Reliance Industries: 10 broker targets after AGM 2026

Stock reacts as AGM spotlights event-driven triggers

Reliance Industries Ltd (RIL) stayed in focus after its 49th annual general meeting (AGM), with multiple brokerages reiterating positive ratings and pointing to a pipeline of catalysts. In one session cited by the reports, RIL rose as much as 3% to ₹1,345.45 on the BSE in intraday trade after the AGM commentary. Another data point in the coverage noted RIL closing at ₹1,309.35 on Friday, up 1.25% for the day. Separately, RIL was also reported nearly 3% lower at ₹1,414.50 in a Monday session, underlining that the stock’s near-term moves have varied across trading days.

The common thread in brokerage notes was the view that the company has moved into an execution phase, with investors watching for milestone-driven updates rather than broad strategy statements. Several reports framed a potential IPO of Jio Platforms as the most prominent near-term trigger. Alongside Jio, analysts highlighted New Energy, AI infrastructure, and the possibility of value discovery in retail and FMCG as themes to track.

Brokerages keep Buy calls, lift or reiterate targets

Brokerages cited in the coverage largely maintained Buy or equivalent ratings on RIL, with target prices clustering in the ₹1,600 to ₹1,900 range. Nomura said it maintains a Buy rating and a sum-of-the-parts (SoTP) target price of ₹1,640, and listed possible post-Jio IPO catalysts. Motilal Oswal Financial Services (MOFSL) reiterated a BUY rating with a target price of ₹1,655 after the AGM. Emkay Global retained a Buy with a target of ₹1,680, while another note referenced an SoTP target of ₹1,670 per share.

Nuvama Institutional Equities reiterated BUY with a target of ₹1,765 and argued that New Energy contribution, new drivers and petrochem capacity additions could support growth, while reiterating its refining thesis. Systematic maintained a BUY rating with an unchanged target of ₹1,700. Among global brokerages mentioned, Morgan Stanley maintained an “Overweight” rating with a target of ₹1,803, while Goldman Sachs was cited with the highest target at ₹1,910.

What the Jio IPO filing says

The coverage included details from a stock exchange filing on Jio Platforms’ proposed initial public offering. The IPO is described as a fresh issue of up to 27 crore equity shares with a face value of ₹10 each. The issue price is to be determined through the book-building process. While timelines were discussed in brokerage commentary, the filing detail in the reports focused on the structure and size of the proposed issue.

Jefferies linked a potential telecom tariff hike and the listing of Jio to possible re-rating triggers, and said its valuation was rolled forward to March 2027. In another update, Jefferies raised its 12-month target price to ₹1,830 per share from ₹1,785, and pointed to telecom and Jio listing as key catalysts, alongside a recovery in retail growth.

Digital and telecom: why Jio remains the key growth narrative

MOFSL expects RJio (Jio Platforms) to remain the biggest growth driver for RIL, with the digital business likely to contribute 80% of RIL’s incremental EBITDA. Another brokerage note cited in the reports said analysts predict Jio will remain the largest growth driver, contributing to an estimated 18% EBITDA compound annual growth rate from FY26 to FY28. The same cluster of commentary also flagged rising ARPU and potential tariff hikes as sentiment supports, while noting margin pressures and higher depreciation.

Across the notes, the telecom thesis was framed as a mix of operational momentum and capital market optionality from a listing. Analysts repeatedly positioned the Jio IPO as a key “monitorable”, meaning a single event that could influence both valuation and investor attention.

New Energy: commercialization from FY27 is the central marker

Multiple brokerages and the AGM commentary converged on FY27 as the period when New Energy should begin to matter financially. Nomura said catalysts could come from ramp-up of the New Energy business and revenue contribution starting FY27. Another note stated that New Energy business targets were reiterated, with commercialization of the photovoltaic (PV) segment and a meaningful contribution to RIL’s financial performance from FY27.

Nuvama argued that the New Energy rollout could add 50% plus to PAT and also re-rate valuation, including Oil-to-Chemicals (O2C), citing the company’s net zero-carbon target by 2035. BNP Paribas also noted progress, saying factories were beginning to come on stream and could emerge as a new growth driver over time.

AI and data centres: 120MW milestone highlighted

Nomura flagged the growth of the AI business as another potential catalyst and referenced 120MW by FY26-end. The AGM commentary also positioned AI as a strategic pillar, with Mukesh Ambani describing a push to build AI infrastructure through Reliance Intelligence. In the same set of pathways laid out for Reliance’s next phase, AI infrastructure was grouped alongside New Energy, high-value materials, FMCG scale-up, and global expansion for Made-in-India brands.

While the reports did not provide revenue projections for AI infrastructure, the repeated mention of capacity milestones and execution timelines indicates investors will track buildout progress and eventual monetisation.

Retail and FMCG: value discovery remains on the radar

Brokerage notes referenced a potential listing of the Retail business as a future catalyst, in addition to Jio. Separately, Jefferies highlighted a spin-off of the fast-growing FMCG business as a medium-term value-discovery story. The FMCG business was described as having an annualised revenue run-rate of about US$1.4 billion, with brands such as Campa Cola, Independence, and Lotus Chocolate.

Jefferies also linked the outlook for 2026 to telecom triggers and a recovery in retail growth, and said retail was expected to return to mid-teens growth in FY27. These are brokerage expectations, not company guidance, but they signal what the market may test against quarterly updates.

Oil-to-Chemicals and refining: GRM and capacity additions in focus

Even as the narrative broadens beyond hydrocarbons, O2C remains a major piece of the sum-of-the-parts debate. Nuvama reiterated its “Golden Refining era” thesis for $10+/bbl in gross refining margins (GRM) and said huge petchem capacity addition should drive growth. Another brokerage note cited “normalization of crude logistics” and commissioning of petchem and new energy projects as key monitorables.

Ambani also described “transforming crude oil into high-value materials” as one of the five value creation pathways. That framing supports the view that O2C is being positioned for resilience and cash generation even as the company invests in newer verticals.

Key brokerage calls and targets at a glance

Why the targets cluster in a wide range

The spread in targets reflects differing assumptions about the timing and valuation impact of catalysts like the Jio IPO, New Energy commercialisation, and retail value discovery. Brokerages using SoTP frameworks typically assign separate valuations to telecom, retail, O2C, and emerging businesses, then adjust for holding company structure and net debt. When a business approaches an IPO, the range can widen because listing timelines and market conditions can change implied valuations.

The AGM also pushed the debate from long-term ambition to nearer-term milestones such as PV commercialization and AI capacity buildout. That shift can make quarterly execution updates more consequential for the stock than broad strategic narrative.

Conclusion: execution milestones now matter more than headlines

Across the brokerage notes, the core view is that RIL’s next leg of re-rating hinges on execution and on corporate actions like a Jio listing. The Jio IPO filing details, New Energy commercialisation expectations from FY27, and the AI capacity milestone cited by Nomura are the reference points investors are likely to track. Several brokerages also kept retail and FMCG value discovery on the watchlist, with Jefferies pointing to an FMCG revenue run-rate of about US$1.4 billion.

The next set of market-moving updates, based on what brokerages highlighted, would be further clarity on the Jio IPO timeline, any movement on telecom tariffs, and commissioning progress in New Energy and petrochem projects.