RIL shares set to post best returns in five years, what lies ahead?

Shares of Reliance Industries Ltd (RIL) are set to post their best returns since 2020 this year. RIL stock  rose 26% in 2025, beating 19% gain in 2021, 7.54% in 2022, 1.57% in 2023 and -6% in 2024. The stock clocked 32% returns in 2020. 

This year, investor sentiment on the RIL counter was impacted by strong earnings across all major segments. Jio clocked strong subscriber growth and anticipated tariff hikes, while the retail business experienced significant expansion and high-teens EBITDA growth. The oil-to-chemicals (O2C) business also recorded improved refining margins, recovering from a subdued performance in the prior year.

Expectations of a Initial Public Offering (IPO) for the high-growth Jio Platforms business also boosted sentiment for the large cap stock on Dalal Street in 2025 . 

RIL also received positive feedback from analysts and brokerages this year. Multiple global brokerages, including S&P Global Ratings, JP Morgan, Morgan Stanley, and Jefferies, raised their ratings and price targets on the RIL stock, citing strong market position, diversified model, and long-term growth visibility.

Meanwhile, in the current session, RIL shares were trading on a flat note at Rs 1538 today. Market cap of the Mukesh Ambani-led conglomerate stood at Rs 20.81 lakh crore mark. 

RIL stock has gained 27% in a year and risen 13% in three months. 

Kunal Kamble, Sr. Technical Research Analyst at Bonanza Portfolio is bullish on the outlook of the stock. 

"Reliance Industries continues to show a constructive price structure on the daily chart. The stock is holding above its short- and medium-term moving averages, reflecting underlying buying interest. Recent consolidation near the Rs 1,540–1,560 zone coincides with a key Fibonacci resistance, suggesting a pause before the next directional move. RSI around the mid-50s indicates neutral-to-positive momentum without overheating. A sustained breakout above Rs 1,560 could trigger further upside toward Rs 1,620– Rs 1,650. On the downside, immediate support lies at Rs 1,500, followed by a stronger base near Rs 1,460."

Riyank Arora, Technical Analyst at Mehta Equities finds the trend neutral to positive for the RIL stock. 

"Reliance Industries is forming a stable base after a corrective phase and is showing early signs of accumulation. The stock is attempting to regain momentum above its short-term averages. A decisive move above Rs 1,560 can improve sentiment further. Price target for the stock stands at Rs 1,585 / Rs 1,620 with a support of Rs 1,505," said Arora. 

Motilal Oswal has a price target of Rs 1765 on the RIL stock. 

The brokerage said RIL’s key long-term competitive advantage in battery manufacturing (and across new energy) remains scale, ability to undertake technologically complex projects, and an integrated and unique new energy ecosystem.

Swiss investment bank UBS has a 'Buy' rating on the market heavyweight. UBS has a target price of Rs 1,820 per share on the Mukesh Ambani-led conglomerate.