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The share price of Reliance Industries Ltd. (RIL) gained nearly 0.6% to reach an intraday high of Rs. 1,336 as Indian stock markets traded lower amid a downturn in information technology stocks ahead of the company's 49th Annual General Meeting (AGM).
The virtual AGM, which is set to open at 2:00 PM IST, will reveal updates on several key growth initiatives such as the much-anticipated Jio Platforms IPO, AI, Reliance Retail and its new energy business.
Investors are seeking clarity on the timeline for the Jio Platforms listing after Chairman Mukesh Ambani previously indicated that the telecom business could be listed during the first half of 2026.
Reports suggest that Reliance may soon take the next step towards the public offering, and market estimates have valued the proposed IPO at around $4 billion. Reliance currently has a 66.43% stake, while Meta and Google together hold 17.71% in Jio Platforms.
According to Elara Capital, ‘Reliance Jio is transitioning from a scale-led telecom operator to a monetisation-driven digital platform,’ supported by an integrated technology ecosystem and long-term earnings visibility.
Apart from telecom, investors will be keen on Reliance's AI and Digital Infrastructure strategy. The company has recently announced its collaboration with the tech giant Meta Platforms to construct a data centre in Jamnagar, India, with a capacity of 168 MW, further strengthening its efforts in the field of artificial intelligence.
The AGM will also share updates on progress with the renewable energy projects being undertaken by Reliance, such as solar manufacturing, battery storage, green hydrogen, and electrolyser production.
According to Equirus Securities, Reliance's 40 GWh battery gigafactory is close to being ramped up into production, and its electrolyser manufacturing plant is expected to start operations by the end of 2026.
Another key area of interest is Reliance Retail, with investors looking for commentary on expansion plans, profitability and value unlocking through a future public listing.
Market players will also watch the management's stance on capital expenditure, debt reduction, telecom tariff trends, dividend and earnings growth. Investors will be keen for any announcements around balance sheet management, following several years of increased investment, CLSA said.
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Motilal Oswal has kept its ‘buy’ rating on Reliance Industries with a target price of Rs. 1,655, suggesting that the stock may see an upside of about 25% from the current level.
"We reiterate our BUY rating on RIL with an unchanged TP of ₹1,655. Value unlocking through the impending JPL IPO, ramp-up of quick-commerce offerings under Reliance Retail, higher spreads in the O2C business, and optionality from faster ramp-up of FMCG, AI, Datacenter, and New Energy remain key triggers for the stock," the brokerage said.
Motilal Oswal says that digital services will account for nearly 80% of the incremental EBITDA of Reliance over the next three years from FY26 to FY28, as the company has increased tariff prices, added subscribers and continues to grow across the digital broadband and enterprise service offerings.
