Brokerages see up to 28% upside in Reliance after Jio IPO filing, retail push into manufacturing
Reliance filed Jio's IPO prospectus with SEBI targeting a late-2026 listing at a Rs 11-12 trillion valuation. Jefferies, Nomura and Motilal reiterated Buy, with target prices up to Rs 1,675 (28% upside). AGM outlined growth across retail, telecom, AI and energy, with retail expanding into manufacturing and exports.
What happened
Reliance Industries · At its AGM, Reliance outlined growth across retail, telecom, AI and energy, and filed Jio's IPO prospectus with SEBI targeting a late-2026
Key facts
- TP Rs 1,675 (28% upside)
- TP Rs 1,640 (23.5%)
- TP Rs 1,655 (26%)
- 270 million shares
- 2.9% dilution
- valuation Rs 11-12 trillion
- 524 million subscribers
- revenue Rs 1,468.9 billion
- EBITDA Rs 762.6 billion
- PAT Rs 300.5 billion
Why this matters
The Jio IPO filing and retail's push into manufacturing/exports open potential for partnerships, supplier acquisitions, and pre-listing stake plays across telecom, AI, and energy.
What to watch
- SEBI approval of Jio DRHP and confirmed listing date
- Final IPO valuation band vs Rs 11-12tn target
- Reliance Retail quarterly margin and same-store growth prints
- Manufacturing/export capex disclosures and order-book signals
- Additional brokerage target revisions or downgrades
- Anchor investor commitments and grey-market premium
- Watch peer/supplier retail listings and private-label brands compress margins for Trent, Avenue Supermarts, D-Mart as Reliance scales manufacturing
- Vendor and FMCG suppliers renegotiate terms as Reliance in-sources private-label production
- Institutional pre-positioning ahead of Jio anchor allocation; block deals and index-weight adjustments
- Competitors (Bharti Airtel, Vodafone Idea) face renewed pricing/capex pressure from Jio capital raise