$3.6B Fund Equirus Turns Bullish on Reliance After Record ₹3 Lakh Crore Q1 Revenue
Equirus Securities flips positive on Reliance Industries for the first time in four years, setting a ₹1,537 target price on O2C margin strength, Jio IPO momentum and upstream growth despite the stock barely moving 0.3% on the news.
What happened
Equirus turns bullish on Reliance Industries after record ₹3 lakh crore Q1 revenue, driven by O2C margins, Jio IPO momentum, and upstream growth.
Key facts
- ₹3 lakh crore revenue
- 26.6% YoY growth
- target price ₹1,537
- $60-65 middle distillate spreads
- 0.3% stock move
Why this matters
Jio IPO momentum and O2C strength give Reliance more optionality for portfolio restructuring or spin-off value unlocking that corp dev teams should watch closely.
What to watch
- Jio Platforms IPO filing or DRHP submission with SEBI
- Singapore refining margins moving beyond $8-10/bbl range
- Reliance Retail quarterly revenue growth deceleration below 15%
- Additional brokerage target price revisions (upward cluster or downward outlier)
- Crude oil price breakout above $90/bbl impacting O2C cost structure
- RIL stock price action breaking ₹1,400 resistance or ₹1,250 support
- Track Q2 FY earnings call for explicit Jio IPO timeline commitments from management
- Monitor Singapore GRM (gross refining margin) trends weekly as leading indicator for O2C segment health
- Watch for follow-on brokerage upgrades/downgrades within 2-3 weeks as confirmation or contradiction signal
- Assess retail arm same-store sales growth in upcoming quarterly disclosures for diversification narrative
- Check FII/DII flow data on RIL stock post-upgrade to gauge institutional conviction beyond stock price