Shares of Reliance Industries Ltd (RIL) have surged 30 percent from their 52-week low, reaching an eight-month high as positive investor sentiment and favourable brokerage views support the stock's upward momentum. On Wednesday, RIL shares closed at Rs 1,448.75, just below their October 2024 high of Rs 1,464.90, signalling a strong comeback after the recent lows.

The stock had touched its 52-week low of Rs 1,115.55 on April 7, 2025, but has since rebounded sharply amid improving fundamentals and bullish projections from global brokerages.

Performance Overview

In terms of overall performance:

• Year-to-date, RIL has outperformed the Nifty by 12 percent

• Over the last six months, the stock has gained 13.35 percent

• On a one-year basis, the stock is down 0.55 percent

Despite the volatility, the rally over the past two months has renewed investor interest as it approaches the all-time high of Rs 1,608.95, last seen on July 8, 2024.

At current levels, the market capitalisation of Reliance Industries stands at Rs 19.60 lakh crore, reinforcing its position as one of India’s most valuable firms.

Technical Indicators and Momentum

The Relative Strength Index (RSI) of RIL stands at 61.5, which indicates the stock is in a neutral zone, neither overbought nor oversold. RIL is also trading above all key short- and long-term moving averages, including:

• 5-day, 10-day, 20-day, 30-day

• 50-day, 100-day, and 200-day SMAs

The beta of 1.12 reflects high volatility compared to the broader market. Despite this, the technical trend remains positive and firmly bullish, unless key support levels are breached.

Brokerage Ratings and Targets

Global brokerages have maintained their positive stance on the stock, citing multiple drivers that could support future growth.

Jefferies:

• Price target: Rs 1,650

• Notes that RIL trades below its long-term forward EV/EBITDA average, suggesting scope for re-rating

• Sees clear visibility on FY26 growth due to:

  • Retail space additions

  • Favourable telecom tariff outlook for Jio

  • O2C segment strength

JPMorgan:

• Rating: Overweight

• Price target: Rs 1,568

• Believes that earnings downgrades due to weak commodity EBIT are unlikely to continue

• Sees earnings growth in the next two years outpacing the previous two

• Highlights margin recovery in the consumer business as a key driver

Bernstein:

• Rating: Outperform

• Price target: Rs 1,640

• Predicts growth acceleration due to:

  • Store rationalisation nearing completion

  • Tariff repair

  • New energy segment expansion

• Sees upside from flat net debt and moderating capital expenditure

Earnings Update

In its March quarter (Q4 FY25) results, Reliance Industries posted a 2.4 percent year-on-year (YoY) increase in net profit:

• Net profit: Rs 19,407 crore (vs Rs 18,951 crore in Q4 FY24)

• Revenue: Rs 2,64,573 crore, up 9.91 percent from Rs 2,40,715 crore

The performance reflects resilience across business segments, including O2C, Retail, and Digital Services (Jio). Growth in the retail division was driven by new store additions and strong footfalls, while Jio’s subscriber base and ARPU (Average Revenue Per User) remained healthy.

Strategic Outlook

RIL’s growth story in the coming quarters is expected to be shaped by:

• Retail segment expansion, especially in Tier 2 and 3 cities

• Tariff hikes in Jio, potentially boosting ARPU and EBITDA margins

• Transition to green energy and investments in hydrogen, solar, and battery storage

• Steady performance in O2C, supported by global refining margins

• Improved efficiency and operating leverage across consumer-facing units

With its capex cycle peaking out and net debt staying flat, RIL is poised to generate stronger free cash flows, which could support further value unlocking or shareholder rewards.

Investor Outlook

Given the current trajectory, RIL appears on track to test its all-time high of Rs 1,608.95, provided broader market sentiment remains stable. Analysts believe the stock remains undervalued on relative metrics, and the favourable macroeconomic backdrop could further support price action.

That said, investors should watch Rs 1,480–1,500 as near-term resistance levels, while Rs 1,380–1,400 could act as strong support in the event of profit booking.

Conclusion

With strong institutional backing, improving earnings visibility, and constructive views from top brokerages, Reliance Industries is regaining investor confidence, having recovered 30 percent from its 52-week low in just two months.

Whether driven by retail expansion, telecom strength, or energy innovation, RIL continues to position itself as a multi-sector leader under Mukesh Ambani’s stewardship.

In the short to medium term, analyst targets ranging from Rs 1,568 to Rs 1,650 provide headroom for upside, as long as execution remains on track and macros remain favourable.

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