Global brokerage Citi has maintained a Buy rating on Reliance Industries Ltd (RIL) with a target price of ₹1,585, implying an upside from the current market price of ₹1,436.90. The brokerage outlined multiple near-term triggers that could support stock performance in the coming months.
According to Citi, the Oil-to-Chemicals (O2C) segment is expected to see improvement driven by:
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Higher refining margins
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Improved domestic fuel retail spreads
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Recovery in petrochemical spreads
Additionally, Citi highlighted favourable year-on-year comparisons for Q1FY26, given that the same quarter last year was impacted by weak refining margins, a retail slowdown, and muted tariff impact in Jio.
The upcoming Annual General Meeting (AGM) of Reliance is also seen as a critical event where timelines for the proposed listing of Jio may be announced — a move that could unlock significant value.
Citi added that two other developments could act as catalysts, though their timing remains uncertain:
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Better monetisation of 5G services
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Reduction in net debt as capital expenditure peaks out
Investors will be closely watching Reliance’s execution across its telecom, retail, and energy verticals, especially as macro tailwinds and internal structural changes begin to reflect in earnings.
Disclaimer: This article is based solely on brokerage commentary and publicly available data. It does not constitute investment advice. Business Upturn and the author do not recommend buying or selling any stock mentioned.
