Brokerages see up to 28% upside in Reliance after Jio IPO filing
Post its 49th AGM and Jio Platforms' SEBI IPO filing, Jefferies (TP Rs 1,675), Motilal (Rs 1,655) and Nomura (Rs 1,640) reiterated Buy on Reliance Industries, citing Retail's manufacturing and export push plus RCPL scaling. Jio is valued at Rs 11-12 trillion with 524M+ subscribers.
What happened
Reliance Industries · At its 49th AGM, Reliance outlined growth across telecom, retail, AI and energy plus a Jio Platforms IPO filed with SEBI. Brokerages
Key facts
- Jefferies TP Rs 1,675 (28% upside)
- Nomura TP Rs 1,640 (23.5%)
- Motilal TP Rs 1,655 (~26%)
- Jio IPO 270M shares at Rs 10 face value
- ~2.9% dilution
- Jio valuation Rs 11-12 trillion ($117-127B)
- Jio FY26 revenue Rs 1,468.9B (+14.6%)
- EBITDA Rs 762.6B (+18.8%)
- PAT Rs 300.5B (+15.1%)
- 524M+ subscribers
Why this matters
Jio Platforms' IPO filing crystallizes value across the conglomerate, signaling a potential template for unlocking Retail and other verticals through future listings or spin-offs.
What to watch
- Jio Platforms IPO pricing band and listing date confirmation from SEBI
- Jio ARPU trajectory and subscriber net adds in next quarterly print
- Reliance Retail EBITDA margin and RCPL revenue run-rate
- O2C segment GRMs and crude price direction
- FII flow data and INR levels
- Institutions rotate into RIL on the Jio unlock trigger; expect block deals and MF weight increases
- Sell-side peers (CLSA, Morgan Stanley, Kotak) issue matching or higher TPs to stay aligned
- Retail/RCPL segment gets earnings-call spotlight to validate the export/manufacturing story
- Options desks price elevated implied vol into the IPO listing window