Goldman Sachs says 22% upside in RIL stock

Goldman Sachs has set a 12 month price target of Rs 3,200 for Reliance Industries Limited (RIL) stock with a 22 per cent upside.

We see RIL as a unique energy transition story. For RIL, strong cashflow generation in the best in class old energy business (low cost structure and highest complexity) can fund the capex of the New Energy business and in turn drive one of the fastest and most profitable net zero transitions by 2035 amongst large energy companies, on our analysis, Goldman Sachs said.

RIL is adopting a manufacturing approach to net zero-emissions with a hyper integrated model spanning solar, battery and hydrogen and a focus on net zero supply chain (already spent $1.5 billion to acquire technologies across the solar, battery and hydrogen ecosystems).

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