Reliance Industries (RELI.BO): AGM Takeaways: Constructive Updates

Research evidence excerpt

Reliance Industries (RELI.BO): AGM Takeaways: Constructive Updates

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21 Jun 2026 21:56:05 ET │ 13 pages

Reliance Industries (RELI.BO)

AGM Takeaways: Constructive Updates

CITI’S TAKE

RIL’s Chairman delivered a constructive update on the group’s next phase

Buy of growth, with improved visibility emerging across key verticals. Key

Price (19 Jun 26 15:30) Rs1,309.35 takeaways from the AGM speech were: 1) The Chairman announced a

target of more than doubling consol. EBITDA in the next 5 years; 2) Retail Target price Rs1,680.00↑

continues to see strong traction, with scale, omnichannel expansion, and from Rs1,670.00

quick commerce expected to sustain a high growth trajectory over the Expected share price 28.3% medium term; 3) RCPL is being built as a large standalone FMCG business, return

with the targeted ramp-up to ~Rs1tr revenues by FY30E reiterated, Expected dividend yield 0.5%

supported by manufacturing, distribution, and brand expansion; 4) More Expected total return 28.8%

granularity was provided on new energy project timelines, with

Market Cap Rs17,718,830M commissioning underway across solar & batteries and FY27E flagged as

US$187,849M the start of revenue contribution; 5) Reliance Intelligence is emerging as a

key new vertical, with investments in sovereign AI infrastructure and

applications aimed at driving both efficiency and new revenue streams.

Saurabh HandaAC

New energy: Constructive updates — Mgmt. positioned the new energy business as +91-22-6175-9858

a key driver of long-term growth, with FY27E expected to mark the start of revenue saurabh.handa@citi.com

contribution. The new energy complex at Jamnagar is moving into commissioning,

Prerna Goenkawith ~1 GW of HJT solar modules already in production and a roadmap toward a fully