Brokerages see up to 28% upside in Reliance after Jio IPO filing
At its 49th AGM, Reliance mapped growth across Jio, Retail, RCPL brands, energy and AI. Jio filed its DRHP with SEBI targeting a late-2026 listing at a Rs 11-12 trillion valuation. Jefferies (TP Rs 1,675, 28%), Motilal Oswal (Rs 1,655, 26%) and Nomura (Rs 1,640, 23.5%) reiterated Buy.
What happened
Reliance Industries · At its 49th AGM, Reliance outlined growth across Jio, Retail (pushing into manufacturing/exports), RCPL consumer brands, energy and AI.
Key facts
- Jefferies TP Rs 1,675 (28% upside)
- Nomura TP Rs 1,640 (23.5%)
- Motilal Oswal TP Rs 1,655 (26%)
- 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 DRHP filing crystallizes a value-unlocking event across the conglomerate's Jio, Retail, RCPL, energy, and AI verticals worth monitoring for structural repricing.
What to watch
- SEBI DRHP approval timeline and any queries
- Jio ARPU trajectory and subscriber adds in quarterly updates
- IPO pricing band and anchor-investor demand as listing nears
- Retail same-store growth and RCPL brand margins
- Global rate/EM equity flows affecting large-cap IPO appetite
- Additional brokerages initiate/reiterate with SOTP-driven targets clustering Rs 1,600-1,700
- Institutional accumulation ahead of listing; index-weight rebalancing flows into RIL
- Peers (Bharti Airtel, Vodafone Idea) face relative de-rating on Jio listing overhang
- Retail/RCPL segment disclosures scrutinized for pre-IPO value crystallization