Reliance: Brokerages See Up to 28% Upside After Jio IPO Filing, Retail Expansion
Post-AGM, Reliance filed Jio Platforms' IPO with SEBI and outlined growth across retail, telecom, AI and energy. Jefferies, Nomura and Motilal reiterated 'Buy' with targets up to Rs 1,675 (28% upside), citing Retail's push into manufacturing and exports. Jio valued at Rs 11-12 trillion; listing expected by end-2026.
What happened
Reliance Industries · At its AGM, Reliance outlined growth across retail, telecom, AI and energy, and filed Jio Platforms' IPO with SEBI. Brokerages Jefferies,
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 ($117-127bn)
- 270 million shares
- 2.9% dilution
- 524 million subscribers
- FY26 revenue Rs 1,468.9bn (+14.6%)
- EBITDA Rs 762.6bn (+18.8%)
Why this matters
The SEBI filing for Jio Platforms sets a valuation benchmark and unlocks a monetization path, reshaping the M&A and partnership landscape across telecom, AI, and energy.
What to watch
- SEBI approval milestones and IPO timeline confirmation
- Jio ARPU trends and subscriber additions / tariff hikes
- Retail quarterly revenue and EBITDA margin trajectory
- AI and energy (new energy giga-factory) capex commentary
- FII/DII flows into RIL post-filing
- Track brokerage consensus TP revisions and coverage initiations tied to Jio SOTP
- Watch RIL retail segment disclosures on manufacturing capex and export pipeline
- Monitor Jio Platforms IPO price-band and DRHP progress at SEBI
- Position for pre-listing value unlock trade into 2026