Reliance draws 'Buy' calls with up to 28% upside after Jio IPO filing
Jefferies, Nomura and Motilal Oswal reiterate 'Buy' on Reliance Industries, with targets up to Rs 1,675 (28% upside), following Jio's SEBI IPO filing targeting a late-2026 listing. Brokerages cite Retail's manufacturing and export push plus RCPL scaling alongside Jio's projected FY26 revenue growth of 14.6%.
What happened
Reliance Industries · At its 49th AGM, Reliance outlined growth across retail, telecom, AI and energy, plus Jio's IPO filing with SEBI targeting a late-2026
Key facts
- TP Rs 1,675 (28% upside)
- TP Rs 1,640 (23.5%)
- TP Rs 1,655 (~26%)
- Jio IPO 270M shares at Rs 10 face value
- 2.9% dilution
- valuation Rs 11-12 trillion
- 524M 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 filing crystallizes a value-unlock event for late 2026, making segment-level monetization and listing readiness the key strategic levers to manage.
What to watch
- SEBI approval timeline and confirmed Jio listing date
- Jio IPO valuation anchor vs analyst SOTP assumptions
- Reliance Retail quarterly margin/revenue prints and new-commerce metrics
- RCPL FMCG market-share gains and competitive response from incumbents
- Broad EM/India equity risk appetite and FII flows
- Watch for additional broker upgrades / TP revisions piggybacking on the Jio IPO filing
- Monitor Reliance Retail same-store growth, export ramp, and RCPL distribution scaling disclosures
- Track Jio ARPU and subscriber adds feeding the FY26 14.6% revenue growth estimate
- Look for institutional flow rotation into RIL ahead of the 2026 listing window