Reliance Industries (Buy, TP: INR 1,700, +28%) Q4 FY26 Quick Take: Revenue accelerates and dividend announced, FWA remains strong
Revenue growth accelerated further to 12.9% in 4Q, driven by O2C and Jio. However EBITDA decreased 0.3% YoY in 4Q, with margins dropping to 14.9% in 4Q from 17.3% in 3Q. Per the earnings release, management reaffirmed that Jio’s IPO listing is advancing steadily.
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