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Investing.com - UBS raised its price target on Reliance Industries (NS:RELIANCE) to INR1,820 from INR1,750 on Monday, while maintaining a Buy rating following the company’s better-than-expected quarterly results.
The Indian conglomerate reported Q2FY26 consolidated EBITDA growth of 17.5% year-over-year, exceeding both UBS and consensus expectations by 2.5-3%, according to the investment bank.
The retail segment emerged as a key driver of the earnings beat, with revenue growth accelerating to 18% year-over-year and EBITDA increasing 16.5% year-over-year, supported by strength across all business lines.
Reliance’s digital segment also outperformed UBS expectations, adding 8.3 million net subscribers and delivering 4% quarter-over-quarter revenue growth, while the Oil to Chemicals (O2C) segment performed in line with forecasts.
Following these results, UBS raised its FY27-28 consolidated EBITDA estimates for Reliance Industries by 0.4-0.5%, primarily due to higher projected retail segment revenues.
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