Brokerages see up to 28% upside in Reliance after Jio IPO filing, retail expansion push
At its 49th AGM, Reliance laid out growth across retail, telecom, AI and energy, plus Jio's SEBI IPO filing. Jefferies, Nomura and Motilal Oswal reiterated 'Buy', with targets up to Rs 1,675 (28% upside). Reliance Retail is pushing into manufacturing, exports and consumer brands.
What happened
Reliance Industries · At its 49th AGM, Reliance outlined growth across retail, telecom, AI and energy, plus Jio's IPO filing with SEBI. Brokerages Jefferies,
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
Jio's IPO filing and Reliance Retail's push into manufacturing, exports and consumer brands open M&A and partnership windows across telecom, AI, energy and consumer-brand verticals.
What to watch
- SEBI approval and Jio IPO price band / listing date
- Jio ARPU and subscriber adds in next quarterly print
- Retail same-store growth and new-format rollout metrics
- Energy/new-energy capex guidance and execution milestones
- Anchor investor and institutional demand signals for the Jio float
- Peer telecom/retail names (Bharti Airtel, Trent, DMart) get relative-value comparisons as Jio valuation anchors the sector
- More brokerages refresh SOTP models with explicit Jio listing assumptions
- Index weight rebalancing chatter as Reliance market cap expands
- Reliance Retail vendor and consumer-brand acquisition activity accelerates ahead of any retail monetization