Reliance Industries Shares Hit 52-Week High as JPMorgan Turns Bullish on 2026 Outlook

Reliance Industries (RIL) share price climbed 1.5 percent on Tuesday, touching a fresh 52-week high after JPMorgan reiterated its ‘overweight’ rating and signalled a stronger earnings outlook heading into 2026. The stock rose to ₹1,559.6 in the morning trade, extending its year-to-date gains to 27 per cent, reflecting growing confidence among global brokerages.

JPMorgan has maintained its ₹1,727 target price on RIL, which indicates an upside potential of nearly 11 percent from current levels.

JPMorgan Sees Attractive Valuation and Clear Earnings Momentum

JPMorgan highlighted multiple factors behind its positive stance. The brokerage noted that Reliance Industries’ valuations remain attractive compared to peers like D-Mart and Bharti Airtel. It added that the stock continues to trade at a 15 percent holding-company discount, which keeps the overall valuation appealing for long-term investors.

According to the brokerage, the earnings drag from weaker refining and petrochemicals performance during FY24–25 is now behind the company. This improvement in operational performance comes at a time when global refining strength is creating room for possible earnings upgrades. JPMorgan pointed out that current refining margins offer additional support for future profitability, especially after the volatile phase of the past two financial years.

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Potential 2026 Catalysts Boost Confidence

In its note, JPMorgan listed several key triggers that could support Reliance Industries’ stock performance in 2026. These include:

• A potential Jio IPO, which the market has been awaiting for several years

• Telecom tariff hikes, which could significantly improve Jio’s revenue outlook

• Commissioning milestones in the new energy business, signalling progress in RIL’s green-energy transition

• Stable retail growth, with the segment continuing to expand its footprint

According to JPMorgan, these upcoming events strengthen the case for further upside in Reliance Industries shares over the next year.

Broker Sentiment Turns Stronger

Market sentiment around RIL has improved noticeably, with multiple brokerages turning more optimistic. UBS recently reiterated its ‘buy’ rating and assigned a target price of ₹1,820. The brokerage expects an improvement in oil-to-chemicals (O2C) earnings, driven by supportive refining margins.

UBS also noted that the Singapore benchmark does not fully reflect the margins earned by diesel-heavy refiners like Reliance Industries. The brokerage added that RIL’s diversified crude sourcing strategy provides a cushion against geopolitical risks, including actions related to US tariffs.

As per UBS estimates, O2C operating profit is expected to rise to ₹34,000 crore in the second half of FY26, compared to ₹29,500 crore in the first half—indicating a meaningful recovery ahead.

Motilal Oswal Raises Target Price on New Energy Optimism

Motilal Oswal has also maintained its ‘buy’ call on Reliance Industries. The brokerage increased its target price to ₹1,765, up from ₹1,700 earlier. This upgrade reflects the expected tailwinds from RIL’s upcoming new energy businesses, which remain a key long-term focus for the company.

The brokerage added that it has raised the valuation of the new energy segment after integrating the battery manufacturing vertical into its financial model.

Overall Market View: Positive Momentum Ahead

Reliance Industries continues to see strengthening confidence from both global and domestic brokerages. The fresh 52-week high, strong institutional commentary, and visible earnings triggers for 2026 indicate a positive outlook for the company’s stock.

With supportive refining margins, improving O2C profitability, and potential major events like a Jio IPO and tariff hikes, analysts believe RIL is well-positioned for further gains.

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