Shares of Reliance Industries Ltd., the Nifty 50 heavyweight, could see an upside of up to 28% from current levels, according to global brokerage firm Goldman Sachs.

The foreign brokerage, in a note dated March 28, reiterated its ‘Buy’ rating on Reliance, with a price target of ₹1,640 per share, which is a 28% upside from Thursday’s closing price.

Reliance Industries shares have corrected 20% from their recent peak of ₹1,608.80.

Goldman Sachs expects Reliance’s Q4 core EBITDA to remain largely flat on a sequential basis. However, investor focus is likely to be on growth trends in the retail segment, with the brokerage estimating a 6.5% year-on-year rise in retail (excluding connectivity revenue) in Q4, compared to a decline of 8.5% in Q2 and a 5.7% increase in Q3.

Additionally, Goldman Sachs estimates a 4% quarter-on-quarter growth in Jio’s revenue, approximately 200 basis points higher than Bharti Airtel’s expected growth.

For the upcoming quarterly update, the brokerage expects to hear from the company on guidance for retail growth into FY26 and updates to its new energy ventures. RIL had previously guided the commencement of solar module production by the end of CY24 and 30GWh battery production by the second half of CY25.

Market veteran Chris Wood of Jefferies will be increasing the investment in Reliance Industries in his India long-only portfolio by 2 percentage points. This will be funded by shaving off weightage in HDFC Bank and State Bank of India by one percentage point each.

Out of the 38 analysts tracking Reliance Industries, 35 of them have a ‘Buy’ rating on the stock, while three have a ‘Sell’ rating. A consensus estimates of price targets implies a potential upside of 20% for the stock going ahead.

Shares of Reliance Industries settled 0.55% higher on Thursday at ₹1,280. The stock is up 5% on a year-to-date basis.