Reliance stock fell 1.63 percent as Nuvama held its target

Published on 10/04/2026 at 18:30 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Reliance stock fell 1.63 percent on October 1, 2026, while Nuvama retained its INR 1,766 target. Q1 FY27 revenue reached INR 311,850 crore.

Reliance, INE002A01018, Illustration mit AI erstellt.

Reliance Industries stock (ISIN INE002A01018) fell 1.63 percent to INR 1,167.70 on the NSE on October 1, 2026, as investors weighed a weak trading session against expectations for stronger second-quarter earnings. Nuvama retained its Buy rating and INR 1,766 target in a Q2 FY27 preview published on October 1, 2026.

Q2 estimates point to refining gains

According to Financial Express on October 1, 2026, Nuvama expects consolidated EBITDA to rise 17 percent year over year to INR 53,700 crore in Q2 FY27. The brokerage estimates oil-to-chemicals EBITDA at INR 20,700 crore, up 38 percent year over year and 22 percent quarter over quarter.

The same Nuvama preview sees digital EBITDA increasing 16 percent year over year to INR 21,900 crore, supported by a 3 percent rise in average revenue per user and 7 percent subscriber growth. Retail EBITDA is expected to decline 1 percent year over year, while oil and gas EBITDA is projected to fall 6 percent.

Q1 revenue grew while profit fell

Reliance entered the Q2 period after reporting Q1 FY27 revenue from operations of INR 311,850 crore, up 25.41 percent from the year-earlier quarter. Consolidated net profit stood at INR 20,946 crore, down 22.40 percent year over year because of a high base effect, according to Sahi in its September 2026 company update.

The contrast matters for the stock: revenue expanded by a quarter, but reported profit moved in the opposite direction. For Q2, the market narrative depends on whether refining and digital gains can offset pressure in retail and oil and gas.

Reliance stock stays below its yearly high

Reliance stock was last at INR 1,167.70 on October 1, 2026, on the NSE, with a prior close of INR 1,187.00. The session high was INR 1,183.90 and the low was INR 1,160.80, while the 52-week range stood at INR 1,160.80 to INR 1,611.80.

The market capitalization was INR 15.8 trillion on October 1, 2026, and traded volume was 16,771,000 shares. The INR 1,766 Nuvama target stands INR 598.30 above the October 1 price, making the brokerage view a direct test of the Q2 operating recovery rather than a response to the latest daily decline.