Brokerages see up to 28% upside in Reliance after Jio IPO filing; Retail eyes manufacturing, exports
Post-AGM, Jefferies, Nomura and Motilal Oswal reiterate 'Buy' on Reliance Industries with targets up to Rs 1,675 (28% upside) after Jio's IPO draft filing with SEBI. Jio valued at Rs 11-12 trillion with 524M subscribers, while Reliance Retail pushes deeper into manufacturing and exports.
What happened
Reliance Industries · At its AGM, Reliance outlined growth across telecom, retail, consumer brands, energy and AI, with Jio's IPO draft filed with SEBI.
Key facts
- TP Rs 1,675 (28% upside)
- TP Rs 1,640 (23.5%)
- TP Rs 1,655 (26%)
- Jio IPO 270M shares, 2.9% dilution
- Jio valuation Rs 11-12 trillion
- Jio FY26 revenue Rs 1,468.9B
- 524M subscribers
Why this matters
Jio's IPO draft filing and Reliance Retail's manufacturing-and-exports expansion open windows for partnerships, supply agreements and pre-listing stake maneuvers around a business valued at Rs 11-12 trillion with 524M subscribers.
What to watch
- SEBI approval and Jio IPO price band / listing date
- Jio ARPU and subscriber net-adds trajectory (524M base)
- Reliance Retail same-store growth and manufacturing/export order wins
- RIL breach and hold above Rs 1,500 then Rs 1,600 resistance
- Debt/capex commentary that could offset unlock optimism
- More brokerages update SOTP models assigning explicit Jio equity value ahead of listing
- RIL to detail Jio IPO structure, timeline and dilution in follow-up disclosures
- Retail arm to announce manufacturing/export partnerships and capex guidance
- Institutional flows rotate into RIL as index-weight anchor on unlock catalyst