The big event today – RIL’s 48th Annual General Meeting (AGM) at 2:00 PM. The event has often been a stage for key announcements today. This year, the timeline for Jio’s long-awaited IPO plans is what investors will be watching out for primarily. The Reliance Industries share price is flat this morning but it has outperformed the Nifty by a big margin so far in 2025. Top brokerage houses have reiterated Buy rating on the stock as they see the telecom and the retail business driving growth.
Reliance Industries: What top brokerages are saying
Here is what leading global brokerages such as Jefferies, JP Morgan, and CLSA shared their latest views on the stock
CLSA on RIL: Watching for Jio IPO and AI Plans
CLSA has an ‘Outperform’ rating on Reliance Industries with a target price of Rs 1,650. While the firm raised its FY26/FY27 earnings estimates by 10% and 1% respectively, it kept the target price unchanged. The revision factored in a one-off gain from the sale of Reliance’s stake in Asian Paints.
According to the brokerage, the company’s annual report pointed to new focus areas. “The annual report emphasised the scale-up of AI services with connectivity offerings, expanding media offerings and the integration of new energy value chains as key focuses for RIL,” CLSA said.
JPMorgan on RIL: Valuations still reasonable
JPMorgan has an ‘Overweight’ rating on RIL, calling current valuations “reasonable” despite the stock’s outperformance so far in 2025. The stock is up about 17% year-to-date, compared to a 5.7% rise in the Nifty 50.
The brokerage noted in the report that Reliance Industries implied holding company discount measured against peers like Bharti Airtel and DMart, remains elevated in the 25–30% range. “Despite the headline increase in multiples, RIL appears relatively inexpensive to us,” the brokerage report said.
According to JP Morgan, the next triggers for Reliance could come from better O2C margins, potential tariff hikes in telecom, and sustained growth in Retail. It also highlighted that Reliance Retail’s valuation discount to DMart has widened, keeping the stock attractive relative to peers.
Jefferies: Focus on Jio, Retail and FCF
Jefferies has maintained a ‘Buy’ rating on Reliance with a target price of Rs 1,670. The brokerage noted that Reliance’s annual report highlighted several financial shifts.
According to Jefferies, “Annual Report shows rise in capitalized costs in Jio and Retail, flat consol capex with Jio and Retail lower y/y, FCF improvement driven by Jio and marginal rise in net debt.”
The report also pointed out that intangibles and capital work in progress (CWIP) now make up 49% of Retail’s fixed assets, a rise of 440 basis points year-on-year. For Jio, the sharp increase in free cash flow (FCF) and a jump in third-party revenues from Jio Platforms Ltd (JPL) stood out as positives.
Key business priorities, Jefferies added, will be home broadband and enterprise for Jio, while in Retail the focus is on growth in FMCG. In the O2C (oil-to-chemicals) segment, renewable energy transition remains on the agenda.
Announcements around a potential Jio IPO, FMCG expansion, and AI strategy could set the next direction for the stock.
3 key things to watch out for ahead of this Reliance Industries AGM
1. Will Jio and Retail finally head to the market?
The most anticipated question is whether Mukesh Ambani will share a timeline for Jio Platforms and Reliance Retail’s public listings.
Both businesses have scaled rapidly, and their separate IPOs are one of the most anticipated events in the industry.
2. Green energy push
Reliance has set out to build an end-to-end clean energy ecosystem, spanning solar modules, batteries, electrolysers, and green hydrogen. The company has previously said captive renewable power can cut costs by 25%, but investors will be watching for commissioning dates of its large-scale facilities and details on new technologies like perovskite solar cells.
3. Jio’s next phase: AirFiber and AI bets
Telecom remains the backbone of Reliance’s consumer play. The company has been pushing AirFiber to expand its reach, with a target of connecting 100 million homes.
But this year, the focus may also shift to artificial intelligence. There will also be investor focus on any announcement on Reliance Industries AI roadmap after hints in its latest annual report.
Reliance Industries stock reaction around past AGMs
In the last two years, Reliance Industries share price has shown mixed trends around its AGM.
The stock slipped 4% in the run-up to the AGM in 2023. Furthermore, it dropped another 1% on the day of the event, and also declined by 0.5% in the days that followed.
Last year, the share movement of the company was more positive at first, with gains of 2% ahead of the AGM. In addition to that, it also gained 1% on the day itself. However, the momentum faded as the stock later gave up nearly 4%.
Reliance Industries share performance so far in 2025
The share price of Reliance Industries fell 2% in the last week and is also down 2% on a one-month basis. Over a broader timeline, the stock has gained 15% in the past six months but has delivered a negative return of 9% over the past year. So far in 2025, Reliance shares have risen 13%.
The company’s market capitalisation currently stands at Rs 18.77 lakh crore. Its 52-week high is Rs 1,551, while the 52-week low is Rs 1,114.85.