Brokerages see up to 28% upside in Reliance after Jio files IPO papers
At Reliance's 49th AGM, Motilal Oswal, Jefferies and Nomura reiterated 'Buy' with target prices up to Rs 1,675 after Jio Platforms filed its IPO DRHP. Growth drivers span the Jio listing, Retail's manufacturing and exports push, RCPL consumer brands scaling, New Energy commercialisation and a new AI business.
What happened
Reliance Industries · At Reliance's 49th AGM, brokerages reiterated 'Buy' with up to 28% upside after Jio filed its IPO DRHP. Growth engines include Jio
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
- 524 million subscribers
- FY26 revenue Rs 1,468.9 billion
- EBITDA Rs 762.6 billion
- 2.9% dilution
Why this matters
The Jio DRHP filing signals a value-unlocking listing that could reprice Reliance's conglomerate structure and set precedent for further subsidiary carve-outs across Retail, New Energy and AI.
What to watch
- SEBI approval and Jio IPO pricing band vs Rs 11-12tn benchmark
- Jio ARPU and subscriber trends in upcoming quarterly results
- Retail same-store growth and RCPL revenue run-rate
- New Energy / AI business capex and revenue commentary
- FII flows and broader Nifty risk appetite affecting large-cap re-rating
- Peer brokerages (CLSA, Morgan Stanley, Kotak) issue matching or higher targets, amplifying the buy consensus
- Institutional accumulation ahead of Jio listing; index-weight rebalancing flows into Reliance
- Reliance guides on RCPL scale-up and New Energy commercialisation timelines to sustain narrative
- Retail arm accelerates manufacturing/export announcements and possible margin disclosures