Brokerages see up to 28% upside in Reliance after Jio IPO filing; retail, RCPL flagged as growth engines
At Reliance's 49th AGM, Jefferies, Nomura and Motilal Oswal reiterated 'Buy' with targets of Rs 1,640-1,675 after Jio filed its IPO prospectus, valuing the unit at Rs 11-12 trillion. Reliance Retail's push into manufacturing/exports and RCPL scaling as a consumer brands platform were cited as key growth drivers.
What happened
Reliance Industries · At Reliance's 49th AGM, brokerages Jefferies, Nomura and Motilal Oswal reiterated 'Buy' with up to 28% upside after Jio filed its IPO
Key facts
- target Rs 1,675 (28% upside)
- Rs 1,640 (23.5%)
- 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 up 14.6%
- EBITDA Rs 762.6 billion up 18.8%
Why this matters
The Jio IPO filing crystallizes a Rs 11-12 trillion standalone valuation, setting a benchmark for value-unlocking and potential structural moves across Reliance's retail and consumer-brands verticals.
What to watch
- Jio IPO filing acceptance and listing date confirmation
- Additional broker upgrades or target revisions post-AGM
- Quarterly retail same-store growth and RCPL topline disclosures
- FII/DII flow shifts into the Reliance complex
- Regulatory commentary on telecom tariff and IPO window
- Track Jio IPO prospectus milestones, DRHP approvals, and indicative pricing band
- Monitor RCPL revenue run-rate and new brand launches for platform-scale proof
- Watch Reliance Retail's manufacturing/export capex commitments and margin trajectory
- Position for post-listing holdco discount/premium re-rating narrative