RIL earnings in next 2 years should be better than last 2: JPMorgan

Reliance Industries shares rose nearly 2% after Jefferies and JP Morgan highlighted potential upside driven by strong consumer business growth. JP Morgan expects earnings to improve over the next two years, with reduced drag from the O2C segment and positive free cash flow despite ongoing capex. Retail and telecom are seen driving nearly all net EBITDA growth through FY28.