Brokerages see up to 28% upside in Reliance after Jio IPO filing
Motilal, Jefferies and Nomura reiterate 'Buy' on Reliance Industries with targets up to Rs 1,675, citing Jio's SEBI IPO filing (possible end-2026 listing), Retail's push into manufacturing/exports, and RCPL scaling as a consumer brands platform.
What happened
Reliance Industries · At Reliance's AGM, brokerages reiterated 'Buy' with up to 28% upside, citing Jio's SEBI IPO filing (possible end-2026 listing) plus growth
Key facts
- Jefferies TP Rs 1,675 (28% upside)
- Nomura TP Rs 1,640 (23.5%)
- Motilal TP Rs 1,655 (~26%)
- Jio IPO 270M shares, 2.9% dilution
- Jio valuation Rs 11-12 trillion
- Jio FY26 revenue Rs 1,468.9 billion (+14.6%)
- 524M+ subscribers
Why this matters
The Jio IPO filing crystallizes a value-unlock template (segment listing, retail-to-manufacturing expansion, RCPL platform build) worth tracking for partnership, JV, and competitive-positioning moves ahead of a potential end-2026 listing.
What to watch
- SEBI approval/DRHP progress and confirmed Jio listing window
- Jio quarterly ARPU and net subscriber adds vs 524M base
- Reliance Retail same-store growth and EBITDA margin trajectory
- RCPL revenue run-rate and new brand launches/acquisitions
- Tariff hikes or telecom regulatory changes affecting Jio economics
- Block deals / promoter or institutional stake movements pre-IPO
- Expect more brokerages to refresh SOTP models and reiterate Buy with Rs 1,550-1,700 targets
- Institutional accumulation ahead of Jio listing; passive/index flows benefit from re-rating
- RIL management to drip-feed Jio subscriber, ARPU and IPO-timeline guidance to sustain narrative
- Peers (Bharti Airtel, Vodafone Idea) react as Jio valuation sets a telecom benchmark
- Retail/consumer arm signals more capex and brand acquisitions to justify RCPL platform story