Brokerages see up to 28% upside in Reliance after Jio IPO DRHP filing
At its 49th AGM, Reliance detailed growth across telecom, retail, consumer brands (RCPL), energy and AI, and filed Jio's IPO DRHP with SEBI. Jefferies (TP Rs 1,675), Motilal (Rs 1,655) and Nomura (Rs 1,640) reiterate Buy, with Jio valued at Rs 11-12 trillion and a targeted end-2026 listing.
What happened
Reliance Industries · At its 49th AGM, Reliance laid out growth across telecom, retail, consumer brands (RCPL), energy and AI, and filed Jio's IPO DRHP with
Key facts
- Jefferies TP Rs 1,675 (28% upside)
- Nomura TP Rs 1,640 (23.5%)
- Motilal TP Rs 1,655 (~26%)
- Jio 524M+ subscribers
- 268M+ 5G subs
- FY26 revenue Rs 1,468.9B (+14.6%)
- EBITDA Rs 762.6B (+18.8%)
- PAT Rs 300.5B (+15.1%)
- Jio valuation Rs 11-12 trillion
- 2.9% dilution, 270M shares
Why this matters
The Jio DRHP filing signals a structural value-unlock across the conglomerate, opening a window to reassess partnerships and portfolio moves in telecom, retail, energy, and AI.
What to watch
- SEBI approval milestones on Jio DRHP
- Confirmation of end-2026 listing timeline
- Jio ARPU and subscriber trajectory in quarterly results
- Retail (Reliance Retail) same-store growth and any separate listing signals
- New-energy capex execution and monetization updates
- Expect institutional accumulation ahead of the DRHP-to-listing window; watch for FII inflows into RIL
- Peer FMCG names likely to flag competitive pressure from RCPL in guidance
- Anchor investor and pre-IPO stake conversations for Jio to surface over coming quarters
- Additional broker upgrades / TP hikes as SOTP models incorporate crystallized Jio value