Brokerages see up to 28% upside on Reliance Industries after Jio IPO filing
Jefferies, Nomura and Motilal Oswal reiterate 'Buy' on Reliance Industries with target prices up to Rs 1,675 after Jio Platforms files its IPO draft with SEBI. The retail arm is expanding into manufacturing and exports, while RCPL scales as a consumer-brands platform.
What happened
Brokerages Jefferies, Nomura and Motilal reiterate 'Buy' on Reliance Industries with up to 28% upside after Jio Platforms files IPO draft with SEBI. Retail arm
Key facts
- TP Rs 1,675 (28% upside)
- TP Rs 1,640 (23.5%)
- TP Rs 1,655 (26%)
- Jio IPO 270M shares
- 2.9% dilution
- valuation Rs 11-12 trillion
- Jio 524M subscribers
- FY26 revenue Rs 1,468.9B
Why this matters
The Jio IPO filing sets a valuation benchmark that could pave the way for a similar retail-arm listing, making brand acquisitions and export partnerships timely levers to sharpen the consumer-platform narrative.
What to watch
- SEBI clearance of Jio IPO draft and confirmed listing timeline
- Final Jio Platforms valuation vs. the Rs 11-12tn indicative range
- Jio ARPU and subscriber data in next quarterly print
- Reliance Retail margin trajectory as it shifts into manufacturing/exports
- RCPL revenue scaling and any acquisition news
- Any subscription/grey-market signals on IPO demand
- Watch peer brokerages (CLSA, Morgan Stanley, Kotak) pile on with matching or higher targets to confirm consensus lift
- Reliance Retail and RCPL likely to accelerate export/manufacturing announcements to keep the SOTP narrative alive
- Anchor investor and pre-IPO institutional interest for Jio Platforms to firm up ahead of listing
- Options positioning and elevated volume in RIL as event-driven flows build into the SEBI approval timeline