Reliance Industries has executed a significant block trade on the National Stock Exchange (NSE), marking notable trading activity in the oil-to-telecom conglomerate's shares. The transaction involved a substantial volume of shares at a predetermined price point.

Block Trade Details

The NSE block trade encompassed approximately 135,438 shares of Reliance Industries, executed at a price of ₹1,498.90 per share. This pricing mechanism resulted in a total transaction value of ₹20.30 crores.

Understanding Block Trades

Block trades represent large-volume transactions that are typically executed outside the regular market order book. These trades serve multiple purposes in the financial markets:

• Institutional Activity: Large institutional investors often use block trades to buy or sell significant quantities without impacting market prices
• Liquidity Provision: Block trades provide an efficient mechanism for transferring substantial share volumes
• Price Discovery: Such transactions often occur at negotiated prices that reflect fair market value

Market Implications

The execution of this block trade indicates active participation by large investors in Reliance Industries shares. The transaction price of ₹1,498.90 per share represents the agreed-upon value between the participating parties for this bulk transfer. Block trades of this magnitude typically signal institutional interest and can provide insights into large-scale investment decisions regarding the company's stock.

Reliance Industries shares remain in focus as Jefferies maintains its Buy rating and raises the target price to ₹1,830, rolling forward its valuation to March 2027. This comes a day after RIL shares fell 4.40%, erasing ₹94,000 crore in market value, with the brokerage citing potential tariff hikes at Jio and the telecom arm's IPO as major re-rating triggers.

Target Price Revision and Valuation Framework

Jefferies has lifted the 12-month price target, implying about 21% upside from the previous close of ₹1,507. The brokerage's base-case assumes strong growth across key segments, with Jio's standalone equity pegged at approximately $170 billion based on a 15x EV/EBITDA multiple for March 2027.

The sum-of-the-parts valuation assumes 21% EBITDA CAGR at Jio, 14% at Retail, and 6% at the oil-to-chemicals business over fiscal 2025-28, valuing core offline retail at 28x EV/EBITDA and India telecom at 15x on fiscal 2027-28 estimates.

Jio IPO and Tariff Hike as Key Triggers

Jefferies expects Reliance Jio to deliver strong performance in fiscal 2027, driven by a 15% mobile tariff hike expected around June 2026 and continued strength in home broadband and fixed wireless access. The report flags an imminent listing of Jio Platforms in the first half of calendar 2026 as a pivotal value-unlocking event.

The telecom segment is expected to benefit from operating leverage, with margin expansion supporting robust cash flow generation and reduced capital expenditure intensity.

Retail and FMCG Growth Momentum

Reliance Retail is projected to achieve 16% revenue growth in fiscal 2027, as store additions accelerate following network streamlining and revenue per square foot returns to double-digit growth. The FMCG business continues its impressive trajectory, maintaining 100% year-on-year growth for six consecutive quarters.

The FMCG business, with brands such as Campa Cola, Independence, and Lotus Chocolate, now has an annualised revenue run-rate of around $2.40 billion, positioning it as a significant value-discovery opportunity alongside new energy and data centre initiatives.

Oil-to-Chemicals Segment Stabilisation

In the oil-to-chemicals segment, Jefferies forecasts 5% EBITDA growth in fiscal 2027, supported by firm Singapore refining margins and tight refined-product markets. The shift away from discounted Russian crude and gradual recovery in petrochemical spreads from 15-year lows are expected to provide stability.

Earnings Adjustments and Risk Factors

Despite the constructive stance, Jefferies has trimmed fiscal 2027 and fiscal 2028 earnings per share estimates by 2% each, mainly reflecting lower net interest income as capital expenditure and working capital needs rise in retail. Key downside risks include weaker-than-expected tariff trends at Jio, disappointing refining margins if China's recovery falters, and higher cash burn in e-commerce operations.