Motilal, Jefferies, Nomura see up to 28% upside in Reliance after Jio IPO filing
Post-AGM, Reliance filed Jio Platforms' DRHP for a possible 2026 listing at an Rs 11-12 trillion valuation. Brokerages maintained Buy with targets of Rs 1,640-1,675. Reliance Retail is pushing manufacturing and exports as part of the broader growth narrative across telecom, retail, AI and energy.
What happened
Reliance Industries · At its 49th AGM, Reliance detailed growth across telecom, retail, AI and energy, with Jio Platforms filing its IPO DRHP for a possible
Key facts
- TP Rs 1,675 (28% upside)
- TP Rs 1,640 (23.5% upside)
- TP Rs 1,655 (26% upside)
- 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
Jio's DRHP filing signals Reliance's intent to unlock segment-level value across telecom, retail, AI and energy, potentially setting a template for future carve-outs or listings.
What to watch
- SEBI DRHP approval and firm listing date for Jio Platforms
- Final Jio valuation band vs Rs 11-12T anchor
- Reliance Retail quarterly same-store sales and margin trajectory
- Jio ARPU trends and subscriber adds post-tariff moves
- Anchor investor / cornerstone commitments for the IPO
- Peer brokerages (Morgan Stanley, CLSA, Kotak) revisit RIL SOTP and TPs post-DRHP
- Reliance Retail accelerates manufacturing/export announcements to reinforce growth narrative
- Institutional pre-positioning ahead of anticipated 2026 Jio listing
- Management guidance on IPO timeline and use of proceeds