Reliance Industries Share Price Target: Morgan Stanley Sees 35% Upside

Morgan Stanley has reiterated an Overweight rating on Reliance Industries with a target price of ₹1,803, implying roughly 35% upside from current levels, as the AGM-driven Jio IPO and AI infrastructure plans bring fresh investor attention to the stock

Global brokerage Morgan Stanley has retained its Overweight rating on Reliance Industries Limited (RIL), maintaining a target price of ₹1,803 per share. The brokerage’s target implies approximately 35% upside from current levels. The call comes days after RIL’s 49th Annual General Meeting on June 19, 2026, where chairman Mukesh Ambani announced board approval for the much-awaited Jio Platforms IPO.

Morgan Stanley has flagged Reliance’s proposed $110 billion investment in AI and related infrastructure as the company’s next major capital allocation shift, comparing its scale to RIL’s telecom and consumer investments between 2014 and 2021. The brokerage estimates the intelligence business could deliver a post-tax return on capital employed (ROCE) of over 12%, roughly twice the returns generated by its consumer and telecom investments over the past decade. The capital outlay covers multi-GW data centres, 10GW of renewable energy infrastructure, energy storage, and AI chips.

Morgan Stanley hasn’t been uncritical. Earlier this month, ahead of the AGM, the brokerage cautioned that AI monetisation and data centre investments remain a “show-me story” for investors — meaning the market wants execution proof, not just expansion announcements. That tempering view sits alongside the bullish target, underlining that the upside case still depends on Reliance turning its AI bets into actual earnings.

RIL shares closed at ₹1,324.70 on the NSE, having recovered from a 52-week low of ₹1,314.10. The stock’s 52-week range stands between ₹1,314.10 and ₹1,344.90, and its market capitalisation was ₹17.95L crore as of June 22. Despite recent gains, the stock remains down close to 15% year-to-date in 2026.

Not every brokerage shares Morgan Stanley’s optimism. Jefferies has cut its RIL target to ₹1,675, while Nuvama, Motilal Oswal, and Emkay have retained ‘Buy’ calls following the AGM, citing a shift from vision to execution across RIL’s key businesses. The spread in targets — from ₹1,675 to ₹1,803 — reflects differing views on how quickly the Jio IPO and AI investments will translate into visible earnings.

The Jio Platforms IPO, expected to raise around $4 billion and rank among India’s largest-ever public issues, is the immediate trigger for renewed analyst interest. Reliance also reported record FY26 financials at the AGM, with consolidated revenue up 9.8% year-on-year to ₹11.76 trillion, alongside a 168 MW AI data centre partnership with Meta in Jamnagar announced earlier this month.