Brokerages see up to 28% upside on Reliance after Jio IPO filing
Post-AGM, Reliance filed Jio's IPO draft with SEBI at an implied Rs 11-12 trillion valuation. Motilal, Jefferies and Nomura reiterated Buy with targets of Rs 1,640-1,675. Retail is expanding into manufacturing and exports while RCPL scales consumer brands; Jio posted Rs 1,468.9B revenue (+14.6%) and 524M subscribers.
What happened
Reliance Industries · At its 49th AGM Reliance outlined growth across telecom, retail, AI and clean energy, filing Jio's IPO draft with SEBI. Retail is pushing
Key facts
- TP Rs 1,675 (28% upside)
- TP Rs 1,640 (23.5%)
- TP Rs 1,655 (26%)
- Jio 270M shares
- 2.9% dilution
- valuation Rs 11-12 trillion
- Jio revenue Rs 1,468.9B (+14.6%)
- EBITDA Rs 762.6B
- 524M subscribers
Why this matters
The SEBI draft filing signals monetization intent that could reset conglomerate valuation benchmarks and accelerate spin-off, partnership, and capital-recycling opportunities across Reliance's retail and digital arms.
What to watch
- SEBI acceptance/observations on Jio DRHP and firm IPO price band
- Jio quarterly ARPU and subscriber net-adds trajectory
- Reliance Retail same-store growth, margin and export/manufacturing traction
- Broker target revisions or downgrades post-filing details
- O2C/energy segment earnings and broader macro/rate environment
- Peer telecom names (Bharti Airtel, Vodafone Idea) re-rated on read-through to sector ARPU and IPO comparables
- Retail-focused analysts revisit Reliance Retail SOTP as manufacturing/exports and RCPL brand scaling get separate valuation lines
- Institutional flows rotate into RIL ahead of anticipated Jio value unlock; index weight and passive rebalancing effects
- Competitors in FMCG/quick-commerce brace for RCPL price-led share grab funded by conglomerate balance sheet