Reliance Industries share price rises nearly 2% today; brokerages bullish on O2C rebound, new energy scale-up

The strength in Reliance Industries stock follows fresh optimistic commentary from multiple brokerages on the company’s oil-to-chemicals (O2C) and new energy businesses.

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Reliance Industries Ltd (RIL) stock continued its upward move in Thursday’s afternoon trade, rising 1.8 percent to Rs 1,546.30. It was among the top three gainers on the Nifty and the single largest positive contributor to the index. The stock’s strength follows fresh optimistic commentary from multiple brokerages on the company’s oil-to-chemicals (O2C) and new energy businesses.

O2C earnings momentum fuels bullish sentiment on RIL

UBS reiterated its ‘buy’ rating on Reliance Industries shares with a target price of Rs 1,820, citing an expected improvement in O2C earnings supported by firm refining margins. The brokerage said the Singapore benchmark is currently not reflecting the actual margins being realised by diesel-heavy refiners. It added that Reliance’s diversified crude sourcing strategy would limit the impact of geopolitical developments, including U.S. tariff actions. UBS expects O2C operating profit to rise to Rs 34,000 crore in the second half of FY26 from Rs 29,500 crore in the first half.

New Energy boost for Reliance Industries shares

Motilal Oswal Financial Services also reiterated its ‘buy’ rating and raised its price target on Reliance Industries stock to Rs 1,765 from Rs 1,700, citing tailwinds from upcoming new energy businesses. According to its update dated November 19, the brokerage has increased the valuation of Reliance’s new energy segment to Rs 174 per share after incorporating the battery manufacturing business into its model.
The report notes that Reliance’s battery giga factory at Jamnagar — planned at 40GWh capacity in early CY26 and scalable to 100GWh — will be a key driver of the company’s energy solutions strategy. Motilal Oswal expects the new energy business to contribute meaningfully post FY30, estimating FY30 EBITDA at Rs 16,900 crore from battery and integrated solar module manufacturing.

The brokerage also cited Reliance’s competitive advantages in scale, technology execution, and its integrated ecosystem spanning solar, batteries and broader energy solutions. It highlighted substantial policy support for battery manufacturing, including viability gap funding for energy storage projects and allocations under the Production Linked Incentive scheme for advanced chemistry cell manufacturing — under which Reliance New Energy Solar Ltd has been awarded 15GWh capacity.

Motilal Oswal’s bullish view on Reliance’s new energy initiatives and battery manufacturing opportunity were contributing to Monday’s gains. On the other hand, UBS forecast of steady O2C earnings, refining strength and insulated crude sourcing bolstered sentiment around the core energy segment.

Brokerages overall remain positive on the stock. The average rating on RIL is buy, with a median target price of Rs 1,685, according to LSEG data cited in a Reuters report. RIL shares have gained 25 percent so far in 2025, outperforming the Nifty 50’s 10.4 percent rise during the same period.

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