Mukesh Ambani-led Reliance Industries Limited or RIL achieved a historic feat as it become the first Indian company to surpass a market capitalisation of Rs 20 lakh crore on Tuesday.
The oil-to-telecom conglomerate reached this milestone as its shares soared to a 52-week high of Rs 2,958, marking a nearly 2 per cent increase. Notably, shares of RIL increased by 1.88 per cent, reaching a peak of Rs 2,957.80 on the Bombay Stock Exchange or BSE.
This remarkable surge in RIL’s market cap has propelled Mukesh Ambani’s wealth to $109 billion, representing a $12.5 billion increase in 2024 alone. Ambani retains the title of the richest Indian and ranks 11th globally, according to the Bloomberg Billionaire index.
Reliance’s transformation over the past decade from a legacy oil and gas entity to a digital services and retail powerhouse has been instrumental in achieving this high point. In the telecom sector, RIL has emerged as a frontrunner, investing substantially in 5G infrastructure, according to brokerage BNP Paribas.
BNP Paribas’s report underscores Reliance’s strategic positioning to capitalise on Bharat’s burgeoning data demand and potential tariff increases. It values RIL’s telecom business at 11 times FY26 EV/Ebitda, slightly above its peers due to Jio’s substantial upfront investments in infrastructure and digital expansion.
Reliance Retail, another key arm of the conglomerate, is valued at 35 times FY26E EV/Ebitda, considering its rapid store-space expansion and promising growth prospects. The brokerage maintains a target price of Rs 3,080 on RIL.
Furthermore, Reliance’s oil-to-chemicals or O2C division is valued at 7.5 times FY26E EV/Ebitda, reflecting its higher refining margins and private ownership compared to government-controlled oil marketing companies or OMCs.
