Brokerages see up to 28% upside in Reliance Industries after Jio IPO filing
Reliance Industries' AGM mapped growth across telecom, retail, AI and clean energy as Jio Platforms filed its IPO draft prospectus for a late-2026 listing. Jefferies, Nomura and Motilal Oswal reiterated Buy with targets up to Rs 1,675 (28% upside), citing Jio revenue of Rs 1,468.9 bn (+14.6%) and 524 million subscribers.
What happened
Reliance Industries' AGM outlined growth across telecom, retail, AI and clean energy, with Jio Platforms filing its IPO draft prospectus targeting a late-2026
Key facts
- TP Rs 1,675 (28% upside)
- TP Rs 1,640 (23.5%)
- TP Rs 1,655 (26%)
- 270 million shares
- 2.9% dilution
- valuation Rs 11-12 trillion
- Jio revenue Rs 1,468.9 bn (+14.6%)
- EBITDA Rs 762.6 bn
- 524 million subscribers
Why this matters
The Jio Platforms IPO draft prospectus signals a value-unlock event that could reshape Reliance's capital structure and partnership opportunities across telecom, retail, AI, and clean energy.
What to watch
- DRHP/SEBI approval milestones and confirmed listing date
- Jio subscriber and ARPU trajectory in next two quarters
- Retail same-store growth and margin trend
- O2C/refining margin swings and crude moves
- New energy capex updates and first revenue recognition
- Expect peer brokerages to align targets upward and refresh SOTP models breaking out Jio, retail and new energy
- Anchor investors and pre-IPO placement chatter for Jio Platforms
- RIL management to drip guidance on AI and clean-energy monetization to support the growth narrative
- Institutional rotation into RIL ahead of demerger/listing clarity