Reliance Industries Share Price Today (5 December 2025): S&P Upgrade to ‘A-’, Jio IPO Buzz and 2026 Targets Keep RIL in Focus

Reliance Industries Limited (RIL) remains firmly in the market spotlight on 5 December 2025 as its share price consolidates near record levels, even as fresh catalysts pile up:

S&P Global Ratings has upgraded the company’s long-term credit rating to ‘A-’ with a stable outlook. ^[1]
Reports indicate work has begun on the draft prospectus for a Jio Platforms IPO, touted as potentially India’s largest listing so far. ^[2]
Reliance is also expanding its global sports and media footprint, including a new 49% stake in Oval Invincibles, to be rebranded “MI London” from 2026. ^[3]

Below is a detailed, news-style breakdown of how the stock is trading today, what the latest research and forecasts say, and which triggers investors are watching into 2026.

Reliance Industries share price today: RIL cools after strong rally

As of late-morning trade on 5 December 2025, Reliance Industries shares were quoting around ₹1,524 on the NSE, down just under 1% intraday. Livemint’s live tracker shows: ^[4]

Price: ₹1,524.20 (‑0.92%)
Day’s range: ₹1,520.45 – ₹1,531.80
52‑week range: about ₹1,116 – ₹1,581
Year‑to‑date return (2025): +26.34%
5‑day return: –1.78%

Business Standard’s fundamental snapshot pegs Reliance’s market capitalisation at roughly ₹20.6 lakh crore, with a consolidated P/E near 21× and P/B around 2.3–2.4×, slightly rich versus India’s broader market but well below the peak multiples seen during the 2020 fund‑raising wave. ^[5]

The Economic Times liveblog notes that the stock has delivered around 13% returns over the past three months, even as the latest week has seen some consolidation and mild profit‑taking. ^[6]

In short, RIL is off recent highs but still close to the upper end of its 52‑week band, trading in a relatively tight range despite a heavy news flow day.

S&P Global upgrades Reliance to ‘A‑’: why it matters

The headline development for 5 December is S&P Global Ratings’ decision to upgrade Reliance Industries’ long-term issuer credit rating from ‘BBB+’ to ‘A‑’, with a stable outlook. ^[7]

According to S&P’s comments (as reported by ET and Upstox): ^[8]

The upgrade reflects improved cash‑flow stability, driven by less cyclical, consumer‑facing businesses (Jio and retail).
S&P expects digital services and retail to contribute about 60% of RIL’s operating cash flow in FY26, up from a historically energy‑dominated mix.
It projects consolidated EBITDA growth of roughly 12–14%, to about ₹1.85–1.95 trillion in FY26, with:
- ~43% of EBITDA from digital services (Jio and related businesses),
- ~14% from retail, and
- the balance from oil‑to‑chemicals (O2C) and oil & gas.
Reliance’s financial policy targets net debt‑to‑EBITDA below 1× (excluding spectrum liabilities), and S&P notes the company was at about 0.59× as of 30 September 2025. ^[9]

Earlier S&P disclosures also put Reliance’s interest‑bearing debt near ₹3.5 trillion as of 31 March 2025, underscoring that the group has re‑levered after briefly reaching a net‑cash position in 2021. ^[10]

Why equity investors care:

An ‘A‑’ international rating places Reliance among the higher‑rated Indian corporates globally, which can lower borrowing costs on future dollar or rupee debt issues.
The emphasis on cash flow from Jio and retail effectively validates the conglomerate’s decade‑long pivot away from a pure oil‑and‑chemicals story.
A stable outlook suggests S&P believes EBITDA growth will broadly fund capex, rather than forcing a big step‑up in leverage.

On a day when the RBI has cut the repo rate by 25 bps to 5.25%, easing the broader cost of capital in the system, the upgrade adds another supportive macro layer for Reliance’s long‑term funding profile. ^[11]

Street view: strong ‘Buy’ consensus and 12‑month targets around ₹1,700–1,800

Despite the stock’s big run in 2025, brokerages and data platforms remain broadly bullish.

Analyst consensus and valuations

TradingView’s forecast page for RELIANCE (NSE) aggregates 36 analyst targets into a 1‑year price target of ₹1,699.08, with a high estimate of ₹2,020 and a low of ₹1,370. The same sample yields an overall “strong buy” rating over the past three months. ^[12]

Livemint’s coverage notes 34 analysts on the stock, with: ^[13]

17 calling it “strong buy”,
14 on “buy”,
only 2 on “sell”.

On this dataset, Reliance trades at a TTM P/E of ~22×, against a sector P/E near 12×; the P/B ratio is about 2.5×, and the dividend yield is roughly 0.3–0.4%. ^[14]

So the market is paying a clear premium for growth and diversification, but not at the euphoric multiples of 2020.

Key brokerage targets into 2026

Recent research updates, many summarised in Economic Times, Times of India, Business Standard and other aggregators, cluster Reliance’s 12‑month fair‑value zone in a fairly tight band: ^[15]

Nuvama: Buy, target ₹1,769 (c. 20% upside from their referenced price).
Jefferies: Buy, target raised to ₹1,785; emphasises double‑digit earnings growth across digital, retail and O2C, plus optionality from data centres and potential retail demerger.
JP Morgan: Overweight, target ₹1,727; highlights that RIL is up ~27% in 2025 versus ~17% for Nifty, yet still trades at a discount to “sum‑of‑the‑parts” peers like Avenue Supermarts and Bharti Airtel.
BNP Paribas: Outperform, target around ₹1,785.
Motilal Oswal & JM Financial: Buy, targets in the ₹1,700–1,765 range, pointing to the upcoming 40 GWh battery giga‑factory at Jamnagar and the group’s 100 GW renewables ambitions as major long‑term moats.
YES Securities: Buy, target ₹1,640.

A detailed multi‑source summary often cited in recent commentary refers to this phase as Reliance’s “fourth monetisation wave”—a cycle where heavy capex in 5G, retail, new energy and digital infrastructure (estimated at $80+ billion since Covid) is expected to tilt from investment mode to cash‑flow harvesting from 2026 onwards. TechStock²

Across these calls, the implied upside from today’s ~₹1,525 level typically ranges between high single digits and the mid‑teens, depending on the time horizon and assumptions for Jio, retail and new energy.

Important: All of these targets are third‑party opinions, not guarantees. They are based on specific models and assumptions that may not hold if macro or regulatory conditions change.

Earnings check: Q2 FY26 shows broad‑based double‑digit growth

Reliance’s recent Q2 FY26 (quarter ended September 2025) results are the fundamental backdrop to the bullish rating and target upgrades.

A detailed breakdown by Finnovate, cross‑checked against the company’s own filings, highlights the following consolidated picture: ^[16]

Net profit: ~₹22,092 crore, up about 14% year‑on‑year.
EBITDA: ~₹50,367 crore, up 14.6% YoY.
Revenue: ~₹2.84 trillion, growing around 10% YoY.
Finance costs: climbed to ~₹6,827 crore, largely due to the activation of 5G spectrum assets.

Crucially, growth was broad‑based across segments:

1. Jio Platforms (Digital Services) ^[17]

Net profit up ~13% YoY to about ₹7,400 crore.
Revenue up ~15% YoY to ~₹42,600 crore.
Subscriber base crossed 500 million.
ARPU rose to roughly ₹211 per month, from about ₹195 a year ago.
EBITDA margin expanded by roughly 140 bps, to the low‑50s in percentage terms.

2. Reliance Retail ^[18]

Revenue around ₹90,018 crore, up ~18% YoY, powered by grocery, fashion and consumer electronics.
The company added 400+ new stores in the quarter, taking the total close to 20,000 outlets and ~78 million sq ft of retail space.
EBITDA rose ~16–17% YoY, with margins in the high‑single‑digit range.

3. Oil‑to‑Chemicals (O2C) ^[19]

Segment revenue grew a modest low‑single‑digit percentage YoY.
EBITDA jumped over 20%, helped by better polyester chain margins and improved product spreads.

This combination—high‑growth consumer platforms plus a still‑profitable energy backbone—is exactly what S&P is referencing when it talks about higher‑quality, more stable earnings.

New triggers: Jio IPO, sports franchises and media integration

Beyond pure numbers, several strategic moves around Reliance are shaping investor narratives for 2026.

1. Jio Platforms IPO preparation

Angel One, citing Bloomberg, reports that Reliance has begun work on the draft Red Herring Prospectus (DRHP) for a potential Jio Platforms IPO, aligning with new SEBI rules that may allow lower minimum dilution (as low as 2.5%) for very large market‑cap issuers. ^[20]

Key points from that report: ^[21]

Bankers are discussing a valuation of up to $170 billion for Jio.
At that valuation, a minimum‑dilution listing could still raise around $4.3 billion.
The IPO could surpass Hyundai Motor India’s 2024 offering to become India’s largest listing ever.
Chairman Mukesh Ambani has previously signalled a potential listing window in the first half of 2026, though the final timeline depends on rules and market conditions.

For RIL shareholders, a Jio IPO is a critical value‑unlocking event, potentially crystallising the telecom and digital platform’s valuation that is currently embedded within the parent.

2. Global sports footprint: Oval Invincibles → “MI London”

On 4 December, Reliance Strategic Business Ventures Ltd (RSBVL), a wholly‑owned subsidiary of RIL, announced the acquisition of a 49% stake in Oval Invincibles Limited for GBP 60.27 million, in partnership with Surrey County Cricket Club. ^[22]

From the 2026 season of The Hundred in England: ^[23]

Both the men’s and women’s Oval Invincibles teams will be rebranded as “MI London”, expanding the Mumbai Indians franchise network.
Surrey will retain the remaining 51%; the deal does not require regulatory approvals and is not a related‑party transaction.

While financially small relative to Reliance’s scale, the move reinforces the brand‑building and media strategy that underpins the group’s ambitions in sports, streaming and content.

3. Media consolidation: Star–Jiostar merger

Corporate disclosures picked up by Business Standard also show the merger of Star Television Productions Limited with Star India Private Limited (now Jiostar India Private Limited) becoming effective 30 November 2025, both subsidiaries in the Reliance orbit. ^[24]

This transaction is part of a broader effort to streamline media and entertainment assets, potentially making it easier to monetise content across TV, OTT and sports platforms in the coming years.

How the market is trading RIL: near highs, but with choppy short‑term action

Despite the fundamentally upbeat narrative, today’s tape action is more subdued.

ET Now’s live market blog at around 10:35 IST notes Reliance trading at ₹1,524.3, down about 0.7%, even as the broader indices gained after the RBI rate cut. ^[25]
Intraday, RIL has oscillated only slightly around this zone, mirroring its narrow range over the past few sessions. ^[26]

Derivatives and technical trackers give some context:

MarketsMojo and related F&O notes highlight heavy call and put option activity around near‑term strikes ahead of the December expiry, indicating that large traders may be positioning for sideways or mildly volatile price action rather than an immediate breakout. ^[27]
Risk metrics vary by provider, but recent dashboards show Reliance’s beta somewhere between ~0.9 and 1.2, implying volatility broadly in line with or modestly above the wider market. ^[28]

Put simply, most of the 2025 rally seems priced in near term, and the stock is now reacting to incremental news (like the S&P upgrade) with more muted moves, which is typical for large, widely‑owned index heavyweights.

Key risks and what to watch

Even with an upgraded rating and bullish sell‑side consensus, Reliance is not a risk‑free story. Recent research and commentary flag a few recurring themes: TechStock²+2Finnovate+2

Execution risk on mega‑capex
- Delivering acceptable returns on $80+ billion of post‑Covid investments in 5G, data centres, new energy and infrastructure requires near‑flawless execution.
- Delays, cost overruns or technology shifts (for example in battery chemistries or AI hardware) could compress returns.
Commodity and refining cycle risk
- The O2C business still contributes a large chunk of EBITDA. A downturn in refining margins or petrochemical spreads would pressure group cash flows, especially if it coincides with a capex‑heavy period.
Regulatory and political risk
- Telecom tariffs, spectrum policy, digital competition rules, ESG norms and carbon pricing can all materially alter profit pools.
- Large conglomerates are inherently exposed to policy scrutiny at home and abroad.
Valuation risk
- While RIL’s P/E is below its own historic peaks, it still trades at a premium to traditional energy peers. If growth in Jio, retail or new energy disappoints, the market could re‑rate the stock lower.
IPO / monetisation timing risk
- Much of the 2026–27 upside in broker models comes from Jio and retail monetisation. Any delays, lower‑than‑expected IPO valuations or unfavourable deal structures could challenge the bull case.

Bottom line: what today’s news means for Reliance Industries shareholders

On 5 December 2025, the Reliance story looks like this:

Near‑term price action: The stock is consolidating around ₹1,520–1,530, modestly off all‑time highs but up strongly for the year. ^[29]
Credit quality: S&P’s upgrade to ‘A‑’ with a stable outlook confirms that the balance sheet and cash‑flow profile are strong enough to support ongoing capex without excessive leverage. ^[30]
Street stance: Consensus remains firmly in the “buy / strong buy” camp, with 12‑month targets clustered around ₹1,700–1,800, implying single‑ to mid‑teens percentage upside from current levels. ^[31]
Growth engines: Q2 FY26 numbers show double‑digit growth across Jio, retail and O2C, aligning with S&P’s view that consumer‑facing businesses will dominate cash flows by FY26. ^[32]
Upcoming triggers: Potential Jio IPO, retail monetisation, battery and renewables commissioning, expanding data‑centre/AI infrastructure, and ongoing media and sports expansion all feed into a multi‑year investment narrative. ^[33]

For investors, today’s combination of a credit upgrade, rich but not extreme valuations, and a crowded but still optimistic consensus suggests RIL is transitioning from a pure growth rerating story toward a more steady, cash‑generative compounder, where execution and timing of monetisation waves will matter as much as headline news.