Jio IPO filing lifts Reliance target as brokerages see up to 28% upside
Jefferies, Nomura and Motilal Oswal reiterated 'Buy' on Reliance Industries after Jio Platforms filed its IPO draft, with targets up to Rs 1,675 implying 28% upside. Jio is valued at Rs 11-12 trillion; Retail's manufacturing/export push and RCPL consumer brands scaling are cited as growth engines ahead of a listing by end-2026.
What happened
Reliance Industries · At Reliance's AGM, brokerages Jefferies, Nomura and Motilal reiterated 'Buy' with up to 28% upside after Jio Platforms filed its IPO
Key facts
- TP Rs 1,675 (28% upside)
- TP Rs 1,640 (23.5%)
- TP Rs 1,655 (26%)
- Jio valuation Rs 11-12 trillion
- 270 million shares
- 2.9% dilution
- 524 million subscribers
- Jio FY26 revenue Rs 1,468.9 billion
Why this matters
The Jio IPO draft crystallizes segment-level valuations across telecom, retail and consumer brands, opening a window to benchmark M&A and partnership economics against the Rs 11-12 trillion Jio mark.
What to watch
- SEBI/DRHP approval milestones and firm IPO pricing band
- Jio ARPU trajectory and tariff hikes supporting the Rs 11-12tn valuation
- Reliance Retail quarterly revenue/margin and RCPL scaling metrics
- Consensus target revisions clustering toward or above Rs 1,675
- Broad Nifty/EM flow conditions and index weighting impact
- Additional brokerages update SOTP models and raise/reiterate targets citing Jio value unlock
- Reliance management provides IPO timeline, structure and Jio ARPU/subscriber guidance color
- Retail arm accelerates manufacturing/export commentary and RCPL brand expansion disclosures
- Anchor/institutional positioning ahead of the end-2026 listing window