Motilal, Jefferies, Nomura see up to 28% upside on Reliance after Jio IPO filing
Brokerages set targets up to Rs 1,675 on Reliance Industries following Jio Platforms' SEBI IPO draft. AGM growth roadmap spans retail manufacturing/exports, RCPL consumer brands, telecom, AI and clean energy, reinforcing parent-level capital flows.
What happened
Brokerages see up to 28% upside on Reliance Industries after Jio Platforms filed its IPO draft with SEBI. AGM outlined growth across retail
Key facts
- 28% upside
- target Rs 1,675
- Rs 1,640 (23.5%)
- Rs 1,655 (26%)
- 270 million shares
- 2.9% dilution
- Rs 11-12 trillion valuation
- 524 million subscribers
- revenue Rs 1,468.9 bn (+14.6%)
- EBITDA Rs 762.6 bn (+18.8%)
Why this matters
The Jio Platforms IPO draft signals a value-unlock and capital-recycling path that could reset segment monetization benchmarks and inform M&A and partnership strategy across telecom, retail and clean energy.
What to watch
- SEBI observations/approval and confirmed IPO price band and timeline
- Jio ARPU trends and subscriber additions in quarterly prints
- Reliance Retail growth, RCPL brand scale-up and margin trajectory
- Clean-energy giga-factory capex and commissioning updates
- AGM follow-through commentary and any strategic partner announcements
- Consensus SOTP upgrades from more brokerages tracking Rs 1,650-1,700 zone
- Rotation of institutional inflows into RIL ahead of Jio listing to capture value unlock
- Increased sell-side coverage detailing retail exports/RCPL and clean-energy monetization roadmaps
- Options positioning skewing bullish into IPO milestones