JEFFERIES ON RELIANCE INDUSTRIES ; BUY | TP ₹1,710

• Q2 consolidated EBITDA UP 23% YoY AT ₹56,600 CR, beating estimates by 6%. • O2C segment leads performance. • Retail EBITDA misses estimates by 6% due to quick-commerce investments and inflationary pressures on margins. • Raises FY27/FY28 EBITDA estimates by 6%/2%. • Expects strong refining profitability during winter.

RELIANCE INDUSTRIES LTD

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