Brokerages see up to 28% upside in Reliance after Jio Platforms IPO filing
Reliance filed Jio Platforms' DRHP for a possible 2026 listing at an Rs 11-12 trillion ($117-127B) valuation. Jefferies (TP Rs 1,675, 28% upside), Motilal Oswal (Rs 1,655, ~26%) and Nomura (Rs 1,640, 23.5%) reiterated Buy, citing growth across retail, telecom, AI and energy.
What happened
Reliance Industries · At its AGM, Reliance outlined growth across retail, telecom, AI and energy, and filed Jio Platforms' DRHP for a possible 2026 IPO.
Key facts
- Jefferies TP Rs 1,675 (28% upside)
- Nomura TP Rs 1,640 (23.5%)
- Motilal TP Rs 1,655 (~26%)
- Jio 270M shares, 2.9% dilution
- Jio valuation Rs 11-12 trillion ($117-127B)
- Jio FY26 revenue Rs 1,468.9B (+14.6%)
- EBITDA Rs 762.6B (+18.8%)
- PAT Rs 300.5B (+15.1%)
- 524M subscribers
Why this matters
Reliance's Jio Platforms IPO filing sets a $117-127B benchmark for value crystallization across telecom, retail, AI and energy, reshaping the competitive and capital-raising landscape.
What to watch
- DRHP approval progress and confirmed 2026 listing window
- Jio FY26 ARPU and net subscriber adds vs Rs 1,468.9B revenue estimate
- Reliance quarterly retail same-store growth and margin trajectory
- Broader Indian primary-market appetite and Nifty large-cap flows
- Any downward revision to the Rs 1,640-1,675 target cluster
- Expect more sell-side SOTP updates lifting Jio Platforms standalone valuations toward the Rs 11-12tn mark
- Watch for anchor investor and pre-IPO stake commentary (Google, Meta, KKR-type holders) reaffirming marks
- Retail and energy segment guidance likely reiterated to support the multi-engine growth thesis