Brokerages see up to 28% upside in Reliance after Jio IPO filing; TPs up to Rs 1,675
At its 49th AGM, Reliance filed Jio Platforms' IPO prospectus with SEBI (270M shares, ~2.9% dilution, valuation Rs 11-12 trillion). Jefferies, Nomura and Motilal reiterated 'Buy' with targets of Rs 1,640-1,675, citing Retail's manufacturing/export push and RCPL scaling. Jio revenue rose 14.6% to Rs 1,468.9B.
What happened
Reliance Industries · At its 49th AGM, Reliance outlined growth across telecom, retail, AI and energy, filing Jio Platforms' IPO prospectus with SEBI.
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
- 268M 5G subs
- revenue Rs 1,468.9B (+14.6%)
- EBITDA Rs 762.6B (+18.8%)
- PAT Rs 300.5B (+15.1%)
- EBITDA margin 51.9%
Why this matters
The Jio IPO prospectus (270M shares, ~2.9% dilution) unlocks value and signals a listing pathway that reshapes Reliance's conglomerate sum-of-parts narrative.
What to watch
- SEBI approval timeline and IPO price band / listing date
- Jio ARPU and subscriber net-adds in next quarterly print
- O2C margin trajectory vs crude/refining spreads
- Retail same-store growth and RCPL FMCG revenue run-rate
- Anchor/QIB demand signals during book-building
- Peer brokerages (Kotak, CLSA, Morgan Stanley) issue updated SOTP with Jio at Rs 11-12tn anchor
- Institutional flows rotate into RIL ahead of Jio price-band announcement
- Retail arm accelerates RCPL export/manufacturing disclosures to support standalone valuation
- Options positioning skews bullish on RIL front-month strikes near Rs 1,600