RELIANCE

Reliance Industries is seeing strong traction in its consumer-facing businesses, with Jio Platforms and Retail contributing ~50% of EBITDA. The oil-to-chemicals (O2C) business continues to face volatility due to global crude prices, but refining margins are holding steady. The upcoming Jio IPO could unlock significant shareholder value. Reliance Retail’s expansion into FMCG and fashion strengthens long-term growth prospects. Debt levels remain manageable with robust cash flows. Trading at ~23x FY26 EPS, the stock offers both stability and growth. Investors should watch out for updates on new energy projects.