RIL ends 2.3% lower post AGM; what's making the Street nervous? Read here

RIL's Chairman and Managing Director Mukesh Ambani at the company's 48th annual general meeting (AGM) on Friday announced the plan for Reliance Jio IPO during the first half of 2026.

Reliance Industries share price today

 

Shares of Reliance Industries (RIL) hit a four-month low of ₹1,350.30, falling 3 per cent on the BSE in Friday’s intra-day trade. The stock closed 2.3 per cent lower at ₹1,355.45, as compared to 0.34 per cent decline in the BSE Sensex.

 

RIL hit its lowest level since April 28, 2024 in intra-day trade today. With today’s decline, the stock has corrected 13 per cent from its 52-week high of ₹1,551 touched on July 9, 2025. It had hit a 52-week low of ₹1,115.55 on April 7, 2025.  Analysts attributed today's selling at the counter to a possible longer wait for the Jio IPO.  Kranthi Bathini, Equity Strategist at WealthMills Securities, said that Jio and Retail IPOs are long overdue. A certain segment of the market was anticipating the annoucnement of the Reliance Jio IPO, in particular, for the current fiscal year, which did not happen. 

 

RIL’s Chairman and Managing Director (CMD) Mukesh Ambani at the company’s 48th annual general meeting (AGM) today said Reliance Jio will be listed by the first half of 2026. The move, subject to necessary approvals, is expected to be one of India’s most significant stock market debuts.

 

Mukesh Ambani also announced the formation of a wholly-owned subsidiary named Reliance Intelligence, dedicated to enhancing artificial intelligence in India. He also announced that Reliance is partnering with Google to transform its businesses, including energy, retail, telecom and financial services, using AI. CLICK HERE FOR MORE DETAILS

 

Key takeaways from FY25 Annual Report

 

RIL, in its FY25 annual report, reiterated plans to establish 100GW of renewable energy by 2030 to achieve Net Carbon Zero by 2035; it also highlighted that its Green Energy Giga complex and related projects are progressing on schedule for gradual commissioning over CY25/26. 

 

On the oil to chemical (O2C) business, it highlighted that while petchem margin outlook is subdued on huge capacity addition amidst muted demand, refining margin outlook is robust as rampup of new refineries is likely to be offset by shutdowns. 

 

As regards the Digital business, it highlighted that Jio’s SA 5G network carries ~60 per cent of India wireless data traffic and has ~191 million 5G users at end-FY25. Further, Jio accounted for ~70 per cent of new homes added in industry in FY25 via its aggressive rollout of JioAirFiber; the company reiterated its 100 million homes target. 

 

The management reiterated the strong growth potential in India’s retail sector, expected to grow at a strong ~9 per cent compounded annual growth rate (CAGR) to ₹ 190 trillion in market by CY34 (quoting a recent report by BCG and Retailers Association of India). RIL Retail is the largest omni-channel retailer with integrated physical stores, digital and new commerce platforms, and it witnessed steady to strong growth across segments in FY25 while JioMart continued to scale its quick commerce delivery capability

 

RIL’s consolidated FY25 capex remains moderate at ~₹1,311 billion led by moderation in digital capex; net debt is likely to have peaked as capex likely to get fully funded via internal cash flows. 

 

Analysts at JM Financial Institutional Securities reiterated BUY (unchanged target price of ₹ 1,700) as the brokerage firm believes RIL has industry leading capabilities across businesses to drive robust 15-20 per cent EPS CAGR over the next 3-5 years, particularly driven by both consumer businesses with Jio’s ARPU expected to rise at 13 per cent CAGR over FY25-28 with ARPU being on a structural uptrend given the industry structure, future investment needs, and the need to avoid a duopoly market.

 

RIL is the industry leader, and has made significantly larger investments in 5G than its peers. BNP Paribas India thinks RIL is well-positioned to benefit from rising data demand in India and an increase in telecom tariffs. Its retail business is industry- leading across grocery, fashion and consumer electronics. The upstream oil & gas (O&G) business had a significant turnaround, with the start of new production from KG-D6 gas fields. The brokerage firm thinks RIL's new green-energy businesses (solar, batteries, fuel cells and hydrogen) look promising, though it awaits more visibility.