Brokerages see up to 28% upside in Reliance after Jio IPO filing
At its 49th AGM, Reliance detailed growth across telecom, retail, AI and clean energy, plus Jio's SEBI IPO filing targeting an end-2026 listing. Jefferies, Nomura and Motilal reiterate Buy with targets of Rs 1,640-1,675, implying 23.5%-28% upside. Jio valued at Rs 11-12 trillion with 524M+ subscribers.
What happened
Reliance Industries · At its 49th AGM, Reliance detailed growth across telecom, retail, AI and clean energy, plus Jio's SEBI IPO filing targeting an end-2026
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
- Jio valuation Rs 11-12 trillion
- 524M+ subscribers
- FY26 revenue Rs 1,468.9B
- EBITDA Rs 762.6B
- listing by end-2026
Why this matters
Jio's Rs 11-12 trillion valuation with 524M+ subscribers sets a benchmark for conglomerate value-unlock via subsidiary listings.
What to watch
- SEBI approval milestones and Jio DRHP details
- Jio ARPU trajectory and subscriber net-adds each quarter
- Retail same-store growth and margin recovery
- Clean energy capex cadence and Gujarat gigafactory ramp
- Any confirmation of firm listing date / valuation band
- Expect follow-on Buy reiterations and target hikes from other domestic brokerages
- Institutional accumulation ahead of anticipated Jio value unlock
- Retail listing chatter to keep RIL a momentum favorite through 2026
- Peers (Bharti Airtel) may see relative-value comparisons and pairing trades