RIL AGM: Will brokerages reset Reliance Industries target post meet?

RIL AGM 2025: Analysts are focused on roadmaps for doubling JIO and Retail within three-four years and on plans for the New Energy business to replicate earnings of the oil-to-chemicals (O2C) segment

RIL AGM 2025: Mukesh Ambani led Reliance Industries (RIL) is slated to hold its 48th annual general meeting (AGM) today, August 29, 2025, at 2 PM. As investors await the AGM, analysts expect management to lay out plans to double the group’s overall business by 2030.

 

Additionally, they are focused on roadmaps for doubling JIO and Retail within three–four years and on plans for the New Energy business to replicate earnings of the oil-to-chemicals (O2C) segment.  

Ahead of the AGM, brokerages have various views on RIL stock: 

CLSA, in a report dated August 25, 2025, has given an ‘Outperform’ rating with a target of ₹1,409.3 per share. 

 

 

The brokerage forecasts a sharp Earnings before interest, tax, depreciation and amortisation (Ebitda) recovery led by Jio tariff hikes and Retail streamlining. The broker says Reliance’s plan to double Jio and Retail and scale new-energy operations supports its FY30 growth aim, and its conservative valuation makes it an attractive large-cap pick.

 

“The stock is trading in a narrow range to its conservative valuation, which builds in a depressed valuation for each of its business units. Strong growth momentum in Jio led by tariff hikes, along with steady streamlining of retail operations allowing for a recovery in its growth momentum in the next few quarters, will drive a significant upside for the stock,” the brokerage said. 

 

Jefferies, in its report dated August 18, 2025, has maintained a ‘Buy’ call on RIL, but had cut the target to ₹1,670 per share from ₹1,726. 

 

The brokerage sees risks such as elevated cash burn in e-commerce, lower refining and/or petrochemical margins, free cash flow (FCF) disappointment, and inadequate returns in new energy investments. 

 

JP Morgan, in a report dated August 21, 2025, has an ‘Overweight’ rating on RIL with a target of ₹1,695 per share. 

 

The brokerage said that RIL’s relative valuations appear reasonable, despite its year-to-date (Y-T-D) outperformance. The implied holding company discount available on Jio/Retail (measured at Bharti/

DMART EV/Ebitda) remains elevated, as these stocks have also done well. Better O2C margins, potential tariff increases and improved retail growth could help.       ICICI Securities, in a report dated August 27, 2025, maintained 'Add' with a target of ₹1,570 per share.  The brokerage said, "We have tweaked our earnings estimates marginally to factor in stronger numbers from both retail and telecom. At our revised estimates, we still see consolidated EPS CAGR of 14.1 per cent over FY26–28E, with Ebitda growing at 11.8 per cent CAGR.  Reliance may continue to outperform if it successfully unlocks value from retail and digital services, though core cash-flow conversion, return ratios and relatively higher multiples constrain near-term upside, the brokerage noted.    

Here’s a list of brokerages and their target on RIL: 

Brokerage	Rating	Target (₹)	Upside/ downside (%) from CMP (₹1,386)
Morgan Stanley	Overweight	1,602	15.5
Macquaire	Outperform	1,650	19
ICICI Securities	Add	1,570	13.2
CLSA	Accumulate	1,650	19
JP Morgan	Overweight	1,695	22.2
Nomura	Buy	1,600	15.4
IIFL (Institutional)	Buy	1,718	24

Data compiled by Bloomberg   

RIL’s AGM could prompt brokerages' upgrades or downgrades depending on the clarity and credibility of its execution plans. Any deviations from the stated ambition to double the business by 2030 — or fresh detail that materially alters the earnings or cash-flow outlook — is likely to trigger analyst revisions and market moves.