Brokerages see up to 28% upside in Reliance Industries after Jio IPO filing
Reliance Industries detailed its Jio Platforms IPO filing with SEBI at its AGM, targeting an end-2026 listing. Jefferies, Nomura and Motilal Oswal reiterated Buy ratings, with target prices of Rs 1,640-1,675 implying 23.5-28% upside, citing retail and telecom growth pathways.
What happened
Reliance Industries' AGM detailed its Jio Platforms IPO filing with SEBI, targeting end-2026 listing. Brokerages Jefferies, Nomura and Motilal Oswal reiterated
Key facts
- TP Rs 1,675 (28% upside)
- TP Rs 1,640 (23.5%)
- TP Rs 1,655 (26%)
- 270M shares
- 2.9% dilution
- Jio valuation Rs 11-12 trillion
- 524M subscribers
- FY26 revenue Rs 1,468.9B
Why this matters
The Jio Platforms SEBI filing crystallizes a value-unlock event that reshapes M&A and partnership optionality across Reliance's telecom and retail verticals ahead of the 2026 listing.
What to watch
- SEBI approval and DRHP details (float size, valuation band)
- Jio ARPU and subscriber trends in upcoming quarters
- Reliance Retail growth and margin disclosures
- Confirmation or slippage of end-2026 listing timeline
- Additional analyst target revisions above/below Rs 1,675
- Brokerages refresh SOTP models assigning explicit Jio listed-entity value
- Institutional positioning ahead of anticipated 2026 listing increases
- Management roadshow messaging on Jio retail-telecom synergy
- Retail flows chase the listing-gain narrative into RIL parent