Brokerages see up to 28% upside in Reliance after Jio files IPO papers
Jefferies, Nomura and Motilal Oswal reiterate Buy on Reliance Industries after Jio Platforms filed its DRHP with SEBI for a possible end-2026 listing. Targets range Rs 1,640-1,675, valuing Jio at Rs 11-12 trillion. Retail arm is expanding into manufacturing, exports and consumer brands.
What happened
Reliance Industries · Reliance's AGM outlined growth across telecom, retail, AI and energy, with Jio filing its IPO DRHP with SEBI for a possible end-2026
Key facts
- Jefferies target Rs 1,675 (28% upside)
- Nomura target Rs 1,640 (23.5%)
- Motilal Oswal Rs 1,655 (~26%)
- Jio IPO 270M shares, 2.9% dilution
- valuation Rs 11-12 trillion
- Jio FY26 revenue Rs 1,468.9B
- EBITDA Rs 762.6B
- 524M subscribers
Why this matters
The Jio spin-off plus retail's push into manufacturing, exports and consumer brands sets up value-unlocking catalysts worth tracking for partnership, M&A and pre-IPO positioning opportunities.
What to watch
- SEBI observations / approval timeline on the Jio DRHP
- Confirmed IPO pricing band and float size vs the Rs 11-12 trillion mark
- Jio ARPU and subscriber-add trends in upcoming quarterlies
- Retail segment margin and export/manufacturing traction disclosures
- Anchor investor / strategic stake announcements
- Expect follow-on Buy reiterations from other brokerages anchoring to the Rs 11-12 trillion Jio valuation
- Retail arm (consumer brands, manufacturing, exports) likely teed up as the next value-unlock narrative and possible future listing candidate
- Institutional rotation into RIL as a proxy for the Jio listing; pre-IPO chatter on anchor investors and pricing
- Options/derivatives positioning skews bullish as traders play the catalyst window