RIL share price falls 4%, Rs 65,000 crore m-cap gone! Target prices post weak Q3 results
RIL fell 3.51 per cent to hit a low of Rs 1,406.50 by 11.26 am, and its market cap declined Rs 65,496 crore to Rs 19,06,996 crore.
- Jan 19, 2026,
- Updated Jan 19, 2026 11:49 AM IST
Reliance Industries Ltd (RIL) saw its shares falling nearly 4 per cent in Monday's trade, resulting in a market capitalisation (m-cap) loss of over Rs 65,000 crore. The stock fell as the oil-to-telecom major's December quarter results were dragged by Reliance Retail. A handful of broking firms cited New Energy as the next growth driver and Jio Platforms IPO as a key share price catalyst, as they retained 'Buy' on the stock.
Following the development, the stock fell 3.51 per cent to hit a low of Rs 1,406.50 by 11.26 am. Its m-cap declined 65,496 crore to Rs 19,06,996 crore.
Systematix said RIL's consolidated Ebitda and PAT were largely in line with its estimates as underperformance of Retail business was offset by strong profit from O2C and Digital Services.
It noted that following the completion of its 5G rollout, RIL has turned its focus to build large-scale “giga factories” spread across 20 square km in Jamnagar, Gujarat. These facilities are being developed to manufacture solar modules, advanced batteries, hydrogen electrolysers, and fuel cells.
"RIL is expected to commission its fully integrated 10 GWp annual solar giga factory by end of FY26. Also expect, Jio’s IPO to be a key trigger for RIL in early FY27," it said while suggesting a target of Rs 1,700 on the stock.
PL Capital retained 'Buy' and suggested a target of Rs 1,683. New Energy projects are on track and preparation for Jio IPO ongoing, it said. Nuvama suggested 'Buy' and a target price of Rs 1,808.
Nomura upped its FY26 Ebitda by 1 per cent to factor in higher Ebitda for the O2C business on sustained strength in fuel cracks and lower Ebitda for the Retail business due to a softer than expected Q3 amid increased competition and quick commerce investments.
"Our FY27/28F Ebitda is cut by 4 per cent/3 per cent as we model softer petchem margins and some moderation of Retail performance. We maintain our SoTP-based target at Rs 1,700. We value the New Energy business at 15 times FY30, to arrive at a valuation of Rs 120 per share. We reiterate our Buy rating for RIL, and see two near-term catalysts: scale-up of new energy business and potential IPO for Jio by 1HFY26," it said.
ICICI Securities said RIL's capex is helping bolster New Energy, petchem and AI-related plans, with clarity emerging on timelines and milestones for each of the segment. "OTC prospects remain resilient, with strong domestic demand and closures of high-cost units globally for refining; alongside petchem to support demand-supply balance over the medium term," it said.
This brokerage retained 'Buy' but revised its target to Rs 1,740 on RIL.
Reliance Industries Ltd (RIL) saw its shares falling nearly 4 per cent in Monday's trade, resulting in a market capitalisation (m-cap) loss of over Rs 65,000 crore. The stock fell as the oil-to-telecom major's December quarter results were dragged by Reliance Retail. A handful of broking firms cited New Energy as the next growth driver and Jio Platforms IPO as a key share price catalyst, as they retained 'Buy' on the stock.
Following the development, the stock fell 3.51 per cent to hit a low of Rs 1,406.50 by 11.26 am. Its m-cap declined 65,496 crore to Rs 19,06,996 crore.
Systematix said RIL's consolidated Ebitda and PAT were largely in line with its estimates as underperformance of Retail business was offset by strong profit from O2C and Digital Services.
It noted that following the completion of its 5G rollout, RIL has turned its focus to build large-scale “giga factories” spread across 20 square km in Jamnagar, Gujarat. These facilities are being developed to manufacture solar modules, advanced batteries, hydrogen electrolysers, and fuel cells.
"RIL is expected to commission its fully integrated 10 GWp annual solar giga factory by end of FY26. Also expect, Jio’s IPO to be a key trigger for RIL in early FY27," it said while suggesting a target of Rs 1,700 on the stock.
PL Capital retained 'Buy' and suggested a target of Rs 1,683. New Energy projects are on track and preparation for Jio IPO ongoing, it said. Nuvama suggested 'Buy' and a target price of Rs 1,808.
Nomura upped its FY26 Ebitda by 1 per cent to factor in higher Ebitda for the O2C business on sustained strength in fuel cracks and lower Ebitda for the Retail business due to a softer than expected Q3 amid increased competition and quick commerce investments.
"Our FY27/28F Ebitda is cut by 4 per cent/3 per cent as we model softer petchem margins and some moderation of Retail performance. We maintain our SoTP-based target at Rs 1,700. We value the New Energy business at 15 times FY30, to arrive at a valuation of Rs 120 per share. We reiterate our Buy rating for RIL, and see two near-term catalysts: scale-up of new energy business and potential IPO for Jio by 1HFY26," it said.
ICICI Securities said RIL's capex is helping bolster New Energy, petchem and AI-related plans, with clarity emerging on timelines and milestones for each of the segment. "OTC prospects remain resilient, with strong domestic demand and closures of high-cost units globally for refining; alongside petchem to support demand-supply balance over the medium term," it said.
This brokerage retained 'Buy' but revised its target to Rs 1,740 on RIL.