the company and will unlock new opportunities in the new energy space. RIL started its first line of HJT module manufacturing facility of 1GW, which can be scaled up fast in phases to fully integrated 10GW by early-CY26E.

Meanwhile, Motilal Oswal expects RJio to be the biggest growth driver with 21% EBITDA CAGR over FY25-27, driven by one more tariff hike, market share gains in wireless, and ramp-up of the homes and enterprise business. It also expects growth recovery in retail after the recent rationalisation of unprofitable stores and B2B, driven by footprint/category additions and its foray into quick commerce.

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