Reliance shares jump nearly 3% as analysts remain bullish after AGM; Jio IPO, AI, and new energy seen as key value drivers

Shares of Reliance Industries surged nearly 3% on Monday after the conglomerate's 49th annual general meeting (AGM), as investors cheered the company's growth roadmap across telecom, artificial intelligence, retail, and clean energy businesses.

RIL, the country’s most valuable company, gained as much as 2.64% in early trade to ₹1,343.95, adding over ₹46,000 crore to its market capitalisation and taking its valuation to ₹18.18 lakh crore.

On a year-to-date (YTD) basis, RIL shares have declined nearly 15%, while the stock has fallen about 8% over the past year. The blue-chip stock has corrected around 1% in the last one month. The counter touched its 52-week high of ₹1,611.20 on January 5, 2026, and slipped to its 52-week low of ₹1,253.65 on June 11, 2026.

What fuelled the rally in RIL shares?

Sentiment was boosted after the telecom-to-oil conglomerate revealed progress on several strategic initiatives, including the proposed Jio Platforms IPO, expansion of AI infrastructure, renewable energy investments, and growth plans for its consumer businesses.

Brokerages largely retained their bullish stance on the stock, saying the AGM reinforced Reliance's long-term value creation story rather than delivering any major surprises.

At the AGM, Chairman Mukesh Ambani provided an update on the proposed Jio Platforms listing, which is expected to be among the largest IPOs in India. The IPO is seen as a major value-unlocking trigger for Reliance shareholders and could help narrow the conglomerate discount often associated with diversified businesses.

Brokerages also highlighted Reliance's aggressive push into artificial intelligence infrastructure and data centres. Analysts believe the company's scale, digital ecosystem, and growing AI capabilities position it well to benefit from India's expanding technology landscape.

The group's new energy business remains another important growth pillar. Analysts continue to view investments in solar manufacturing, battery storage, and clean fuels as long-term drivers that could diversify earnings beyond the traditional oil-to-chemicals business.

The retail and consumer businesses also attracted attention. Reliance's ambition to build a large-scale FMCG franchise and deepen its consumer products portfolio is expected to create an additional earnings engine over the coming years.

Analysts remain bullish on Jio IPO, AI, new energy bets

Among domestic brokerages, Motilal Oswal remains constructive on Reliance Industries, reiterating its ‘Buy’ rating with a target price of ₹1,655. The brokerage expects Reliance Jio to remain the biggest growth driver, contributing nearly 80% of incremental EBITDA, supported by an 18% EBITDA CAGR over FY26-28, tariff hikes, market share gains, and the expansion of home and enterprise services. Reliance Retail is projected to deliver a 12% revenue CAGR, aided by store additions and hyper-local offerings.

The brokerage expects consolidated EBITDA and PAT to grow 9-10% annually over FY26-28, supported by stronger free cash flow generation and declining debt. It values Jio and Retail at ₹525 and ₹500 per share, respectively.

Emkay Global has maintained its ‘Buy’ rating on Reliance Industries, citing multiple growth triggers emerging from the AGM. The brokerage highlighted the board approval and Sebi filing of the much-awaited Jio Platforms IPO, involving a fresh issue of up to 270 million shares. It also sees Reliance Intelligence and AI infrastructure entering the execution phase, with 120 MW of compute capacity expected by the end of CY26.

While new energy targets were reiterated, commercialisation is expected to begin in FY27. Emkay also highlighted RCPL's ambition to achieve ₹1 lakh crore in revenue by FY30, backed by a ₹30,000-crore investment plan.

Another domestic brokerage, Systematix Institutional Equities, believes Reliance is transforming from an energy-led conglomerate into a diversified platform company driven by Digital, Retail, AI, and New Energy. The brokerage noted that Digital and Retail now contribute around 50% of group EBITDA, while AI and New Energy are emerging as future growth engines. It highlighted the formal commencement of the Jio IPO process and the launch of Reliance Intelligence as significant strategic milestones.

Systematix expects New Energy to enter commercialisation in FY27, with solar and battery projects contributing to revenue. It also sees RCPL's target of ₹1 lakh crore in revenue by FY30 strengthening Reliance's consumer-facing growth narrative.

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