Global brokerage firm Jefferies has maintained a ‘Buy’ rating on the stock with a price target of ₹1,670, implying a potential upside of 23% from Thursday’s close.
The brokerage in its note highlighted that Reliance’s oil-to-chemicals (O2C) profitability grew 15% year-on-year in the first half of financial year 2026, against its full-year estimate of 8%, driven by strength in auto fuels.
It added that the benefit from Russian crude, a frequent investor query, is limited to just 2.1% of consolidated FY27 EBITDA.
On Jio, Jefferies flagged that the impending initial public offering (IPO) could prompt near-term tariff intervention. However, it expects improving visibility on double-digit consolidated EBITDA growth in FY26 and sees RIL’s EV/EBITDA multiple as “ripe for inversion.”
Reliance Jio Infocomm, the telecom unit of RIL, is set to go public in the first half of 2026, Chairman and Managing Director Mukesh Ambani said at the company’s Annual General Meeting on August 29.
“Today, it is my proud privilege to announce, that Jio is making all arrangements, for its IPO. We are aiming to list Jio by the first half of 2026, subject to all necessary approvals. I assure you that this will demonstrate that Jio is capable of creating the same quantum of value, as our global counterparts. I am sure, it will be a very attractive opportunity for all investors,” RIL CMD Mukesh Ambani said.
Among the 37 analysts tracking Reliance, 35 currently have a ‘Buy’ rating.
As of 10 am, RIL shares were trading 0.65% higher at ₹1,368.10, extending their year-to-date gains to 13%.
