Reliance Industries Share Price After AGM: RIL Stock Jumps 3%; Buy Reliance Stock Before JIO IPO Hits Market?

Reliance Industries' share price skyrocketed by nearly 3% on BSE during the June 22nd trading session. This comes after Mukesh Ambani announced key growth plans in the 49th annual general meeting last week. The biggest announcement was of the much-awaited Jio Platforms IPO DRHP. Analysts believe, before the Jio IPO hits the shelf, Reliance Industries is an attractive bet to add to a portfolio.

Reliance Industries Share Price:

At the time of writing, Reliance stock traded at Rs 1330.90 apiece, up by 1.65% on BSE, with market cap of Rs 18,01,586.88 crore.

In the early trade, Reliance climbed at least 2.6% to hit an intraday high of Rs 1,345.45 apiece.

Reliance Industries AGM Key Highlights

Analysts at Emkay Global highlighted that apart from the big-ticket size Jio IPO, Reliance Industries also declared key measures. These included:

Reliance Intelligence which has entered the execution phase, with 120 MW of compute capacity to be commissioned in Jamnagar by end-CY26, powered entirely by solar energy from its Kutch asset.

Further, new Energy business targets were reiterated, with commercialization of the PV segment and a meaningful contribution to RIL's financial performance from FY27. BESS capacity will be scaled up to 120 GWh, while green chemicals will take center-stage in the hydrogen chain. However, the 3mmtpa target has been pushed to CY36 from CY32 earlier, and Kutch generation of 40 BU pa also appears lower, given the previously stated 150 GWp+ capacity target base.

Reliance Consumer Products is targeting Rs1 trillion revenue by FY30 with a Rs 300 billion capex plan over three years. RIL aims to more than double consolidated EBITDA over the next five years.

Jio IPO Latest News:

Last week, on June 19th, Jio filed draft prospectus for its proposed initial public offering (IPO) through fresh issuance of up to 27 crore equity shares. The issue price will be determined through the book building process in due course.

Jio IPO is expected to have an IPO size of Rs 52,000 crore ($6 billion), making it the biggest IPO of India. The valuation of Jio post listing is estimated between Rs 10-12 lakh crore.

BUY Reliance Industries Stock?

"The O2C business remains the prime contributor to RIL's financial performance but is gradually being transformed into a higher-value chemicals and materials platform. The company's long-term objective is to convert increasing proportions of refined hydrocarbons into chemicals and advanced materials rather than transportation fuels," analysts added in a note.

Further, they explained that Reliance Retail and RCPL are adding two new growth platforms that are expected to drive the next phase of expansion and improve vertical integration. Notably, Reliance Consumer Products (RCPL) is the next major value-creation platform within the Reliance ecosystem. Having achieved Rs220 billion revenue within four years of operations, RCPL is targeting Rs1trn revenue by FY30 and aspires to eventually become one of India's largest FMCG companies with a meaningful global presence.

Apart from IPO, the next big mission of Jio is AI domination. Reliance introduced Reliance Intelligence, a homegrown AI stack from deploying AI infrastructure layer, hosting and deploying foundational AI models with model fine-tuning offered as a service to enterprises to integrating AI across its own captive applications portfolio.

"The company intends to scale JPL's homegrown tech stack of 5G, FWA, and AI services internationally. This is slated to become a key pillar for export strategy," analysts pointed out.

Also, the company expects the energy segment to be the next long-duration growth and value creation platform, alongside its traditional O2C business. The integrated solar manufacturing, battery storage, renewable power, green hydrogen, green chemicals, bioenergy, and UCG platforms are being developed as a single interconnected ecosystem aimed at delivering some of the world's lowest-cost RTC green power and creating multiple monetization avenues across energy and industrial value chains.

Following the above, analysts at Emkay have recommended BUY on Reliance Industries stock with a target price of Rs 1,680.

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