Brokerages see up to 28% upside in Reliance after Jio IPO filing; Retail pushes into manufacturing
Reliance's AGM mapped growth across retail, telecom, AI and energy, with Jio filing its DRHP for a possible 2026 listing. Motilal, Jefferies and Nomura reiterated Buy with targets of Rs 1,640-1,675. Reliance Retail is deepening its push into manufacturing and exports.
What happened
Reliance Industries · Reliance AGM outlined growth across retail, telecom, AI and energy, with Jio filing its DRHP for a possible 2026 listing. Brokerages
Key facts
- TP Rs 1,675 (28% upside)
- TP Rs 1,640 (23.5%)
- TP Rs 1,655 (26%)
- Jio 270M shares, 2.9% dilution
- valuation Rs 11-12 trillion
- FY26 revenue Rs 1,468.9B
- EBITDA Rs 762.6B
- 524M subscribers
Why this matters
The Jio IPO filing signals a value-unlocking spinoff structure that could become a template for monetizing Reliance's other verticals, including retail and AI.
What to watch
- Jio DRHP approval and listing date confirmation
- Jio ARPU and subscriber trends in quarterly results
- Reliance Retail same-store sales and EBITDA margin trajectory
- AI/energy capex guidance vs free cash flow generation
- FII/DII flow shifts into the stock pre-IPO
- Brokerages publish updated SOTP models assigning explicit Jio standalone valuation
- Reliance Retail announces manufacturing capacity, export tie-ups or new private-label brands
- Institutional repositioning ahead of expected 2026 Jio listing
- Peer telecom (Bharti) and retail names re-rate on read-through