Brokerages see up to 28% upside in Reliance after Jio IPO filing; RCPL pours Rs 100 bn into beverages
At Reliance's 49th AGM, Jefferies, Nomura and Motilal Oswal set targets of Rs 1,640-1,675 (23.5-28% upside) after Jio Platforms filed its IPO DRHP. Reliance Consumer Products' Rs 100 billion beverages bet signals continued FMCG and retail expansion backed by parent-level capital.
What happened
Reliance Industries · At Reliance's 49th AGM, brokerages Jefferies, Nomura and Motilal see up to 28% upside after Jio Platforms filed its IPO DRHP. RCPL
Key facts
- TP Rs 1,675 (28% upside)
- TP Rs 1,640 (23.5% upside)
- TP Rs 1,655 (26% upside)
- Jio valuation Rs 11-12 trillion
- FY26 revenue Rs 1,468.9 billion
- RCPL invested Rs 100 billion in beverages
Why this matters
The Jio IPO filing and parent-backed FMCG expansion point to Reliance actively restructuring and monetizing its portfolio, opening partnership and acquisition angles in beverages and digital.
What to watch
- SEBI clearance / final IPO price band for Jio
- Jio Platforms subscriber and ARPU data at listing
- RCPL quarterly revenue run-rate and margin trajectory
- Broad Nifty/large-cap flows and FII positioning in Reliance
- Parent-level debt and capital allocation commentary
- Watch for peer brokerages (CLSA, Morgan Stanley, Kotak) issuing follow-on target upgrades to confirm consensus re-rating
- Track Jio Platforms DRHP progress, SEBI observations, and indicative valuation band leaks
- Monitor RCPL capex deployment, new beverage SKU launches and distribution reach metrics
- Expect competitive response from Coca-Cola, PepsiCo and Tata Consumer in mass-priced beverages