Shares of Reliance Industries Ltd (RIL) rose over 2% on Thursday, hitting a high of ₹1,550.90, bringing the firm’s market capitalization close to the ₹21 lakh crore mark at ₹20.98 lakh crore.
The surge comes after Swiss investment bank UBS maintained its ‘Buy’ rating on the Mukesh Ambani-led conglomerate, with a target price of ₹1,820 per share. RIL stock has delivered robust returns, gaining 25% in the past year and 32% over the last two years, despite a beta of 1.2, indicating high volatility.
The stock touched a 52-week low of ₹1,115.55 on April 7, 2025, before climbing to its record high of ₹1,551 on July 9 this year.
From a technical perspective, RIL’s relative strength index (RSI) stands at 68.9, signaling that it is trading near the overbought zone. The shares are currently trading above all key moving averages — 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, and 200-day — reflecting strong upward momentum.
UBS highlighted that strong refining trends are expected to drive a recovery in Reliance’s oil-to-chemicals (O2C) earnings. The brokerage noted that Singapore benchmark margins do not fully reflect the profitability of diesel-heavy refiners like Reliance. The company’s diversified crude sourcing strategy helps cushion the impact of geopolitical volatility on margins.
According to UBS, EBITDA for the O2C business is projected to rise from ₹29,500 crore in H1 FY26 to ₹34,000 crore in H2 FY26, and further increase to ₹64,800 crore in FY27.
In Q2 FY26, RIL reported a 9.67% YoY rise in consolidated net profit, with profit attributable to shareholders at ₹18,165 crore, up from ₹16,563 crore in Q2 FY25. Revenue from operations climbed 9.94% to ₹2,58,898 crore, compared with ₹2,35,481 crore in the year-ago quarter.
