Reliance Industries share price hits fresh 52-week high as Jefferies reiterates buy, check target price, upside

Reliance Industries Ltd

Reliance Industries shares rose over 1 percent to a new 52-week high on Friday after Jefferies reiterated its bullish view on the conglomerate, citing strong momentum across all major businesses and multiple catalysts expected in 2026. RIL stock gained 1.1 percent to Rs 1,580, extending its year-to-date gains to 29 percent.

Reliance Industries shares have comfortably outperformed the NSE Nifty 50, which has returned 10.5 percent during the same period. Reliance’s market capitalisation now stands at Rs 21.35 lakh crore.

Jefferies maintained a ‘buy’ call on Reliance Industries stock with a target price of Rs 1,785 per share, implying an upside of over 14 percent from current levels.

The brokerage note said that all three of Reliance’s core businesses -- digital services, retail and oil-to-chemicals -- are delivering double-digit growth from the start of FY26. The brokerage added that Jio’s impending IPO could prompt tariff intervention in the near term, potentially supporting further upside in the telecom segment.

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Jefferies said Reliance’s fast-moving consumer goods (FMCG) business may receive stronger recognition and higher valuation in 2026 as it scales up, while the company’s new energy plans and its data-centre partnership with Google offer additional optionality.

Further, RIL stock continues to trade below its long-term mean EV/EBITDA multiple, keeping the risk-reward favourable.

The positive call from Jefferies adds to a series of optimistic broker views in recent weeks. JP Morgan earlier maintained its ‘overweight’ rating, saying refining and petrochemicals weakness seen through FY24-25 is now behind the company and that current refining strength leaves room for earnings upgrades. It also pointed to potential catalysts such as a Jio IPO, expected tariff hikes, commissioning of the new energy business and steadier retail growth.

Brokerages have also turned more optimistic on the company’s new energy initiatives. Motilal Oswal recently raised its price target after incorporating the battery manufacturing vertical into its model, while UBS reiterated its ‘buy’ rating citing firm refining margins and insulated crude sourcing. According to LSEG data cited in a recent Reuters report, the average analyst rating on Reliance remains ‘buy’, with a median target price of Rs 1,685.

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