Motilal Oswal Financial Services’ latest report on Reliance Industries highlights how AI, digital infrastructure, FMCG and new energy could drive the next phase of value creation. Here are 10 key takeaways investors should know.
Jio IPO is around the corner
Jio Platforms has filed its DRHP and the IPO is expected soon. The issue includes a fresh issue of up to 270 million shares, with proceeds largely earmarked for reducing Jio’s debt.
AI is emerging as Reliance’s biggest new bet
Reliance has identified “Reliance Intelligence” as one of its five major value creation engines, aiming to build India’s sovereign AI infrastructure and make AI accessible at scale.
Jamnagar could become India’s AI capital
The company plans to commission the first 120 MW AI infrastructure facility by end 2026 at Jamnagar. It will house Nvidia GB300 GPUs equivalent to over 75,000 H100 GPUs and could scale beyond 200,000 H100 equivalent GPUs.
Google and Meta are key AI partners
Reliance has expanded partnerships with Google and Meta. Google Gemini powered AI services are already available to Jio users, while Meta’s Llama models will support sovereign AI deployments in India.
Digital business will drive most earnings growth
Motilal Oswal expects digital services, led by Jio, to contribute nearly 80% of Reliance’s incremental EBITDA growth over FY26 to FY28.
Jio’s value could reach $128 billion
The brokerage values Jio Platforms at around Rs 12 lakh crore (about $128 billion), making it one of India’s most valuable technology and digital infrastructure businesses.
AI will be embedded across all Reliance businesses
AI capabilities are already being integrated into telecom, retail, media and oil to chemicals operations, creating potential efficiency and revenue benefits across the group.
New energy business is Entering revenue phase
Reliance expects its new energy business to start contributing meaningfully from FY27, backed by solar manufacturing, battery gigafactories, green hydrogen and renewable energy projects.
Reliance retail is chasing Rs 1 lakh crore FMCG revenue
Reliance Consumer Products aims to reach Rs 1 lakh crore revenue by FY30, supported by food parks, manufacturing expansion and a distribution network spanning over 3 million outlets.
RIL shares outlook
Motilal Oswal Financial Services has maintained a ‘Buy’ rating on RIL with a target price of Rs 1,655, implying around 26% upside from the current market price of Rs 1,310. The key growth engines are Jio, AI, retail and new energy.
