Reliance Industries’ share price rose by over a per cent to ₹1,552, hitting a 52-week high in Tuesday’s trading session. The oil-to-telecom conglomerate’s stock rallied after global brokerage JP Morgan reaffirmed an ‘overweight’ rating on the Reliance stock and further highlighted a strong outlook for FY26. The brokerage firm sees an upside potential of up to 11% as it set the target price of ₹1,727 per share for Reliance.
Mukesh Ambani-owned stock has jumped nearly 4% in a month and over 8% in six months. In terms of year-to-date (YTD) performance, RIL share price has risen 27% in 2025 so far.
Why is JP Morgan bullish on RIL stock?
The brokerage noted that RIL remains attractively valued compared with peers like D-Mart and Bharti Airtel, and the stock still trades at an estimated 15% holding-company discount. It added that the earnings pressure caused by softer refining and petrochemicals results in FY24–25 is now largely behind the company, while the current uptick in refining margins could pave the way for earnings upgrades.
JPMorgan also highlighted several potential triggers for 2026, including a possible Jio IPO, expected telecom tariff hikes, progress on new energy projects, and more stable retail growth. Together, these developments strengthen the outlook for further gains in the stock, it said.
Meanwhile, other brokerages also remain bullish on the RIL stock. Motilal Oswal has also maintained a ‘buy’ rating; however, it has increased the target price to ₹1,765 apiece.
The brokerage increased its valuation for the new energy division after factoring the battery manufacturing arm into its model. It noted that the Jamnagar battery giga factory — initially planned with a 40GWh capacity by early CY26 and expandable to 100GWh — will play a key role in the group’s energy solutions strategy, with significant contributions expected after FY30.
Reliance Industries Q2 results 2025 highlights
On October 17, 2025, the conglomerate reported a 9.6% year-on-year increase in net profit for the September quarter, supported by strong growth in its retail and telecom divisions, along with a rebound in its oil-to-chemicals business.
RIL posted a consolidated net profit of ₹18,165 crore for July–September — the second quarter of FY26 (April 2025–March 2026) — up from ₹16,563 crore in the same period last year.
A strong rise in new subscribers and increased revenue per user, along with its wireless broadband service becoming the largest globally, drove a 13% year-on-year increase in telecom profits. In retail, better store operating metrics pushed earnings up by 22%. Meanwhile, improved refining margins and record-high crude processing supported growth in the O2C segment.
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