Positive Outlook and Strategic Positioning Justify Buy Rating for Reliance IndustriesWe value EV/EBITDA (vs peers at 45x-55x EV/EBITDA). Price (INR) 1,234.40 Price Target () 1,520.00 1,608.95/1,201.50 ASIAX 1,279.75 FYE Cap (INR) (B) 16,704.86 EV (INR) (B) 19,480.92 Performance YTD 1M 6M 12M Absolute (%) 1.6 1.1 (18.8) (14.8) ASIAX (%) (0.3) (1.0) 3.0 13.7 Relative (%) 1.9 2.1 (21.8) (28.5) Source: Bloomberg, Bernstein estimates and analysis.