Brokerages see up to 28% upside in Reliance after Jio IPO filing
At Reliance's 49th AGM, Jio Platforms filed its DRHP for a possible end-2026 IPO valued at Rs 11-12 trillion. Jefferies, Nomura and Motilal Oswal reiterated Buy, setting targets of Rs 1,640-1,675 (23.5-28% upside), citing growth across retail, telecom, AI and clean energy.
What happened
Reliance Industries · At Reliance's 49th AGM, the company outlined growth across retail, AI, telecom and clean energy, with Jio Platforms filing its DRHP for a
Key facts
- TP Rs 1,675 (28% upside)
- TP Rs 1,640 (23.5% upside)
- TP Rs 1,655 (26% upside)
- 270 million shares
- 2.9% dilution
- Jio valuation Rs 11-12 trillion ($117-127 billion)
- 524 million subscribers
- FY26 revenue Rs 1,468.9 billion (+14.6%)
- EBITDA Rs 762.6 billion (+18.8%)
Why this matters
The Jio Platforms IPO at a Rs 11-12 trillion valuation creates a template for monetizing high-growth verticals and could reprice the conglomerate's sum-of-parts across retail and new-energy assets.
What to watch
- SEBI approval and confirmed IPO price band/timeline for Jio
- Jio ARPU trajectory and 5G monetization data
- Reliance Retail growth and any parallel listing signals
- New-energy giga-factory commissioning and capex guidance
- Broad market conditions for large IPO absorption in late 2026
- Expect follow-on Buy reiterations and TP upgrades from other domestic and foreign brokerages
- Institutional accumulation ahead of the IPO anticipation trade
- Management to sharpen segment disclosures (Jio ARPU, retail SSSG, new-energy milestones) to support valuation