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Reliance Industries Limited , India’s top conglomerate, hit a fresh 52-week high fueled by stellar sector performances. Global brokerage JPMorgan is optimistic about further gains, backed by improving refining margins and growth in telecom and retail businesses. Here’s a simple breakdown of what is driving this bullish outlook for Reliance in 2026.
Reliance Industries Hits New 52-Week High
Reliance Industries Limited saw its share price surge to Rs 1,552, marking its highest level in a year with nearly 1% intraday gains. This rise reflects strong investor confidence supported by the company’s solid performance across multiple sectors.
Why JPMorgan Sees More Upside
JPMorgan has maintained a positive ‘overweight’ rating on Reliance, highlighting several reasons for expected growth:
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Reliance has outperformed the Nifty 50 index, gaining 27% year-to-date against the index’s 17%.
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Its valuation remains attractive, trading at about a 15% discount compared to peers like Bharti Airtel and Avenue Supermarts, despite its diversified business model.
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The refining segment, once a drag due to weak margins, is now stabilizing, with a potential positive impact on earnings in FY26 and beyond.
Strong Performance Across Business Segments
JPMorgan expects sustainable growth in Reliance’s three core areas:
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Telecom: EBITDA anticipated to grow 15% year-on-year, driven by tariff increases and expanding subscriber base.
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Retail: Benefiting from GST cuts and strong festive season demand, boosting sales and margins.
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Oil-to-Chemicals: Improving refining margins contribute positively, despite losing discounted Russian oil benefits.
Future Catalysts to Watch
Several upcoming triggers could further support Reliance’s stock price in 2026, including:
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The Jio IPO, which is highly anticipated to unlock shareholder value.
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Possible telecom tariff hikes to improve revenue.
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New energy projects commissioning, adding to diversified growth.
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Continued retail expansion amid stable macroeconomic conditions.
Conclusion
Reliance Industries Limited remains well-positioned for growth with multiple revenue streams and improving fundamentals. JPMorgan’s analysis underscores the company’s earnings potential and attractive valuation, making it a strong contender for investors in 2026.