Brokerages see up to 28% RIL upside after Jio IPO filing
At RIL's AGM, Jefferies, Nomura and Motilal Oswal reiterated Buy calls with targets up to Rs 1,675 (28% upside) following Jio Platforms' IPO filing for 270M shares (2.9% dilution), valuing Jio at Rs 11-12 trillion. Growth flagged across telecom, retail, consumer brands and AI.
What happened
Reliance Industries · At RIL's AGM, brokerages Jefferies, Nomura and Motilal Oswal reiterated Buy calls with up to 28% upside after Jio's IPO filing. Reliance
Key facts
- TP Rs 1,675 (28% upside)
- TP Rs 1,640 (23.5% upside)
- TP Rs 1,655 (~26% upside)
- Jio IPO 270M shares
- 2.9% dilution
- valuation Rs 11-12 trillion ($117-127B)
- 524M subscribers
- FY26 revenue Rs 1,468.9B up 14.6%
- EBITDA Rs 762.6B up 18.8%
Why this matters
The Jio Platforms IPO structure at a Rs 11-12 trillion valuation offers a template for unlocking segment value and reframes partnership and stake-sale conversations across telecom, retail, and AI verticals.
What to watch
- Jio IPO pricing band and final subscription demand (QIB/anchor book)
- DRHP/SEBI approval timeline and listing date confirmation
- Reliance Retail monetization or separate IPO signals
- Telecom ARPU trends and tariff hike announcements
- Consumer brands revenue disclosures and AI/JioBrain monetization updates
- Watch for follow-on IPO filings from Reliance Retail to complete the value-unlock narrative
- Institutional accumulation ahead of Jio listing; index-weight rebalancing flows into RIL
- Peer telecom (Bharti Airtel, Vodafone Idea) re-rating on read-through valuations
- Brokerage target revisions clustering around Rs 1,600-1,700 range