Citi has maintained its ‘Buy’ rating on RIL and lifted the target price to ₹1,805 per share. This indicates a potential upside of 17% from Tuesday’s closing level.
Citi mentioned that it had recently increased its FY27E EV/EBITDA multiple for Bharti Airtel from 13x to 14x and has now applied the same revision to Jio as well. This pushes Jio’s enterprise value estimate higher, from $135 billion to $145 billion.
The brokerage has also begun explicitly valuing RIL’s 84% stake in Reliance Consumer Products Ltd. (RCPL), assigning ₹63 per share to the business following its demerger from Reliance Retail Ventures Ltd. (RRVL).
Citi reiterated that RIL remains its top pick within India’s oil and gas universe.
Last week, Jefferies maintained its ‘Buy’ rating on Reliance Industries with a price target of ₹1,785 per share.
The foreign brokerage said all three businesses of Reliance Industries (RIL) — digital services, energy and retail — are delivering double-digit growth in the ongoing financial year, so far.
JPMorgan too maintained its ‘Overweight’ rating on the stock and raised its price target to ₹1,727 from ₹1,695 earlier.
RIL shares have risen 27% so far in 2025, outperforming the Nifty 50’s 10% 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.
Among the 37 analysts covering the stock, 35 have a ‘Buy’ rating and two maintain a ‘Sell’. Consensus price targets indicate a roughly 9% upside from current levels.
Shares of RIL ended Tuesday’s session 1.14% lower at ₹1,548.30. Reliance Industries shares are currently trading just 2% below their recent high of ₹1,581.30.