Reliance Industries shares up 27% YTD: Earnings growth outlook stronger, say analysts; check key points

On Tuesday, in the opening deals, the stock was trading around 1% higher at ₹1,551 on the NSE.

Analysts note that the earnings drag from weak refining/petchem through FY24-25 is over, and they expect the earnings growth to be much better going ahead.

JP Morgan on RIL

According to news reports, JP Morgan is positive on the company. Analysts at the global investment firm note that the stock's valuations are attractive. They also highlighted the next catalysts for the company's growth, which are the Jio IPO, tariff hike, new energy, and retail stability.

Jio IPO updates

Reliance Industries Chairman Mukesh Ambani had said in August at the group's annual general meeting that preparations had begun for listing Reliance Jio in the first half of 2026.

Jio, RIL's telecom arm, and the group's digital businesses are housed under Jio Platforms.

Addressing the 48th Annual General Meeting of RIL, Ambani announced that Jio will now expand its operations overseas and develop its own artificial intelligence technology.

Ambani had said the upcoming IPO will demonstrate that Jio is capable of creating the same quantum of value as its global counterparts.

"I am sure that it will be a very attractive opportunity for all investors," he said, and promised Jio's plans for the future are "even more ambitious".

Reliance Retail's latest updates

Reliance Retail last week announced it would bring 'essence', Europe's leading cosmetics brand by units sold, to the Indian market, a move which will help the growing beauty business of the country's leading retailer.

It has entered into an exclusive distribution partnership with cosnova Beauty, the Germany-based global cosmetics company, said a statement from Reliance Retail.

"The collaboration strengthens RRL's growing beauty portfolio and will introduce essence's vibrant range of high-quality, affordable, and cruelty-free makeup products to consumers across India," it said.

Reliance Retail is a subsidiary of Reliance Retail Ventures Ltd (RRVL), the holding company of all the retail companies under the Reliance Industries Ltd (RIL) group.

RRVL, through its subsidiaries and affiliates, operates an integrated omnichannel network of 19,821 stores and digital commerce platforms across grocery, consumer electronics, fashion & lifestyle and pharma consumption baskets.

The company, which has a registered customer base of over 369 million, reported a consolidated turnover of ₹3.30 lakh crore and EBITDA of ₹25,053 crore for the year ended March 31, 2025.