$RELIANCE ' beyond oil growth; RIL's consumer pivot gains pace

Reliance Industries’ growth narrative is steadily shifting away from its legacy oil-to-chemicals (O2C) business toward consumer-facing verticals such as retail and telecom, with Motilal Oswal Financial Services (MOSL) pegging nearly 18 per cent upside in the stock as new drivers begin to take shape. Reliance Industries is entering a new phase of growth, one that is increasingly defined by its consumer businesses rather than its traditional oil-to-chemicals operations. Following the company’s FY26 AGM announcements, MOSL has reiterated its ‘Buy’ rating with a target price of Rs 1,655, highlighting a transformation anchored by telecom, retail and emerging verticals such as AI, FMCG and new energy.