Capstone Holding Corp. lowers convertible note conversion price to $1.00
Investing.com - JPMorgan has raised its price target on Reliance Industries (NSE:RELI) (RELIANCE:IN) to INR1,695 from INR1,568 while maintaining an Overweight rating on the stock.
The adjustment follows Reliance’s first-quarter results, which showed adjusted profit after tax (PAT) was 6% below JPMorgan’s estimates, though still up 19% year-over-year.
JPMorgan highlighted two positive developments: a 124 basis points quarter-over-quarter margin expansion in the company’s telecom business that exceeded expectations, and increased visibility on Reliance’s New Energy segment, which involves substantial capital expenditure.
The firm also noted two negatives in the quarterly performance: retail growth decelerated to 11% year-over-year, missing estimates, and the Oil-to-Chemicals (O2C) EBITDA came in weaker than forecast.
Despite these mixed results, JPMorgan believes Reliance Industries is positioned for improved profit after tax growth in fiscal years 2026 and 2027, with the new price target based on a valuation rolled forward to September 2026.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.