Reliance Industries' share price jumps nearly 3% after strong Q2 results; brokerages bullish

Brokerage analysts remained confident about RIL’s growth prospects after Q2 results, citing strong retail performance, stable oil-to-chemicals (O2C) earnings, and upcoming triggers from Jio’s tariff hike and new-energy ventures.

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Reliance Industries Ltd’s (RIL’s) shares gained nearly 3 percent on Monday morning after the firm’s strong September quarter earnings (Q2 FY26) lifted investor sentiment and drew upbeat calls from major brokerages.

Analysts from brokerages, including Nomura, Morgan Stanley, Kotak Institutional Equities, JPMorgan, and Macquarie, remained confident about RIL’s growth prospects, citing strong retail performance, stable oil-to-chemicals (O2C) earnings, and upcoming triggers from Jio’s tariff hike and new-energy ventures.

At Rs 1,456.3, RIL stock rose 2.8 percent on Monday, extending gains after a robust quarterly performance and broadly upbeat brokerage sentiment.

The company’s fiscal second-quarter profit rose 14.3 percent to Rs 22,092 crore (pre-minority interest) from a year earlier, led by growth in the oil-to-chemicals (O2C), retail, and digital services businesses. Capex stood at Rs 40,000 crore during the quarter, and net debt remained flat. Analysts see the performance as balanced across key verticals, marked by improving retail traction and sustained telecom profitability.

Nomura has a buy call on RIL stock with a target price of Rs 1,700 per share, noting that the Q2 beat on retail prompted it to raise FY26 and FY27 EBITDA estimates by 4 percent and 12 percent, respectively. The brokerage identified three key triggers for RIL’s next growth phase — scale-up of the new-energy business, a Jio tariff hike, and a potential Jio IPO by the first half of FY26.

Morgan Stanley, which has an overweight rating and a Rs 1,701 target, said the company’s earnings strength should help re-rate the stock. It highlighted retail outperformance and a “strong December-quarter setup,” while identifying new-energy and AI initiatives as the next value drivers worth $50 billion.

Kotak Institutional Equities issued an add call with a Rs 1,600 target, noting that both retail and overall EBITDA beat estimates. The brokerage said retail, telecom, and digital businesses remain strong even as O2C faces near-term headwinds.

JPMorgan also has an overweight stance with a Rs 1,695 target, saying RIL’s strong Q2 and sustained growth reflect steady refining margins, while currency tailwinds benefit O2C earnings. It added that seasonal strength in retail and upside potential in telecom, particularly from a pre-IPO tariff hike for Jio, is a key factor for the bullish view.

Macquarie has an outperform rating with a Rs 1,650 target, emphasising the turnaround across segments — retail, Jio, O2C, and Jiostar — and projected continued earnings support through FY25-28.

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