Brokerages see up to 28% upside in Reliance after Jio IPO filing, retail push
Jefferies, Nomura and Motilal Oswal reiterated Buy on Reliance Industries post-AGM, with targets up to Rs 1,675 (28% upside). Beyond the Jio IPO filing valuing Jio at Rs 11-12 trillion, they cite Reliance Retail's move into manufacturing/exports and RCPL's consumer brands platform as growth engines.
What happened
Reliance Industries · At Reliance's AGM, brokerages Jefferies, Nomura and Motilal reiterated Buy calls with up to 28% upside, citing Jio IPO filing plus growth
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
- 524 million subscribers
- FY26 revenue Rs 1,468.9 billion
Why this matters
The Jio IPO filing crystallizes value at Rs 11-12 trillion while retail's move up the value chain signals M&A and platform-building opportunities in consumer brands and exports.
What to watch
- Jio IPO DRHP filing confirmation and pricing band
- Reliance Retail manufacturing/export capex announcements and margin trajectory
- RCPL consumer-brand revenue disclosures vs incumbents (HUL, Nestle)
- O2C/energy segment margins and net-debt levels
- FII/DII positioning shifts around AGM narrative
- Peer telecom/retail names (Bharti Airtel, DMart, Trent) reprice on Jio valuation read-through
- More brokerages initiate/raise SOTP-based targets to align with the pack
- RIL likely to release Jio IPO structure details, anchor investor interest and RCPL brand roadmap
- Retail suppliers and D2C acquisition targets gain M&A speculation premium