Rating: JPMorgan maintains an 'Overweight' rating on RIL's stock.
Target Price: The brokerage has set a target price of ₹1,568 per share, a 10% upside from its closing value on June 5, 2025.
Earnings Outlook: JPMorgan expects stronger earnings for Reliance in the next two years, particularly driven by growth in its consumer businesses, including Jio (telecom) and retail.
JPMorgan believes that despite the stock facing some pressure due to earlier earnings downgrades, largely stemming from weaker commodity earnings before interest and tax (EBIT), this trend is unlikely to persist. With margins already low in the commodity segment, the brokerage expects better profitability moving forward.
Key Reasons for Optimism
JPMorgan’s report highlights several factors contributing to its positive stance on Reliance Industries: