Brokerages see up to 28% upside in Reliance after Jio IPO filing; Retail eyes manufacturing push
At its 49th AGM, Reliance filed Jio's DRHP with SEBI for a possible end-2026 listing. Jefferies (TP Rs 1,675), Motilal Oswal (Rs 1,655) and Nomura (Rs 1,640) reiterated Buy. Reliance Retail is expanding into manufacturing, exports and consumer brands as the group scales telecom, retail, AI and energy.
What happened
Reliance Industries · At its 49th AGM, Reliance outlined growth across telecom, retail, AI and energy, and filed Jio's DRHP with SEBI for a possible end-2026
Key facts
- Jefferies TP Rs 1,675 (28% upside)
- Nomura TP Rs 1,640 (23.5%)
- Motilal Oswal TP Rs 1,655 (~26%)
- Jio 270M shares, 2.9% dilution
- Jio valuation Rs 11-12 trillion
- FY26 Jio revenue Rs 1,468.9B (+14.6%)
- 524M+ subscribers
Why this matters
Reliance Retail's push into manufacturing, exports, and consumer brands alongside the Jio listing opens partnership, JV, and acquisition windows across telecom, retail, AI, and energy verticals.
What to watch
- SEBI acceptance/observations on the Jio DRHP and listing timeline confirmation
- Final Jio valuation band and IPO size disclosure
- Reliance Retail quarterly margins and capex guidance
- Telecom ARPU/tariff trends and subscriber adds underpinning Jio valuation
- Holding-company discount commentary in subsequent broker notes
- Peer brokerages (UBS, CLSA, Morgan Stanley) issue/refresh SOTP notes pegging Jio at Rs 11-12tn
- RIL accelerates retail brand and export announcements to support the manufacturing thesis
- Institutional flows rotate into RIL ahead of the Jio listing window
- Anchor and pre-IPO investor interest in Jio surfaces in media reports