Morgan Stanley Overweight for Reliance

(20 second reading) According to Morgan Stanley, multiple areas of re-rating are expected to take center stage for Reliance Industries. (RIL). As the company navigates through the current earnings upgrade cycle, the 13% year-to-date move seems to be well priced in.
With an “Overweight” call, Morgan Stanley maintains a target price of Rs 3,046 on the RIL stock price. Over the past year, Reliance Industries stock has surged by 35%, with a further 10% increase since the beginning of the year. Presently, the stock trades at 24 times price-to-earnings and 10 times EV/EBITDA based on the company’s FY26 earnings estimate.