Reliance underperforms Nifty 50 YTD: Equirus says catalysts for re-rating are emerging, upgrades stock to LONG

India’s most valuable stock’s valuation is at attractive levels, with forward P/E compressing to ~19x (versus average of ~21x) and EV/EBITDA at ~9.9x, even < -1SD band, nearing multi-year trough levels of ~9.6x, the brokerage said.