Citi Sees Up to 17% Upside for Reliance Industries Stock as Brokerage Turns More Bullish on Jio and Consumer Business

Reliance Industries Ltd (RIL), India’s largest conglomerate, has once again taken center stage in the equity market after global brokerage firm Citi projected a strong upside for the stock. The investment bank has reaffirmed its ‘Buy’ rating on RIL and ranked it as its top pick in the oil and gas sector, signaling renewed confidence in the company’s growth trajectory across its major businesses.

Citi has raised its target price by 17%, one of the most significant upgrades for the stock in recent months. The revised target price now stands at ₹1,805, up from the earlier target of ₹1,548.50 issued on December 3.

This bullish revision comes even as RIL shares slipped 0.47% to close at ₹1,539.10 on the same day. Despite the minor decline, global brokerages believe the stock still holds substantial room for growth, backed by emerging catalysts expected to play out in 2026.

Citi’s Bullish Triggers: Higher Valuation for Jio

One of the biggest catalysts behind Citi’s higher target price is the upward revision of valuation for Reliance Jio, the company’s telecom and digital services arm. Citi increased Jio’s implied enterprise value (EV) to $145 billion, up from $135 billion, reflecting growing optimism around the business.

This valuation upgrade signals the brokerage’s confidence in Jio’s market position and future potential. The digital services arm continues to be one of RIL’s strongest engines of growth and remains central to the conglomerate’s long-term strategy. According to Citi, this revised valuation contributes significantly to the overall bullish stance.

Boost From Reliance Consumer Products

The brokerage also incorporated a new component into its target price calculation — RIL’s 84% stake in Reliance Consumer Products. This addition followed the successful demerger of the business from Reliance Retail Ventures, which expanded the conglomerate’s consumer-facing footprint.

Citi added ₹63 per share to its target price based on this consumer business valuation. The move indicates that analysts see meaningful potential in the consumer products segment, especially as RIL continues to diversify across high-growth categories.

Together, these two factors — the higher valuation for Jio and the addition of Reliance Consumer Products — formed the basis for Citi’s upgraded target price and stronger conviction in RIL’s growth outlook.

Also Read: India Loses Top Manufacturing Spot as PMI Drops to Nine-Month Low

RIL Share Price Performance: A Strong Market Run

Despite day-to-day volatility, Reliance Industries has demonstrated impressive performance through 2025. The stock has risen:

• Nearly 4% in the past month

• Over 9.5% in the past six months

• More than 26% so far in 2025

This upward trajectory highlights sustained investor confidence across global and domestic markets.

The company also witnessed a significant rebound from its lows. After hitting a 52-week low of ₹1,114.85 in April, the stock surged nearly 42% over seven months, eventually reaching a 52-week high of ₹1,581.30 last month. The sharp recovery from its April low shows strong support from institutional investors and an improving outlook across its business verticals.

Other Global Brokerages Also Bullish on RIL

Citi is not alone in its optimism. Other major foreign brokerages have recently echoed bullish views on the conglomerate.

Brokerage 1

Last week, another international brokerage issued strong commentary on Reliance, citing positive momentum across all major business segments. It highlighted multiple catalysts expected in 2026, indicating that the company is approaching a major growth cycle.

This brokerage maintained its ‘Buy’ recommendation and assigned a target price of ₹1,785, implying more than 15% upside from the previous closing price.

Brokerage 2 – JPMorgan

Last month, JPMorgan also reiterated a positive stance on RIL.
The global investment firm highlighted a stronger earnings outlook heading into 2026 and maintained its ‘Overweight’ rating.

JPMorgan’s target price of ₹1,727 suggested nearly 12% upside from the stock’s previous close, reinforcing the view that RIL could continue outperforming the benchmark indices.

Why Analysts Are Confident About 2026?

While the brokerages have not disclosed deeper financial details, their commentary clearly signals growing confidence in:

• Telecom growth and digital expansion (Jio)

• Scaling of the consumer products business

• Steady contribution from oil-to-chemicals

• Improving earnings visibility

The consensus among global analysts suggests that RIL may enter 2026 with strong business momentum, supported by diversified revenue streams and improving valuations across its key subsidiaries.

What Makes This Upgrade Crucial for Investors?

The 17% target price hike from Citi stands out because:

• It is based on valuation upgrades in Jio, one of RIL’s biggest growth engines.

• It incorporates value unlocking from the consumer products business.

• It reflects confidence in RIL’s multi-business strength.

• It aligns with the broader bullish sentiment seen across top global brokerages.

For investors, these upgraded targets indicate that brokerages believe RIL shares may continue gaining traction, supported by strong fundamentals and sector-wide catalysts.

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