Refining gains, clean energy push lift Reliance outlook despite retail drag

Reliance Industries' outlook is lifted by strong refining margins, with international product cracks on petrol, gasoil and ATF expanding sharply due to Russian supply disruptions. The clean energy segment reached 1 GW of annual solar capacity at Jamnagar, while the battery facility (first 40 GWh) is on track for commissioning this year. Retail Ebitda margin fell to a 15-quarter low around 6-7% on aggressive dark-store rollout, and telecom continues with volume-led growth without tariff hikes; Equirus retained a LONG call with a September 2027 target of Rs 1,537 as the stock trades at 18-19x forward P/E.