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Reliance Industries share price: After JP Morgan and Jefferies, Citi is now bullish on Reliance Industries. It has named RIL as its top pick in the Indian oil and gas space. Citi has advised to buy the stock with a target price of more than ₹ 1,800.

The brokerage has increased Bharti Airtel’s FY2027 EV/EBITDA by 14 times. Jio’s EV has been increased from ₹135 billion to ₹145 billion. Following the separation from Reliance Retail, RIL’s stake in Reliance Consumer has been added to SOTP at ₹63 per share.

Jefferies has also maintained a ‘buy’ call on Reliance Industries with a target price of ₹1,785 per share, which implies an upside of more than 14% from current levels. Jefferies said that Reliance’s three core verticals, i.e. digital services, retail and oil-to-chemicals, are delivering double-digit growth since the beginning of FY26.

The brokerage further said that Jio’s upcoming IPO may soon create a disruption in tariffs, which will further boost the telecom segment. Additionally, RIL stock is trading below its long-term mean EV/EBITDA multiple, creating a healthy risk-reward ratio.

JP Morgan had earlier maintained its ‘overweight’ rating. The brokerage argues that the weakness seen in refining and petrochemicals in FY24-25 has now been left behind.

There is scope for earnings upgrade on current refining strength. It also pointed to possible triggers like Jio IPO, expected increase in tariffs, launch of a new energy business and strong retail growth.

Hopes for new energy business

Other brokerages are also positive about the company’s new energy business. Motilal Oswal recently raised its price target for the stock after including the battery manufacturing vertical in its model.

UBS reiterated its ‘Buy’ rating, citing strong refining margins and insulated crude sourcing. According to LSEG data given in a recent Reuters report, the average analyst rating on Reliance remains ‘Buy’, with a median target price of ₹ 1,685 per share.

A look at the share price

Right now, around 10:15 am, the stock is trading at ₹1,540, down ₹5.60 or 0.36% on the NSE. The stock has fallen 1.84% in the last week. It has increased by 3.73% in a month and by 26.72% so far this year. It has given returns of 16.39% in one year and 13.16% in three years.