Reliance Industries Share Price: Reliance Industries shares witnessed a sharp rally on Monday, November 2, 2026, jumping 11.6% to close at ₹1,299 on the NSE. The stock emerged as one of the biggest contributors to the Indian stock market’s gains after the company’s strong Q2 FY27 performance boosted investor sentiment.
Adding to the excitement, market expert Deven Choksey has maintained a target price of ₹1,800 for Reliance Industries. According to him, improving refining margins in the Oil-to-Chemicals (O2C) business and the value of Reliance’s stake in Jio Platforms could support further upside in the stock.
But what exactly is driving this rally? And can Reliance shares really reach the ₹1,800 mark? Here are the key details investors should know.
Reliance Shares Rally 11.6%: What Happened Today?
Reliance Industries shares witnessed strong buying interest during Monday’s trading session. The stock gained around 11.6% and closed at ₹1,299, significantly outperforming the broader market.
The rally came after the company’s September-quarter results highlighted strong performance across its key businesses, particularly Oil-to-Chemicals and digital services.
The stock’s sharp movement also added significant value to Reliance’s market capitalisation and supported the benchmark Sensex and Nifty indices.
For investors, the key question now is whether this momentum can continue in the coming trading sessions.
Deven Choksey Maintains ₹1,800 Target for Reliance Stock
Market expert Deven Choksey, Managing Director of DRChoksey Finserv, remains positive about Reliance Industries.
In an interaction with CNBC Awaaz, Choksey maintained his target price of ₹1,800 per share. He believes the market is not fully reflecting the value of all Reliance businesses in the company’s current valuation.
At Monday’s closing price of ₹1,299, the ₹1,800 target indicates a potential upside of approximately 38.6%.
Choksey also indicated that the target could be revised upwards if the company’s business performance and valuation prospects improve further.
However, this remains an analyst’s estimate and should not be considered a guaranteed price level.
Strong O2C Margins Could Support Further Growth
One of the major reasons behind Choksey’s positive outlook is Reliance’s Oil-to-Chemicals business.
The O2C segment benefited from stronger diesel refining margins during the September quarter. Better sourcing of crude oil and improved export opportunities also supported the business.
According to Choksey, Reliance has been benefiting from purchasing relatively cheaper crude oil from Venezuela and exporting refined products to Western and African markets.
This business strategy has helped the company capture better Gross Refining Margins (GRM).
Choksey expects refining margins to remain supportive during the December quarter as well.
If these favourable conditions continue, the O2C business could remain an important earnings driver for Reliance Industries.
Jio Platforms Stake Adds Another Valuation Opportunity
Another important factor highlighted by Deven Choksey is Reliance’s stake in Jio Platforms.
Reliance holds approximately 63% ownership in Jio Platforms. Following Jio Platforms’ stock market listing, investors can now get a clearer picture of the value of Reliance’s investment.
Choksey estimates that Reliance’s stake in Jio Platforms could contribute approximately ₹700-₹800 per Reliance share, depending on the valuation discount applied.
According to him, the market may not be fully recognising the value of Reliance’s different businesses.
This potential valuation gap is one of the reasons behind his positive outlook on the stock.
Reliance Q2 FY27 Results: Strong Numbers Behind the Rally
Reliance Industries reported a strong performance for the second quarter of FY27, with record quarterly revenue and higher operating earnings.
Here are some key financial highlights:
- Revenue: ₹3.62 lakh crore in Q2 FY27.
- EBITDA: ₹62,409 crore.
- Net Profit: ₹29,550 crore, according to the reported results cited in the market coverage.
- O2C Business: Stronger refining margins supported profitability.
- Digital Business: Continued growth in Jio’s telecom and digital services operations.
The performance highlighted the contribution of Reliance’s diversified businesses, including energy, retail and digital services.
Why Did Reliance Shares Rise So Sharply?
There are several factors behind Monday’s rally:
1. Strong Quarterly Results: Better-than-expected earnings strengthened investor confidence in the company’s business performance.
2. Higher Refining Margins: Stronger O2C margins supported earnings growth and improved the outlook for the energy business.
3. Jio Platforms Valuation: The listed value of Jio Platforms has brought additional attention to Reliance’s investment in the telecom and digital business.
4. Short Covering: Choksey also attributed part of Monday’s sharp movement to short covering after the stock had remained under pressure and traded in a narrow range for an extended period.
Can Reliance Shares Reach ₹1,800? What Should Investors Watch?
Reliance Industries has several potential growth drivers, including its O2C business, Jio Platforms and retail operations.
Deven Choksey’s ₹1,800 target reflects his positive assessment of these businesses and their combined valuation.
However, investors should also monitor a few important factors:
- Changes in international crude oil prices.
- Sustainability of refining margins.
- Growth and profitability in Reliance Retail.
- Jio Platforms’ performance after its listing.
- Overall market conditions and global economic developments.
A sharp single-day rally does not necessarily mean that the stock will continue rising at the same pace.
Final Takeaway
Reliance Industries shares delivered a strong performance on November 2, rising 11.6% to close at ₹1,299. Strong Q2 FY27 results, improved O2C margins and the valuation of Jio Platforms have strengthened the investment narrative around the company.
Deven Choksey’s ₹1,800 target has added another important talking point for investors. From the latest closing price, that target represents approximately 38.6% potential upside.
The next few quarters will be important in determining whether Reliance can sustain its earnings momentum and justify higher valuations.
Disclaimer: This article is for informational and educational purposes only. The ₹1,800 price target represents an expert’s opinion, not a guaranteed return or investment recommendation. Investors should conduct their own research or consult a SEBI-registered investment adviser before making investment decisions.
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