Reliance Industries: Brokerages Set Target Prices Up to Rs 1,733 Amid AGM Updates

Brokerages including CLSA, Morgan Stanley, and Jefferies have given target prices for Reliance Industries ranging from Rs 1,650 to Rs 1,733, citing strong growth in Jio, Retail, and Energy segments. Jefferies has given a Buy rating with a target of Rs 1,670, while CLSA has given a target of Rs 1,650. Morgan Stanley believes Reliance has the potential to become India's most aggressive play on Gen AI.

Title: Reliance Industries: Brokerages Bullish on Jio IPO and Growth Catalysts

Reliance Industries (RIL) shares have been extending losses following the 48th Annual General Meeting (AGM) held on Friday, September 1, 2025. However, analysts remain optimistic about the company's long-term prospects, citing key announcements such as the Jio IPO and strong retail projections as potential value drivers.

Key Announcements and Analyst Views

At the AGM, Mukesh Ambani announced that Jio Platforms will go public in the first half of 2026, which is expected to be India's largest-ever IPO. Isha Ambani also outlined an ambitious target for Reliance Retail, projecting a 20% CAGR over the next three years, and Reliance Consumer Products Limited (RCPL) will now be a direct subsidiary of RIL with a goal of reaching ₹1 lakh crore in revenue within the next five years.

Motilal Oswal expects Jio to remain RIL’s key growth driver, projecting a 19% Ebitda CAGR over FY25-28. The brokerage believes RIL has already passed the peak of its capex cycle, which should allow healthy free cash flow generation and reduce consolidated net debt. It retained its 'Buy' rating with a target price of ₹1,700 per share, implying an upside of almost 27 percent [1].

Nuvama Institutional Equities expects strong growth from RIL’s retail and digital segments, supported by massive petrochemical capacity expansions. The upcoming Jio IPO could unlock significant shareholder value, although a holding company discount may partially cap the upside. Nuvama also sees New Energy PAT rising from ₹300 crore in FY26 to ₹11,400 crore in FY30, implying a stellar 140% CAGR. The brokerage maintained its 'Buy' rating with a target price of ₹1,733, implying a 29 percent upside potential [1].

CLSA retained its Outperform rating on Reliance Industries, with a target price of Rs 1,650, implying an upside of 16% from current levels. The brokerage highlighted AI offerings via Jio, expansion of media and consumer businesses, and integration of new energy value chains as key catalysts [2].

Jefferies has given a Buy rating with a target of Rs 1,670. The brokerage believes Reliance has the potential to become India's most aggressive play on Gen AI [3].

Market Response

Despite the short-term correction, analysts remain largely optimistic on RIL. The timeline for Jio’s IPO, ambitious growth targets for Retail and Consumer Products, and an aggressive push into AI and New Energy are seen as catalysts that could drive the next phase of value creation. With most brokerages retaining a 'Buy' rating and setting target prices up to 27% higher, RIL remains firmly in focus for investors looking at India’s growth story.

Conclusion

While RIL’s stock has seen a near-term dip following the AGM, analysts remain upbeat on the company’s long-term prospects. The strategic announcements and growth targets are expected to drive significant value for shareholders. Investors should closely monitor the upcoming AGM updates and market developments for further insights.

References:
[1] https://www.livemint.com/market/stock-market-news/reliance-industries-stock-extends-losses-post-agm-but-brokerages-stay-bullish-see-up-to-29-upside-potential-11756701381397.html
[2] https://www.financialexpress.com/market/clsa-raises-target-price-for-reliance-industries-jio-ipo-and-3-big-catalysts-to-watch-3960962/
[3] https://economictimes.indiatimes.com/reliance-industries-ltd/stocks/companyid-13215.cms