Reliance shares look set to end the year 2025 among the top gainers in the Sensex kitty of stocks. Year-to-date, the stock has jumped 28% on the BSE, compared to an 8% gain in the equity benchmark Sensex. On Friday, December 19, Reliance Industries (RIL) shares ended 1.34% higher at ₹1,565.10, while Reliance share price on NSE settled at ₹1,564.90, gaining 1.33%.

RIL shares are hovering near their record high of ₹1,580.90, hit on November 28 this year. The heavyweight stock hit its 52-week low of ₹1,115.55 on April 7.

What has driven Reliance shares this year?

As the stock market’s performance has been modest this year, heavyweight stock Reliance has attracted investors’ interest due to its diversified business, focus on growth drivers, and healthy quarterly earnings.

“Reliance Industries continues to stand out as a structurally strong, diversified, and future-focused conglomerate, with Q2 FY26 results reinforcing its investment case. The 9% YoY growth in PAT, 16% jump in PBT, and 14.6% EBITDA growth underline the resilience of its earnings engine, despite volatility in global energy and chemicals markets. Margin expansion of 80 bps reflects operating leverage and improving profitability across key consumer-facing businesses,” Seema Srivastava, Senior Research Analyst at SMC Global Securities, noted.

Srivastava pointed out that despite the exposure to global cyclicality, Reliance’s oil-to-chemicals (O2C) segment demonstrated the benefit of the company’s integrated refining-petrochemical complex, recovery in fuel cracks, and polymer margin improvement.

On the other hand, Jio remains a long-term growth pillar, with sustained subscriber additions, rising ARPU, strong EBITDA growth, and strategic investments in 5G, AI, and digital platforms. All these factors position Jio as a critical enabler of India’s digital economy.

Retail continues to scale rapidly, delivering strong double-digit revenue and EBITDA growth, aggressive store expansion, and sharp traction in quick hyperlocal delivery via JioMart, which strengthens Reliance’s omnichannel moat and consumption-linked earnings visibility, Srivastava observed.

The JioStar media and streaming business adds another high-margin digital growth vector with industry-leading EBITDA margins and massive user engagement.

Abhinav Tiwari, a research analyst at Bonanza, pointed out that Reliance has made several important changes in recent months that show a clear shift toward more stable growth and better shareholder value.

Tiwari underscored that a key positive is S&P’s upgrade of RIL’s credit rating from BBB+ to A- in December 2025. This reflects stronger and more predictable earnings, mainly because retail and digital businesses are expected to contribute around 60% of operating cash flows by FY26.

Is it the right time to buy Reliance shares?

Srivastava believes Reliance shares may rise to the level of ₹1700 in a year on an expected P/E of 25.62 and FY27 (E) EPS of ₹66.34.

“Reliance’s investments in renewables, green hydrogen, advanced materials, and AI-driven initiatives signal a strategic pivot toward future-ready businesses that could unlock significant value over the next decade. While the upstream Oil & Gas segment faces natural production decline, its impact on consolidated earnings is limited,” said Srivastava.

“Reliance’s balanced portfolio of cash-generating legacy businesses and high-growth consumer and technology platforms, combined with disciplined capital allocation and scale advantages, makes it well-positioned for sustained long-term compounding, despite near-term volatility,” Srivastava said.

Tiwari said Reliance is moving from a heavy capex phase to a more cash-generating model, driven by retail recovery, Jio monetisation, and strong refining. Execution on these fronts will be key for further upside.

Reliance shares: What technical indicators indicate

Jigar S. Patel, Senior Manager of Equity Technical Research at Anand Rathi Share and Stock Brokers, highlighted that Reliance is showing steady bullish traction at the current juncture, having taken support near the rising trendline and sustaining above all major DEMA clusters on the daily chart, which reflects a strong underlying price structure.

A visible cup-and-handle breakout on the monthly chart signals the possibility of a sustained upside continuation, as such formations typically follow a consolidation phase before expansion.

Patel added that the ADX holding above 20 highlights improving trend strength, while RSI sustaining above 60 indicates positive momentum and continued buying interest.

“Based on this setup, traders may look for a potential upside target of 1,680, while maintaining a stop-loss at 1,470 on a daily-close basis, with accumulation preferred on dips,” said Patel.

Aakash Shah, a research analyst at Choice Broking, believes Reliance continues to remain a buy candidate for positional and long-term investors, with a favourable risk–reward setup as long as key support levels are respected.

said the ongoing price action of Reliance shares reflects healthy accumulation and sustained buying interest, indicating that the broader trend remains firmly positive.

Shah pointed out that the stock is comfortably trading above its key exponential moving averages, which confirms a well-established bullish trend. The alignment of these moving averages in a rising order highlights trend strength and continuation potential.

“The 20-day EMA placed near ₹1,540 is acting as immediate short-term support, while the 50-day EMA around ₹1,505 provides a strong positional cushion. Any corrective move towards these zones can be considered a buy-on-dips opportunity, rather than a trend reversal signal,” said Shah.

“On the upside, a sustained hold above ₹1,580 could trigger fresh momentum, pushing the stock towards the 1,700–1,750 zone in the coming months. Looking at the broader base formation and trend extension, the 12-month target is placed at 1,777, which coincides with long-term resistance and projected price expansion,” said Shah.

“On the downside, the 1,470–1,460 zone remains a crucial support and should be treated as a positional stop loss. A breakdown below this level may lead to trend weakening and a deeper consolidation,” Shah said.

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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.