Reliance Industries (RIL) could be approaching a turning point, with the proposed listing of Jio Platforms emerging as a potential trigger for a re-rating of the conglomerate's shares. Religare Broking has recommended buying the stock, citing the prospect of value unlocking through the Jio IPO, improving cash flows and growth opportunities across its businesses.
In a strategic research note dated October 13, 2026, Religare assigned a target price of ₹1,696 per share to Reliance Industries, compared with its closing reference price of ₹1,156 as of October 12. This implies a potential upside of 46.7%, according to the brokerage.
“We maintain a conviction BUY rating on Reliance Industries Ltd. with a Target Price of Rs. 1,696 per share. The convergence of a 2-year price and time correction, impending Jio price discovery, balance sheet optimization, and multi-engine earnings compounding creates one of the most compelling risk-reward setups in the market today. We advocate initiating exposure at current levels and accumulating on any market-driven corrections,” suggested the brokerage.
The recommendation comes after an extended period of consolidation in the stock. Religare believes the correction has allowed operating earnings to catch up with the share price, creating a more favourable risk-reward opportunity ahead of the proposed Jio Platforms listing.
Reliance Industries shares have remained under pressure, falling to its 52-week low of ₹1,152.30 today. It has now declined around 28% from its 52-week high of ₹1,611.20 in January 2026. It has declined 5% over the past week, 8% in one month, 10.5% in three months, 12% in six months and 16% over the past year.