Motilal, Jefferies, Nomura reiterate Buy on Reliance, see up to 28% upside after Jio IPO filing
Reliance filed Jio IPO papers with SEBI for a possible end-2026 listing at an Rs 11-12 trillion valuation. Brokerages set targets of Rs 1,640-1,675 (up to 28% upside), citing 524M+ subscribers and retail's push into manufacturing and exports flagged at the AGM.
What happened
Reliance Industries · At its AGM, Reliance detailed growth across telecom, retail, AI and energy, with Jio filing IPO papers with SEBI for a possible end-2026
Key facts
- TP Rs 1,675 (28% upside)
- TP Rs 1,640 (23.5%)
- TP Rs 1,655 (~26%)
- 270M shares issued
- 2.9% dilution
- valuation Rs 11-12 trillion ($117-127B)
- 524M+ subscribers
- FY26 revenue Rs 1,468.9B (+14.6%)
- EBITDA Rs 762.6B (+18.8%)
- PAT Rs 300.5B (+15.1%)
Why this matters
The SEBI filing for a possible end-2026 Jio listing signals a structural value-crystallization move, with retail's manufacturing and export push emerging as the next monetization lever to position.
What to watch
- SEBI approval or observation letter on the DRHP
- Jio quarterly ARPU and net subscriber adds vs the 524M base
- Confirmed listing date and float size for end-2026
- Any tariff hike announcement supporting telecom cash flows
- Retail export/manufacturing order or capex disclosures from AGM commitments
- Peer brokerages (CLSA, Morgan Stanley, JPMorgan) issue matching or higher SOTP targets
- Anchor investor and pre-IPO placement chatter builds around Jio's Rs 11-12tn valuation
- RIL management gives listing-timeline and demerger-structure guidance
- Retail/manufacturing segment gets separate valuation flags as next unlock candidate