Mukesh Ambani-led Reliance Industries has entered its fifth monetisation cycle, with artificial intelligence infrastructure and new energy emerging as the company's next major value drivers, according to a Morgan Stanley report that examined the group's evolving capital base and future return profile.
The brokerage, with an ‘overweight’ rating and a target price of Rs 1,803, forecasts an upside potential of 34% from current market levels. Morgan Stanley analysts, including Mayank Maheswari, noted that Reliance has invested $168 billion over the past decade, with nearly half of that spending taking place in the latter half of the period. The company has now settled into a new capital deployment phase, utilising around $15 billion of annual operating cash flows while working with a shorter monetisation cycle.
