Reliance Industries Is Up 27% This Year, And Analysts Still See More Upside in 2026 — Here's Why

Reliance Industries Ltd. has already delivered a strong year, rising 27% year-to-date and comfortably beating the Nifty’s 17% gain. Yet analysts remain upbeat heading into 2026, citing more room for valuation re-rating, a turnaround in the company’s refining cycle, and a series of catalysts expected next year.

The outlook for 2026 is anchored around multiple triggers:

• Jio is expected to raise tariffs ahead of its proposed IPO, with hopes of further hikes post-listing.

• Reliance Retail, after completing its restructuring, is expected to sustain double-digit Ebitda growth.

• The new energy venture should begin contributing initial revenues in the first half of the next fiscal.

• Momentum in media and real estate could add upside

While analysts caution that RIL may not repeat this year’s returns, they argue that favourable valuations combined with next year’s catalysts should support strong relative performance in 2026. The key risk remains high capital expenditure pressuring free cash flow.