Overview

• Citi Research raised its price target for Reliance Industries to Rs1,690 and maintained a buy rating, projecting a 16% three-year EBITDA CAGR for Jio Platforms and valuing it at a $135 billion enterprise value.
• Analysts at Citi forecast that Jio’s subscriber upgrades, digital services expansion and operational efficiencies will deliver an extra 6–7% growth independent of tariff hikes while boosting ROCE to 13–15% by FY27-28 and generating $5–6 billion in annual free cash flow.
• CLSA anticipates a marked turnaround in Reliance’s core businesses from Q1 FY26, expecting improved telecom and retail KPIs to reignite investor interest after a muted FY25.
• Goldman Sachs added Reliance to its APAC Conviction List and predicts group EBITDA growth will accelerate to 16% in FY26 from just 2% in FY25.
• The conglomerate’s robust retail performance alongside the potential Jio IPO at its AGM later this year are seen as key catalysts for further share price gains.