Jefferies Boosts Reliance Industries Price Target, Anticipates Jio IPO as Key Growth Driver for 2026

Overview Jefferies has raised its target price for Reliance Industries to ₹1,830, up from ₹1,785, while maintaining a Buy rating. This adjustment reflects a positive outlook for the company, particularly as it anticipates significant developments in 2026, including a tariff hike in telecom and the much-anticipated listing of Jio.

Key Developments

• Reliance Industries has outperformed the Nifty by 19% in 2025, thanks to a rebound in consolidated EBITDA growth after a challenging fiscal year.
• Jefferies projects a 13% growth in consolidated EBITDA for fiscal 2027, with Jio expected to drive most of the earnings increase.
• Despite a slight reduction in EPS estimates for fiscal 2027 and 2028 by 2% due to lower net interest income, the brokerage remains optimistic about the upcoming tariff hike and Jio's IPO as key catalysts for growth.

Business Impact This upward revision in target price signals strong confidence in Reliance's operational momentum and its ability to capitalize on upcoming market opportunities. The anticipated recovery in retail growth further supports this positive outlook.

Market Context Reliance's stock has shown resilience, reflecting investor confidence amid broader market fluctuations. The company's strategic moves in telecom and retail are likely to keep it in the spotlight as it navigates the competitive landscape.

Industry Context The telecom sector is poised for growth, especially with potential tariff hikes, while the retail sector is expected to recover, contributing to Reliance's overall performance. The upcoming Jio IPO is also set to be a significant event in the market.

Looking Ahead Investors will be keenly watching for the Jio listing and any announcements regarding tariff changes, which could further influence Reliance's stock performance.