Brokerages see up to 28% upside in Reliance after Jio IPO filing
Motilal Oswal, Jefferies and Nomura reiterated Buy on Reliance Industries post the 49th AGM and Jio's IPO draft filing, with targets ranging Rs 1,640-1,675. Growth engines cited include Retail's push into manufacturing/exports, RCPL consumer brands, New Energy and AI, plus a likely 2026 Jio listing.
What happened
Reliance Industries · At Reliance's 49th AGM, brokerages reiterated Buy ratings with up to 28% upside after Jio Platforms filed its IPO draft prospectus. Growth
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
- EBITDA Rs 762.6 billion
Why this matters
The Jio IPO draft filing signals a value-unlock catalyst ahead of an expected 2026 listing, with New Energy, AI, and consumer brands positioned as the next phase of portfolio buildout.
What to watch
- Jio IPO draft prospectus details: valuation band, dilution, listing timeline
- Reliance Retail quarterly growth, manufacturing/export revenue disclosure
- New Energy capex execution and AI monetization signals
- O2C segment margins and crude/refining spreads
- FII flow data into RIL and broader index reweighting
- Expect more sell-side reiterations and SOTP refresh notes pegging Jio/Retail standalone valuations
- Retail peers and quick-commerce names re-rated on read-through of RIL's manufacturing/export push
- Increased FII positioning ahead of Jio listing window; options activity around RIL skews bullish
- RCPL consumer-brand suppliers and contract manufacturers see ancillary interest