Honestly, trying to track the stock price of Reliance Industries Ltd (RIL) is like trying to watch a three-ring circus while someone keeps adding more rings. It’s huge. It’s messy. And just when you think you’ve got the hang of the energy side, Mukesh Ambani drops a massive update on AI or green hydrogen.
As of January 17, 2026, the stock is sitting around ₹1,461. That’s a small nudge up from yesterday's close of ₹1,458.80. But if you’re only looking at that daily flicker on the NSE, you’re missing the actual story.
The real action happened just yesterday, January 16, when the company dropped its Q3 FY26 earnings. It was a classic "Reliance" quarter—revenues jumped 10% to nearly ₹2.94 lakh crore, but the net profit was almost flat, up just a tiny 1.6% to ₹22,290 crore.
The Tug-of-War in the RIL Portfolio
Investors are currently caught in a bit of a psychological split. On one hand, you have the "Old Reliance"—the Oil-to-Chemicals (O2C) engine. It actually carried the heavy lifting this quarter. EBITDA for O2C surged 14.6% to ₹16,507 crore. Why? Because fuel margins (what the industry calls "cracks") for diesel and petrol went through the roof.
On the other hand, there’s the "New Reliance." This is where the retail and digital (Jio) businesses live. This is why people buy the stock for the long haul.
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- Jio's Growth: Jio is basically a money-printing machine now. They hit 515 million subscribers. That is more than the entire population of most continents. Their ARPU (Average Revenue Per User) climbed to ₹213.7.
- Retail Realities: Reliance Retail is a behemoth with nearly 20,000 stores. However, growth there was a bit "meh" this time, with revenue up 8.1%. They’re dealing with things like GST changes and the demerger of their consumer products arm.
Why the Stock Price Isn't Hitting Record Highs (Yet)
If you look back at 2025, Reliance was a rockstar. The stock jumped about 25–28% over the year, far outperforming the Sensex. But right now, we’re seeing a bit of a "wait and see" mode.
The market is obsessed with two things: the Jio IPO and the New Energy transition.
Jefferies recently put a "Buy" rating on the stock with a target of ₹1,830. That’s a 25% upside from where we are today. They think the "value discovery"—basically code for "spinning off businesses so they're worth more separately"—will happen by mid-2026.
The Elephant in the Room: Russian Oil and Sanctions
Reliance operates the world’s biggest refining complex in Jamnagar. Lately, they’ve had to pivot. Because of US and EU sanctions on Russian refiners and some new tariffs from the Trump administration, RIL actually cut back on Russian crude imports. This sounds like a headache, but the company is so flexible they just shifted to other sources and still managed to grow O2C profits. It’s that "operational flexibility" Mukesh Ambani always talks about.
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Is the "Green" Bet Paying Off?
You've probably heard about the Giga-factories. Reliance is pouring billions into solar cells and battery storage.
Current status:
- Solar: Already commissioned and producing modules.
- Batteries: Under development, targeting a big 2026 rollout for their Battery Energy Storage Systems (BESS).
The market isn't giving them much credit for this yet. Analysts at BNP Paribas and others say we need more "visibility." Basically, show us the revenue, and then we'll bake it into the stock price.
What You Should Actually Do
If you’re holding Reliance or thinking about it, don't sweat the 1% moves.
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Watch the "Value Unlock" Timeline
Most analysts expect the Jio and Retail IPOs to be the big catalysts. If those happen in late 2026, the current price might look like a bargain. But if they get delayed again, the stock might just keep oscillating in this ₹1,400–₹1,600 range.
Check the Debt
Net debt is around ₹1.17 lakh crore. That sounds terrifying for a person, but for a company making ₹50,000 crore in EBITDA every quarter, it’s actually quite low. Their net debt to EBITDA ratio is only 0.57x. They are safe.
Dividend Expectation
Don't buy RIL for the dividends. They usually pay out once a year (last one was ₹5.50 in mid-2025). This is a growth and capital appreciation play, not a "check in the mail" stock.
Actionable Next Steps
- Review your entry point: If you bought near the 52-week high of ₹1,611, you might be feeling annoyed. But with a consensus target near ₹1,800, the "hold" case is strong.
- Monitor the ARPU: For the stock price of Reliance Industries Ltd to really break out, Jio needs to keep pushing that ARPU toward ₹225-₹230.
- Keep an eye on the "JioMart" numbers: Their hyperlocal delivery orders jumped 5x recently. If they win the "Quick Commerce" war against Blinkit and Zepto, that’s a whole new valuation lever.
Focus on the quarterly EBITDA growth rather than the daily price noise. The company is currently generating enough cash profit (₹41,303 crore this quarter) to fund all its crazy solar and AI dreams without needing to borrow more money. That's a rare spot to be in.