Brokerages see up to 28% upside in Reliance after Jio IPO filing, retail manufacturing push
Motilal, Jefferies and Nomura reiterated Buy on Reliance Industries with targets up to Rs 1,675 (28% upside) following the AGM and Jio Platforms' SEBI IPO filing. Retail's expansion into manufacturing, exports and RCPL consumer brands, alongside FY26 revenue growth of 14.6%, underpins the bullish view.
What happened
Reliance Industries · At its AGM Reliance unveiled growth across telecom, retail, AI and energy, plus Jio Platforms' SEBI IPO filing targeting a possible
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 ($117-127B)
- 524M+ subscribers
- FY26 revenue Rs 1,468.9B (+14.6%)
- EBITDA Rs 762.6B (+18.8%)
Why this matters
The Jio Platforms SEBI IPO filing plus retail's vertical expansion into manufacturing and exports unlocks value-crystallization and M&A optionality across the conglomerate's growth engines.
What to watch
- SEBI approval and confirmed Jio Platforms IPO timeline/price band
- Q2/Q3 FY26 retail revenue and EBITDA margin prints vs 14.6% growth guide
- O2C segment earnings and refining margin trends
- Net debt and capex trajectory updates
- Promoter/anchor stake disclosures around the IPO
- Other brokerages (CLSA, Morgan Stanley, Citi) refresh SOTP models and TPs around Jio implied valuation
- Reliance Retail accelerates RCPL brand launches and export/manufacturing capacity announcements to validate 14.6% growth
- Institutional rotation into RIL ahead of Jio listing as a pre-IPO proxy play
- Peer retail names (DMart, Trent) screened for relative valuation pressure