Synopsis: A global brokerage has maintained a ‘Buy’ rating with a ₹1,803 target price, implying nearly 28% upside from ₹1,409.05. Analysts remain optimistic as 35 of 37 trackings recommend buying, while the company plans $110 billion investments and continues deploying about ₹75,000 crore toward manufacturing expansion.
India’s refining sector powers the nation’s energy needs with a current capacity of around 258 MMTPA, operating at over 100% utilization amid robust demand. In early FY26, crude throughput held steady at 5.6 million barrels per day, while GRMs averaged $8-10 per barrel for 9M FY26, boosting profitability. Expansions aim to push capacity toward 300 MMTPA soon, enhancing export potential.
With a market capitalisation of Rs 18,82,502.27 crore, the shares of Reliance Industries Ltd closed at Rs 1,391.10 per share, decreased around 1.27 percent as compared to the previous closing price of Rs 1,409.05 apiece.
Brokerage Recommendations
Reliance Industries Limited has received a bullish outlook from Morgan Stanley, which has reiterated its ‘Buy’ rating with a target price of Rs 1,803 per share. This implies a potential upside of about 28% from the current price of Rs 1,409.05, reflecting the brokerage’s confidence in the company’s long-term growth prospects and diversified business model.
The brokerage stated that despite a re-rating in global refining and Asian chemical stocks, Reliance Industries Limited continues to trade at a discount compared to its domestic peers. It added that tight global supply conditions and production curbs may keep refining margins elevated for longer, especially amid geopolitical tensions such as the ongoing Iran–Israel–US conflict, which has disrupted trade flows, pushed oil prices higher, and increased volatility in global markets.
Last month, the brokerage reiterated its ‘top pick’ view on the stock while maintaining the same rating and target price. It highlighted that the company has transformed its business strategy roughly every decade during its nearly 48 years as a listed entity. The brokerage believes the planned $110 billion investment in AI, energy supply, and digital infrastructure over the next seven years represents the company’s next major strategic shift. Among the 37 analysts tracking the stock, 35 recommend a ‘buy’, while only two have a ‘sell’ rating, reflecting broadly positive sentiment.
Management Comments
Management reiterated its ₹75,000 crore commitment toward building a manufacturing ecosystem, with most of the planned investment already spent or in progress. In Q3 alone, capex stood around ₹34,000 crore, largely directed toward O2C expansion, new energy, Jio, and retail. Additionally, management indicated flexibility in funding power generation assets, suggesting some projects may be structured outside the balance sheet while maintaining credit discipline.
Reliance Industries Limited is one of India’s largest conglomerates with diversified businesses spanning energy, petrochemicals, telecom, retail, and new energy. The company has consistently expanded into emerging sectors, leveraging scale, technology, and strategic investments to drive long-term growth and strengthen its global presence.
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