Reliance share price: Following the reporting of Q3 results for 2025, shares of Reliance Industries Ltd (RIL) saw heavy purchasing in the early morning session on Friday. Reliance shares rose to an intraday high of INR 1,326 per share on the NSE shortly after the opening bell.
According to stock market experts, the Sensex heavyweight posted record EBITDA and PAT on a consolidated basis, which is expected to boost bullish mood soon. Reliance Retail had a strong performance, with notable contributions from all forms. They recommend buying Reliance shares on dips and estimate a near-term goal of ₹1400 RIL's share price.
Reliance Q3 Results 2025 Review
Prathamesh Masdekar, Research Analyst at StoxBox, linked the Reliance share price increase to good RIL Q3 results, saying, "Reliance Industries has grown exponentially and set new benchmarks, demonstrating strength and resilience across all businesses during the quarter." This quarter's record EBITDA and PAT at the consolidated level demonstrates this. The performance of the digital services division has been driven by continuous subscriber growth and consistent improvement in customer engagement measures. This was bolstered by a favorable subscriber mix, with more consumers switching to 5G networks. Reliance Retail had a strong performance, with notable contributions from all forms. During the quarter, the company benefited significantly from an increase in consumption due to festive demand. Continued store expansions and internet activities offer long-term growth opportunities for retail enterprises."
"Furthermore, the O2C business demonstrated its essential resilience, growing despite the prolonged period of volatility in the global energy markets." Refining margins recovered sequentially, but petrochemical deltas showed a mixed trend. The upstream segment continues to play a critical role in delivering the necessary transition fuel to strengthen India's energy security. Overall, we believe RIL remains a great long-term investment due to its size, diversification, and execution ability. However, near-term stock performance could depend on the pace of recovery in global refining and petrochemical markets, development in 5G monetization, and rural spending trends in retail," said the StoxBox expert.
Citi Boosts RIL Shares
Citi predicts a significant increase in RIL share price on Q3 results 2025, stating, "After subdued performance in recent quarters, Reliance delivered a strong beat in 3QFY25, with the rebound in Retail performance being the key highlight, followed by better O2C performance." EBITDA for the third quarter was Rs438 billion, up 12% quarter on quarter. Retail revenue/EBITDA growth rebounded to 7%/9% year on year (vs. -4%/1% in the second quarter), 14%/12% ahead of our expectations. O2C EBITDA increased by 16% quarterly (7% ahead). Jio's performance was slightly (2%) behind expectations. Net debt (flat QoQ) and capex (-5% QoQ) remained relatively steady. Overall, we are encouraged by the robust performance in the third quarter, particularly in Retail - slowness in this category has been a significant drag on stock performance and investor confidence, which we believe will now reverse. We raised the stock to Buy in November (link) and maintain a positive outlook.
Reliance's Share Price Goal
Sumeet Bagadia, Executive Director at Choice Broking, expects RIL shares to rise further, stating that the stock is an attractive buy-on-dips opportunity for investors. RIL's share price could reach INR 1,400 per share if it closes above INR 1,350.
Citi Predicts a Target of INR 1,530 for Long-term Investors
Emkay also upgraded Reliance shares following the Q3 results in 2025, saying, "We upgrade RIL to BUY from Add on attractive valuations." RIL's consol Q3FY25 EBITDA was Rs438 billion, a 4% increase over our forecast, as Retail/O2C was 10%/6% higher, while Upstream and Jio were broadly in line. Top-line increase of 9% YoY in Retail, compared to projections of a small fall, resulted in higher earnings with steady margins. Consol's PAT of Rs185 billion exceeded our projections by 3%, owing to a higher percentage of minority interest and lesser other income. Net debt declined 1% QoQ to Rs1.15 trillion, while capex fell 5% to Rs323 billion. The management highlighted excellent growth in Retail, driven by festive and simplification, and detailed ongoing downstream expansion projects in O2C, as well as margins regressing back to midcycle. We retain FY25-27E earnings while lowering our Sep-25E target price by 6% to Rs1,570 due to a 10% reduction in the Retail multiple. New energy development and vertical monetization are significant catalysts for the stock."
