Jio files DRHP, targets end-2026 listing; brokerages see up to 28% upside for RIL
At RIL's 49th AGM, Jio Platforms filed its DRHP with SEBI for a listing by end-2026. Jefferies, Nomura and Motilal reiterated Buy on RIL, with targets up to Rs 1,675 (28% upside), citing telecom, retail, FMCG and AI roadmaps. Jio valued at Rs 11-12 trillion with 524 million subscribers.
What happened
Reliance Industries · At RIL's 49th AGM, Jio Platforms filed its DRHP with SEBI targeting a listing by end-2026. Brokerages Jefferies, Nomura, Motilal
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
- Jio valuation Rs 11-12 trillion
- FY26 revenue Rs 1,468.9 billion
- EBITDA Rs 762.6 billion
- 524 million subscribers
- RCPL Rs 100 billion in beverages, Rs 300 billion earmarked
Why this matters
The Jio DRHP filing signals a value-unlocking listing catalyst by end-2026, reshaping the comparable set for any telecom, retail, or digital-platform M&A.
What to watch
- SEBI observations / DRHP approval timeline
- Jio ARPU and subscriber net-adds quarterly prints
- Telecom tariff hikes and 5G monetization data
- AI/FMCG partnership or revenue milestones
- Broad market conditions near the listing window
- Anchor allocations and grey-market premium chatter build ahead of listing window
- Rival brokerages issue SOTP updates re-basing RIL holdco discount
- RIL segment disclosures sharpen (retail, FMCG, Jio) to support valuation
- Institutional repositioning into RIL as a Jio-listing proxy trade