Brokerages see up to 28% upside in Reliance after Jio IPO filing
Reliance's AGM detailed the Jio IPO filing alongside growth in retail manufacturing, exports and RCPL consumer brands. Jefferies, Nomura and Motilal Oswal maintained 'Buy' with targets up to Rs 1,675, valuing Jio at Rs 11-12 trillion on a 524 mn subscriber base.
What happened
Reliance Industries · Reliance's AGM outlined Jio IPO filing and growth across retail manufacturing/exports and RCPL consumer brands. Brokerages Jefferies,
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 mn subscribers
- FY26 revenue Rs 1,468.9 bn
Why this matters
The Jio IPO filing sets up a value-unlock catalyst and potential currency for future M&A, making now the moment to map partnership and acquisition plays across telecom, retail and consumer brands.
What to watch
- DRHP/prospectus details: pricing band, float size, listing timeline
- Jio quarterly ARPU and net subscriber adds vs 524mn base
- Regulatory or tariff-hike signals in Indian telecom
- Broad Nifty/EM flow direction and IPO market appetite
- Watch peer telcos (Bharti Airtel, Vodafone Idea) reprice on Jio valuation benchmark
- Retail-adjacent suppliers and RCPL FMCG competitors reassess share expectations
- Sell-side firms refresh SOTP models; DIIs/FIIs rotate into RIL ahead of listing
- Reliance Retail and export segments spotlighted for standalone value narratives