Motilal, Jefferies, Nomura see up to 28% upside in Reliance after Jio IPO filing
At Reliance's 49th AGM, Jefferies, Nomura and Motilal reiterated Buy calls with targets up to Rs 1,675 (28% upside), citing Jio's SEBI IPO filing for a listing by end-2026, plus growth momentum in retail, AI and clean energy. Jio is valued at Rs 11-12 trillion with 524 million subscribers.
What happened
Reliance Industries · At Reliance's 49th AGM, brokerages Jefferies, Nomura and Motilal reiterated Buy with up to 28% upside, citing Jio's SEBI IPO filing
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
- FY26 revenue Rs 1,468.9 billion
Why this matters
The Jio IPO filing unlocks a value-realization path that could reprice the conglomerate's segments independently, opening options for capital raises and strategic partnerships in retail and clean energy.
What to watch
- SEBI approval and firm Jio IPO pricing/date confirmation
- Jio subscriber and ARPU trajectory beyond 524mn base
- Reliance Retail quarterly revenue and margin trends
- Clean-energy (gigafactory) commissioning updates
- Broad market and FII flow conditions into 2026
- Watch for additional broker upgrades and target revisions clustering near Rs 1,675
- Expect increased institutional accumulation and options positioning ahead of Jio listing window
- Anticipate management guidance on retail expansion pace and clean-energy capex milestones
- Monitor RIL de-merger/value-unlock commentary for Reliance Retail listing parallels