Brokerages see up to 28% upside in Reliance after Jio DRHP filing at AGM
Motilal, Jefferies and Nomura reiterated Buy on Reliance Industries with targets up to Rs 1,675 (28% upside) after Jio Platforms filed its DRHP for a possible end-2026 listing. Jio valued at Rs 11-12 trillion; Reliance flagged Retail's manufacturing/exports push and RCPL scaling as a consumer brands platform.
What happened
Reliance Industries · At Reliance's AGM, brokerages reiterated Buy ratings with up to 28% upside after Jio Platforms filed its DRHP for a possible end-2026
Key facts
- TP Rs 1,675 (28% upside)
- TP Rs 1,640 (23.5%)
- TP Rs 1,655 (26%)
- Jio valuation Rs 11-12 trillion ($117-127bn)
- 270 million shares
- 2.9% dilution
- 524 million subscribers
- revenue Rs 1,468.9 billion
Why this matters
The Jio DRHP filing sets a clear precedent for value-crystallizing subsidiary listings, and RCPL's brand-platform buildout points to continued acquisition and roll-up activity in consumer brands.
What to watch
- SEBI processing milestones and confirmed listing window for Jio Platforms
- Anchor/valuation guidance versus the Rs 11-12tn range in DRHP amendments
- Reliance Retail exports and RCPL revenue/scale disclosures in quarterly updates
- Any pushback on holding-co discount or promoter-stake dilution terms
- Broad market risk appetite for large-cap Indian IPOs into 2026
- Sell-side updates SOTP models attributing explicit per-share value to Jio's Rs 11-12tn tag
- Institutional flows rotate into RIL ahead of the digital-arm listing catalyst
- Reliance signals timeline/structure clarity for Retail monetization as the next leg
- Peers and telecom/consumer analysts recalibrate sector multiples off the Jio benchmark