Brokerages see up to 28% upside in Reliance after Jio IPO filing
Jefferies (TP Rs 1,675), Nomura (Rs 1,640) and Motilal (Rs 1,655) reiterated Buy on Reliance after Jio filed its DRHP. Jio valued at Rs 11-12 trillion with 524m subscribers; retail scaling into manufacturing/exports and new AI/energy engines flagged as growth drivers.
What happened
Reliance Industries · At Reliance's 49th AGM, brokerages Jefferies, Nomura and Motilal reiterated Buy ratings with up to 28% upside after Jio filed its IPO
Key facts
- Jefferies TP Rs 1,675 (28% upside)
- Nomura TP Rs 1,640 (23.5% upside)
- Motilal TP Rs 1,655 (~26% upside)
- Jio valuation Rs 11-12 trillion ($117-127bn)
- Jio 270m shares, 2.9% dilution
- Jio FY26 revenue Rs 1,468.9bn (+14.6%)
- EBITDA Rs 762.6bn (+18.8%)
- PAT Rs 300.5bn (+15.1%)
- 524m subscribers
Why this matters
The Jio DRHP crystallizes a value-unlock playbook—monetize the telecom crown jewel while scaling retail into manufacturing/exports and building AI/energy optionality for the next platform bets.
What to watch
- Jio IPO price band and final valuation vs Rs 11-12tn expectation
- Jio subscriber additions and ARPU trajectory in upcoming quarters
- Retail segment margin and export scaling data points
- SEBI/regulatory approval timeline for the Jio listing
- Capex commentary on new energy and AI engines
- Peer analysts (Bernstein, CLSA, domestic desks) publish updated SOTP with Jio marked to DRHP valuation
- RIL investor communications emphasize retail exports/manufacturing and AI/energy pipeline to sustain multiple
- Institutional flows rotate into RIL as an anchor large-cap ahead of the listing catalyst
- Options/derivatives activity picks up around the Rs 1,600+ strike zone