A global brokerage has raised its outlook on Reliance Industries, pointing to improving cash flows across key businesses.
In a report titled “Monetisation 4.0”, the brokerage said Reliance is entering its fourth monetisation cycle, driven by energy, telecom, and consumer segments turning free cash flow positive at the same time. Since Covid, the company has invested over $80 billion, which is expected to start delivering returns from 2026.
The report noted that Reliance has historically outperformed the benchmark during similar cycles, beating the Sensex by about 35 percentage points during earlier phases. Refining was described as the most underappreciated business, with margins near $14 per barrel, around 1.5 times above mid cycle levels. This phase could add $7 billion to $10 billion in net asset value.
Telecom is another key driver. The brokerage expects Jio’s average revenue per user to grow at a 9% CAGR between FY26 and FY28, supported by broadband growth, upgrades from 4G to 5G, and AI led offerings such as Gemini 3 AI. Lower capital intensity is expected to boost cash generation.
Retail growth, new energy expansion, and a recovery in chemicals are seen as further catalysts through FY26. The brokerage raised its price target for Reliance to ₹1,847 and advised investors to focus on what it called the company’s fourth monetisation cycle.
Also read: Viksit Workforce for a Viksit Bharat
Do Follow: The Mainstream formerly known as CIO News LinkedIn Account | The Mainstream formerly known as CIO News Facebook | The Mainstream formerly known as CIO News Youtube | The Mainstream formerly known as CIO News Twitter
About us:
The Mainstream is a premier platform delivering the latest updates and informed perspectives across the technology business and cyber landscape. Built on research-driven, thought leadership and original intellectual property, The Mainstream also curates summits & conferences that convene decision makers to explore how technology reshapes industries and leadership. With a growing presence in India and globally across the Middle East, Africa, ASEAN, the USA, the UK and Australia, The Mainstream carries a vision to bring the latest happenings and insights to 8.2 billion people and to place technology at the centre of conversation for leaders navigating the future.
