Brokerages see up to 28% upside in Reliance after Jio IPO filing, retail manufacturing push
Post-49th AGM, Jefferies, Nomura and Motilal reiterated Buy on Reliance Industries with targets of Rs 1,640-1,675. Jio's SEBI IPO filing (listing by end-2026, valuation Rs 11-12 trillion, 524M subscribers) plus Reliance Retail's move into manufacturing, exports and RCPL scaling underpin the bullish view.
What happened
Reliance Industries · At its 49th AGM, Reliance detailed Jio's SEBI IPO filing (listing by end-2026), retail's push into manufacturing/exports, RCPL scaling as
Key facts
- TP Rs 1,675 (28% upside)
- TP Rs 1,640 (23.5%)
- TP Rs 1,655 (26%)
- Jio valuation Rs 11-12 trillion
- 270 million shares
- 2.9% dilution
- FY26 revenue Rs 1,468.9 bn
- EBITDA Rs 762.6 bn
- PAT Rs 300.5 bn
- 524 million subscribers
Why this matters
Jio's SEBI IPO filing at a Rs 11-12 trillion valuation and Reliance Retail's manufacturing/export push create a value-unlock template and potential partnership or acquisition openings across telecom, retail and consumer brands.
What to watch
- SEBI DRHP approval and confirmed IPO price band / listing date
- Jio subscriber and ARPU trajectory in quarterly updates
- Reliance Retail manufacturing capex disclosures and export order flow
- Any anchor-investor or pre-IPO stake sale valuation markers
- Broker target revisions above/below the Rs 1,640-1,675 range
- Peer conglomerates and telecom names re-rated on read-across; watch Bharti Airtel positioning ahead of Jio float
- Institutional flows rotate into RIL as index heavyweight; passive and FII rebalancing around IPO calendar
- Sell-side revises SOTP models to embed explicit Jio and Retail equity values
- Retail/FMCG competitors (HUL, Dabur) brace for RCPL pricing pressure as manufacturing scales