RIL shares: Brokerage sees 31% upside potential; expects Jio Platforms IPO announcement 'soon'
In its note, BNP Paribas said RIL's Q3 FY26 results were largely in line with its estimates, prompting it to keep earnings estimates and the target price broadly unchanged.
- Jan 19, 2026,
- Updated Jan 19, 2026 4:47 PM IST
Shares of Reliance Industries Ltd (RIL) on Monday fell 3.04 per cent to settle at Rs 1,413.25. BNP Paribas India reiterated an 'Outperform' rating on the stock and maintained its target price at Rs 1,855. At the current market price, the brokerage's target implies an upside potential of 31.26 per cent.
In its note, BNP Paribas said RIL's Q3 FY26 results were largely in line with its estimates, prompting it to keep earnings estimates and the target price broadly unchanged. Segment-wise, the brokerage highlighted that Jio Platforms' performance met expectations, while Reliance Retail delivered a relatively softer quarter.
The oil-to-chemicals (O2C) business reported a strong showing, supported by higher refining margins, although the oil and gas segment continued to face challenges from declining production. BNP Paribas also noted progress in RIL's new-energy initiatives, with factories beginning to come on stream and expected to emerge as a new growth driver over time.
On Jio Platforms, the brokerage said IPO preparations are ongoing, with an announcement expected "soon." Reliance Jio Infocomm Ltd (RJIL) delivered solid growth despite the absence of tariff hikes, aided by a rising subscriber base and customers upgrading to higher-value plans.
RJIL's revenue increased 11.8 per cent year-on-year (YoY), while adjusted EBITDA rose 14.6 per cent YoY. The company added 89 lakh users during the quarter, including 25 lakh broadband subscribers, taking total broadband users to around 2.5 crore.
Reliance Retail's Q3 FY26 performance was impacted by factors such as a slight shift in the festive season, weakness in the fashion segment, price deflation and the demerger of the consumer products business.
Revenue grew 9.2 per cent YoY, while EBITDA rose 1.3 per cent, with margins at 8 per cent. The brokerage highlighted strong traction in quick commerce, where daily orders and customer additions saw sharp growth.
Overall, BNP Paribas said RIL continues to be supported by diversification across businesses and expanding omni-channel presence.
Shares of Reliance Industries Ltd (RIL) on Monday fell 3.04 per cent to settle at Rs 1,413.25. BNP Paribas India reiterated an 'Outperform' rating on the stock and maintained its target price at Rs 1,855. At the current market price, the brokerage's target implies an upside potential of 31.26 per cent.
In its note, BNP Paribas said RIL's Q3 FY26 results were largely in line with its estimates, prompting it to keep earnings estimates and the target price broadly unchanged. Segment-wise, the brokerage highlighted that Jio Platforms' performance met expectations, while Reliance Retail delivered a relatively softer quarter.
The oil-to-chemicals (O2C) business reported a strong showing, supported by higher refining margins, although the oil and gas segment continued to face challenges from declining production. BNP Paribas also noted progress in RIL's new-energy initiatives, with factories beginning to come on stream and expected to emerge as a new growth driver over time.
On Jio Platforms, the brokerage said IPO preparations are ongoing, with an announcement expected "soon." Reliance Jio Infocomm Ltd (RJIL) delivered solid growth despite the absence of tariff hikes, aided by a rising subscriber base and customers upgrading to higher-value plans.
RJIL's revenue increased 11.8 per cent year-on-year (YoY), while adjusted EBITDA rose 14.6 per cent YoY. The company added 89 lakh users during the quarter, including 25 lakh broadband subscribers, taking total broadband users to around 2.5 crore.
Reliance Retail's Q3 FY26 performance was impacted by factors such as a slight shift in the festive season, weakness in the fashion segment, price deflation and the demerger of the consumer products business.
Revenue grew 9.2 per cent YoY, while EBITDA rose 1.3 per cent, with margins at 8 per cent. The brokerage highlighted strong traction in quick commerce, where daily orders and customer additions saw sharp growth.
Overall, BNP Paribas said RIL continues to be supported by diversification across businesses and expanding omni-channel presence.