JPMorgan has retained an “Overweight” rating on Reliance Industries, revising its target price to ₹1,468 from ₹1,562.5. According to the brokerage, one of the two key drivers of Reliance’s recent underperformance—weak refining margins—has started to reverse, offering a near-term boost.
The other challenge, poor retail top-line growth, remains difficult to project; however, expectations have adjusted downward. Following the recent stock correction, JPMorgan highlights that the estimated implied valuations for the retail business stand at 25x FY26E EBITDA, which is below historical levels and peer benchmarks.
Additionally, the upcoming solar panel manufacturing plant is seen as a modest near-term catalyst. The brokerage believes that Reliance’s diversified portfolio and improving fundamentals in refining and energy could drive its long-term growth trajectory.
