Brokerages see up to 28% upside for Reliance after Jio IPO filing
At Reliance's AGM, the group detailed growth across retail manufacturing/exports, RCPL consumer brands, AI and Jio's SEBI IPO filing targeting a late-2026 listing. Jefferies, Nomura and Motilal reiterated Buy with targets of Rs 1,640-1,675, implying 23.5-28% upside on a Rs 11-12 trillion Jio valuation.
What happened
Reliance Industries · At Reliance's AGM, the conglomerate outlined growth across retail (manufacturing/exports), RCPL consumer brands, AI and Jio's SEBI IPO
Key facts
- TP Rs 1,675 (28% upside)
- TP Rs 1,640 (23.5%)
- TP Rs 1,655 (26%)
- Jio 270M shares
- 2.9% dilution
- valuation Rs 11-12 trillion
- Jio revenue Rs 1,468.9B (+14.6%)
- EBITDA Rs 762.6B (+18.8%)
- 524M subscribers
Why this matters
The Jio IPO filing sets a public benchmark for the digital arm while retail, RCPL consumer brands and AI diversify the growth stack—prime timing to pursue partnerships and value-unlock structures across segments.
What to watch
- SEBI approval/progress on Jio DRHP and firm listing date
- Jio ARPU and subscriber trends in subsequent quarters
- Retail segment margin and store-expansion metrics
- Any signaled Reliance Retail IPO filing following Jio
- Global EM fund flows and India index weighting shifts
- Peer telecom/retail names (Bharti Airtel, Vodafone Idea, DMart) re-priced on read-through
- Sell-side updates SOTP models pinning explicit Jio and retail IPO values
- Institutional pre-positioning into RIL ahead of Jio listing window
- RIL communicates listing timeline and possible retail IPO cadence