In a note on Wednesday, June 5, JPMorgan maintained its ‘Overweight’ rating on Reliance Industries with a price target of ₹1,568 per share, suggesting a further upside of 10% from Tuesday’s closing levels.
Reliance Industries shares have corrected nearly 12% from their recent peak of ₹1,608.
The foreign brokerage said that RIL’s earnings over the next two years are expected to be better than the previous two.
It mentioned that the stock has been under pressure due to earnings downgrades, largely driven by weaker commodity EBIT, a trend that is unlikely to continue, given the already low margins.
JPMorgan added that growth in the consumer business should translate more effectively to the bottom line, thereby supporting the stock’s relative performance.
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. are trading 0.41% higher on Wednesday at ₹1,429. The stock has climbed over 17% so far in 2025.
