Reliance Industries share price today: Shares of Reliance Industries Ltd. (RIL), the country’s most valuable company by market capitalisation, rose nearly 2% in intraday trade on Thursday, November 20, hitting a four-month high of ₹1,542 apiece after analysts maintained their optimistic outlook on the company.
The sentiment was supported by expectations of improved earnings from its oil-to-chemicals business driven by refining strength, along with likely gains from its new energy and battery manufacturing ventures.
UBS has maintained a 'buy' rating on Reliance Industries with a target price of ₹1,820, noting that strength in refining is expected to drive an improvement in the company’s O2C earnings. It highlights that the Singapore benchmark is not fully reflecting the current margins enjoyed by diesel-heavy refiners, while Reliance’s diversified crude sourcing strategy helps limit the impact of ongoing geopolitical uncertainties.
The brokerage expects O2C EBITDA to improve from ₹295 billion in the first half of FY26 to ₹340 billion in the second half and further rise to ₹648 billion in FY27.
Domestic brokerage firm Motilal Oswal also retained its 'buy' rating on the stock with a target price of ₹1765 apiece as it raised the new energy business valuation to ₹174 per share as it incorporated value for the battery manufacturing segment.
According to Motilal Oswal, Reliance is on track to commission its first battery giga-factory in Jamnagar, Gujarat, in early CY26. The initial facility will have an annual production capacity of 40 GWh for battery energy storage, with significant progress already made in construction and engineering, and production line equipment slated for installation soon.
The brokerage added that, over the next couple of years, output from the giga-factory may be largely used for captive needs, as Reliance advances its plan to set up 100 GW of renewable power generation capacity.
As per the National Electricity Plan (2023) by the Central Electricity Authority (CEA), India’s energy storage capacity requirement is projected at 82.4 GWh in FY27, comprising 47.7 GWh from pumped storage (PSP) and 34.7 GWh from battery energy storage systems (BESS).
Reliance Industries share price trend
Reliance Industries share price has been strengthening since October, gaining nearly 14%, which has not only benefited its shareholders but also provided significant support to the broader Indian market, helping it holds key psychological levels.
The latest rally has pushed Reliance’s market capitalisation closer to ₹21 lakh crore. The company had crossed the ₹21 lakh crore mark in June last year, becoming the first Indian company to achieve this milestone.
At current levels, the stock is trading just 4% below its all-time high of ₹1,608.80 apiece, which it had touched in July 2024.
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