Reliance back on growth path, multiple catalysts to drive performance, say brokerages
Reliance Industries Ltd, India's most valuable company, is back on a growth path after six months of challenges as it posted better than expected earnings in the December quarter, brokerages said. Oil-to-telecom-and-retail conglomerate's highest-ever EBITDA of Rs 43,800 crore in October-December 2024 — the third quarter of April 2024 to March 2025 fiscal (FY25) — best estimates on strong showing across segments. In particular, this was driven by strength in oil-to-chemical (O2C), which is made up of oil refineries and petrochemical plans, and recovery in consumer retail.
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«Reliance is back on a growth path after six months of challenges,» Morgan Stanley said in a note.
The company is looking to expand its chemicals capacity focused on the domestic market with investments in vinyl/polyester chains and ethane import logistics. «This sees a significant interplay between new energy and O2C leading to lower costs and carbon footprint. India demand for chemicals remains robust growing 5-16 per cent year-on-year on key chains,» it said.
HSBC Global Research said it expects multiple catalysts in 2025 «ranging from turnaround of retail, start of new energy and new momentum in digital.»
«We believe 3Q earnings which were in-line with consensus are probably the last of the sub-par performances in the near
