Shares of Reliance Industries opened marginally lower on Monday before recovering, trading at ₹1,327.70 on the NSE as of 10.20 am, up just 0.04 per cent from Friday’s close of ₹1,327.20, as investors weighed the company’s record quarterly earnings reported after the last trading session.The stock opened at ₹1,317.20, touched a morning high of ₹1,345.90, and a low of ₹1,314.90. Volume was healthy with over 55 lakh shares traded, valued at ₹740.85 crore, with sell orders dominating at nearly 70 per cent of the total order book. The stock remains well below its 52-week high of ₹1,611.80 hit in January 2026, and is down nearly 10 per cent over the past year and over 15 per cent year-to-date, underperforming the Nifty 50 on both counts.The muted opening comes despite Reliance reporting its highest-ever quarterly EBITDA of ₹54,067 crore for Q1 FY27, up 10.1 per cent year-on-year, and a net profit of ₹23,196 crore, up 6.1 per cent. Revenue jumped 24.5 per cent to ₹3,40,257 crore, driven by strong double-digit growth across its Oil-to-Chemicals (O2C), Jio Platforms, and retail businesses.Brokerages were largely positive. Goldman Sachs, with a buy rating and a target price of ₹1,870, noted O2C likely beat market expectations, rising 17 per cent quarter-on-quarter despite elevated crude premiums and fuel marketing under-recoveries, adding that the outlook into the second quarter looks more constructive. Nomura, with a buy and a ₹1,690 target, called it a “record first quarter” with O2C EBITDA at a four-year high of ₹17,010 crore. CLSA, with an outperform rating and a ₹1,800 target, noted the consolidated EBITDA beat estimates by 3 per cent, flagging strong momentum in FMCG and media. Macquarie flagged upside risk to consensus estimates for Jio and retail, with management targeting a doubling of retail EBITDA over three years.The drag in the results came from Reliance Retail, where EBITDA fell 1.1 per cent year-on-year to ₹6,309 crore as the company ramped up investments in digital commerce and hyper-local delivery infrastructure. Management guided that this margin pressure is a deliberate near-term trade-off, with the three-year ambition to double operating EBITDA in the retail segment.Jio Platforms posted revenue of ₹45,961 crore, up 12 per cent, with EBITDA growing 15.1 per cent to ₹20,865 crore and the EBITDA margin expanding 150 basis points to 53.3 per cent. The telecom arm now has over 533 million subscribers, with 285 million on 5G.With the stock’s P/E at 20.43 and total market capitalisation at ₹17.97 lakh crore, analysts say a re-rating may hinge on Jio’s potential listing and clearer earnings visibility from new energy and retail.Published on July 20, 2026