Reliance AGM 2026: Jio IPO, AI and New Energy push

Shares rise after AGM roadmap

Shares of Reliance Industries Ltd (RIL) gained more than 2 percent and rose nearly 3 percent in early trade on Monday after the company outlined fresh growth initiatives at its 49th annual general meeting (AGM). The stock touched an intraday high of ₹1,344.90 versus the previous close of ₹1,309.50, as investors reacted to the company’s long-term growth roadmap. Another update from the session showed the stock trading around ₹1,339.75 on the BSE at 09:36 AM, up 2.3 percent. Reliance was among the top gainers on the Nifty 50 during the move.

Brokerage commentary after the AGM stayed constructive, with many firms reiterating buy or outperform ratings. Analysts pointed to the proposed Jio Platforms listing, spending on artificial intelligence (AI) infrastructure, and progress in new energy as key triggers. Management’s stated ambition of doubling EBITDA over the next five years also featured prominently in notes.

What the market focused on

The AGM updates covered multiple verticals, including telecom, retail, oil-to-chemicals, and emerging businesses such as AI and clean energy. Investors appeared to treat the announcements as a package of execution milestones rather than a single headline. Several brokerages said the AGM reinforced the group’s longer-term value creation plans, without calling out major surprises.

The stock reaction came alongside growing attention on event-led catalysts. These include the timeline for a Jio Platforms IPO, the ramp-up path for AI compute capacity, and visibility on the first phase of new energy commercialisation.

Jio Platforms IPO: filings, timelines, and valuations

Nomura said Jio Platforms has filed its draft red herring prospectus (DRHP), which it said paves the way for a likely IPO by the end of 2026. Separately, CLSA flagged the potential listing of Reliance Jio by mid-2026 as an event that could shape investor perception. Taken together, brokerage commentary suggests expectations range from mid-2026 to end-2026 for a potential listing.

On valuation, Nomura estimated Jio’s implied valuation at $117-127 billion. CLSA, in a separate note, valued Jio at an enterprise value of $161 billion for March 2027, rising to $190 billion by March 2028. CLSA said it assigns the business a 15 percent valuation premium to the average free-cash-flow yield of global telecom peers excluding China.

AI build-out: core capability across businesses

CLSA said Reliance is positioning AI as a core capability across businesses and expects its first AI compute capacity to be commissioned by the end of 2026. Nomura highlighted the Jamnagar Sovereign AI Hub and said it is targeting its first 120 MW capacity by the end of FY26. The brokerage characterised the AI initiative as early-stage and capex-heavy, with monetisation still to be proven.

Nomura also said Reliance is targeting affordable, multilingual AI services across consumers, enterprises, and government. Brokerages broadly treated AI as a multi-year investment cycle that could add optionality to the group’s earnings mix if execution milestones stay on track.

New energy: commissioning milestones and FY27 revenue start

Brokerage notes also focused on new energy, where multiple milestones were referenced. Nomura said solar cells and modules have already been commissioned. It also said the first phase of a 40 GWh battery gigafactory will be commissioned this year.

On monetisation, Nomura expects the group’s new energy business to start generating revenue from FY27. Jefferies also noted that the new energy sector is approaching monetisation, with production of solar modules and energy storage systems anticipated in FY27. Nomura added that a $1 billion green energy supply agreement with Samsung C&T supports Reliance’s green-molecule ambitions.

Retail and FMCG: RCPL revenue target for FY30

Jefferies said Reliance’s retail division is strengthening its integrated manufacturing and export framework, while accelerating investments in FMCG. It referenced a target to reach ₹1 trillion in revenue by 2030, which is ₹1,00,000 crore.

Systematix Institutional Research said Retail and Digital businesses now contribute 50 percent of group EBITDA, while New Energy and AI are positioned as the next multi-decade growth engines. The same note said the New Energy business is set to enter commercialisation in FY27 with initial solar revenues and battery commissioning, and reiterated the RCPL ₹1,00,000 crore revenue target by FY30.

What brokerages said after the AGM

CLSA maintained an “outperform” rating and set a target price of ₹1,800 per share, the highest among the brokerages referenced. CLSA also said the target implies upside of more than 34 percent from current levels. Nomura retained a ‘buy’ rating with a target price of ₹1,640 per share.

Jefferies reaffirmed a ‘buy’ rating with a target of ₹1,675. Domestic brokerage Motilal Oswal reiterated ‘buy’ with a target price of ₹1,655. Emkay Global maintained a ‘buy’ rating with a target of ₹1,680, and Systematix maintained ‘buy’ with an unchanged target of ₹1,700. Another note said some brokerages kept ‘buy’ ratings with targets of up to ₹1,765.

Key figures at a glance

Market impact and why it matters

The near-3 percent move in Reliance shares reflected a positive read-through on multiple levers rather than a single earnings-driven trigger. The proposed Jio listing is viewed as a potential value-unlocking event for the group’s digital business, with brokerages providing wide-ranging valuation markers from $117-127 billion implied valuation (Nomura) to a $190 billion enterprise value projection for March 2028 (CLSA).

The AI and new energy updates add a different type of narrative: near-term capex and commissioning milestones with a later revenue curve. Brokerages specifically anchored expectations to timelines such as AI compute commissioning by end-2026 (CLSA), the Jamnagar hub’s first 120 MW by end-FY26 (Nomura), and new energy revenue beginning FY27 (Nomura). In the consumer businesses, the ₹1,00,000 crore RCPL revenue target by FY30 and the “50 percent of group EBITDA” contribution from Retail and Digital (Systematix) were highlighted as indicators of how Reliance’s earnings mix is evolving.

Conclusion

Reliance’s post-AGM share move and the largely bullish brokerage stance underline investor focus on execution milestones across Jio’s listing path, AI infrastructure build-out, and new energy commercialisation. The next reference points, as highlighted by analysts, include progress toward an IPO timeline for Jio Platforms, commissioning milestones for AI compute and the Jamnagar hub by end-2026 or end-FY26, and the start of new energy revenue from FY27.