Brokerages see up to 28% upside in Reliance after Jio IPO filing, Retail eyes manufacturing push
Post-AGM, Reliance filed Jio Platforms' IPO DRHP with SEBI. Jefferies, Nomura and Motilal reiterate Buy with targets of Rs 1,640-1,675. Jio valued at Rs 11-12 trillion; Reliance Retail expanding into manufacturing and exports.
What happened
Reliance Industries · At its 49th AGM, Reliance outlined growth across retail, telecom, AI and energy, filing Jio Platforms' IPO DRHP with SEBI. Brokerages
Key facts
- 28% upside
- TP Rs 1,675
- TP Rs 1,640
- TP Rs 1,655
- Jio valuation Rs 11-12 trillion
- 270 million shares
- 2.9% dilution
- 524 million subscribers
- revenue Rs 1,468.9 billion
Why this matters
The Jio Platforms IPO filing plus Retail's manufacturing and export expansion open the door for value-unlocking spinoffs, JV partnerships, and vertical acquisitions across Reliance's conglomerate structure.
What to watch
- SEBI DRHP approval and formal IPO date/price band
- Jio ARPU and subscriber trajectory in next quarterly print
- Reliance Retail same-store growth and manufacturing capex guidance
- Analyst target revisions beyond Rs 1,675 or downgrades on valuation
- Broad market/FII flow conditions on large-cap India
- Reliance guides on Jio IPO timeline, float % and price band post-DRHP
- Sell-side updates SOTP models, raising Jio-implied EV and holdco discount debate
- Retail segment details manufacturing/export capex and margin roadmap
- Passive/index funds and FIIs position ahead of anticipated Jio listing float