Reliance Industries: Motilal Oswal Boosts New Energy Valuation to INR 174, Reiterates BUY with INR 1,765 Target

Overview

Motilal Oswal has significantly raised its valuation for Reliance Industries' New Energy business to INR 174 per share, citing the upcoming 40 GWh battery GIGA factory set to begin operations in early CY26. The brokerage projects FY30 New Energy EBITDA at INR 169 billion and sees it as a key growth driver post-FY30. The firm reiterates its BUY rating on Reliance Industries with a price target of INR 1,765.