Brokerages see up to 28% upside in Reliance after Jio IPO filing; Retail eyes manufacturing push
At Reliance's 49th AGM, Jefferies, Nomura and Motilal reiterated Buy calls with targets up to Rs 1,675 (28% upside) after Jio filed its DRHP. Management flagged Retail's expansion into manufacturing and exports, plus RCPL scaling as a consumer-brands platform.
What happened
Reliance Industries · At Reliance's 49th AGM, brokerages Jefferies, Nomura and Motilal reiterated Buy with up to 28% upside after Jio filed its DRHP. Reliance
Key facts
- Rs 1,675 TP (28% upside)
- Rs 1,640 TP (23.5%)
- Rs 1,655 TP (26%)
- 270 million shares
- 2.9% dilution
- Rs 11-12 trillion valuation
- 524 million subscribers
- Rs 1,468.9 billion revenue
Why this matters
The Jio IPO filing plus Retail's manufacturing and consumer-brands (RCPL) build-out points to vertical-integration and platform consolidation moves that could reshape partnership and acquisition dynamics across the sector.
What to watch
- Jio IPO pricing band, timeline, and SEBI clearance milestones
- Retail quarterly same-store growth and manufacturing/export contribution
- RCPL revenue and distribution footprint disclosures
- O2C margin trajectory and consolidated net debt/capex figures
- Broker target revisions above/below the Rs 1,640-1,675 range
- Analysts revise SOTP models to embed a standalone Jio valuation and lift Retail multiples on the manufacturing/exports optionality
- Institutional flows rotate into Reliance as an IPO pre-positioning trade ahead of Jio listing
- Peers (D-Mart, Trent, FMCG majors) get scrutinized as RCPL scales as a consumer-brands challenger
- Management issues follow-up guidance on Retail capex, export mix, and RCPL revenue run-rate