Brokerages see up to 28% upside in Reliance after Jio IPO filing
At Reliance's 49th AGM, Jefferies, Nomura and Motilal Oswal reiterated 'Buy' with targets up to Rs 1,675 (28% upside), citing the Jio IPO filing (valued at Rs 11-12 trillion, 2.9% dilution) alongside growth in retail, consumer brands, new energy and AI.
What happened
Reliance Industries · At Reliance's 49th AGM, brokerages Jefferies, Nomura and Motilal Oswal kept 'Buy' ratings with up to 28% upside, citing Jio IPO filing
Key facts
- TP Rs 1,675 (28% upside)
- TP Rs 1,640 (23.5%)
- TP Rs 1,655 (26%)
- Jio valuation Rs 11-12 trillion
- 270 million shares
- 2.9% dilution
- 524 million subscribers
- FY26 revenue Rs 1,468.9 billion
Why this matters
The Jio IPO structure (2.9% dilution, ~Rs 11-12 trillion value) offers a template for unlocking segment value while retaining control across Reliance's conglomerate portfolio.
What to watch
- SEBI/regulatory approval timeline and final IPO price band
- Actual dilution vs the stated 2.9% and free-float size
- Jio ARPU trends and subscriber adds in next quarterly print
- New-energy (solar/battery) commissioning milestones
- Retail quarterly revenue growth and EBITDA margin trajectory
- Retail and consumer-brand arms accelerate store rollouts and private-label pushes to justify SOTP premium
- Reliance markets the Jio IPO to anchor investors; roadshows firm up valuation band
- Rival telecoms (Airtel, Vi) reassess tariff and 5G capex response to a listed Jio
- Sell-side updates SOTP models, likely raising retail and new-energy contribution weights