Reliance Industries Ltd continues to strengthen its leadership across diverse business verticals, including energy, retail, telecom, and renewables. The company is witnessing renewed investor confidence driven by operational resilience, strategic growth in the solar value chain, and improving sector dynamics. Positive brokerage commentary and expansion into high-potential segments further reinforce its long-term growth narrative and market position.
With the market capitalization of Rs 20.70 lakh crore, the shares of Reliance Industries Ltd closed at Rs 1,530.10 per share, increased around 1.96 percent as compared to the previous closing price of Rs 1,500.65 apiece.
The shares of Reliance Industries Ltd have surged around 31 percent over the past three months, driven by strong operational performance, favorable sector trends, and optimism around its telecom arm, Jio. Recent tariff hikes are set to enhance Jio’s margins and profitability. With the ongoing 5G rollout and monetization plans, analysts expect further upside, reinforcing Reliance’s growth trajectory across its diversified business segments.
Secondly, Reliance Retail is showing signs of recovery, with projected revenue and EBITDA growth of 15–18 percent in FY26, driven by store expansion and a rebound in consumption. The company’s Oil-to-Chemicals (O2C) segment is witnessing a recovery, supported by improved refining margins and performance, contributing to stronger earnings and boosting overall investor confidence.
Moreover, Nuvama Institutional Equities, one of the well-known brokerages in India, gave a ‘Buy’ rating and raised its target on this stock with a target price of Rs 1,801 apiece, indicating a potential upside of 18 percent from the Tuesday price of Rs 1,528.25 per share.
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According to Nuvama, Reliance Industries has started external solar module sales, potentially boosting profits by 6 percent and unlocking significant valuation upside. Compared to peers like Waaree Energies (EV: $10B, capacity: 15 GW modules, 5.4 GW cells) and Premier Energies (EV: $6B, capacity: 5.1 GW modules, 3.2 GW cells), Reliance is poised for strong renewable growth.
RIL’s 20 GW fully integrated solar equipment facility holds significant value potential. According to Nuvama, applying a 15x EV/EBITDA multiple similar to Waaree and Premier could imply a $20 billion enterprise value. This could act as a major re-rating trigger, akin to the sharp valuation surge witnessed after the launch of Reliance Jio in 2017.
Further, the brokerage highlighted that RIL’s New Energy rollout could boost profits by over 50 percent and lift overall valuations, including for its O2C segment. O2C remains RIL’s largest profit contributor, accounting for two-fifths of EBITDA and over half of attributable profit, as the company targets net-zero emissions by 2035.
Additionally, Reliance’s HJT solar modules, with 23.1 percent efficiency and ALMM approval, command a 5 percent premium over TOPCon modules, according to Nuvama. Its 10 GW cell/module capacity may contribute Rs 3,800 crore, or 6 percent to FY25 PAT. Further integration into wafers and polysilicon could enhance profitability and strengthen its solar value chain.
Written by Abhishek Singh
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