9 hours ago
Shares of Reliance Industries Ltd., the Nifty 50 heavyweight and the oil-to-telecom-to-retail conglomerate, have a potential upside of up to 15% from current levels, according to global brokerage firm Citi.
In a note on Tuesday, May 13, Citi maintained its 'Buy' rating on Reliance Industries with a price target of ₹1,585 per share, suggesting a further upside of 15% from Monday's closing levels.
Reliance Industries shares have corrected nearly 11% from their recent peak of ₹1,608.
Citi outlined several key triggers expected over the next few months that could support the stock's near-term performance:
- An improvement in Reliance’s O2C (Oil-to-Chemicals) segment, driven by higher refining margins, stronger domestic fuel retail margins, and improved petrochemical spreads.
- Favorable year-on-year comparisons in Q1FY26, as the same quarter last year was weighed down by weak refining-led O2C performance, a slowdown in retail, and limited impact from Jio’s tariff hikes.
- Citi added that the upcoming annual general meeting (AGM) will be important to watch for updates on the proposed timeline for Jio’s listing.
- Additionally, two other potential triggers include better monetisation of 5G and a reduction in net debt as capex peaks — though the timing of both remains uncertain.
Reliance Industries reported a resilient fourth quarter with a positive surprise coming in from the retail vertical, which grew over 16% from last year. Analysts had cited that any number above 15% will be a strong number from the retail business.
Apart from retail, analysts cited scaling up of the new energy business, and a potential listing of Jio in the current financial year as some key near-term triggers for the stock.
Out of the 38 analysts that have coverage on Reliance Industries, 36 of them have a 'Buy' recommendation on the stock, while two others have a 'Sell' rating on the counter.
Shares of Reliance Industries Ltd. ended 4.27% higher on Monday at ₹1,436.55. The stock has risen 16% in the past one month.
