CLSA has maintained its “Outperform” rating on Reliance Industries with a target price of ₹1,650. After significant underperformance in 2024, analysts see the current stock levels as an attractive entry point for potential gains in 2025 as triggers play out.
The brokerage notes the persistent weakness in retail profitability as a major drag on the stock but expects the segment to return to promising growth by H2FY25. Further, the ramp-up in AirFiber subscribers could unlock significant value for Jio and drive excitement for its IPO, anticipated in late 2025.
Other potential triggers include the full effect of past tariff hikes, another potential hike, and the commencement of new energy projects such as integrated solar PV manufacturing in 2025. These developments are expected to contribute to the overall recovery and growth trajectory of Reliance Industries.
