Brokerages see up to 28% upside in Reliance after Jio files DRHP for 2026 listing
Jefferies, Nomura and Motilal Oswal reiterated 'Buy' on Reliance Industries following Jio Platforms' DRHP filing, with target prices up to Rs 1,675. Jio valued at Rs 11-12 trillion; brokerages cite growth across retail, RCPL consumer brands, new energy and AI. Retail and RCPL momentum underpin the medium-term thesis.
What happened
Reliance Industries · At Reliance's 49th AGM, brokerages Jefferies, Nomura and Motilal reiterated 'Buy' with up to 28% upside after Jio filed its DRHP for a
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
- 270 million shares
- 2.9% dilution
- 524 million subscribers
- revenue Rs 1,468.9 bn
Why this matters
Jio's DRHP filing signals a value-crystallizing listing path that could reset conglomerate valuation benchmarks and inform peer separation, spin-off and capital-structure strategies across retail and consumer verticals.
What to watch
- SEBI approval/observations on Jio DRHP
- Jio ARPU trend and subscriber net adds in next quarterly print
- Reliance Retail same-store growth and RCPL margin trajectory
- Confirmation of 2026 listing timeline vs slippage
- Institutional flow / index weight adjustments ahead of demerger clarity
- Monitor RIL analyst target upgrades cascading from other brokerages
- Track Jio Platforms IPO pricing bands and pre-listing anchor interest
- Watch RCPL consumer-brand revenue disclosures and retail store expansion pace
- Assess new-energy and AI capex commentary in upcoming earnings calls