Brokerages see up to 28% upside in Reliance after Jio IPO filing
Following Reliance's 49th AGM and Jio Platforms' IPO draft filing with SEBI targeting an end-2026 listing, Jefferies, Nomura and Motilal Oswal maintained Buy ratings with target prices up to Rs 1,675. Jio is valued at Rs 11-12 trillion with 524 million subscribers and a 51.9% EBITDA margin.
What happened
Reliance Industries · Reliance's 49th AGM laid out growth across retail, telecom, AI and clean energy; Jio filed IPO draft with SEBI targeting end-2026 listing.
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
- revenue Rs 1,468.9 billion
- EBITDA Rs 762.6 billion
- 51.9% EBITDA margin
Why this matters
The Jio Platforms IPO draft filing with SEBI targeting an end-2026 listing signals a value-unlocking separation that could reshape Reliance's conglomerate structure and set comps for future carve-outs.
What to watch
- SEBI approval and confirmed listing date for Jio Platforms
- Jio ARPU and net subscriber-add trajectory in quarterly prints
- Reliance Retail growth and any parallel listing signals
- Analyst target-price revisions clustering above/below Rs 1,675
- Anchor/strategic investor valuation marks for Jio
- Retail and institutional funds rotate into Reliance ahead of Jio value unlock
- Peer telecom names (Bharti Airtel) re-rated on read-through subscriber/ARPU economics
- Brokerages publish detailed SOTP models isolating Jio, retail and O2C segments
- Anchor investor and pre-IPO placement speculation builds through 2026