Ril Outlook -

RIL is currently trading at moderate valuation multiples compared to its historical peaks.

Despite volatile geopolitical conditions, the O2C segment demonstrated resilience, reporting annual revenue of ₹662,401 crore.

The planned listing of high-growth arms, primarily Jio Platforms, is expected to narrow the holding company discount.

In the near term (12-18 months), the stock performance will likely be driven by the and a recovery in retail consumption . In the medium term, the focus will shift to the monetization of 5G and the scaling of the New Energy business.

The O2C segment remains the cash engine of the company, though it is currently navigating a cyclical downturn.

With a re-rating expected in every quarter of 2026, experts anticipate substantial upside potential. 2. Segment-Wise Performance and Future Outlook A. Reliance Jio Platforms (Digital Services)

Jio is the crown jewel of RIL’s valuation, and its outlook remains robust.

Jio is aiming for an IPO in the first half of 2026, valued at approximately $130–$170 billion, which could be the largest in India's history.

JioMart and hyper-local commerce recorded rapid growth, with orders growing over fourfold year-on-year.

Jio has revolutionized India’s telecom market. The outlook here shifts from subscriber acquisition to average revenue per user (ARPU) growth.

: Brokerages maintain a positive stance for the next 12 months. Morgan Stanley has set a target of ₹1,803–₹1,847 , while Jefferies targets ₹1,750 , implying a potential upside of up to 28% from mid-April 2026 prices.