New Delhi, Oct. 18 -- Brokerages have revised their outlook for Reliance Industries Ltd (RIL) to the upside following the company's strong September quarter results, signaling renewed investor confidence and potential stock re-rating.

Analysts highlighted that growth has returned across all key business segments after a challenging year.

Morgan Stanley noted that RIL's robust 22 per cent year-on-year (YoY) growth in fashion revenue, along with China's anti-involution policies impacting chemicals, solar, and refining, and increasing AI adoption, could drive future earnings upgrades.

The brokerage added that the positive momentum in consumer retail and fuel refining sets up a strong December 2025 quarter, while new energy and AI initiati...