Brokerages see up to 28% upside in Reliance after Jio IPO filing; Retail pivots to manufacturing
Post RIL's 49th AGM and Jio's DRHP filing, Jefferies, Nomura and Motilal reiterated Buy with targets up to Rs 1,675. Jio valued at Rs 11-12 trillion with 524M subscribers. Reliance Retail flagged a push into manufacturing and exports, with RCPL scaling as a consumer brands platform.
What happened
Reliance Industries · At RIL's 49th AGM, brokerages Jefferies, Nomura and Motilal reiterated Buy with up to 28% upside after Jio's DRHP filing. Reliance flagged
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
- 524M subscribers
- FY26 revenue Rs 1,468.9B
- EBITDA Rs 762.6B
- 2.9% dilution
Why this matters
The Jio IPO filing and RCPL's build-out as a branded consumer platform open the door to bolt-on acquisitions in manufacturing, export supply chains, and consumer brands ahead of the listing.
What to watch
- SEBI approval and pricing timeline for Jio IPO
- Reliance Retail manufacturing capex disclosures and export contracts
- Jio subscriber and ARPU trajectory beyond 524M base
- Tariff hike cadence in Indian telecom
- FII/DII flow shifts into large-cap conglomerates
- Track sell-side SOTP model revisions and any raised Jio valuation ranges post-DRHP
- Monitor RCPL brand additions, distribution reach, and export order announcements
- Watch retail segment same-store growth and margin guidance in next quarterly print
- Position for holding-company discount compression ahead of Jio listing window