Brokerages see up to 28% upside for Reliance after Jio IPO filing at AGM
At its 49th AGM, Reliance filed for a Jio Platforms IPO targeting an end-2026 listing, alongside plans for Retail manufacturing/exports, RCPL consumer brands and New Energy. Jefferies, Nomura and Motilal reiterated 'Buy' with targets up to Rs 1,675, implying as much as 28% upside.
What happened
Reliance Industries · At its 49th AGM Reliance unveiled a Jio Platforms IPO filing (targeting end-2026 listing) alongside plans for Retail
Key facts
- 28% upside
- TP Rs 1,675
- TP Rs 1,640
- TP Rs 1,655
- 270 million shares
- 2.9% dilution
- Rs 11-12 trillion valuation
- 524 million subscribers
- revenue Rs 1,468.9 billion
- EBITDA Rs 762.6 billion
- PAT Rs 300.5 billion
Why this matters
The end-2026 Jio IPO filing sets a clear value-unlocking timeline that should anchor sum-of-the-parts positioning across Jio, Retail and New Energy for future partnership and capital-raising conversations.
What to watch
- Formal DRHP submission to SEBI and confirmed listing window
- Jio ARPU trajectory and any tariff hike announcement
- New Energy gigafactory commissioning milestones and capex guidance
- Retail same-store growth and export/manufacturing order wins
- FII flow direction into Indian large-caps and USD/INR
- Track Jio Platforms DRHP filing timeline and disclosed valuation anchor vs Rs 11-12tn
- Model sum-of-parts with Jio, Retail (manufacturing/exports, RCPL) and New Energy segments separately
- Watch peer/telecom read-through: Bharti Airtel, Vodafone Idea tariff and subscriber response
- Monitor brokerage target migration and consensus EPS revisions post-AGM
- Assess RCPL consumer-brand share gains vs HUL, Nestle, Dabur