JPMorgan has reiterated an Overweight rating on Reliance Industries (RIL) with a target price of ₹1,568, projecting an improvement in earnings over the next two years.
The brokerage noted that RIL stock has faced pressure in recent quarters due to large earnings cuts, primarily driven by weaker commodity EBIT. However, JPMorgan believes this phase should not repeat, as margins in the commodity cycle are now already low.
Looking ahead, the brokerage expects that growth in RIL’s consumer businesses — particularly retail and Jio — will translate better to bottom-line performance, aiding relative outperformance versus peers.
JPMorgan maintains a constructive view on RIL’s earnings trajectory over FY26–27, with more stable commodity margins and consumer-led growth drivers taking precedence.
Disclaimer: The views and target prices mentioned in this article are as stated by JPMorgan. They do not represent the opinions or recommendations of this publication. Readers are advised to consult their financial advisors before making any investment decisions.
