Brokerages see up to 28% upside in Reliance after Jio IPO filing
Jefferies, Nomura and Motilal Oswal reiterated 'Buy' on Reliance Industries after Jio Platforms filed its IPO DRHP, with target prices implying 23.5-28% upside. Jio valued at Rs 11-12 trillion; retail scales into manufacturing/exports and RCPL consumer brands as multiple growth engines flag.
What happened
Reliance Industries · At Reliance's AGM, brokerages Jefferies, Nomura and Motilal reiterated 'Buy' with up to 28% upside after Jio Platforms filed its IPO DRHP.
Key facts
- Jefferies TP Rs 1,675 (28% upside)
- Nomura TP Rs 1,640 (23.5%)
- Motilal Oswal TP Rs 1,655 (~26%)
- Jio 270M shares, 2.9% dilution
- Jio valuation Rs 11-12 trillion ($117-127B)
- Jio FY26 revenue Rs 1,468.9B (+14.6%)
- EBITDA Rs 762.6B (+18.8%)
- PAT Rs 300.5B (+15.1%)
- 524M subscribers
Why this matters
The Jio DRHP filing crystallizes a sum-of-the-parts re-rating thesis for Reliance, spotlighting distinct growth engines in digital, retail, and consumer brands as separately valuable assets.
What to watch
- SEBI approval timeline and confirmed listing date for Jio
- Final Jio valuation band vs Rs 11-12tn peg
- Telecom tariff hikes / ARPU trajectory feeding Jio earnings
- Consolidated RIL quarterly results and net debt trend
- FII flow data into Indian large-caps and Nifty index rebalancing impact
- Peer brokerages (Morgan Stanley, CLSA, Kotak) publish updated SOTP with Jio explicit valuation
- RIL institutional/FII accumulation ahead of the DRHP approval window
- Jio Platforms anchor investor and pre-IPO placement chatter emerges
- Retail arm (RRVL) and RCPL brand disclosures used to justify separate value legs