Religare Broking has recommended buying Reliance Industries Ltd (RIL) shares, assigning a target price of ₹1,696 per share, implying a 46.7% upside from the closing price of ₹1,156 on October 12. The brokerage's note dated October 13 highlights the upcoming Jio Platforms IPO as a key catalyst for unlocking value in the conglomerate's stock.
The recommendation follows a period of price consolidation for RIL shares, which recently hit a 52-week low of ₹1,152.30. Religare cited factors such as balance sheet optimization, improved cash flows, and growth opportunities across RIL’s businesses as reasons to initiate exposure now and accumulate on any market-driven dips. The brokerage emphasized the convergence of price and time correction over two years and the impending price discovery from the Jio IPO as creating a compelling risk-reward setup.
The proposed listing of Jio Platforms is seen as a potential trigger for a re-rating of Reliance Industries shares, with the IPO expected to enhance transparency and unlock shareholder value. Religare’s target price suggests significant upside compared to the current market price, reflecting optimism about RIL’s multi-engine earnings growth and strategic positioning. The brokerage’s conviction buy rating contrasts with the recent share price weakness, signaling confidence in the stock’s recovery potential.
Religare’s strategic research note dated October 13, 2026, serves as a key reference for investors considering RIL ahead of the Jio Platforms IPO. The next major market event will be the Jio IPO launch, which is anticipated to provide clearer valuation benchmarks for Reliance Industries shares.