Reliance Industries Reaches 52-Week Peak with Bright Projections for 2026

Post by : Bianca Suleiman

Mumbai: Reliance Industries Limited (RIL) has soared to a fresh 52-week peak of Rs 1,552 as of November 25, marking a nearly 1% increase in intraday trading. This surge is fueled by renewed bullish sentiments from JPMorgan, which confirmed its ‘overweight’ rating and forecasted an 11% upside, with a target price of Rs 1,727 per share.

Having already ascended 27% this year, RIL remains a focal point for investors, with brokers emphasizing multiple factors likely to support further growth into 2026.

Market Outperformance

RIL has outperformed the broader Nifty 50 Index, which has recorded a 17% return YTD, underscoring the stock's impressive momentum. Analysts observe that this outperformance may not fully encapsulate the company’s anticipated earnings for FY26–27.

Attractive Valuation

Even after the recent increase, RIL's stock remains competitively priced relative to rivals such as Bharti Airtel and Avenue Supermarts (DMart). Currently, it trades at an estimated 15% holding-company discount, attributed largely to past market anxieties regarding refining and petrochemicals, which now appear to be abating.

Positive Outlook for Refining Margins

A major source of optimism is the recovery within RIL’s refining sector. JPMorgan highlights that refining margins have stabilized and could see further improvement, enhancing prospective earnings. Internal assessments indicate a margin gain of nearly USD 3.8 per barrel quarter-on-quarter. If sustained, this could lead to a 6% upgrade to FY27 earnings.

Steady Growth Across Core Segments

RIL’s primary segments—oil-to-chemicals, telecom, and retail—are anticipated to demonstrate robust performance in Q3 FY26. Telecom EBITDA is projected to rise by 15% YoY, alongside retail benefitting from festive demand and recent GST reductions.

Investors are also monitoring potential catalysts for next year, including the Jio IPO, tariff adjustments, new energy initiatives, and ongoing retail expansion. Collectively, these elements are expected to bolster RIL’s stock trajectory moving forward into 2026.