Brokerage firm CLSA has increased its 12-month price target for Reliance Industries Limited (RIL) to ₹1,800 from ₹1,650, maintaining an Outperform rating on the stock.
The upgrade is largely driven by optimism around Jio Platforms, which CLSA expects to deliver strong subscriber growth, improved monetisation and rising free cash flows. The brokerage estimates Jio’s valuation could touch $190 billion by FY28, with a possible IPO acting as a major trigger.
While CLSA has moderated expectations for RIL’s retail and new energy businesses due to slower momentum, it believes the group’s long-term value remains intact, supported by telecom-led growth and steady earnings across core segments.