Beyond Jio IPO: 5 triggers Mukesh Ambani has lined up to revive Reliance shares for 44 lakh investors

RIL shares are trading near the minus 1 standard deviation band on its long-term forward EV/EBITDA chart, with Jefferies noting near-zero value ascribed to new growth engines. At the AGM, Mukesh Ambani targeted a doubling of consolidated EBITDA over the next five years, backed by five growth levers led by O2C recovery (about 34% of EBITDA, hit by Middle East supply disruptions that cut crude throughput to 70.7 million tonnes from 73.7 million in FY25), new energy revenue starting in FY27 with battery capacity raised to 120 GWh annually, and the upcoming Jio IPO estimated at around Rs 35,000 crore. Analysts remain split, with BOB Capital cautious on the EBITDA doubling target given O2C volatility, while Citi expects improvement once geopolitical conditions normalize.