Reliance Industries Ltd (RIL) shares climbed more than 2% on Tuesday, August 19, 2025, to log an intraday high of ₹1,413 apiece on the Bombay Stock Exchange.
The stock has gained 15% so far this year, sharply outpacing the Sensex, which is up just 4% over the same period.
From its 52-week low of ₹1,115.55 on April 7, RIL rebounded strongly to scale a high of ₹1,551 on July 9.
The rise on Tuesday was spurred by news that Reliance Consumer Products, a unit of the conglomerate, had acquired a majority stake in a joint venture with Naturedge Beverages.
The deal positions Reliance for entry into the fast-growing healthy functional beverage category.
The share gains were also supported by Jio, Reliance’s telecom arm, announcing changes in its prepaid tariffs.
Analysts say the move suggests a strategic pivot from subscriber acquisition to revenue monetisation.
Foray into functional beverages through JV
Through the joint venture, Reliance Consumer aims to roll out a portfolio of herbal and natural beverages, extending the company’s push to become a comprehensive beverage player.
Analysts believe this expansion will deepen Reliance’s presence in the fast-moving consumer goods (FMCG) segment, complementing its large-scale retail distribution and brand-building capabilities.
“Reliance Industries has garnered market attention, supported by significant strategic developments. The group’s FMCG subsidiary, Reliance Consumer Products, announced the acquisition of a majority stake in Naturedge Beverages.
This move marks Reliance’s deeper play into India’s rapidly growing healthy drinks segment, expanding its portfolio with wellness and herbal beverages under established brands like Shunya,” Nitin Jain, Senior Research Analyst at Bonanza, noted.
Industry watchers expect Reliance to leverage its nationwide reach to quickly capture market share in beverages.
Jio tariff revisions mark shift toward monetisation
Reliance Jio has revised its tariff structure, discontinuing its entry-level 1GB per day prepaid plans.
According to media reports, the telecom operator has withdrawn the ₹209 plan with 22-day validity and the ₹249 plan with 28-day validity.
In their place, Jio is offering a 2GB per day plan priced at ₹198 for 14 days.
Meanwhile, the 1.5GB per day plan for 28 days, earlier priced at ₹249, will now cost ₹299.
Macquarie noted that by shelving some entry-level plans, Jio is prioritising earnings growth over market share expansion.
The brokerage expects the company’s profitability momentum to strengthen and sees a higher likelihood of a 2026 market listing.
Morgan Stanley said Jio is effectively reducing the value gap with rivals by offering more data at similar prices, a move that should boost customer retention.
Citi, meanwhile, pointed out that the Securities and Exchange Board of India’s proposed changes to IPO rules could ease liquidity concerns for Jio’s listing.
Brokerages turn upbeat on long-term growth
Reliance’s latest annual report showed flat year-on-year capital expenditure, while Jefferies expects a 6% decline in FY26.
The brokerage highlighted that Reliance delivered healthy cash flow for a second year running, a trend it expects to continue.
JM Financial reiterated its buy rating on the stock with a target price of ₹1,700, citing robust growth opportunities across consumer businesses.
JM Financial said:
We reiterate a buy as we believe RIL has industry leading capabilities across businesses to drive robust 15-20% EPS CAGR over the next three to five years, particularly driven by both consumer businesses with Jio’s ARPU is expected to rise at 13% CAGR over FY25-28 with ARPU being on a structural uptrend given the industry structure, future investment needs, and the need to avoid a duopoly market.
The firm projects 15-20% earnings per share CAGR over the next three to five years, supported by Jio’s average revenue per user rising at a projected 13% CAGR from FY25–28.
Other market experts echoed confidence in Reliance’s long-term fundamentals, highlighting its diverse revenue streams and leadership ambitions in digital, retail, media and green energy.
Technical analysts see bullish signals
Technical experts are also positive on the near-term outlook for the stock.
Jigar S. Patel of Anand Rathi Share and Stock Brokers noted that Reliance has reversed from the 38.2% Fibonacci retracement level, with higher volumes and bullish divergences pointing to renewed momentum.
He advised long positions in the ₹1,380–1,420 range, with an upside target of ₹1,485 and a stop loss below ₹1,360.
Mandar Bhojane of Choice Broking said Reliance has staged a bullish reversal from the 200-day exponential moving average, with the potential for further gains if it sustains above ₹1,420.
He sees upside targets of ₹1,450 and ₹1,500, with support at ₹1,400 and ₹1,390.
Shitij Gandhi of SMC Global Securities said the stock appears poised for fresh upside momentum after consolidating at lower levels.
He expects the ₹1,370–1,350 zone to act as a strong support, maintaining an overall bullish bias.
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