Brokerages see up to 28% upside in Reliance as Jio IPO filing, retail expansion drive Buy calls
Jefferies, Nomura and Motilal Oswal reiterated Buy on Reliance Industries after the AGM and Jio's SEBI IPO filing, with targets up to Rs 1,675. Jio valued at Rs 11-12 trillion on 524M subscribers; Reliance Retail pushes into manufacturing, exports and consumer brands.
What happened
Reliance Industries' AGM outlined growth across retail, telecom, AI and energy, plus Jio's IPO filing with SEBI. Brokerages (Jefferies, Nomura, Motilal)
Key facts
- 28% upside
- TP Rs 1,675
- Rs 1,640
- Rs 1,655
- Jio valuation Rs 11-12 trillion
- 524 million subscribers
- FY26 revenue Rs 1,468.9 billion
- EBITDA Rs 762.6 billion
- 2.9% dilution
Why this matters
The Jio IPO filing and Retail's push into consumer brands and exports open potential M&A, partnership and value-unlock opportunities across Reliance's conglomerate structure.
What to watch
- Jio IPO pricing, size and listing timeline confirmation from SEBI
- Jio quarterly ARPU and subscriber net-adds vs 524M base
- Reliance Retail revenue/EBITDA margin trajectory amid capex ramp
- Telecom tariff hikes or regulatory rulings affecting Jio valuation
- Broader market liquidity and large-cap IPO appetite
- More brokerages issue/raise Buy targets clustering around Rs 1,600-1,700
- Sell-side publishes detailed Jio SOTP and ARPU sensitivity models
- Reliance Retail announces specific brand/export partnerships to validate manufacturing pivot
- Institutional accumulation ahead of anticipated IPO allocation