Shares of Reliance Industries (RIL) surged nearly 7.5% on Monday, with the stock on track to record the sharpest single-day surge since April 2020, after the Mukesh Ambani-led conglomerate’s Q2 earnings impressed Dalal Street investors.
Reliance Industries’ sharp gains added nearly Rs 1.2 lakh crore to the total market capitalisation of India’s most valuable company, pushing it closer to Rs 17 lakh crore. The company's shares jumped to Rs 1,252 apiece on NSE, the highest level seen by the stock since late September this year.
This comes after the oil-to-chemicals conglomerate reported a 41% year-on-year (YoY) rise in consolidated net profit to Rs 25,548 crore in the July-September quarter of FY27, compared with Rs 18,165 crore in the year-ago period. Its revenue from operations meanwhile increased 29% YoY to Rs 3.32 lakh crore during the quarter under review, up from Rs 2.58 lakh crore in the corresponding quarter of the previous financial year.
International brokerages including Jefferies, Nomura and others maintained their ‘Buy’ ratings on the shares of Reliance Industries following the earnings print. Jefferies has a target price of Rs 1,710 apiece, implying an upside potential of 47%. It raised the company’s FY27 and FY28 EBITDA estimates by 6% and 2%, respectively, and sees earnings upgrades and a recovery in retail growth to the mid-teens as possible catalysts for a re-rating of the stock.
Also read | Reliance Industries shares rally 6% after Q2 results. Here’s why Jefferies, others analysts see up to 47% upside
Nomura reduced its target price for Reliance Industries shares to Rs 1,560 apiece, which still implies a strong upside potential of 34%. The international brokerage noted RIL’s consolidated EBITDA came in 9% above its estimate, largely driven by stronger-than-expected performance in the oil-to-chemicals (O2C) segment, while the upstream and telecom businesses performed in line with expectations, although the retail segment missed estimates.
Notably, Reliance Industries shares have remained largely subdued in recent months, hitting a 52-week low of Rs 1,152 apiece earlier this month. The stock has declined nearly 21% so far in 2026, underperforming the Nifty 50, which has fallen 11% over the same period. On a one-year basis, RIL shares are down 16%.
The stock has also shown a muted response to recent quarterly earnings announcements. Over the past five quarters, RIL shares fell after three results announcements and rose after two. The sharpest gain came on July 17, 2026, when the stock advanced 2.59%, while its steepest decline was recorded on April 24, 2026, when it fell 1.15%.
Also read | Why is the market rallying today?
Today’s sharp gains have helped Reliance Industries shares record more than a 4% rise in a week and 7% in a month.
Disclaimer: This article has been written by Debaroti Adhikary, who is not a SEBI-registered Research Analyst or an Investment Adviser. Debaroti Adhikary and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here.
