The company's recent operational strength was led by a massive rebound in its oil-to-chemicals segment, which generated record earnings despite broader commodity cycle risks. Concurrently, digital commerce and dark store spending caused a near 10% decline in retail earnings, setting up FY27 as an operational transition period. Meanwhile, steady subscriber additions and a prospective 15% mobile tariff hike in late 2026 are slated to support telecom cash flows alongside emerging solar and battery projects.
Key points
Analyst sentiment shows stark divergence, with upside projections ranging from Citi's ₹1,…: Analyst sentiment shows stark divergence, with upside projections ranging from Citi's ₹1,490 target to Goldman Sachs forecasting a 58% gain.
Retail earnings are positioned for a rebound by FY28 and FY29 after heavy spending on dar…: Retail earnings are positioned for a rebound by FY28 and FY29 after heavy spending on dark stores and tech dragged current EBITDA down 10%.
New energy initiatives spanning solar modules and battery storage are tracking ahead of s…: New energy initiatives spanning solar modules and battery storage are tracking ahead of schedule to contribute meaningfully to earnings by FY28.
Sources checked by our analysis pipeline: 1
After spending most of the time sulking in a corner as one of the worst performing bluechip stocks in 2026, the company’s shares staged a rare 12% rally on Monday after a strong earnings reaction, but the bigger investment question now is whether Reliance can convert a record oil-to-chemicals performance into a broader FY28 growth story. Brokerages see five potential triggers: sustained O2C profitability, a Retail recovery, Jio monetisation, new energy earnings and the scaling up of consumer and media businesses.
The optimism is reflected in broker targets. Goldman Sachs sees 58% upside, while CLSA’s ₹1,800 target implies 55% upside. Jefferies, Ambit and JPMorgan have targets of ₹1,710, ₹1,651 and ₹1,675, respectively. But the range is wide as Citi has cut its target to ₹1,490 and Nomura to ₹1,560, pointing to continuing risks in Retail and the potential moderation of refining margins. Here are 5 triggers that can help RIL shares sustain rally in FY28:
Also Read |4 reasons why Reliance Industries shares can rally after Monday magic sparked historic 12% surge
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