Mukesh Ambani, Asia’s richest man and Chairman of Reliance Industries Limited (RIL), has set a bold new target that could bring smiles to millions of investors and stakeholders. Ambani aims to double Reliance Industries’ size by FY2030, which ends on March 31, 2030. In simple terms, the company is preparing to double its operating profit over the next five to six years—a development that has generated significant excitement across markets.

This announcement matters greatly to the company’s 44 lakh shareholders who already hold a stake in Reliance, as well as to potential investors searching for stocks with strong growth potential. Contrary to the common notion that “cheap” stocks are priced under 100 or even 10 rupees, a truly valuable stock is one with the capacity to deliver rapid growth in the future. Reliance Industries has consistently created wealth for its investors over the years, and this new growth target reinforces confidence in its long-term potential.

Every year, Reliance’s Annual General Meeting (AGM) attracts massive attention, as Mukesh Ambani often makes announcements that shape the company’s future direction. Past AGMs have brought declarations such as bonus issues or entry into new businesses. This year’s AGM, scheduled for August 29, 2025, carries similar anticipation. Investors are closely watching to see what Ambani announces, particularly after the company reported mixed quarterly results recently. 

While those numbers did not create much excitement, the management commentary was clear: Reliance expects its consolidated EBITDA—earnings before interest, tax, depreciation, and amortization—to double by FY2030. In simpler words, the company’s operating profit is projected to multiply over the next five years.

Reliance Industries has a diverse business portfolio that spans oil-to-chemicals, retail, and telecommunications. The group began decades ago with textile trading, expanded into chemicals, then petroleum, and over time integrated its businesses vertically—from oil wells to polyester manufacturing to retail fuel pumps.

 Today, RIL operates India’s largest retail business and Jio, its telecom arm, which has become a dominant player in the digital economy. Alongside these, the company is aggressively expanding into new energy businesses, further strengthening its growth outlook.

From January 2025 to date, Reliance’s stock has already gained about 16 percent, after a disappointing 2024 when shareholders saw little movement in the stock. The fresh optimism is fueled by the company’s growth guidance: management has stated that Jio and Retail revenues will double in the next three to four years. These two businesses are being seen as the twin engines that will drive Reliance’s next growth phase.

Global brokerage houses and analysts have responded positively. CLSA has maintained an “outperform” call on the stock with a price target of Rs 1,650, noting that Reliance’s valuation remains conservative compared to other large-cap peers. Analyst Vikas Jain of CLSA highlighted that Jio and Retail will be the primary contributors to EBITDA growth in the near future. He also pointed out that the market is currently undervaluing Reliance’s different business segments, meaning significant upside potential exists if earnings improve.

Other investment banks share similar optimism. Goldman Sachs has forecast that Reliance’s revenues will grow at an annual rate of 13 percent between FY2025 and FY2028, with a major contribution expected from Jio, Retail, and new energy ventures. Reliance Retail is projected to grow earnings at around 17 percent annually, driven by expansion in consumer brands, fashion, quick commerce, and overall market presence.

HSBC has also upgraded Reliance for the first time in four years, setting a target price of Rs 1,630. The upgrade is based on three major growth drivers: a turnaround in the retail business, strong momentum in digital operations, and the scaling up of the new energy segment.

Another important factor boosting investor confidence is the company’s capital structure. Management has assured that net debt-to-EBITDA will remain below 1x, meaning Reliance will not carry debt greater than its annual earnings. This signals strong financial discipline alongside aggressive expansion, providing both growth and stability.

The strategic capital expenditure plans, steady cash flow generation, and the company’s focus on high-growth verticals make Reliance Industries an attractive pick in a market where many stocks are already trading at stretched valuations.

With the AGM just around the corner, all eyes are on Mukesh Ambani. Investors, analysts, and industry experts are keen to hear the next set of announcements that could once again redefine Reliance’s growth story. For now, one thing is clear—Reliance Industries is preparing to enter its next phase of growth, powered by Jio, Retail, and new energy businesses, with a clear ambition to double its operating profit by 2030.

Disclaimer:
This article is for informational purposes only and should not be considered as investment advice. Readers are advised to consult with a certified financial advisor before making any investment decisions.