Reliance Industries could be nearing a breakout after years of range-bound performance, with its recent AGM outlining multiple growth levers, from a long-awaited Jio Platforms IPO to ambitious AI and energy plans, that may drive the next leg of upside, according to market expert Rahul Shah.
Reliance Industries has remained largely stuck in a narrow band for the past two to three years, delivering little by way of returns to investors. But the narrative may be shifting following the company’s latest annual general meeting (AGM), which Shah believes has laid out a clearer roadmap for growth.
“As you rightly pointed out, Reliance has been in a range for the last two–three years… for investors there were almost zero returns,” Shah noted. However, he added that the AGM brought “three–four major things which look positive for Reliance,” potentially setting the stage for renewed momentum.
At the heart of this optimism is the company’s aggressive earnings target. “The announcement of doubling their EBITDA in the next five years, that’s an important thing,” Shah said, underscoring management’s confidence in scaling up operations across segments.
Another key catalyst is the proposed listing of Jio Platforms, a development that investors have been awaiting for years. Shah highlighted that the IPO could unlock significant value, particularly given the outsized contribution expected from the telecom and digital arm. “Jio Platforms IPO… was much awaited. Now people will have clarity. We think 80% of the EBITDA will be contributed by Jio, that’s more important,” he said.
Beyond telecom, Reliance’s broader strategic bets are also drawing attention. The company’s push into artificial intelligence, energy transition and its core businesses is being seen as part of a long-term growth blueprint. “AI business, energy business and the core business, all put together with valuations and futuristic thought processes, risk-reward looks favorable,” Shah explained.
He remains constructive on the stock despite its recent underperformance, particularly given its large-cap status. “For investors who have not invested, it’s a no-brainer… they can get around 20–25 per cent in a year’s time. One should stay invested,” he said, suggesting that the stock may finally be on the cusp of re-rating.
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