Mukesh Ambani’s solar surge: The bet that’s powering Reliance’s future

Asia’s richest man, Mukesh Ambani, is once again rewriting the rules of Indian business—and this time, it's not telecom or retail, but solar energy. A recent report by Indian brokerage firm Nuvama has placed a bullish target price of ₹1,801 on Reliance Industries stock—the highest by any brokerage so far. Why? Because of a game-changing solar pivot that many investors are just starting to notice.

At its latest investor meeting, Reliance dropped a major update: it’s kicking off production of HJT solar panels. That’s short for Heterojunction Technology—a next-gen innovation in solar energy. Unlike traditional panels that function like a single-layer net, HJT panels have multiple layers, which trap more sunlight and lose less energy. They also perform better under tough conditions like cloudy skies or extreme heat, making them ideal for India’s climate.

Reliance is beginning with a 1 GW capacity and aims to scale this up tenfold to 10 GW by early 2026. The strategy? Sell to India’s booming solar market first, and later integrate the panels into Reliance’s own green energy projects. According to Nuvama’s estimates, at full scale, this solar business alone could contribute ₹3,800 crore to RIL’s bottom line—roughly 6% of its FY25 net profit.

And that’s not all. Ambani’s clean energy vision includes a 30 GWh battery plant, as well as manufacturing for green hydrogen and electrolysers. It’s all part of his goal to make Reliance a net-zero carbon company by 2035.

Nuvama believes this clean energy transformation could become another "Jio moment" for Reliance—where a bold bet on a new sector reshapes the entire business landscape.

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So, while most still associate Reliance with oil, telecom, and retail, the next chapter might be written in solar.

And if the numbers are right, this quiet revolution could not only power Reliance’s future—but also India’s.