Brokerages see up to 28% upside in Reliance after Jio IPO filing
Reliance's AGM mapped growth across telecom, retail, AI and energy, with Jio Platforms filing its DRHP for a possible end-2026 IPO. Jefferies (TP Rs 1,675), Nomura (Rs 1,640) and Motilal (Rs 1,655) retained 'Buy'. Retail arm is pushing into manufacturing and exports; Jio valued at Rs 11-12 trillion.
What happened
Reliance Industries · Reliance AGM outlined growth across telecom, retail, AI and energy, with Jio Platforms filing its DRHP for a possible end-2026 IPO.
Key facts
- 28% upside
- TP Rs 1,675 (Jefferies)
- Rs 1,640 (Nomura)
- Rs 1,655 (Motilal)
- Jio valuation Rs 11-12 trillion
- 270 million shares
- 2.9% dilution
- 524 million subscribers
- FY26 revenue Rs 1,468.9 billion
Why this matters
The Jio Platforms IPO filing signals a value-unlock event worth Rs 11-12 trillion, reshaping the competitive and partnership landscape across telecom, AI, and energy.
What to watch
- SEBI approval and formal IPO pricing/timeline confirmation for Jio
- Jio ARPU and subscriber trends in quarterly results
- Retail segment revenue and margin trajectory, export order wins
- Capex guidance vs free-cash-flow generation across energy and AI verticals
- Broad market liquidity conditions and FII flows into large-cap India
- Peer telecom/retail names (Bharti Airtel, Trent, Avenue Supermarts) get re-rated or de-rated on comparison
- Additional brokerages initiate or revise TPs to anchor Jio's standalone multiple
- Institutional pre-positioning into RIL ahead of the anchor-book formation window
- Retail arm accelerates manufacturing/export partnership announcements to justify valuation