Reliance Industries Ltd’s share price is currently trading at a discount of 22.4% from its 52-week high price (₹1,608.80). On 3rd March 2025, the share price hit a 52-week low of ₹1,156 and closed at ₹1,161.90, down by more than 25% from its peak.
Despite the correction, most market analysts remain optimistic about its potential and consider the current valuation an attractive buying opportunity.
If you’re considering investing in Reliance Industries Limited shares, this article compiles all analyst views, recommendations, and target prices in one place. Let’s dive in.
Morgan Stanley: ‘Overweight’ on Reliance Industries with a Target of ₹1,606
Morgan Stanley has maintained an “overweight” rating on Reliance’s share price, setting a price target of ₹1,606.
The brokerage finds the company’s valuation and earnings recovery prospects sufficiently strong to keep it as a top pick. Morgan Stanley highlighted that Reliance Industries is already in a multi-phase earnings rebound after facing nine months of challenges.
Macquarie: Upgraded Reliance Industries to ‘Outperform’
Macquarie has upgraded Reliance to “Outperform” from “Neutral”, raising the Reliance Industries share price target to ₹1,500, up from ₹1,300.
The brokerage highlighted several positive factors that could unfold over the next six to twelve months for the company. Macquarie identified three major growth drivers for Reliance Industries: improved earnings momentum, the potential IPO of Jio, and the gradual rollout of new energy capacities.
Kotak Institutional Equities: Upgraded RIL to ‘Buy’ with a Target of ₹1,400
On March 6, Kotak Institutional Equities upgraded its Reliance share price target to a “Buy” rating from ‘Add,’ with a revised price target of ₹1,400.
The brokerage highlighted weakness in the retail segment as a key factor behind the stock’s recent underperformance but expects improvements as the store rationalisation process nears completion.
Kotak also identified two potential catalysts: developments around the Jio IPO timeline and the possibility of another tariff hike in the telecom sector.
Jefferies: Maintains ‘Buy’ Rating on Reliance Share
Jefferies decided to maintain its “Buy” rating, with a Reliance share target price of ₹1,600. The decision came after a 27% decline from the stock’s recent high, with analysts highlighting a potential rebound in the retail segment and an anticipated telecom tariff increase as key drivers for future growth.
Bernstein: ‘Outperform’ Rating with a Target of ₹1,520
Bernstein has maintained its “Outperform” rating on Reliance Industries, though it has lowered its target for Reliance Industries Ltd share price to ₹1,520 from the previous ₹1,720. Analysts believe that after navigating a challenging 2024, Reliance is positioned for a positive outlook heading into 2025.
They expect a recovery cycle for the company, driven by a 2% increase in Jio’s ARPU, a return to double-digit EBITDA growth for its retail business, and an improvement in GRM margins. Earnings growth is expected to be primarily driven by the telecom and retail sectors, while the refining segment is projected to gradually recover.
Overall View on RIL by Market Analysts
Reliance share price has 36 analyst ratings as of March 2025 – 21 ‘Buy’ ratings, 12 ‘outperform’ ratings, 1 ‘Hold’, 1 ‘Underperform’ and 1 ‘Sell’ rating. Here is a summary table of top market analysts’ opinions and target prices for Reliance Industries Ltd over the past few months:
| Name of the Analyst | Rating | Reliance Share Price Target |
| Morgan Stanley | Overweight | ₹1,606 |
| Macquarie | Outperform | ₹1,500 |
| Kotak Institutional Equities | Buy | ₹1,400 |
| Jefferies | Buy | ₹1,600 |
| Bernstein | Outperform | ₹1,520 |
About Reliance Industries Limited
Reliance Industries Limited (RIL) is a prominent Indian multinational conglomerate based in Mumbai. The company operates across numerous sectors, including hydrocarbon exploration, petroleum refining, telecommunications, petrochemicals, retail, and financial services.
In Q3 FY 2024-25, RIL reported a total revenue of ₹2,39,986 crore with a net profit of ₹21,930 (Up by 13.49% Q-o-Q and 11.65% Y-o-Y). As of 12 March 2025, Reliance’s share price is near ₹1,255.95 per share.
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