Ltd (RIL) shares surged nearly 3 per cent in early trade on Monday after the conglomerate outlined new growth initiatives at its annual general meeting (AGM), including the proposed, expansion of artificial intelligence (AI) capabilities and progress in its new energy business.
The stock rose to an intraday high of ₹1,344.90 against its previous close of ₹1,309.50 as investors responded positively to the company’s long-term growth roadmap and management’s target of significantly expanding earnings over the next five years.
Brokerages remained bullish on the stock following the AGM on Friday, citing the proposed Jio Platforms listing, AI investments, new energy commissioning milestones, manufacturing expansion and export ambitions as key value drivers.
Jio IPO, AI and new energy drive investor sentiment
CLSA maintained an outperform rating on Reliance Industries with a target price of ₹1,800, the highest among major brokerages. The brokerage said the AGM highlighted AI as a core technology being deployed across Reliance’s businesses, with the company targeting commissioning of its first compute capacity by the end of 2026. It also noted that Reliance showcased multiple AI-led solutions for customers and announced new growth avenues such as underground coal gasification and multi-sector exports.
CLSA highlighted management’s target to double EBITDA over the next five years and said its valuation currently assigns no value to Reliance’s AI, FMCG, media, new materials or export plans.
Jefferies reiterated its buy rating with a target price of ₹1,675. The brokerage said the retail business is expanding its integrated manufacturing and export platform, while investments in FMCG are being accelerated to drive revenues to ₹1 trillion by 2030. It also noted that the new energy business is nearing monetisation, with solar module and energy storage system production expected in FY27.
Domestic brokerage Motilal Oswal maintained a buy rating with a target price of ₹1,655. The brokerage highlighted management’s ambition to more than double consolidated EBITDA over the next five years and pointed to the DRHP filing and imminent listing of Jio Platforms as important value-unlocking triggers.
MOSL also underscored Reliance’s deeper push into manufacturing across fresh produce, apparel and consumer electronics, while reiterating the target of achieving ₹1 trillion in gross revenue for Reliance Consumer Products by FY30.
The brokerage identified five key value creation pathways for the company: transforming the oil-to-chemicals business, accelerating commissioning and revenue generation in new energy, scaling Reliance Intelligence, expanding the FMCG business and enabling exports of $125-150 billion by 2032.
Nomura reiterated its buy rating with a target price of ₹1,640. Nomura described for Reliance, noting that the Jamnagar sovereign AI hub is targeting its first 120 MW capacity by the end of FY26. The brokerage also highlighted progress in the new energy business, stating that solar cells and modules have already been commissioned, while the first phase of the company’s 40 GWh battery gigafactory is expected to be commissioned this year.
It expects the new energy business to generate its first revenue from FY27 and said a $3 billion green energy supply agreement with Samsung C&T strengthens Reliance’s green energy ambitions.