Reliance Industries (NSE: RELIANCE) isn't just a conglomerate anymore; it's a ticking time bomb of value discovery, according to Deven Choksey, MD of DRChoksey Finserv. The core argument rests on Jio Platforms. The telecom arm posted EBITDA of ₹76,000 crore last year, growing at a steady 18-20% pace. Choksey isn't playing with small numbers here. He projects that EBITDA will double to ₹1.5 lakh crore in roughly four to four-and-a-half years. That’s a massive compounding curve. Reliance holds a 63% stake in Jio. If the telecom unit hits a market cap of ₹12 lakh crore, even with a 15-20% holding company discount, the incremental value on Reliance's books is substantial. The stock traded at ₹1,167.30 on the NSE this morning, down over 15% in the past year. For long-term holders, the math is shifting in their favor.
The IT sector has been written off, but Choksey sees the downside as finished. He is explicitly bullish on HCL Technologies, citing its integration of Anthropic’s cloud platform into software and cybersecurity stacks. Faster delivery, more authentic solutions. It’s not just hype; it’s operational integration. He noted that many peers are doing similar LLM integrations, but HCL is ahead of the curve. Tata Elxsi is also in the buy zone, executing contracts at higher margins in transportation, media, and healthcare. A 50-basis-point margin improvement from forex gains is a concrete, measurable win. "The downside in these stocks have been probably completed," Choksey stated bluntly. "It's time to buy them into the portfolio once again."
On the consumer front, Jubilant Foodworks (NSE: JUBILANTFW) looks like a value trap no more. The stock is trading at ₹421.10 on the NSE, having shed more than 27% over the last 12 months. That correction has stripped away the froth. Choksey expects seasonal demand in the quick-service restaurant segment to kick in, providing a near-term boost. He doesn't think it will command the same lofty multiples as before, but the risk-reward is skewed positively. "Maybe 15-20% appreciation from current level is not ruled out," he said, adding that in a good market, the upside could be even higher. The downside, he argues, is limited from here.
Transformers and Rectifiers also caught his eye, driven by strong execution in capital goods. The demand for transmission and distribution infrastructure is keeping capacity utilization high. It’s a longer working capital cycle, but the demand signal is clear. For traders, the IT and consumer plays offer the sharpest short-term catalysts, while the Jio story within Reliance is the long game. The market is pricing in discount; Choksey sees the fundamental floor being hit. Watch the next few quarters for margin expansion in IT and EBITDA growth in Jio to validate the thesis.