Reliance Industries Share Price Target 2027–2030: EPS-Based Forecast After Q2 FY27

Price as of 13 Nov 2026 close: ₹1,339.7 (NSE: RELIANCE, BSE: 500325). Results are consolidated Q2 FY27 figures (quarter to 30 Sep 2026) as reported by Finology, DeshGujarat and Multibagg. Price and consolidated EPS from StockAnalysis.

Reliance Industries posted record Q2 FY27 results: EBITDA rose about 24% to ₹62,409 crore and profit attributable to shareholders rose about 41% to ₹25,548 crore. The surge came mainly from oil-to-chemicals (O2C), where EBITDA jumped 68% on strong refining margins, while Jio kept growing steadily and Reliance Retail’s profit fell. At ₹1,339.70 the stock is about 17% below its 52-week high and trades at about 22× trailing earnings.

1. Reliance Industries Share Price Targets 2027–2030 at a Glance

All three scenarios come from one formula (next section). Targets are for the end of each calendar year.

The base case implies a price change of roughly 13% a year from today's ₹1,339.7 to the end of 2030.

2. How We Calculate These Targets

Target = projected EPS × P/E multiple. Each year-end target uses the EPS of the financial year that follows (for example, the 2027 target uses FY28 EPS), because markets price stocks on forward earnings. Read our full methodology.

• Starting EPS: trailing twelve-month consolidated EPS of ₹60.68 (₹1,339.70 ÷ ~22.1× P/E). Some sites show a higher P/E for Reliance because they use standalone earnings.
• Bear case: EPS grows 6% a year, P/E 16×. Refining margins fall back and retail stays weak; the conglomerate discount widens.
• Base case: EPS grows 12% a year, P/E 21×. Jio and retail grow steadily, O2C normalises from peak margins, new energy starts contributing; P/E eases slightly.
• Bull case: EPS grows 16% a year, P/E 25×. Jio and retail listings unlock value and new energy scales, re-rating the group.

Worked example (base, 2027): ₹60.68 × 1.12 × 1.12 = ₹76.12 FY28 EPS → × 21 = ₹1,600.

Sensitivity — 2030 base-case EPS of ₹106.94 at different multiples:

3. Latest Results: What Changed

What changed: O2C — refining and petrochemicals — drove the profit jump as fuel margins rose; this business is cyclical, so some of the gain may not last. Jio grew EBITDA 17% with margins above 54%. Retail was the weak spot, with profit down about 24% (its comparison base was restated after a demerger).

What it means for the targets: the base case assumes 12% EPS growth as O2C margins normalise and consumer businesses keep growing.

4. Reliance Industries Share Price in 2026: Where It Stands

With only weeks left in 2026, a year-end "target" is not meaningful. The stock closed at ₹1,339.7 on 13 Nov 2026, within a 52-week range of ₹1,152.20 – ₹1,611.80. The stock trades about 17% below its 52-week high.

5. Reliance Industries Share Price Target 2027: ₹1,090 – ₹2,040 (Base ₹1,600)

Based on FY28 EPS of ₹68.18 / ₹76.12 / ₹81.65 (bear / base / bull). What to watch: refining and petrochemical margins in O2C.

6. Reliance Industries Share Price Target 2028: ₹1,160 – ₹2,370 (Base ₹1,790)

Based on FY29 EPS of ₹72.27 / ₹85.25 / ₹94.72 (bear / base / bull). What to watch: Reliance Retail’s recovery in growth and profit.

7. Reliance Industries Share Price Target 2029: ₹1,230 – ₹2,750 (Base ₹2,010)

Based on FY30 EPS of ₹76.61 / ₹95.48 / ₹109.87 (bear / base / bull). What to watch: progress on a Jio listing and new-energy (solar, batteries, hydrogen) projects.

8. Reliance Industries Share Price Target 2030: ₹1,300 – ₹3,190 (Base ₹2,250)

Based on FY31 EPS of ₹81.20 / ₹106.94 / ₹127.45 (bear / base / bull). What to watch: by 2030 small yearly differences compound into a wide range; revisit after each annual result.

9. Key Metrics

10. Segment Snapshot

Reliance is three large businesses in one. Q2 FY27 by segment:

11. Risks That Would Break the Base Case

• Refining cycle: O2C margins drove this quarter and can reverse quickly.
• Retail slowdown: profit fell sharply in Q2 FY27.
• Capex: new-energy and telecom investments are very large.
• Conglomerate discount: the market may value the group below the sum of its parts.

12. What the Numbers Suggest

Reliance’s Q2 FY27 shows the strength of its diversified model, but the profit jump leaned on cyclical refining margins. The variables to track are retail recovery and Jio growth. If they deliver, the base case (₹2,250 by 2030) is reasonable; a refining downturn plus weak retail points to the bear case.

This is a framework, not a recommendation. Your own decision should depend on your time horizon, risk tolerance and existing holdings.

13. FAQs on Reliance Industries Share Price

What is the Reliance Industries share price target for 2027?
Our base case is ₹1,600, assuming 12% annual EPS growth and a 21× P/E. The range is ₹1,090 (bear) to ₹2,040 (bull).

What is the Reliance Industries share price target for 2030?
Base case ₹2,250; range ₹1,300 to ₹3,190. It assumes FY31 EPS of about ₹106.94.

What was Reliance’s profit in Q2 FY27?
About ₹25,548 crore attributable to shareholders, up roughly 41%.

Which Reliance business grew fastest in Q2 FY27?
Oil-to-chemicals, with EBITDA up 68% to ₹25,203 crore.

Is Reliance Retail growing?
Retail profit fell about 24% in Q2 FY27, though its comparison base was restated after a demerger.

Why do P/E figures for Reliance differ across websites?
Some use standalone earnings, which exclude Jio and Retail. On consolidated earnings the P/E is about 22×.