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Religare sets ₹1,696 target for Reliance Industries ahead of Jio IPO
The brokerage links its 46.7% upside view to potential value unlocking from a proposed Jio Platforms listing, alongside expectations for improved cash flows and balance sheet optimization.
Religare Broking said Reliance Industries could be nearing a turning point as a proposed listing of Jio Platforms may act as a trigger for a re-rating of the conglomerate's shares, in a strategic research note dated October 13, 2026.
The brokerage assigned a target price of ₹1,696 per share to Reliance Industries, compared with a reference closing price of ₹1,156 as of October 12, implying 46.7% potential upside.
Religare's case also centers on what it calls improvements in cash flows and balance sheet optimization, plus growth opportunities across Reliance businesses, including Retail, O2C, and New Energy, driven by the expected Jio price discovery.
The recommendation was issued after an extended consolidation period in the stock, with Religare maintaining a conviction BUY rating and arguing for initiating exposure at current levels and accumulating on market-driven corrections.