Jefferies has reiterated its buy rating on Reliance Industries Ltd (RIL) with a target price of ₹1,785 per share, noting that all three of the conglomerate’s core businesses—O2C, retail and Jio—are delivering double-digit growth in YTDFY26. The brokerage said the performance trajectory remains well balanced across cyclical and consumer-facing businesses, reinforcing confidence in the company’s ability to sustain momentum despite macro volatility.
Jefferies added that the long-awaited Jio IPO, whenever formally announced, could trigger tariff action or pricing intervention in the telecom sector in the near term, but such movements would ultimately help improve revenue visibility for the industry and support Jio’s monetisation cycle. The brokerage also highlighted that Reliance’s FMCG operations, still in their early phase of scale-up, remain “ripe for value discovery in CY26” as the business expands its product mix and distribution footprint.
New energy investments and the recently announced data-centre partnership with Google offer additional optionalities that can act as medium-term catalysts, Jefferies said. Despite this growth matrix, RIL continues to trade below its long-term average EV/EBITDA multiple, which the brokerage believes keeps the stock’s risk-reward profile favourable heading into 2026. Broader sector tailwinds in refining and retail further strengthen Jefferies’ conviction on the stock.
Disclaimer: The views and recommendations above are those of Jefferies. Business Upturn does not endorse them. Please consult a financial advisor before making investment decisions.
