Brokerages see up to 28% upside in Reliance after Jio IPO filing
At Reliance's 49th AGM, Jefferies, Nomura and Motilal Oswal reiterated Buy with target prices up to Rs 1,675, citing Jio's IPO filing (valued Rs 11-12 trillion) plus growth engines across Retail's manufacturing and exports push, RCPL consumer brands, New Energy and AI.
What happened
Reliance Industries · At Reliance's 49th AGM, brokerages Jefferies, Nomura and Motilal Oswal reiterated Buy with up to 28% upside, citing Jio's IPO filing plus
Key facts
- TP Rs 1,675 (28% upside)
- TP Rs 1,640 (23.5%)
- 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 Rs 11-12 trillion Jio IPO filing signals a value-unlock playbook across Reliance's Retail, New Energy, and AI verticals that reshapes the competitive and partnership landscape.
What to watch
- DRHP/prospectus details and firm IPO timeline for Jio
- Final Jio valuation vs the Rs 11-12tn anchor
- Retail same-store sales, margin trajectory and export traction
- New Energy capex milestones and any monetization/partner announcements
- Consolidated debt and FCF trend post-capex cycle
- More brokerages revise TPs upward and publish updated SOTP models isolating Jio, Retail and New Energy
- Institutional accumulation ahead of Jio listing; passive/index rebalancing flows into RIL
- Management guidance on Jio IPO structure, pricing band and use of proceeds
- Retail arm accelerates manufacturing/export and RCPL brand disclosures to support the growth narrative