Brokerages see up to 28% upside in Reliance after Jio IPO filing; RCPL, retail exports scale
Jefferies, Nomura and Motilal Oswal reiterated Buy on Reliance Industries post-AGM, with targets up to Rs 1,675 (28% upside), after Jio Platforms filed its IPO prospectus. Jio valued at Rs 11-12 trillion with 524M subscribers; Reliance Retail pushes into manufacturing and exports while RCPL scales as a consumer brands platform. Listing possible by end-2026.
What happened
Reliance Industries · At Reliance's AGM, brokerages Jefferies, Nomura and Motilal reiterated Buy with up to 28% upside after Jio Platforms filed its IPO
Key facts
- target Rs 1,675 (28% upside)
- target Rs 1,640 (23.5%)
- target Rs 1,655 (26%)
- Jio 270M shares, 2.9% dilution
- Jio valuation Rs 11-12 trillion ($117-127B)
- 524M subscribers
- FY26 revenue Rs 1,468.9B up 14.6%
- EBITDA Rs 762.6B up 18.8%
- listing possible by end-2026
Why this matters
The Jio Platforms IPO prospectus and 524M-subscriber valuation of Rs 11-12 trillion create a value-unlock template that peers and potential partners should benchmark against for future carve-outs and JVs.
What to watch
- Jio IPO draft red herring prospectus (DRHP) approval and pricing band
- Confirmation of end-2026 listing timeline and subscriber/ARPU trends
- RCPL revenue run-rate and export order announcements
- Telecom tariff hikes or regulatory action affecting Jio ARPU
- Block deals or promoter/institutional positioning shifts in RIL
- Expect further Buy reiterations and target upgrades from lagging brokerages tracking the SOTP unlock
- Institutional accumulation ahead of listing to capture holding-company discount compression
- Management to accelerate RCPL brand acquisitions and retail export partnerships to validate the growth leg
- Sell-side to publish detailed Jio IPO valuation and implied residual value for retail/O2C segments