Brokerages see up to 28% upside in Reliance after Jio IPO filing
Jefferies (TP Rs 1,675), Motilal (Rs 1,655) and Nomura (Rs 1,640) reiterate 'Buy' post RIL's 49th AGM, citing Jio's SEBI IPO filing, 524M subscribers and growth across retail, RCPL consumer brands, new energy and AI. Jio listing expected by end-2026 at Rs 11-12 trillion valuation.
What happened
Reliance Industries · At RIL's 49th AGM, brokerages Jefferies, Nomura and Motilal reiterated 'Buy' with up to 28% upside, citing Jio's SEBI IPO filing and
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, 2.9% dilution
- valuation Rs 11-12 trillion
- 524M subscribers
- FY26 revenue Rs 1,468.9 billion (+14.6%)
Why this matters
The Jio IPO structure—270M shares for just 2.9% dilution—signals a capital-light unlock we should benchmark for staging conglomerate listings without ceding control.
What to watch
- SEBI approval and DRHP progress / firm IPO price band
- Jio subscriber and ARPU trend confirming the 524M base momentum
- New-energy capex milestones and monetization signals
- FII flow direction and Nifty large-cap multiple trend
- Any dilution/timing revision vs the flagged 2.9% dilution
- Peer telecom/index desks reweight RIL exposure ahead of Jio listing
- More brokerages issue SOTP upgrades to align with Jio Rs 11-12tn mark
- Institutional pre-positioning in RIL as anchor demand builds for the IPO
- Retail and RCPL consumer-brand comps get re-rated on read-through