RIL AGM 2025: Here's what brokerages say ahead of key event next week

Reliance Industries, a major player in the Nifty 50, is set to hold its Annual General Meeting (AGM) on August 29, 2025, where significant announcements are anticipated. Analysts and investors alike are particularly interested in potential updates regarding a Jio Initial Public Offering (IPO), expansions in artificial intelligence (AI) initiatives, and progress in the fast-moving consumer goods (FMCG) sector. At present,

The Hong Kong-based brokerage firm CLSA has reiterated its 'Outperform' rating on Reliance Industries, with a price target of ₹1,650, suggesting a potential upside of nearly 16% from Thursday's closing levels. CLSA noted a significant rise in free cash flow and operating cash flow, driven by a $5 billion increase in advances from oil & gas customers. However, the firm expressed caution over Reliance's high level of operating expenditure and interest cost capitalisation, which accounts for approximately 33% of its reported profit before tax. Such capitalisation could potentially reduce operating leverage in future years.

Reliance shares are trading at ₹1,420.80, maintaining a flat trajectory today. The stock has seen an increase of over 16% in the year 2025, positioning it favourably ahead of the AGM.

In a strategic outlook, CLSA also highlighted Reliance's AI initiatives through Jio and the expansion of its media and consumer businesses, along with the integration of new energy value chains, as long-term growth drivers.

Meanwhile, JPMorgan has maintained an 'Overweight' rating with a price target of ₹1,695, citing stronger O2C margins and improved retail growth as key positives. Analysts largely back the stock, with 33 out of 36 offering a 'Buy' recommendation, underscoring confidence in Reliance's strategic direction and market resilience.