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Reliance Industries has experienced a spectacular increase in its stock prices, thereby adding ₹1.01 trillion to the investor wealth when the conglomerate announced a better-than-expected Q4 results for FY25. Coincidentally, that during intra-day prices on Monday, the company’s market capitalization reached ₹18.60 trillion from ₹17.59 trillion on Friday, April 25, 2025, according to data from the Bombay Stock Exchange (BSE).
Shares of Reliance Industries jumped nearly 6%, to a six-month high at ₹1,374.90 on the BSE after the company reported a better-than-expected March 2025 quarter (Q4FY25) results.
The stock accounts for its bonus share issue and thus trades at the highest level since October 22, 2024. The company offered one bonus share for each one held on the record date when RIL turned ex-bonus on October 28, 2024. By 1:58 PM, RIL shares traded at ₹1,371.60, up 5.5%, over a broader market in which the BSE Sensex rose at 1.3%. Trading volumes became even more amazing when they were over 25.24 million shares across NSE and BSE-exceeding average by 1.5 times
Surprisingly Excellent Q4 Results
For the quarter ending March 2025 (Q4FY25), Reliance Industries reported consolidated net profit increased by 2.4% year on year standing at ₹19,407 crore. Revenues for the quarter rose 10.5% Y.o.Y to ₹261,388 crore, driven largely by a strong showing of consumer-facing businesses including retail and telecom. The oil-to-chemicals (O2C) business segment, however, faced problems due to unfavorable refining margins and rising capacities worldwide. On a quarter-on-quarter basis, RIL’s net profit increased by 4.7 while income grew by 8.9%.
The company also became the first corporate entity in India to cross the market capitalization of ₹10 trillion, sealing its fate as the leader in that market.
About Reliance Industries
Reliance Industries is a diversified conglomerate involved throughout the spectrum of hydrocarbon exploration and production, oil-to-chemicals (O2C), retailing, and digital services.
The O2C segment covers transportation fuels, polymers, elastomers, intermediates, and polyesters. With world-class refineries and petrochemical facilities linked by fully integrated logistics and supply chain infrastructure, this segment is bolstered by top-tier assets. RIL also holds a majority stake of 51% in Reliance BP Mobility Limited (RBML) through a joint venture with bp for fuel retailing, under the Jio-bp brand. It also has a 74.9% equity stake in Reliance Sibur Elastomers Private Limited (RSEPL).
Reliance Retail, India’s largest retailer, has an excellent network of stores and digital commerce platforms that cater to various consumer requirements across categories, such as electronics, fashion, groceries, and connectivity products. Reliance Jio, on the other hand, is changing India’s digital landscape by framing the necessary infrastructure to provide affordable connectivity and services.
Brokerage Views on RIL’s Performance
According to BNP Paribas India, while the Q4 operating profit numbers met expectations, the consumer segment (Jio and retail) performed extremely well, while the O2C segment faced continued headwinds. “We see the continued ramp up of its consumer ventures (telecom, retail, media) and commissioning of its new energy projects as the growth drivers for RIL while the O2C outlook remains uncertain. Changes to our estimates are not material. Our SoTP based target price rises by 1 per cent to ₹ 1,685,” BNP Paribas India said in the result update
ICICI Securities mentions the huge growth and the 5G adoption cycle, whereby RIL has migrated 191 million subscribers to 5G. Today, 5G accounts for 39% of its entire subscriber base. The broking firm expects 5G to be a long-term driver of incremented data usage and ARPU growth. Also, RIL added 1.5 million new subscribers in the home broadband segment, thus increasing the total number of subscribers to 18.5 million, out of which 5.6 million are JioAirFiber subscribers. ICICI Securities is tracking the developments surrounding the RIL IPO and industry tariff hikes expected in FY26.
JM Financial Institutional Securities has reiterated a BUY rating for the company with a target price of ₹1,580. The brokerage estimates that RIL will gradually lower its net debt, as the company’s leadership in several sectors will drive a 15-20% compound annual growth rate (CAGR) in earnings per share (EPS) for the next 3-5 years. JM Financial also cited the possible listing of Jio as a key near-term trigger.
