According to Motilal Oswal Financial Services, three companies are positioned as key stock picks for 2026 across energy, water infrastructure, and logistics sectors. Reliance Industries is recommended with a target price of ₹1,750, VA Tech Wabag carries a target of ₹1,900, and JSW Infrastructure is set at ₹360 target price. These recommendations are backed by strong earnings visibility, capacity expansion, steady order inflows, and favourable industry trends across their respective sectors.
Jefferies has maintained a 'Buy' rating on Reliance Industries with a price target of ₹1,750 per share, implying a potential upside of about 26% from current levels. The brokerage noted that the stock is currently trading one standard deviation below its long-term average valuation, suggesting limited downside amid improving earnings support. Out of 37 analysts tracking Reliance Industries, 35 have 'Buy' ratings, while two recommend 'Sell'. As per CNBC TV18, analysts do not see more downside on the stock, with the O2C business benefiting from supply disruptions in the Middle East that have led to sharp jump in refining and petrochemical spreads.
Motilal Oswal Financial Services maintains a BUY rating on Reliance Industries Ltd with a target price of ₹1,750, representing a potential upside of nearly 26%. The brokerage notes that heightened geopolitical disruptions could act as a catalyst, with nearly 20 per cent of global crude oil and refined product supply potentially impacted. Recent developments show that blockade of the Strait of Hormuz (SoH), ~3-4mb/d of refining capacity disruptions, and refined product export restrictions in China have lifted gasoil/gasoline/jet fuel cracks to USD42/16/58 per bbl in Mar'26'TD, representing 147%/40%/124% above LTA. As per Motilal Oswal, even if tensions ease soon, supply chain normalization may lag, keeping product cracks elevated and supporting Reliance Industries' refining and petrochemical margins.
On Friday (March 13), Reliance Industries shares were trading 0.62% lower at ₹1,383.80, showing mixed performance despite recent gains. The stock has risen in four of the last six trading sessions and has shown a 12% decline so far in 2026. The stock opened at ₹1,385.2 with a trading volume of 41,21,008 shares, indicating strong market participation. The stock has shown mixed performance with a 11.62% decline year-to-date and 4% drop in the past month, but gained 10.76% in one year, 29.82% in three years, and 499.22% over the past decade. The stock currently trades within a 52-week range of ₹1,114.85 to ₹1,611.80, representing a 13.4% decline from its 52-week high.
Motilal Oswal estimates that FY27 EBITDA could see an upside of about 8.5% if disruptions persist through the first half of FY27. The brokerage notes that petrochemical spreads may expand as supply disruptions push up product prices, while Reliance's diversified feedstock mix - with only about 30% naphtha - helps limit crude-linked cost pressures. However, the brokerage cautioned that the reintroduction of export duties on fuels, similar to the windfall tax imposed in July 2022, could cap refining margins and limit upside to O2C earnings. Jefferies has lowered its EBITDA estimates for Reliance Jio by 10% for FY27 and 6% for FY28, factoring in a likely delay in tariff hikes, though it raised its consolidated EBITDA estimate for FY27 by 2% supported by O2C segment strength.
Reliance Industries has a market capitalization of ₹19,25,400.28 crores, making it a large-cap company in the oil, gas & consumable fuels sector. The stock trades at a P/E ratio of 23.14 with an EPS of ₹61.49, indicating moderate valuation. The company offers a dividend yield of 0.39% with a face value of ₹10.00, and maintains a debt-to-equity ratio of 0.44, indicating moderate financial leverage. The stock's book value stands at ₹623.1 per share, with the current market price trading at 124.1% above book value. Global brokerage Morgan Stanley has reiterated its 'Overweight' rating on the stock with a target price of ₹1,803, implying an upside of around 29% from current levels.
