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Reliance Industries' highest share price target implies a 44% upside; Here are key triggersReliance Industries reported strong performance in its retail business with revenue rising 11% in the fourth quarter with the Jio subscriber addition on a year-on-year basis at the highest level in seven quarters.By Hormaz Fatakia   April 27, 2026, 8:26:28 AM IST (Updated)2 Min ReadShares of Nifty 50 heavyweight Reliance Industries Ltd. remain a near "consensus buy" among the analysts who have coverage on the stock that were reported after market closing hours on Friday evening.

33 out of the 34 analysts who cover the stock have a "buy" rating, while one has a "sell" recommendation. Goldman Sachs currently has the highest price target on the Mukesh Ambani-led oil-to-telecom-to-retail conglomerate at ₹1,910, which implies an upside potential of 44% from Friday's closing levels for the stock.

Nomura maintained its "buy" rating on the stock with a price target of ₹1,680, stating that all eyes are now on the Jio IPO, which remains a key share price catalyst.

Morgan Stanley is also "overweight" on Reliance Industries with a price target of ₹1,803. The brokerage said that leveraging energy and chemical market tightness and sustained recovery in the retail business topline growth is key for Reliance to reverse its recent underperformance.

Oil-to-chemical margins underperforming peers, and upstream oil and gas production division missing EBIDTA on higher costs, are some of the key negatives, while retail and FMCG were some key positives during the quarter.

CLSA has a price target of ₹1,800 on Reliance Industries while maintaining its "outperform" rating and cutting its financial year 2027-2028 Earnings per Share (EPS) estimates by 2%.

Strong performance of yet-to-be valued FMCG & media businesses, confidence in the approaching commissioning of new energy capacity in solar & battery manufacturing along with rising momentum in hyper-local businesses were some of the key positives.

The brokerage highlights improvement in performance of retail & O2C over the coming quarters as the key upcoming triggers for the stock.

Reliance Industries reported strong performance in its retail business with revenue rising 11% in the fourth quarter with the Jio subscriber addition on a year-on-year basis at the highest level in seven quarters.

The management also said that it is moving steadily towards the listing of Jio Platforms.

Shares of Reliance Industries had ended 1% lower on Friday ahead of the results announcement at ₹1,331. The stock is still down 15.5% on a year-to-date basis.Continue ReadingNote To ReadersDisclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.First Published: Apr 27, 2026 8:17 AM ISTTagsQ4 resultsReliance IndustriesReliance Industries RILReliance Industries Q4 earningsReliance Industries share priceReliance Industries sharesRIL Share PriceRIL sharesshare market today