Brokerages see up to 28% upside in Reliance after Jio IPO filing
At RIL's 49th AGM, Jefferies (Rs 1,675), Motilal (Rs 1,655) and Nomura (Rs 1,640) reiterated Buy following Jio's DRHP filing, valuing the platform at Rs 11-12 trillion. Retail's manufacturing and export push, plus RCPL scaling as a consumer-brands platform, underpin the medium-term growth thesis ahead of a listing by end-2026.
What happened
Reliance Industries · At RIL's 49th AGM, brokerages Jefferies, Nomura and Motilal reiterated Buy with up to 28% upside after Jio's DRHP filing. Growth engines
Key facts
- Jefferies target Rs 1,675 (28% upside)
- Nomura Rs 1,640 (23.5%)
- Motilal Rs 1,655 (~26%)
- Jio valuation Rs 11-12 trillion
- 270 million shares
- 2.9% dilution
- FY26 revenue Rs 1,468.9bn
- EBITDA Rs 762.6bn
Why this matters
The Jio IPO filing sets a Rs 11-12 trillion valuation benchmark and signals a broader value-unlock strategy across RIL's platforms, with RCPL emerging as the next consumer-brands consolidation vehicle to watch for M&A activity.
What to watch
- SEBI approval and firm Jio listing date confirmation
- Jio ARPU trajectory and any tariff hikes
- Retail same-store growth and margin trends in quarterly prints
- O2C spread cyclicality and refining margins
- Anchor/pre-IPO investor valuation signals for Jio
- Track additional broker upgrades/target revisions coalescing around the Rs 1,640-1,675 band
- Monitor Jio DRHP progress through SEBI and any pricing/valuation guidance
- Watch RCPL brand acquisitions and retail export/manufacturing capex announcements
- Assess institutional flows and index-weight rebalancing into RIL on the SOTP narrative