RIL share price: Reliance Industries shares, which have remained largely flat over the past year, could find a catalyst in the company’s first-quarter earnings next month, global brokerage CLSA said in a note.“Reliance Industries is entering an exciting period, beginning with its 1QFY26 earnings, where we expect to see notable improvements in KPIs across its key businesses,” said CLSA analyst Vikash Kumar Jain, according to an ET report.The brokerage has retained its ‘Outperform’ rating on the stock with a 14% upside and a target price of Rs 1,650.The report said that CLSA expects the drag from operational streamlining in Reliance’s retail business — which weighed on FY25 — to now be behind it. “We expect retail to report year-on-year EBITDA growth in the high teens starting from Q1, as the benefits of the streamlining become visible,” Jain was quoted as saying.Jio’s telecom business is also expected to strengthen, aided by subscriber additions. “On the telecom front, Jio added 2.6 million mobile subscribers in April 2025, according to the latest TRAI data,” the CLSA note reportedly said.“The addition of broadband subscribers (including AirFiber) will be over and above this, which could result in approximately 9–10 million subscriber additions in Q1 — compared to just 6 million across all four quarters of FY25.” Jain added. CLSA’s gross refining margin (GRM) marker indicates a US$1.1 per barrel quarter-on-quarter gain, which should benefit Reliance’s oil-to-chemicals (O2C) business.The brokerage also flagged Reliance’s upcoming annual general meeting, likely to be held in August or September, as a key event for investors. “It may offer hints on the upcoming Jio IPO, along with potential announcements related to scaling up in quick commerce, FMCG, and new energy,” the note said.Shares of RIL closed 1.14% higher at Rs 1,467 on the BSE on Wednesday. The company remains India’s most valuable listed firm with a market capitalisation of Rs 19.85 lakh crore.