Nuvama sees INR 1,766 target for Reliance stock

Published on 10/05/2026 at 10:59 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Q2 EBITDA is forecast at INR 53.7 billion, up 17.00 percent year over year. On October 1, 2026, Nuvama saw 45.00 percent upside for Reliance stock.

Reliance, INE002A01018, Illustration mit AI erstellt.

Reliance Industries (INE002A01018) is covered by a Buy rating and an INR 1,766 target from Nuvama on October 1, 2026, as Financial Express reported. The brokerage linked its outlook to refining margins and expected strength in the digital business.

Refining margins shape the target

Nuvama projected consolidated EBITDA of INR 53.7 billion for the second quarter of fiscal year 2027, up 17.00 percent year over year. It also estimated profit after tax at INR 209.0 billion, up 15.00 percent year over year, with oil-to-chemicals EBITDA forecast at INR 20.7 billion, up 38.00 percent year over year, according to Financial Express.

The estimate gives the target a clear operating anchor. Nuvama said gasoil and aviation turbine fuel crack spreads had reached record levels, while maintenance activity could keep fuel supplies tight. The same report placed Reliance net debt at INR 1.23 trillion, a material counterweight to the refining thesis.

Q1 revenue delivers the latest baseline

For the first quarter of fiscal year 2027, Reliance reported gross revenue of INR 340,257 crore, equal to INR 3.4 trillion, up 24.50 percent year over year. EBITDA increased 10.10 percent to INR 54,067 crore, while profit after tax and share of profit from associates and joint ventures rose 6.10 percent to INR 23,196 crore, according to FinTech BizNews.

The quarter also showed a split across divisions. Oil-to-chemicals revenue increased 30.40 percent year over year to INR 201,803 crore, while retail EBITDA declined 1.10 percent to INR 6,309 crore. That contrast makes the refining and digital forecasts more important to the valuation case.

Fiscal year scale meets market value

Reliance's investor-relations materials report fiscal year 2026 consolidated revenue of INR 11.8 trillion, up 9.80 percent year over year, and net profit of INR 957.5 billion, up 17.80 percent. The same materials put fiscal year 2026 EBITDA at INR 2.1 trillion and capital expenditure at INR 1.4 trillion, linking current earnings to continued investment in digital, retail and new energy businesses.

NSE data identify Reliance Industries Limited as RELIANCE on the NSE, include it in the NIFTY 50, and show a market capitalization of INR 15.8 trillion on October 1, 2026. The exchange data also show a 52-week range of INR 1,160.80 to INR 1,611.80, giving the Nuvama target a market context without converting currencies.