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Mumbai: Global brokerage Morgan Stanley has re-rated Reliance Industries Ltd (RIL), citing the onset of what it calls the company’s “fourth monetisation cycle” and a decisive inflection in cash flows across all major business verticals.

In its report titled “Monetisation 4.0”, Morgan Stanley noted that, “Since Covid, RIL has invested >$80bn – all of it should start to bear fruit from 2026.” The brokerage highlighted that for the first time, RIL’s energy, consumer and telecom businesses are expected to turn free-cash-flow (FCF) positive simultaneously, which it believes is a structural trigger for a valuation re-rating.