Mumbai, Oct. 31 -- Reliance Industries Ltd (RIL) is expected to post an 11 per cent compound annual growth rate (CAGR) in earnings between FY25 and FY28, supported by strong performance across its key businesses, according to a latest research report by Morgan Stanley.

Morgan Stanley said the growth will be driven by three key factors, improved oil-to-chemicals (O2C) margins supported by lower feedstock prices and a tightening refining cycle, strong traction in consumer brands boosting retail, and expected tariff hikes in telecom.

It stated "We expect RIL to see 11 per cent earnings CAGR over F25-28e"

In its base case, Morgan Stanley has valued RIL's different business segments as follows, Petrochemicals and Refining at 8x and 7.5x FY2...