Reliance Industries Ltd (RIL), India’s most valuable conglomerate and its largest stock by market capitalization, is facing a pivotal moment. With its share price down 18% from its recent peak, billionaire Mukesh Ambani is pivoting beyond the highly anticipated Jio Platforms IPO to restore momentum for the company’s 44 lakh anxious shareholders.
RIL shares are stuck near the -1 standard deviation band on its long-term forward EV/EBITDA chart, implying near-zero value ascribed to the company's new growth engines, according to Jefferies. At last week’s AGM, Ambani announced that RIL is targeting more than a doubling of consolidated EBITDA over the next five years — a repeat of what the company achieved in the previous five. The question every analyst is now wrestling with is which of the five growth levers Ambani laid out will actually move the needle first.
