Goldman Sachs has issued a 'Buy' rating on Nifty 50 heavyweight Reliance Industries Ltd, setting a price target of ₹1,835 per share. This target represents an upside potential of up to 25% from the stock's previous closing price, reflecting the brokerage's confidence in the company's refining business prospects.

Mixed Quarterly Outlook

The investment firm expects moderation in Reliance's retail earnings growth during the third quarter, attributing this to several factors including weak discretionary spending, base effects, and the timing of the festive season. However, Goldman Sachs anticipates that a strong, refining-led performance in the energy business will partly offset these retail headwinds.

Refining Business Fundamentals

Goldman Sachs has adjusted its forecasts by trimming near-term retail growth assumptions while raising refining estimates, resulting in overall earnings forecasts that remain largely unchanged. The brokerage emphasized that refining fundamentals continue to be supported by tight product markets through CY27.

The firm noted that crude differentials across alternative grades, including Middle Eastern barrels, are improving, which could help sustain strong refining margins. Additionally, Goldman Sachs flagged further upside risks to Reliance's refining margins if crude sourcing from Venezuela were to resume.

Venezuela Oil Sourcing Potential

Regarding Venezuelan oil access, a Reliance Industries spokesperson stated on January 9 that the company is awaiting clarity on access to Venezuelan oil for non-US buyers and will consider purchases in a compliant manner. This development could provide additional margin enhancement opportunities for the refining segment.

Telecom Growth Projections

In the telecommunications business, Goldman Sachs projects an EBITDA CAGR of 18% over the FY26 to FY30 period, indicating strong growth expectations for this segment.

Market Performance and Analyst Sentiment

Reliance Industries is scheduled to announce its third-quarter financial results on January 16, 2026. The stock ended Thursday's session 2.23% lower at ₹1,470.70, trading approximately 9% below its record high of ₹1,611.80.

Analyst sentiment remains overwhelmingly positive, with 35 of the 37 analysts tracking the stock maintaining 'Buy' recommendations, while only two analysts hold 'Sell' ratings. This broad analyst support underscores the market's confidence in the company's diversified business model and growth prospects across its key segments.

Reliance Industries Limited has announced its earnings schedule for the third quarter of financial year 2025-26, as the earnings season gains momentum across Indian markets.

Earnings Schedule Announcement

The Mukesh Ambani-led company shared its earnings announcement schedule on Thursday evening for the October-December quarter of FY26. This announcement aligns with the broader trend of listed companies releasing their quarterly results schedules as the earnings season commences.

Market Context

As the current earnings season begins, several companies listed on major Indian stock exchanges are announcing their schedules to release third quarter results for the financial year 2025-26. Reliance Industries joins this wave of earnings announcements, providing clarity to investors and market participants about the timing of its financial disclosure.

The earnings announcement represents a key milestone for stakeholders tracking the company's financial performance during the third quarter of the current financial year.