{"id":70124,"date":"2026-04-13T13:45:24","date_gmt":"2026-04-13T08:15:24","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=70124"},"modified":"2026-04-13T13:45:26","modified_gmt":"2026-04-13T08:15:26","slug":"reliance-industries-share-price-falls-jio-arpu-miss","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/reliance-industries-share-price-falls-jio-arpu-miss\/","title":{"rendered":"Reliance Industries Falls 2.8% on Jio ARPU Miss \u2014 Is the Conglomerate&#8217;s Telecom Engine Losing Steam?"},"content":{"rendered":"<p>Reliance Industries \u2014 India&#8217;s largest company by market capitalisation and the stock that has more mutual fund holdings than any other \u2014 dropped 2.8% as Q4 FY26 results showed Jio&#8217;s Average Revenue Per User at Rs 182.4, below the Rs 185 street expectation. On a Rs 8.7 lakh crore market cap, that is Rs 24,000 crore of market value evaporating over a Rs 2.6 shortfall in ARPU. This is the arithmetic of being India&#8217;s largest company \u2014 every Rs 1 of Jio ARPU is approximately Rs 900 crore in annual revenue.<\/p><p><a href=\"https:\/\/univest.in\/user\/log-in\"><strong>Click Here \u2014 Get Free Investment Predictions on Univest<\/strong><\/a>.<\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/reliance-industries-share-price-falls-jio-arpu-miss\/#What_Happened_%E2%80%94_The_Full_Picture\" title=\"What Happened \u2014 The Full Picture\">What Happened \u2014 The Full Picture<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/reliance-industries-share-price-falls-jio-arpu-miss\/#Why_the_Market_Is_Selling_Reliance_Industries_Today\" title=\"Why the Market Is Selling Reliance Industries Today\">Why the Market Is Selling Reliance Industries Today<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/reliance-industries-share-price-falls-jio-arpu-miss\/#The_Bull_Case_%E2%80%94_Why_the_Sellers_Might_Be_Wrong\" title=\"The Bull Case \u2014 Why the Sellers Might Be Wrong\">The Bull Case \u2014 Why the Sellers Might Be Wrong<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/reliance-industries-share-price-falls-jio-arpu-miss\/#What_Most_Investors_Are_Missing\" title=\"What Most Investors Are Missing\">What Most Investors Are Missing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/reliance-industries-share-price-falls-jio-arpu-miss\/#Reliance_Industries_Share_Price_Levels_Support_2026_Target\" title=\"Reliance Industries Share Price: Levels, Support &amp; 2026 Target\">Reliance Industries Share Price: Levels, Support &amp; 2026 Target<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/reliance-industries-share-price-falls-jio-arpu-miss\/#The_Three_Scenarios_Investors_Are_Pricing_In_Right_Now\" title=\"The Three Scenarios Investors Are Pricing In Right Now\">The Three Scenarios Investors Are Pricing In Right Now<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/reliance-industries-share-price-falls-jio-arpu-miss\/#Key_Business_Segments_What_to_Watch\" title=\"Key Business Segments &amp; What to Watch\">Key Business Segments &amp; What to Watch<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/reliance-industries-share-price-falls-jio-arpu-miss\/#What_Should_Reliance_Industries_Shareholders_Do_Today\" title=\"What Should Reliance Industries Shareholders Do Today?\">What Should Reliance Industries Shareholders Do Today?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/reliance-industries-share-price-falls-jio-arpu-miss\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/reliance-industries-share-price-falls-jio-arpu-miss\/#Frequently_Asked_Questions\" title=\"Frequently Asked Questions\">Frequently Asked Questions<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/reliance-industries-share-price-falls-jio-arpu-miss\/#Q_Why_did_Reliance_Industries_share_price_fall_today\" title=\"Q: Why did Reliance Industries share price fall today?\">Q: Why did Reliance Industries share price fall today?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/reliance-industries-share-price-falls-jio-arpu-miss\/#Q_What_is_Jios_current_ARPU\" title=\"Q: What is Jio&#8217;s current ARPU?\">Q: What is Jio&#8217;s current ARPU?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/reliance-industries-share-price-falls-jio-arpu-miss\/#Q_What_is_Reliance_Industries_share_price_target_2026\" title=\"Q: What is Reliance Industries share price target 2026?\">Q: What is Reliance Industries share price target 2026?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/reliance-industries-share-price-falls-jio-arpu-miss\/#Q_What_is_Reliances_Green_Energy_business\" title=\"Q: What is Reliance&#8217;s Green Energy business?\">Q: What is Reliance&#8217;s Green Energy business?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/reliance-industries-share-price-falls-jio-arpu-miss\/#Q_How_many_Jio_5G_subscribers_are_there\" title=\"Q: How many Jio 5G subscribers are there?\">Q: How many Jio 5G subscribers are there?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/univest.in\/blogs-2\/reliance-industries-share-price-falls-jio-arpu-miss\/#Q_What_is_O2C_and_why_does_it_matter_for_Reliance\" title=\"Q: What is O2C and why does it matter for Reliance?\">Q: What is O2C and why does it matter for Reliance?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/univest.in\/blogs-2\/reliance-industries-share-price-falls-jio-arpu-miss\/#Q_Is_Reliance_Industries_a_good_long-term_investment\" title=\"Q: Is Reliance Industries a good long-term investment?\">Q: Is Reliance Industries a good long-term investment?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/univest.in\/blogs-2\/reliance-industries-share-price-falls-jio-arpu-miss\/#Q_When_is_the_next_Jio_tariff_hike\" title=\"Q: When is the next Jio tariff hike?\">Q: When is the next Jio tariff hike?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/univest.in\/blogs-2\/reliance-industries-share-price-falls-jio-arpu-miss\/#Recent_Articles\" title=\"Recent Articles\">Recent Articles<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Happened_%E2%80%94_The_Full_Picture\"><\/span><strong>What Happened \u2014 The Full Picture<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Parameter<\/strong><\/td><td><strong>Detail<\/strong><\/td><\/tr><tr><td>Jio ARPU Q4 FY26<\/td><td>Rs 182.4 \u2014 below Rs 185 street estimate<\/td><\/tr><tr><td>Jio 5G Subscribers<\/td><td>155 million 5G subscribers \u2014 growing but monetisation below expectations<\/td><\/tr><tr><td>Jio Revenue Growth<\/td><td>4.2% QoQ \u2014 below 5.5% estimate<\/td><\/tr><tr><td>Retail Business<\/td><td>Rs 88,000 Cr revenue \u2014 8% YoY growth; below double-digit estimate<\/td><\/tr><tr><td>O2C (Oil to Chemicals)<\/td><td>GRM at $9.8\/barrel \u2014 below $11 estimate due to crude spread compression<\/td><\/tr><tr><td>Capex FY27 Guidance<\/td><td>Rs 1.5L Cr \u2014 ahead of analyst estimate of Rs 1.2L Cr (higher = more cash burn)<\/td><\/tr><tr><td>Green Energy<\/td><td>On track; Dhirubhai Ambani Green Energy Giga Complex on schedule<\/td><\/tr><tr><td>Mukesh Ambani Comment<\/td><td>&#8216;FY27 will be a year of scale-up across all three businesses&#8217;<\/td><\/tr><\/tbody><\/table><\/figure><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_the_Market_Is_Selling_Reliance_Industries_Today\"><\/span><strong>Why the Market Is Selling Reliance Industries Today<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p>The Reliance share price logic is straightforward: Jio&#8217;s ARPU trajectory is the primary free cash flow driver for the entire Reliance conglomerate, and any deceleration creates valuation pressure across the sum-of-the-parts model. The Rs 182.4 ARPU vs Rs 185 estimate is not catastrophic \u2014 it is Rs 2.6 below expectation on a metric growing at 4% annually. But multiplied by 500 million subscribers, Rs 2.6 difference compounds significantly. Beyond Jio, the O2C (Oil to Chemicals) gross refining margin of $9.8\/barrel \u2014 compressed by narrowing Oman-Dubai crude spreads and refinery maintenance \u2014 added to the disappointment. And the capex guidance of Rs 1.5 lakh crore for FY27 (above estimates) signals heavy investment year ahead before the returns come.<\/p><p><a href=\"https:\/\/univest.in\/user\/log-in\"><strong>Tap to Access Best Research Pieces on Univest<\/strong><\/a>.<\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Bull_Case_%E2%80%94_Why_the_Sellers_Might_Be_Wrong\"><\/span><strong>The Bull Case \u2014 Why the Sellers Might Be Wrong<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p>Reliance at Rs 1,285 is trading at 22x P\/E for a company with three independently world-class businesses \u2014 Jio Telecom (India&#8217;s #1 operator by revenue), Reliance Retail (India&#8217;s #1 retailer by revenue), and Reliance O2C (one of the world&#8217;s most complex refineries). Jio&#8217;s 5G subscriber base of 155 million is growing at 20 million per quarter. 5G ARPU monetisation is genuinely early \u2014 as 5G fixed wireless broadband (Jio AirFiber) penetrates home broadband, ARPU will naturally migrate from Rs 182 toward Rs 220-230. Retail&#8217;s 8% growth on a Rs 3.5 lakh crore annualised base is approximately Rs 28,000 crore in incremental revenue per year. Green energy capex will generate returns from FY28 onward. The sum-of-the-parts at Rs 1,285 is compelling.<\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Most_Investors_Are_Missing\"><\/span><strong>What Most Investors Are Missing<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p>Jio&#8217;s ARPU miss has a structural counterintuitive element. Jio deliberately keeps 200+ million subscribers on its lowest tariff (Rs 119\/month prepaid plan) to maintain market share and prevent churn to Airtel. These subscribers&#8217; ARPU is Rs 119 \u2014 well below Jio&#8217;s average. As Jio periodically removes its lowest-cost plans and forces upgrades, the ARPU jumps. The last Jio tariff hike (July 2024) added Rs 12\u201314 to ARPU in one quarter. The next Jio tariff rationalisation \u2014 expected by Q2 FY27 based on competitive dynamics \u2014 would add Rs 15\u201318 to ARPU and directly reverse today&#8217;s disappointment narrative.<\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Reliance_Industries_Share_Price_Levels_Support_2026_Target\"><\/span><strong>Reliance Industries Share Price: Levels, Support &amp; 2026 Target<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Parameter<\/strong><\/td><td><strong>Value<\/strong><\/td><\/tr><tr><td>Parameter<\/td><td>Value<\/td><\/tr><tr><td>CMP (April 2026)<\/td><td>Rs 1,285<\/td><\/tr><tr><td>52-Week High<\/td><td>Rs 1,600<\/td><\/tr><tr><td>52-Week Low<\/td><td>Rs 1,180<\/td><\/tr><tr><td>Decline from Peak<\/td><td>19.7%<\/td><\/tr><tr><td>Market Cap<\/td><td>Rs 8.7L Cr<\/td><\/tr><tr><td>Trailing P\/E<\/td><td>22x<\/td><\/tr><tr><td>12M Analyst Target<\/td><td>Rs 1,500\u20131,750<\/td><\/tr><tr><td>Short-Term Support<\/td><td>Rs 1,180\u20131,250<\/td><\/tr><tr><td>Short-Term Resistance<\/td><td>Rs 1,380\u20131,450<\/td><\/tr><tr><td>NSE Symbol<\/td><td>RELIANCE<\/td><\/tr><\/tbody><\/table><\/figure><p>Download the <a href=\"http:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"http:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&amp;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to track Reliance Industries live with SEBI-registered research alerts.<\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Three_Scenarios_Investors_Are_Pricing_In_Right_Now\"><\/span><strong>The Three Scenarios Investors Are Pricing In Right Now<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Scenario<\/strong><\/td><td><strong>Probability<\/strong><\/td><td><strong>Price Implication<\/strong><\/td><\/tr><tr><td>Jio tariff hike in Q2 FY27; ARPU crosses Rs 200<\/td><td>Medium-High<\/td><td>Recovery to Rs 1,450\u20131,550; Jio monetisation re-rates<\/td><\/tr><tr><td>ARPU stagnates at Rs 180\u2013185; O2C margins weak<\/td><td>Medium<\/td><td>Sideways Rs 1,200\u20131,350; conglomerate discount persists<\/td><\/tr><tr><td>FY27 capex causes FCF negative; debt rises<\/td><td>Low<\/td><td>Break below Rs 1,180; systematic de-rating<\/td><\/tr><\/tbody><\/table><\/figure><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_Business_Segments_What_to_Watch\"><\/span><strong>Key Business Segments &amp; What to Watch<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Business<\/strong><\/td><td><strong>Annual Revenue<\/strong><\/td><td><strong>Key Metric<\/strong><\/td><\/tr><tr><td>Jio Telecom<\/td><td>Rs 1.5L Cr<\/td><td>ARPU Rs 182; 500M subscribers; 5G leader<\/td><\/tr><tr><td>Reliance Retail<\/td><td>Rs 3.5L Cr<\/td><td>India #1 retailer; EBITDA 7%<\/td><\/tr><tr><td>O2C (Refining + Chemicals)<\/td><td>Rs 5L Cr+<\/td><td>GRM $9.8\/bbl; world&#8217;s largest single-site complex<\/td><\/tr><tr><td>Green Energy (Giga Complex)<\/td><td>FY28 revenue<\/td><td>Solar, wind, hydrogen \u2014 Rs 75,000 Cr investment<\/td><\/tr><\/tbody><\/table><\/figure><p>Track Reliance Industries and sector peers live on the <a href=\"https:\/\/univest.in\/screeners\"><strong>Univest Screener<\/strong><\/a> \u2014 real-time fundamentals, FII\/DII flows, and analyst ratings.<\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Should_Reliance_Industries_Shareholders_Do_Today\"><\/span><strong>What Should Reliance Industries Shareholders Do Today?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p>Reliance Industries at Rs 1,285 \u2014 20% below its 52-week high \u2014 presents a genuinely interesting SOTP (sum-of-the-parts) opportunity for patient investors. The Jio ARPU miss is a short-term disappointment in the context of a long-term 5G monetisation story that is just beginning. The Rs 1,180 52-week low is the support level to watch. Jio tariff rationalisation timing and O2C GRM recovery are the two catalysts to monitor.<\/p><p><a href=\"https:\/\/univest.in\/user\/log-in\"><strong>Subscribe to Univest Pro for SEBI-registered analyst recommendations on Reliance Industries \u2014 with entry, stop-loss, and target.<\/strong><\/a><\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p>Reliance&#8217;s 2.8% fall on Jio ARPU miss reflects the precision with which the market prices India&#8217;s largest company. A Rs 2.6 ARPU shortfall on 500 million subscribers is approximately Rs 1,500 crore in quarterly revenue \u2014 the market corrected the stock by Rs 24,000 crore. That overreaction is the opportunity. Jio&#8217;s 5G subscriber growth, Reliance Retail&#8217;s Rs 3.5 lakh crore revenue base, and the Green Energy Giga Complex are multi-year value creation engines. Rs 1,180 is the technical support that serious long-term investors watch.<\/p><p>This article is for informational purposes only. Please conduct your own research and consult a SEBI-registered financial advisor before making any investment decisions.<\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span><strong>Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Q_Why_did_Reliance_Industries_share_price_fall_today\"><\/span><strong>Q: Why did Reliance Industries share price fall today?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>Reliance Industries fell 2.8% as Jio&#8217;s Q4 FY26 ARPU came in at Rs 182.4 \u2014 below the Rs 185 street estimate. Combined with O2C GRM compression at $9.8\/barrel (vs $11 estimate) and higher-than-expected FY27 capex guidance of Rs 1.5 lakh crore, the results triggered a broad-based correction.<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Q_What_is_Jios_current_ARPU\"><\/span><strong>Q: What is Jio&#8217;s current ARPU?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>Jio&#8217;s Average Revenue Per User (ARPU) in Q4 FY26 was Rs 182.4 \u2014 growing at approximately 4% annually. The street expected Rs 185. ARPU improvement is driven by tariff hikes (last one in July 2024) and 5G plan upgrades. The next tariff rationalisation is expected by Q2 FY27.<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Q_What_is_Reliance_Industries_share_price_target_2026\"><\/span><strong>Q: What is Reliance Industries share price target 2026?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>Analyst consensus 12-month Reliance Industries target is Rs 1,500\u20131,750. The stock trades at Rs 1,285, implying 17\u201336% upside to consensus. Key catalysts: Jio tariff hike, O2C GRM recovery, and Green Energy Giga Complex commissioning. These are analyst estimates \u2014 not guaranteed returns.<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Q_What_is_Reliances_Green_Energy_business\"><\/span><strong>Q: What is Reliance&#8217;s Green Energy business?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>Reliance is building the Dhirubhai Ambani Green Energy Giga Complex in Jamnagar \u2014 one of the world&#8217;s largest integrated renewable energy facilities covering solar panels, wind turbines, green hydrogen, and energy storage. Total investment is approximately Rs 75,000 crore. Revenue contribution is expected from FY28 onward.<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Q_How_many_Jio_5G_subscribers_are_there\"><\/span><strong>Q: How many Jio 5G subscribers are there?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>As of Q4 FY26, Jio has approximately 155 million 5G subscribers \u2014 growing at 15\u201320 million per quarter. Jio&#8217;s 5G network now covers 10,000+ cities. 5G ARPU monetisation through higher-speed plans and Jio AirFiber home broadband is the primary FY27\u201328 ARPU growth driver.<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Q_What_is_O2C_and_why_does_it_matter_for_Reliance\"><\/span><strong>Q: What is O2C and why does it matter for Reliance?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>O2C (Oil to Chemicals) is Reliance&#8217;s petrochemical and refining segment \u2014 the world&#8217;s largest single-location refinery at Jamnagar with 1.36 million barrels per day capacity. GRM (Gross Refining Margin) in Q4 FY26 was $9.8\/barrel vs $11 estimate. O2C contributes approximately 60% of Reliance&#8217;s EBITDA.<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Q_Is_Reliance_Industries_a_good_long-term_investment\"><\/span><strong>Q: Is Reliance Industries a good long-term investment?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>This article is for informational purposes only and does not constitute investment advice. Reliance at Rs 1,285 trades at a 20% discount to its 52-week high. The SOTP value of Jio, Retail, and O2C businesses is estimated by analysts at Rs 1,500\u20131,750 on a 12-month basis. Consult a SEBI-registered advisor before investing.<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Q_When_is_the_next_Jio_tariff_hike\"><\/span><strong>Q: When is the next Jio tariff hike?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>Jio&#8217;s last tariff hike was in July 2024, adding approximately Rs 14 to ARPU. Industry expectations for the next Jio tariff rationalisation are Q2 FY27 (July-September 2026), based on the historical 12\u201315 month cycle between major tariff events. Each Rs 10 ARPU increase adds approximately Rs 6,000 crore in annual revenue.<\/p><p><strong>Disclaimer: <\/strong>Investments in securities are subject to market risk. This content is for educational purposes only and does not constitute investment advice. Consult a SEBI-registered financial advisor before making any investment decisions.<\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Recent_Articles\"><\/span><strong>Recent Articles<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p><a href=\"https:\/\/univest.in\/blogs\/why-is-krbl-share-price-falling\"><strong>Why is KRBL Share Price Falling? Check Next Share Price Target&nbsp;<\/strong><\/a><\/p><p><a href=\"https:\/\/univest.in\/blogs\/why-is-reliance-infrastructures-share-price-falling\"><strong>Why is Reliance Infrastructures Share Price Falling? Check Next Share Price Target&nbsp;<\/strong><\/a><\/p><p><a href=\"https:\/\/univest.in\/blogs\/why-is-mahanagar-gas-share-price-falling\"><strong>Why is Mahanagar Gas Share Price Falling? Check Next Share Price Target&nbsp;<\/strong><\/a><\/p><p><a href=\"https:\/\/univest.in\/blogs\/why-is-happiest-minds-share-price-falling\"><strong>Why is Happiest Minds Share Price Falling? Check Next Share Price Target&nbsp;<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Reliance Industries \u2014 India&#8217;s largest company by market capitalisation and the stock that has more mutual fund holdings than any other \u2014 dropped 2.8% as Q4 FY26 results showed Jio&#8217;s Average Revenue Per User at Rs 182.4, below the Rs 185 street expectation. On a Rs 8.7 lakh crore market cap, that is Rs 24,000<\/p>\n","protected":false},"author":28,"featured_media":70129,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[842],"tags":[3802,3858],"class_list":["post-70124","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-news","tag-q4-results"],"metadata":{"_edit_lock":["1776068201:28"],"_last_editor_used_jetpack":["block-editor"],"rank_math_internal_links_processed":["1"],"rank_math_primary_category":["842"],"rank_math_seo_score":["64"],"rank_math_description":["Reliance Industries share price falls 2.8% \u2014 what triggered the sell-off, who is right, and what should investors do? 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