Motilal, Jefferies, Nomura see up to 28% upside on Reliance after Jio IPO filing
Reliance filed Jio's IPO DRHP with SEBI at its AGM, targeting a listing by end-2026 at a Rs 11-12 trillion valuation. Brokerages reiterated Buy with targets of Rs 1,640-1,675, citing growth across Jio (524m subscribers), Reliance Retail, RCPL consumer brands, energy and AI.
What happened
Reliance Industries · At its AGM Reliance filed Jio's IPO DRHP with SEBI (listing possible by end-2026) and outlined growth across retail manufacturing/exports,
Key facts
- target Rs 1,675 (28% upside)
- target Rs 1,640 (23.5% upside)
- target Rs 1,655 (26% upside)
- 270 million shares
- 2.9% dilution
- Jio valuation Rs 11-12 trillion ($117-127bn)
- 524 million subscribers
- Jio FY26 revenue Rs 1,468.9bn (+14.6%)
- EBITDA Rs 762.6bn (+18.8%)
- PAT Rs 300.5bn (+15.1%)
Why this matters
The Jio IPO DRHP filing signals Reliance's move to monetize and separately value its telecom arm, reshaping the conglomerate's structure and creating comparables that could pressure or inspire peer restructuring and unlock strategies.
What to watch
- SEBI DRHP approval timeline and any observations
- Jio ARPU trajectory and 5G monetization data
- Reliance Retail and RCPL quarterly growth prints
- O2C/energy margin trends impacting consolidated earnings
- Institutional flow and FII positioning in RIL
- Peer telecom names (Bharti Airtel, Vodafone Idea) reprice on Jio valuation read-through
- Additional brokerages initiate/upgrade with SOTP-driven targets
- Retail investor inflows into RIL and anticipation-driven pre-IPO plays
- RIL management guidance on Jio ARPU, tariff hikes and subscriber monetization