RELIANCE

Overall Sentiment & Market Performance: Positive Outlook: Global brokerage CLSA and Nuvama Institutional Equities have a bullish outlook on Reliance Industries, with Nuvama setting the highest target price of ₹1,801, implying a 20% upside from current levels. Market Cap Leader: Reliance Industries remains India's most valuable listed firm, with its market capitalization surpassing ₹20 trillion recently. Q1 FY26 as a Turning Point: CLSA expects significant improvements in Key Performance Indicators (KPIs) across Reliance's key businesses starting from Q1 FY26 earnings (likely next month). Key Business Segments & Data: 1. Jio (Digital Services/Telecom): Subscriber Growth: Jio added 2.6 million mobile subscribers in April 2025 (TRAI data). Broadband Expansion (AirFiber): CLSA anticipates approximately 9-10 million subscriber additions in Q1 FY26, including broadband subscribers (like AirFiber), a significant jump compared to 6 million across all four quarters of FY25. FWA Dominance: Reliance Jio is on track to become the world's largest Fixed Wireless Access (FWA) provider by subscriber base, with 6.88 million 5G FWA subscribers as of May 2025, potentially eclipsing T-Mobile's subscriber count. ARPU Growth: Average Revenue Per User (ARPU) saw a 10.6% QoQ growth in Q4 FY22 (latest data available with specific details), aided by SIM consolidation and tariff hikes. 2. Retail: EBITDA Growth Expected: CLSA expects the retail business to report high-teens year-on-year EBITDA growth starting from Q1, as the benefits of operational streamlining become visible. Store Expansion: Reliance Retail added 793 new stores in Q4 FY22, crossing the 15,000 store benchmark. Omni-channel Strength: The widespread physical store network and JioMart's omni-channel value proposition are expected to drive consistent business growth.