By BullScreen Editorial Team 
Reliance Industries Ltd. (RIL) received a more positive assessment from brokerages after its Q1 results 2027 exceeded market expectations, with JPMorgan calling the quarter “finally, a beat.” The brokerage maintained its Overweight rating and set a target price of ₹1,660, while Macquarie retained its Outperform rating with a ₹1,510 target.
The key growth driver was Reliance’s oil-to-chemicals (O2C) business, which benefited from stronger refining and petrochemical margins. O2C revenue rose 9% sequentially to ₹2.02 lakh crore, while EBITDA jumped 17% to ₹17,010 crore. The oil and gas segment also delivered strong growth, with EBITDA increasing 19% to ₹4,873 crore.
Reliance reported a 23% sequential rise in consolidated net profit to ₹20,946 crore, ahead of the Bloomberg consensus estimate of ₹20,451 crore. Revenue increased 5% to ₹3.09 lakh crore, while EBITDA rose 8% to ₹47,517 crore.
However, retail remained a weak spot. Revenue declined 8% sequentially to ₹90,409 crore, while EBITDA fell 9% to ₹6,309 crore. Macquarie also pointed to healthy Jio subscriber additions, ARPU of ₹215.60 and improved telecom margins.
JPMorgan cited commodity strength, new energy project commissioning and attractive valuations as key catalysts. Macquarie highlighted refining margins, upstream gas growth and Jio momentum, while flagging elevated capital expenditure of around $4 billion.
RIL shares closed 2.59% higher at ₹1,326.50. With the Jio Platforms IPO process advancing, analysts see multiple potential catalysts ahead.