The Mumbai-listed stock climbed as much as 7.1% to 1,246.45 rupees on Monday morning. While the shares later settled at a 6.4% gain, the market response underscores investor confidence in the company's core operations. Citi analysts credited the rally to a robust oil-to-chemical business, subsequently raising their EBITDA forecasts for fiscal years 2027 and 2028 by up to 7%.

Despite the optimistic earnings report, analysts remain cautious regarding the broader retail landscape. Citi lowered its target price for the stock to 1,490 rupees from 1,690 rupees, citing persistent weakness in the retail segment as a potential drag on future growth. This tempered outlook highlights the challenges Reliance faces in balancing its high-performing energy sectors against a sluggish consumer retail environment.