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Nuvama Raises Reliance Industries Target to Rs 1,801 on Solar Module Growth

Nuvama forecasts Rs 3,800 crore in FY25 profit from RIL’s 10GW HJT solar module rollout triggering a rerating comparable to the post-Jio era.

Reliance Industries share price | Image: Republic
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Overview

  • Nuvama has set Reliance Industries’ share price target at Rs 1,801, the highest on Dalal Street, to reflect stronger-than-expected earnings from its solar module business.
  • The brokerage projects the ramp-up to 10GW of HJT solar module capacity will add around Rs 3,800 crore to FY25 PAT, accounting for roughly 6% of consolidated profit.
  • Reliance has begun selling high-efficiency HJT modules domestically under MNRE’s Approved List at a premium of over 5% compared with TOPCon alternatives.
  • By applying a 15× EV/EBITDA multiple to the module unit, Nuvama values the segment at about $20 billion, highlighting substantial upside versus smaller peers.
  • Analysts expect the New Energy segment to boost overall PAT by more than 50% and drive a broader revaluation of Reliance’s Oil-to-Chemicals business as it pursues net-zero carbon by 2035.