Brokerages See Up to 28% Upside in Reliance After Jio IPO Filing
Following Jio Platforms' DRHP filing with SEBI and a targeted 2026 listing, Jefferies, Nomura and Motilal Oswal reiterated 'Buy' on Reliance Industries with target prices up to Rs 1,675 (28% upside). Retail arm is expanding into manufacturing, exports and consumer brands via RCPL.
What happened
Reliance Industries · At Reliance's 49th AGM, brokerages Jefferies, Nomura and Motilal reiterated 'Buy' with up to 28% upside after Jio Platforms filed its DRHP
Key facts
- TP Rs 1,675 (28% upside)
- TP Rs 1,640 (23.5%)
- TP Rs 1,655 (26%)
- 270 million shares
- 2.9% dilution
- Rs 11-12 trillion valuation
- 524 million subscribers
- revenue Rs 1,468.9 billion
- EBITDA Rs 762.6 billion
Why this matters
The Jio Platforms SEBI filing and 2026 listing timeline signal a value-unlock catalyst, while RCPL's expansion into manufacturing and consumer brands opens M&A and partnership avenues in retail and CPG.
What to watch
- SEBI approval and confirmed listing date for Jio Platforms
- Jio IPO price band and free-float size
- RIL quarterly retail EBITDA and same-store growth
- Foreign investor stake changes / block deals in RIL
- Consumer brand market-share data vs incumbents (HUL, ITC, Nestle)
- Track brokerage note flow for further TP upgrades post-DRHP details
- Monitor RCPL FMCG brand rollout, export contracts and manufacturing capex disclosures
- Watch Jio ARPU trajectory and subscriber adds as IPO valuation anchor
- Position for holdco discount narrowing across RIL sum-of-parts