Brokerages see up to 28% upside in Reliance after Jio IPO filing; Retail flagged as key value engine
At Reliance's 49th AGM, Jefferies (TP Rs 1,675), Motilal (Rs 1,655) and Nomura (Rs 1,640) reiterated Buy following Jio's IPO filing. Reliance named Retail's manufacturing/export push and RCPL's consumer-brands scaling among five value-creation engines, with Jio valued at Rs 11-12 trillion and listing targeted by end-2026.
What happened
Reliance Industries · At Reliance's 49th AGM, brokerages Jefferies, Nomura and Motilal reiterated Buy with up to 28% upside after Jio's IPO filing. Reliance
Key facts
- Jefferies TP Rs 1,675 (28% upside)
- Nomura TP Rs 1,640 (23.5%)
- Motilal 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
Reliance's explicit framing of Retail manufacturing/exports and RCPL brand scaling as two of five value-creation engines signals M&A, partnership, and vertical-integration opportunities in consumer brands and export supply chains.
What to watch
- Confirmation of Jio IPO timeline and valuation band vs Rs 11-12tn assumption
- Reliance Retail quarterly revenue/EBITDA margin and export order wins
- RCPL consumer-brands market share and distribution scaling data
- Any DRHP/regulatory filing updates or delays for Jio listing
- Broker TP revisions above Rs 1,675 or downgrades signaling narrative fatigue
- Watch peer brokerages (CLSA, Morgan Stanley, UBS) issue matching or higher TPs to confirm consensus SOTP re-rating
- Reliance likely to drip-feed Retail export/manufacturing milestones and RCPL brand launches to sustain the value-engine story
- Institutional accumulation ahead of Jio IPO roadshow; retail investors chase the upside call
- Management guidance on Jio IPO structure, listing venue and float size in coming quarters