Reliance share price: Mukesh Ambani-led Reliance Industries has seen its share price rise steadily in recent months, recovering 37.5% from its April lows of ₹1,114 to hit a 9-month high of ₹1,531.90 in the previous session, inching closer to its all-time high of ₹1,608, recorded in June 2024.
The stock of the oil-to-retail conglomerate ended the first half of 2025 with a 23.5% gain, its best half-yearly performance since 2017. The rally also pushed the company’s market capitalisation back above ₹20 lakh crore, bringing it closer to the ₹21 lakh crore mark.
What’s behind sharp turnaround in Reliance shares?
The turnaround in the stock came after top brokerages raised their target prices, citing an expected earnings recovery in the current fiscal year, driven by a rebound in the retail business and continued tariff recovery in telecom.
In addition, the Street appears optimistic about the company’s launch of its manufacturing facility for HJT (heterojunction) solar modules, along with its plans to roll out a new power generation business in the near term.
Both initiatives are part of Reliance’s broader strategy to drive a significant surge in its New Energy business, which the company expects to match the profitability of its O2C (oil-to-chemicals) segment over the next five to seven years.
According to analysts, its new energy segment is emerging as a long-term growth pillar, backed by a $2 trillion investment plan and a roadmap to achieving 10 GW integrated capacity by 2026.
The company is also sharpening its focus on the retail division, having completed a major store rationalisation in FY25 by shutting down around 2,100 underperforming outlets. It is now prioritising quality growth.
Additionally, Reliance has reportedly received approval from the National Company Law Tribunal (NCLT) to spin off its consumer goods unit from the retail arm into a direct subsidiary—New Reliance Consumer Products Ltd. Meanwhile, Reliance Retail strengthens its beauty play with a strategic investment in UK-based FaceGym.
Brokerages see RIL stock climbing as high as ₹1,800
Domestic brokerage Nuvama Institutional Equities became the latest to reaffirm a bullish outlook on Reliance Industries, assigning the highest target price on the Street after reiterating its positive stance following the launch of RIL’s solar modules.
It raised its target price on Reliance Industries to ₹1,801 per share while maintaining a ‘Buy’ rating. Earlier, the stock also received votes of confidence from Citi, Goldman Sachs, Bernstein, and JP Morgan, with all reaffirming their bullish views.
Citi Research maintained its ‘Buy’ rating and raised Reliance share price target to ₹1,690 per share, citing strong growth potential in Jio driven by structural levers beyond the anticipated tariff hikes.
Bernstein lifted its target price on RIL stock to ₹1,640, implying an upside of 15% from current levels, and reiterated an ‘Outperform’ rating, pointing to sustained growth momentum.
Goldman Sachs added Reliance Industries to its APAC Conviction List, expecting EBITDA growth to rebound to 16% in FY26 from 2% in FY25. Meanwhile, JP Morgan raised its target price to ₹1,568 from ₹1,530 while maintaining an ‘Overweight’ rating.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
