Brokerages see up to 28% upside in Reliance after Jio files IPO DRHP with SEBI
At Reliance's 49th AGM, Jefferies, Nomura and Motilal reiterated 'Buy', with targets up to Rs 1,675 (28% upside), after Jio Platforms filed its IPO papers. AGM flagged retail's push into manufacturing/exports and RCPL scaling as a consumer brands platform.
What happened
Reliance Industries · At Reliance's 49th AGM, brokerages Jefferies, Nomura and Motilal reiterated 'Buy' with up to 28% upside after Jio Platforms filed its IPO
Key facts
- TP Rs 1,675 (28% upside)
- TP Rs 1,640 (23.5%)
- TP Rs 1,655 (26%)
- 270M shares
- 2.9% dilution
- Jio valuation Rs 11-12 trillion
- 524M subscribers
- FY26 revenue Rs 1,468.9B
- EBITDA Rs 762.6B
- PAT Rs 300.5B
Why this matters
The Jio IPO filing plus retail's manufacturing/exports push and RCPL platform buildout point to a multi-vertical restructuring worth mapping for partnership and M&A angles.
What to watch
- SEBI approval and IPO price band announcement
- Jio Platforms ARPU and subscriber additions in next quarterly
- RCPL scaling milestones / new brand acquisitions
- Retail like-for-like growth and store expansion data
- Broker target revisions above Rs 1,675
- Watch peer brokerages align on SOTP-based upgrades post-DRHP
- Track Jio IPO valuation anchor vs implied private-round marks (Google/Meta)
- Monitor RCPL revenue run-rate and export/manufacturing capex disclosures
- Position for pre-listing holdco discount narrowing trade