Reliance Industries shares rose nearly 3% on Monday, climbing as much as ₹1,345.45 following the company's 49th annual general meeting on Friday. The stock was trading 2.6% higher at ₹1,345.45 on BSE and 1.65% higher at ₹1,330.90 at the time of writing, with the rally instrumental in driving broader market gains. According to market expert Rahul Shah from ET Now, the AGM has laid out a clearer roadmap for growth after Reliance has remained largely stuck in a narrow band for the past two to three years, delivering little by way of returns to investors. Shah believes the company could be nearing a breakout, with investors potentially getting 20-25% returns in a year's time.
At the AGM, RIL's chairman Mukesh Ambani announced ambitious plans to more than double the company's consolidated EBITDA over the next five years, along with the DRHP filing and imminent listing of Jio Platforms (JPL). The chairman also announced a deeper push into manufacturing across fresh produce, apparel, and consumer electronics, while reiterating the target of achieving ₹1 trillion in gross revenue for Reliance Consumer Products (RCPL) by FY30. Further, he emphasized on five major value creation pathways including reinventing the O2C business, accelerating New Energy commissioning, scaling Reliance Intelligence, turning RCPL into India's largest FMCG, and enabling $125-150 billion exports by 2032. The rally was also bolstered after Ambani unveiled a roadmap for the company's next phase of growth spanning artificial intelligence, satellite broadband, clean energy and consumer businesses.
The Jio Platforms board approved its proposed IPO and filed the draft red herring prospectus with the Securities and Exchange Board of India on Friday, June 19. According to sources familiar with the matter, the offering could raise about ₹37,700 crore ($4 billion), valuing the company at roughly $137 billion. However, latest reports suggest the Jio IPO is expected to have an IPO size of ₹52,000 crore ($6 billion), making it the biggest IPO of India. India's capital markets regulator SEBI has requested clarifications from Jio Platforms regarding its draft IPO papers, marking a crucial step towards what is anticipated to be the nation's largest public offering. The company plans to utilize these funds primarily for debt repayment and future expansion, with ₹27,500 crore from the IPO proceeds towards repayment or prepayment of debt and the remaining funds for investments in network expansion, artificial intelligence infrastructure, digital services and other corporate purposes. Unlike many recent mega listings, Jio's proposed IPO is structured entirely as a fresh issue with no offer-for-sale component, meaning proceeds will flow directly into the company instead of selling shareholders.
Jefferies reiterated its 'buy' rating on Reliance Industries after reviewing the AGM commentary, lowering its target price to ₹1,675 from ₹1,695, implying a potential upside of 27.9% from the stock's previous close of ₹1,309.50. The brokerage said Reliance had reaffirmed the priorities outlined at its 2025 AGM, noting that the company's access to capital, fibre connectivity and low-cost captive renewable energy could strengthen its position in India's data centre market. CLSA maintained its 'outperform' rating with a target price of ₹1,800 per share, while Nomura retained its 'buy' rating with a target price of ₹1,640 per share, estimating Jio's implied valuation at $117-127 billion with the IPO likely by end of 2026. Emkay Global has recommended BUY on Reliance Industries stock with a target price of ₹1,680, citing the company's transformation from O2C business to higher-value chemicals and materials platform.
The company's strategic initiatives include Reliance Intelligence entering execution phase with 120 MW compute capacity to be commissioned in Jamnagar by end-CY26, powered entirely by solar energy from its Kutch asset. New Energy business targets were reiterated, with commercialization of the PV segment and meaningful contribution to RIL's financial performance from FY27, while BESS capacity will be scaled up to 120 GWh. However, the 3mmtpa target has been pushed to CY36 from CY32 earlier, and Kutch generation of 40 BU pa appears lower given the previously stated 150 GWp+ capacity target base. Reliance Consumer Products (RCPL) is targeting ₹1 trillion revenue by FY30 with a ₹300 billion capex plan over three years, having achieved ₹220 billion revenue within four years of operations. The company expects the energy segment to be the next long-duration growth platform alongside its traditional O2C business, with integrated solar manufacturing, battery storage, renewable power, green hydrogen, green chemicals, bioenergy, and UCG platforms being developed as a single interconnected ecosystem.
