Brokerages see up to 28% upside in Reliance after Jio IPO filing
Following Reliance's AGM and Jio's SEBI IPO filing targeting end-2026, Jefferies, Nomura and Motilal reiterated Buy with targets up to Rs 1,675. Jio revenue rose 14.6% to Rs 1,468.9B with 524M subscribers, while the retail arm pushes into manufacturing and exports.
What happened
Reliance Industries · Reliance AGM outlined growth across retail, telecom, AI and energy, plus Jio IPO filing with SEBI targeting end-2026. Brokerages
Key facts
- TP Rs 1,675 (28% upside)
- TP Rs 1,640 (23.5%)
- TP Rs 1,655 (26%)
- Jio 270M shares, 2.9% dilution
- valuation Rs 11-12 trillion
- Jio revenue Rs 1,468.9B (+14.6%)
- EBITDA Rs 762.6B (+18.8%)
- 524M subscribers
Why this matters
The retail arm's push into manufacturing and exports plus a monetizing Jio IPO opens acquisition and partnership windows to lock in supply-chain and export capabilities before the 2026 listing.
What to watch
- SEBI approval milestones and confirmation of end-2026 IPO date
- Jio ARPU and subscriber net-adds in next quarterly print
- Jio IPO price band / implied valuation disclosures
- Retail segment margin and export order flow updates
- Holding-company discount commentary in analyst SOTP models
- Expect follow-on Buy reiterations and SOTP revisions from additional brokerages benchmarking Jio's implied valuation
- Watch RIL telecom/retail subsidiary structuring ahead of listing to maximize value crystallization
- Retail arm likely to publicize manufacturing/export wins to justify segment premium
- Institutional flows rotate into RIL as pre-IPO exposure proxy