The brokerage maintained its “overweight” rating on the stock and marginally raised its price target to ₹1,727 from ₹1,695 earlier. The revised price target implies an upside potential of 12.4% from current levels.
Reliance Industries shares have risen 27% in 2025, so far, outperforming the Nifty 50’s 17% increase. Despite this outperformance, JPMorgan believes that the valuations of RIL, in comparison to its peers like Avenue Supermarts within the retail segment, and Bharti Airtel within the telecom segment, are still attractive.
In comparison to these companies, Reliance Industries shares are trading at a 15% holding company discount to their peers.
The brokerage also said that the earnings drag that the stock has seen due to the weak refining and petrochemicals through financial year 2024 and 2025 respectively, is now over, and that going forward, earnings growth should be a lot better.
Reliance Industries’ current refining strength has the potential to drive further upgrades, JPMorgan said in its note.
Going into 2026, JPMorgan has highlighted three key triggers for the oil-to-chemicals-to-telecom-to-retail conglomerate:
First, the IPO of Reliance Jio, which Chairman & Managing Director Mukesh Ambani had highlighted during the company’s recent Annual General Meeting (AGM).
Commissioning of capacity in the new energy business and more stabel growth in the retail business are some of the other triggers highlighted by JPMorgan in its note. Any potential price hikes in the new year would also act as a trigger for the business and the stock.
Of the 38 analysts that have coverage on the stock, 36 have a “buy” rating and two have a “sell” rating.
Shares of Reliance Industries gained up to 1.5% to hit an intraday high of ₹1,559.6 apiece on Tuesday. The stock was up 0.9% at ₹1,549.4 apiece around 11 am. It has gained 26.9% this year, so far.
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