Brokerages see up to 28% upside in Reliance after Jio IPO filing; retail arm pushes manufacturing and RCPL brands
Jio Platforms filed its DRHP with SEBI, targeting a listing by end-2026 at a Rs 11-12 trillion valuation. Jefferies, Nomura and Motilal reiterated 'Buy' on Reliance Industries with targets up to Rs 1,675. Reliance Retail is expanding into manufacturing, exports and the RCPL consumer-brands platform.
What happened
Reliance Industries · Reliance AGM outlined growth across telecom, retail, AI and clean energy; Jio filed IPO DRHP with SEBI. Brokerages Jefferies, Nomura,
Key facts
- Rs 1,675 target (28% upside)
- Rs 1,640 (23.5%)
- Rs 1,655 (26%)
- Jio 270M shares
- 2.9% dilution
- valuation Rs 11-12 trillion
- 524M subscribers
- FY26 revenue Rs 1,468.9B
Why this matters
The Jio IPO filing and Reliance Retail's expansion into exports and RCPL brands point to a conglomerate unlocking value through unit listings and consumer-brand consolidation.
What to watch
- SEBI approval milestones and firmed Jio listing date/valuation band
- Jio ARPU and subscriber additions ahead of IPO
- Reliance Retail quarterly revenue mix shift toward manufacturing/exports and RCPL scale-up metrics
- Anchor/institutional demand signals for the Jio book
- RCPL market-share data vs incumbent FMCG players
- Peer FMCG/consumer names (HUL, Nestle, Dabur) flag RCPL as a structural pricing/shelf-share threat
- More brokerages initiate or raise RIL targets referencing Jio SOTP unlock
- Reliance Retail accelerates capex disclosures on manufacturing and export capacity
- Kirana and modern-trade channels brace for RCPL private-label price aggression