RIL Share Price Nears 52-Week High After 20% YTD Rally; JP Morgan, Bernstein, Citi Project Up to 15% Upside

Mukesh Ambani-led oil-to-telecom conglomerate Reliance Industries shares are grabbing investor attention with a solid 20% rally so far this year, which was backed by strong financials, consistent earnings growth, and strong performance across its digital, retail, and energy verticals. Reliance shares are now hovering just 30% above their 52-week low, and global brokerage firms have a bullish outlook on RIL shares at current levels.

RIL Shares Price Movement Lately

RIL shares today opened at Rs. 1467, rising by 1.12% after closing without any gains on Tuesday at a closing price of Rs. 1456.80. The stock has been rising recently, and in the last five days, RIL shares have surged 1.38%. The stock is currently up 30.13% from its 52-week low level.

RIL Share Price Target

Citi has maintained a 'Buy' rating on Reliance Industries, setting a target price of Rs. 1,690, indicating a potential upside from the current market price of Rs. 1,456.80. The brokerage believes that the market is overly focused on tariff hikes and is missing out on broader growth drivers in Jio and the Indian telecom sector.

According to Citi, "Jio Platforms is expected to post a strong 16% CAGR in EBITDA over the next three years, with an enterprise valuation of USD 135 billion. Notably, non-tariff growth drivers are estimated to contribute 6-7%, while gains in revenue market share (RMS) and operating margin levers could provide further upside."

Bernstein research report projected a 15% upside from the current price of Rs. 1,418. It values Jio at USD 101 billion and expects EBITDA to grow from Rs. 664 billion in FY25 to Rs. 985 billion by FY27, backed by rising ARPU and broadband penetration. Bernstein also sees retail EBITDA climbing from Rs. 251 billion to Rs. 359 billion, driven by core expansion and higher margins.

Meanwhile, JP Morgan foresees a 10% upside, supported by improving fundamentals across refining, petrochemicals, digital, and retail. It assigns a Rs. 1,568 SOTP-based target, with retail and telecom businesses commanding significant valuations of Rs. 686/share and Rs.556/share, respectively.

Reliance Industries Q4 FY25 Earnings

Reliance Industries Ltd posted a rise in consolidated net profit for the fourth quarter of FY25, coming in at Rs. 19,407 crore, up from ₹18,951 crore in Q4 FY24. The oil-to-telecom-to-retail conglomerate also declared a dividend of Rs 5.5 per share for the financial year 2025. The highlight of the quarter remained Reliance Jio's stellar performance. Jio Platforms Ltd recorded an impressive 16.9% jump in annual revenue to ₹1,50,270 crore, while EBITDA rose 16.8% to Rs. 64,170 crore and profit after tax surged 21.9% to Rs. 26,109 crore. Average revenue per user (ARPU) improved to Rs. 206.2, aided by recent tariff hikes and a more premium subscriber mix. Jio's total customer base crossed 488 million, of which 191 million are now on the True5G network. Total data consumption surged to 185 exabytes for the year, a 24% year-on-year growth. In the March quarter alone, Jio reported revenue of ₹39,853 crore and EBITDA of Rs. 17,016 crore, both showing a strong 17-18% annual increase.

Disclaimer: The information provided in this article is for general informational purposes only and does not constitute financial, investment, or credit advice. The views and recommendations mentioned are based on publicly available data and expert opinions at the time of writing. Neither the author nor GoodReturns endorses any specific product or financial decision. GoodReturns.in and its affiliates are not responsible for any loss or damage resulting from reliance on the information presented.