Reliance Industries Ltd (RIL), India’s largest listed company by market cap, saw its stock price inch within 4.6% of its all-time high on July 8, 2025. Multiple global and domestic brokerages including Morgan Stanley, Goldman Sachs, Bernstein, and Nuvama have reaffirmed their bullish outlook, driven by the company’s expanding interests in AI infrastructure and clean energy, along with strong core business performance in oil, telecom, and retail.
Reliance Industries Ltd (RIL), headquartered in Mumbai, Maharashtra, and India’s most valuable company by market capitalization, is trading just 4.6% below its all-time high of ₹1,608.95 as of July 8, 2025. The stock slipped 0.4% intraday to ₹1,534.55 but remains firmly in the spotlight as leading brokerages revise price targets upwards, citing aggressive growth in new-age sectors like artificial intelligence (AI) and clean energy.
The stock has rebounded nearly 38% from its April 2025 low of ₹1,115.55, driven by renewed investor interest in RIL’s diversified business segments, particularly its emerging new energy initiatives.
Brokerage Optimism on AI and Solar Push
Morgan Stanley reiterated its ‘Overweight’ stance, setting a ₹1,617 price target. It emphasized RIL’s transformational plans to set up a 1GW AI data center at its Jamnagar facility, powered by NVIDIA’s Blackwell chips. The infrastructure is expected to use up to 1.3GW of power, supported by Reliance’s integrated renewable ecosystem.
Morgan Stanley also projects a 16% YoY growth in consolidated EBITDA and a 27% rise in net profit for Q1 FY26, driven by strong refining margins, telecom metrics, and retail revenue—though sequential growth may be tempered by depreciation and 5G-related interest costs.
Nuvama Institutional Equities issued the most bullish call, setting a price target of ₹1,801. It highlighted Reliance’s commercial rollout of Heterojunction (HJT) solar modules and noted that RIL’s integrated solar manufacturing facility could lead to a valuation rerating, akin to the one after the launch of Jio in 2017. Nuvama believes the New Energy business could contribute over 50% to RIL’s future PAT.
Global Brokerages Align with Positive View
Bernstein raised its target to ₹1,640, citing upcoming Jio tariff hikes and operational efficiency across segments. It noted that despite sustained capital expenditure, RIL’s net debt-to-EBITDA ratio remained steady in FY25—highlighting capital discipline.
Goldman Sachs added RIL to its APAC Conviction List, with a ₹1,801 target price. It expects EBITDA to grow by 16% in FY26, attributing it to improving refining dynamics, rising Jio ARPUs, and ongoing retail business restructuring.
Near-Term Catalysts for RIL
Key short-term drivers include a potential Jio tariff hike, clarity on Jio’s listing or demerger plans, and continued expansion of the clean tech portfolio—covering green hydrogen, AI infrastructure, and solar energy. Despite volatility in refining margins, normalization is expected in the second half of FY26.
Stock Trend and Outlook
RIL has seen positive momentum in recent months—gaining 2% so far in July, following a 5.6% rise in June. The stock has recorded gains for five consecutive months, signaling sustained investor confidence.
While the stock trades close to its peak, investors continue to back RIL as a long-term bet on India’s evolving digital and energy ecosystems. With growing clarity on its AI and clean tech roadmap, Reliance remains well-positioned to lead India’s next phase of industrial transformation.
