Motilal, Jefferies, Nomura see up to 28% upside on Reliance after Jio IPO filing
Reliance filed Jio Platforms' DRHP with SEBI at its 49th AGM, targeting an end-2026 listing. Three brokerages reiterated Buy with targets up to Rs 1,675 (28% upside), citing telecom, retail, AI and clean-energy growth. Jio counts 524M subscribers; FY26 revenue seen up 14.6% and EBITDA up 18.8%.
What happened
Reliance Industries · At Reliance's 49th AGM, the company filed Jio Platforms' DRHP with SEBI targeting an end-2026 listing. Jefferies, Nomura and Motilal Oswal
Key facts
- Rs 1,675 target (28% upside)
- Rs 1,640 target (23.5% upside)
- Rs 1,655 target (~26% upside)
- 270 million shares
- 2.9% dilution
- Rs 11-12 trillion valuation
- 524 million subscribers
- FY26 revenue Rs 1,468.9 billion (+14.6%)
- EBITDA Rs 762.6 billion (+18.8%)
Why this matters
Jio Platforms' DRHP filing with SEBI sets up an end-2026 listing at an Rs 11-12 trillion valuation, unlocking a major value-crystallization event for the conglomerate.
What to watch
- SEBI approval timeline and DRHP observations
- Jio IPO price band and final Rs 11-12 trillion valuation confirmation
- FY26 quarterly ARPU and EBITDA prints vs 18.8% growth guidance
- Retail segment same-store sales and margin trajectory
- Clean-energy capex milestones and AI monetization signals
- Peer brokerages (JPMorgan, Morgan Stanley, Kotak) publish updated SOTP with Jio standalone valuation
- RIL rotates institutional flows as SOTP discount narrows toward listed-peer multiples
- Retail investors front-run pre-IPO exposure via RIL parent stock
- Management provides subscriber monetization and ARPU roadmap in coming quarters