Brokerages see up to 28% upside in Reliance after Jio IPO filing; Retail push into manufacturing flagged
At its 49th AGM, Reliance outlined growth across telecom, retail, AI and energy as Jio filed its IPO DRHP. Jefferies, Nomura and Motilal reiterated 'Buy' with targets of Rs 1,640-1,675, citing Reliance Retail's move into manufacturing and exports and RCPL scaling as a consumer brands platform.
What happened
Reliance Industries · At its 49th AGM, Reliance outlined growth across telecom, retail, AI and energy, with Jio filing its IPO DRHP. Brokerages Jefferies,
Key facts
- TP Rs 1,675 (28% upside)
- TP Rs 1,640 (23.5% upside)
- TP Rs 1,655 (~26% upside)
- 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
Reliance's manufacturing/export expansion and RCPL scaling flag appetite for vertical integration and brand acquisitions—watch for private-label M&A, supply-chain buyouts, and partnership openings across consumer goods.
What to watch
- SEBI clearance and Jio IPO listing date/valuation confirmation
- Reliance Retail quarterly revenue and EBITDA margin trajectory
- New consumer-brand launches or M&A under RCPL
- FII/DII positioning shifts into RIL ahead of the listing
- Energy/O2C segment margin swings affecting SOTP base
- Track Jio IPO DRHP progress toward SEBI approval and price-band setting
- Monitor peer broker TP revisions (upgrades/downgrades) after AGM detail digestion
- Watch RCPL brand acquisition and distribution announcements
- Assess Retail's manufacturing/export capex commentary in next quarterly report