New Delhi. Today, the biggest discussion among those investing in the stock market was about Reliance Industries. The company’s shares rose nearly 1.5 percent to a new 52-week high in Tuesday’s trading. The main reason behind this strength is the increasing confidence of America’s famous financial firm JP Morgan in Reliance. JPMorgan again kept its rating overweight and clearly said that the company’s earnings look even stronger in 2026. This is the reason why confidence among investors seems to be increasing again.
In the morning trade, Reliance shares reached the level of Rs 1,559.6, and if we look at the results of the entire year, then this stock has given an impressive growth of about 27 percent so far. JP Morgan has set a target of Rs 1,727 on the share, which means it expects about 11 percent more growth from the current level.
Valuation still at right level
JP Morgan believes that Reliance’s valuation is still better than competitors like D-Mart and Bharti Airtel. Also, the stock is still trading at about a 15 percent holding company discount, while the company’s true potential is much higher. It was also told in the report that the impact of weaknesses in the refining and petrochemicals business in the past years has now been removed and the current refining demand is likely to strengthen further.
JP Morgan also highlighted several key reasons for the company’s growth in 2026, such as a possible Jio IPO, increase in telecom tariffs, launch of big projects in new energy business, and stable growth in the retail sector. Due to these reasons, there is a possibility of further rise in the shares of Reliance in the coming years.
Many brokers are bullish, target price also told
Not only JP Morgan, other big brokers are also looking positive about Reliance. UBS has also reiterated its buy rating and has set a target of 1,820. According to UBS, earnings of the oil-to-chemical (O2C) business are going to remain strong in the coming times, especially because there remains good demand for diesel around the world. UBS estimates that O2C operating profit could reach around Rs 34,000 crore in the second half of FY26, which is much higher than Rs 29,500 crore in the first half.
Not only this, Motilal Oswal also maintained his buy call on Reliance and increased the target price from Rs 1,700 to Rs 1,765. The report said that the company’s new energy business, especially battery manufacturing, is going to contribute significantly to its earnings in the coming years. According to the report, a 40GWh capacity battery gigafactory in Jamnagar is planned to be operational in the early months of 2026, which can later be expanded to 100GWh. This will benefit Reliance in the entire eco-system of solar module and battery technology.
In a recent report by Reuters, citing LSEG data, it was said that on average, the opinion of most analysts is still buy, while the median target has been fixed at Rs 1,685. It is also worth noting that Reliance has left Nifty 50 behind. Nifty 50 has given a return of 9.5% during this period. The market cap of Reliance has now reached more than Rs 21.1 lakh crore.
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