New Delhi: Mumbai-based brokerage firm Nuvama Institutional Equities has maintained its “BUY” rating on Reliance Industries Limited. The brokerage gave the company the target price of Rs 1801, placing it at the highest on Dalal Street. The reason for this bullishness is the launch and future expansion plans of Reliance’s solar module business.

As per the brokerage, Reliance Industries Limited (RIL) is in the process of selling its HJT modules in the domestic market as it aims to start its power generation business sometime in the future.

Reliance Industries Share Price

The shares of the company closed at Rs 1528.40 on July 1st, 2025. The company has announced the commencement of manufacturing of 1 GW of HJT (heterojunction solar panels), which would further be scaled to 10 GW by early CY26. The proposed move is part of Reliance’s “Net Zero Emissions Policy” of 2035.

Comparatively, Waree Energies or Premier Energies solar manufacturing capabilities are not as scalable as they are for Reliance Industries. Nuvama said the HJT module manufacturing business could attribute Rs 3800 crore of profit to the overall profit, which would be around six percent of the firm’s total profit.

According to Brokerage Firm, Reliance Industries major business is in the segment of O2C (oil to chemical). Two-fifths of its EBITDA (earnings before interest, tax, and amortization) comes from this segment only, whereas the share for PAT (profit after tax) stands at more than 50 percent.

The shares of Reliance are treading well on Dalal Street, as they have given a return of 8 percent in the past month. Quarterly, the returns have been around 21 percent. For half-yearly returns, the figure stands at around 26 percent. The price-to-earnings ratio (P/E) of the company is around 29. The market capitalization of Reliance is around Rs 20.31 lakh crore.

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