"RIL's key projects are on track, its exploration and production business is turning around with two new offshore India discoveries after a gap of two years.
“The regulatory environment has also improved, in our view, with an increase in domestic natural gas prices," it said in a report.
"Also, its US shale oil/gas and retail segments are "growing faster than our estimates, and we believe RIL has so far shown a balanced approach in its telecom business," it said.
RIL, according to Goldman, offers the best downstream exposure in the Asian oil sector with its high quality asset base, diversified product portfolio, efficient management of inventory valuation swings and ability to fund large organic expansionary capex without taking on debt.
Last year, apart from being a top performer among Indian energy stocks, RIL also outperformed regional/global peers as well as the Indian market.
"Moreover, RIL is a key beneficiary of the weakening Rupee-US dollar exchange rates, as its revenues for all businesses except retail are in dollars and we estimate about 50
RIL delaying audit, says CAG, Moily defends
Reliance Industries may reward shareholders again
How Ambani plans to REVIVE the fortunes of Reliance Industries
RIL to invest Rs 1.5 lakh crore in 3 years
Give us 'ABCD': RIL shareholders to Mukesh Ambani