Reliance Industries, led by Mukesh Ambani, is undergoing a significant strategic shift.
Consumer-focused businesses, including Reliance Retail and Jio, are now the primary contributors to the company's operating cash profit.
Analysts predict strong EBITDA growth in these consumer sectors.
JPMorgan projects Reliance's adjusted consolidated EBITDA to reach approximately Rs 165,444 crore in fiscal year 2025, and further increase to around Rs 216,103 crore by fiscal year 2028.
The telecommunications sector, particularly Jio, is expected to be a major earnings driver, with Jefferies forecasting a 21% EBITDA compound annual growth rate (CAGR) between fiscal years 2025 and 2027.
Reliance Retail is also experiencing rapid expansion, with Jefferies and Bernstein estimating an EBITDA CAGR of 15-20% over the same period (FY25-27).