Reliance Industries Share Price Today: Stock Hovers Near Record High as Jio Growth and $80 Billion Monetisation Wave Power 2026 Story

Mumbai, 1 December 2025 — Reliance Industries Ltd (RIL) spent Monday’s session trading just below a fresh 52‑week high, extending a powerful 2025 rally that has added well over ₹4 lakh crore to its market value and cemented its role as the heavyweight driver of India’s benchmark indices. ^[1]

Behind the day’s muted but significant gain lies a dense mix of news: Reliance Jio’s latest subscriber surge, a new round of bullish brokerage targets, optimism over a fourth “monetisation wave” of post‑Covid capex, and a long pipeline of catalysts stretching into 2026 — from a Jio IPO to AI‑focused data centres and green energy roll‑outs. ^[2]

Reliance Industries share price today: trading just below a new 52‑week high

As of late morning on Monday, 1 December 2025, RIL was quoted around ₹1,574 per share, up roughly 0.4% intraday, with the stock having briefly touched ₹1,575.90, a new 52‑week high. ^[3]

Key live metrics from the NSE/BSE feeds and Economic Times liveblog:

Last traded price: ₹1,573.90 (11:22 am IST)
52‑week high: ₹1,575.90
Previous close: ₹1,567.50
1‑year return: about 21–22%
Market capitalisation: ~₹21.3 lakh crore
Trailing P/E: ~25.6x; EPS (TTM): ~₹61.4 per share ^[4]

A separate end‑of‑day wrap from Business Outreach notes that RIL recently finished trading at ₹1,571.80, up 0.26% for the day, with year‑to‑date gains around 27% versus roughly 17% for the Nifty, highlighting how Reliance has outpaced the broader market in 2025. ^[5]

On a trailing basis, data compiled by StockAnalysis shows:

TTM revenue: ~₹10 trillion
TTM net profit: ~₹831 billion
Market cap: ₹21.21 trillion (≈₹21.2 lakh crore)
Forward P/E: ~24.3x
Dividend (FY25): ₹5.50 per share (yield ≈0.35%) ^[6]

Why RIL is in focus on 1 December 2025

1. Jio leads India’s October subscriber additions

The biggest stock‑specific trigger on Monday came from the telecom regulator’s October data. Reliance Jio:

Added 19.97 lakh mobile subscribers in October,
Pushing its user base to 48.47 crore,
The highest net additions among all Indian telcos for the month. ^[7]

Economic Times reports that this subscriber beat helped push RIL shares up about 0.8% to a day’s high of ₹1,579.95 on the BSE earlier in the session, keeping the stock in firm focus for traders. ^[8]

The Jio numbers matter because much of the bullish thesis on RIL’s next leg of growth hinges on:

Continued subscriber gains,
Tariff hikes in FY26–FY27, and
Monetisation of 5G and broadband, ahead of a planned Jio IPO in the first half of calendar 2026, as highlighted by multiple brokerage reports. ^[9]

2. A top broker “stock of the week”

A fresh report from Motilal Oswal Financial Services, summarised by the Times of India on Monday, names Reliance Industries and HCL Tech as its top stock picks for the week starting 1 December 2025. ^[10]

For RIL, Motilal Oswal notes:

2Q FY26 consolidated EBITDA up 5% QoQ to ₹45,900 crore,
Retail revenue up 19% YoY, supported by festive demand and strong traction in quick commerce,
RJio adding 8.3 million subscribers during the quarter, with rising 5G engagement,
O2C (oil‑to‑chemicals) earnings up 3% QoQ on stronger fuel cracks and higher throughput,
A projected EBITDA and PAT CAGR of ~10–11% over FY25–FY28. ^[11]

The brokerage pegs:

Current market price (CMP): ₹1,569
Target price (TP): ₹1,765
Implied upside: ~12% from that CMP. ^[12]

Fourth monetisation wave: $80 billion capex aims to pay off from 2026

A detailed Economic Times analysis published Monday morning frames the current phase as “Investment Cycle 4.0” for Reliance Industries. ^[13]

Key points from that piece and associated brokerage commentary:

Since Covid, RIL has invested roughly $80 billion in digital, retail, refining and new energy.
Over the next three years, capex is expected to run at $14–16 billion annually,
Crucially, funded largely by operating cash flows rather than fresh leverage, marking a break from past debt‑heavy build‑out cycles. ^[14]

The “fourth monetisation wave” rests on three core verticals, with two powerful add‑ons:

Digital (Jio) – where analysts model:
- Ongoing subscriber growth,
- ARPU (average revenue per user) rising toward ~₹236/month by FY27,
- Two industry‑wide tariff hikes of ~10% each in 4Q FY26 and 4Q FY27, and
- An IPO in 1H CY26 as a key rerating catalyst. ^[15]
Retail – expected to benefit from:
- Continued store expansion,
- Strong traction in fashion, quick commerce and owned brands,
- Double‑digit EBITDA growth through FY27. ^[16]
Oil‑to‑chemicals (O2C) – where Morgan Stanley and others see a “golden age” for refining, modelling core gross refining margins of $11–12 per barrel through FY27–28 as under‑investment caps global capacity. ^[17]

Add‑on engines:

New energy – Morgan Stanley values the new energy business at around $25 billion, assuming a 10 GW integrated solar manufacturing chain by 2026 and scale‑up into batteries and green hydrogen. ^[18]
AI infrastructure – RIL is planning AI‑ready data centres, including a 1 GW AI‑focused data centre in Andhra Pradesh, positioning itself as both a provider and consumer of clean, AI‑grade power. ^[19]

In Morgan Stanley’s base case, the group delivers ~11% earnings CAGR between FY25 and FY28, with room for upside if refining margins stay stronger for longer or if the digital and retail platforms are monetised more aggressively in public markets. ^[20]

Earnings backdrop: Q2 FY26 results support the rally

Reliance’s most recent quarterly numbers (Q2 FY26, quarter ended September 2025) provide the fundamental scaffolding for the stock’s 2025 run‑up.

According to the company’s own investor disclosures:

Gross revenue: ₹2,83,548 crore (Q2 FY26)
EBITDA: ₹50,367 crore
Profit after tax: ₹22,092 crore
Capital expenditure: ₹40,010 crore in the quarter. ^[21]

These figures reflect:

Double‑digit revenue growth versus the prior year,
Mid‑teens EBITDA growth,
Continued heavy but cash‑flow‑supported investment into digital, retail and new energy. ^[22]

Motilal Oswal’s note highlights that retail revenue grew 19% YoY in Q2 FY26, boosted by festive demand and quick‑commerce traction, while Jio’s subscriber adds and stable O2C margins helped lift group‑level EBITDA by 5% QoQ. ^[23]

On a full‑year FY25 basis, Reliance reported:

Gross revenue: ₹10.71 lakh crore
EBITDA: ₹1.83 lakh crore
Profit after tax: ₹81,309 crore
Capex: ₹1.31 lakh crore. ^[24]

Brokerage views and price targets: consensus stays bullish

Across brokerages and data aggregators, the near‑term stance on Reliance Industries remains broadly positive. Individual investors should still treat these as opinions, not promises, but they do frame market expectations.

Sell‑side broker targets

From recent reports compiled by Trendlyne, Economic Times and StockAnalysis:

Morgan Stanley – Overweight, target ~₹1,701 per share, anchored on “Investment Cycle 4.0” and new energy monetisation. ^[25]
Jefferies – Buy, target ₹1,785, emphasising that even after the rally RIL trades below its long‑term EV/EBITDA average and that double‑digit growth is visible across digital, energy and retail. ^[26]
J.P. Morgan – Overweight, target ₹1,727, citing catalysts in Jio tariff hikes, a Jio IPO, and accelerating new‑energy revenue from FY27. ^[27]
UBS – Buy, target ₹1,820, forecasting a sharp O2C EBITDA jump from ₹295 billion in H1 FY26 to ₹648 billion in FY27 on the back of strong refining spreads. ^[28]
Motilal Oswal – Buy, target ₹1,765 (12% upside from its stated CMP of ₹1,569), with an estimated 10–11% EBITDA and PAT CAGR over FY25–FY28. ^[29]
Geojit – Buy, target around ₹1,679, according to Trendlyne’s compilation of recent broker reports. ^[30]

Trendlyne’s consensus data show:

An average 12‑month target near ₹1,704 per share,
Implied upside of roughly 8–9% from current levels,
A broker‑level stance skewed heavily toward Buy and Strong Buy. ^[31]

Aggregated analyst forecasts

Forecast aggregators like TradersUnion (which pool broker estimates rather than issue their own advice) show a similar pattern:

Current price (reference): ~₹1,576
Average 6‑month target: ~₹1,688.7
Target range:₹1,370 (low) to ₹2,020 (high)
Analyst recommendation mix: 32 “Strong Buy”, 66 “Buy”, 2 “Hold”, 3 “Sell”, 3 “Strong Sell” — yielding an overall “Strong Buy” consensus label. ^[32]

These are not guarantees, and methodologies vary across platforms, but they illustrate an important point: even after a ~25–30% year‑to‑date rally, many institutional desks still see headroom for further upside, largely contingent on successful monetisation of Jio, retail and new energy. ^[33]

Valuation snapshot after a 2025 bull run

RIL’s 2025 rally has been dramatic:

The stock has gained around 27–29% so far this year, adding roughly ₹4.4 lakh crore to its market capitalisation. ^[34]
Nifty 50, by contrast, is up about 17% year‑to‑date. ^[35]
As per Mint’s analysis, Reliance alone contributed 2,669 points to the index’s move from its September 2024 peak to the new all‑time high of 26,310 on 27 November 2025, second only to TCS in terms of impact. ^[36]

On valuation metrics:

Trailing P/E: ~25.5x
Forward P/E: ~24.3x
Market cap: ~₹21.2 lakh crore
Dividend yield: ~0.35%. ^[37]

NDTV Profit notes that even after a 27% YTD run, analysts still see RIL trading at a discount to Indian consumer–retail peers like Avenue Supermarts (DMart) and Bharti Airtel, which partly explains why valuation rerating remains a central theme of most bullish theses. ^[38]

Key growth drivers to watch in 2026

1. Jio: tariff hikes, 5G and IPO

Subscriber growth: Jio’s ~20 lakh October additions show it is still gaining share in a maturing market. ^[39]
Tariff normalisation: Jefferies and other brokers expect at least two 10% tariff hikes by FY27, which could meaningfully expand ARPU and margins. ^[40]
IPO catalyst: Multiple houses now explicitly cite a Jio IPO in 1H 2026 as a key event that could unlock value and provide a market benchmark for the digital business. ^[41]

2. Retail: from mass to luxury

Reliance Retail is now a multi‑format behemoth, from supermarket chains and electronics to fashion, beauty and luxury malls:

FY25 retail revenue: ₹3,30,943 crore, up 8% YoY,
FY25 retail EBITDA: ₹25,094 crore, also up ~8.6%,
J.P. Morgan recently valued Reliance Retail at about $143 billion, estimating that Retail + Jio contributed 54% of RIL’s consolidated EBITDA in FY25 and will drive most of the growth over the next three years. ^[42]

The portfolio keeps expanding, with everything from mass fashion chains (Trends, Yousta, Azorte) to global luxury partnerships (Hermès, Louis Vuitton, Dior, Tiffany, Balenciaga and more), positioning Reliance as the “gatekeeper” for foreign brands entering India’s booming consumption market. ^[43]

3. New energy and AI data centres

On the energy transition front:

Reliance is building out a fully integrated 10 GW solar manufacturing chain in Gujarat, plus capacities in batteries and green hydrogen, with management aiming for globally competitive green hydrogen costs by 2026. ^[44]
The group is pairing this with AI‑ready data centres, including a 1 GW AI‑focused campus in Andhra Pradesh, aligning energy, compute and connectivity into a single monetisation stack. ^[45]

Morgan Stanley’s “AI math” suggests each gigawatt of Gen‑AI data‑centre capacity could attract $12–15 billion of investment with ~11% returns on capital, particularly when combined with GPU‑as‑a‑service models and global hyperscaler partnerships. ^[46]

4. Refining and O2C

Despite the pivot away from Russian crude — Reliance has now halted Russian oil imports into its export‑focused Jamnagar unit to comply with EU sanctions — brokerages like UBS think RIL can maintain strong margins by sourcing crude from other suppliers and capturing elevated spreads in a tight global market. ^[47]

UBS forecasts O2C EBITDA rising from ₹295 billion in H1 FY26 to ₹648 billion in FY27, underlining how central refining profits remain to the overall investment story. ^[48]

Risks that investors are monitoring

Even in a bullish backdrop, there are non‑trivial risks:

Regulatory and geopolitical risk – Reliance’s refining and telecom businesses are exposed to shifts in energy sanctions, import tariffs, spectrum policy and sector regulations. The Russian crude exit at Jamnagar is a reminder that geopolitics can change sourcing economics overnight. ^[49]
Execution risk in new energy and AI – The 10 GW solar and AI‑data‑centre plans are ambitious, capital‑intensive and highly competitive globally. Delays, cost overruns or weaker‑than‑expected demand could lower returns versus current bullish models. ^[50]
Valuation risk after a big run‑up – With the stock trading in the mid‑20s on earnings and at an all‑time high, any disappointment in Jio IPO timing, tariff hikes, or refining margins could trigger a derating, particularly if broader markets correct from record levels. ^[51]

Bottom line: what today’s move signals for Reliance Industries stock

On 1 December 2025, Reliance Industries is not rallying on a single headline. Instead, the stock is grinding higher just below record levels on the back of:

Continued operational momentum in Q2 FY26,
Strong subscriber additions at Jio,
A fast‑growing retail franchise that straddles everything from grocery to global luxury,
An emerging new‑energy and AI infrastructure platform, and
A wall of bullish analyst targets clustered between ₹1,700 and ₹1,820 per share. ^[52]

For investors, the message from the street is clear: the easy money from the 2025 rebound has likely been made, but the market is still pricing in another leg of earnings and cash‑flow growth between FY26 and FY28 — provided Reliance executes on Jio monetisation, retail value unlocking and its new‑energy ambitions.

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