Jefferies, Nomura, Motilal see up to 28% upside in Reliance after Jio IPO filing
Post-AGM, brokerages reiterate Buy with targets of Rs 1,640-1,675 (23.5-28% upside) after Jio's IPO filing. Growth engines cited: Jio listing by end-2026 at Rs 11-12 trillion valuation, Retail's manufacturing/export push, RCPL consumer brands, New Energy and AI.
What happened
Reliance Industries · At RIL's AGM, brokerages Jefferies, Nomura and Motilal reiterated Buy ratings with up to 28% upside after Jio's IPO filing. Growth engines
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
- Jio valuation Rs 11-12 trillion ($117-127B)
- Jio 524M subscribers
- 268M 5G subscribers
- FY26 revenue Rs 1,468.9B (+14.6%)
- EBITDA Rs 762.6B (+18.8%)
Why this matters
The Jio IPO filing crystallizes a value-unlock timeline while New Energy and AI signal fresh M&A, partnership, and capital-allocation lanes worth mapping now.
What to watch
- Jio IPO regulatory approval / SEBI clearance timeline
- Reliance Retail quarterly revenue and EBITDA margin trajectory
- New Energy giga-factory commissioning milestones
- AI/cloud partnership announcements post-AGM
- FII flow data into Indian large-cap conglomerates
- Track additional broker upgrades converging on Rs 1,650+ TP band to confirm consensus shift
- Monitor Jio DRHP details, anchor investor interest and pricing benchmarks vs Rs 11-12tn valuation
- Watch Retail segment disclosures on manufacturing capacity, export order book and RCPL brand scale
- Assess New Energy capex cadence and its drag on group free cash flow