Reliance draws 'Buy' from Jefferies, Nomura, Motilal with up to 28% upside after Jio IPO filing
At its AGM, Reliance detailed Jio's SEBI IPO filing (possible end-2026 listing), with brokerages reiterating 'Buy' calls on targets of Rs 1,640-1,675. Jio, valued at Rs 11-12 trillion with 524M subscribers, anchors the thesis alongside Retail's manufacturing/export push and RCPL consumer brands.
What happened
Reliance Industries · At its AGM, Reliance detailed Jio's IPO filing with SEBI (possible end-2026 listing) alongside growth plans for Retail's
Key facts
- TP Rs 1,675 (28% upside)
- TP Rs 1,640 (23.5%)
- TP Rs 1,655 (~26%)
- Jio 270M shares
- 2.9% dilution
- valuation Rs 11-12 trillion ($117-127B)
- 524M subscribers
- FY26 revenue Rs 1,468.9B
- EBITDA Rs 762.6B
Why this matters
Jio's SEBI IPO filing signals a coming structural separation and public valuation benchmark that reshapes the competitive and partnership landscape across telecom, retail, and consumer brands.
What to watch
- SEBI DRHP approval and firm listing date confirmation
- Jio ARPU and subscriber-add trajectory in quarterly prints
- Retail same-store growth and export/manufacturing order wins
- FII flow direction into large-cap Indian equities
- Any pricing band or pre-IPO placement valuation leaks
- Peer telecom (Bharti Airtel, Vi) revalued on Jio benchmark pricing
- Retail arm split disclosures accelerate as RIL preps for potential future unlock
- Anchor/PE investors (KKR, PIF, Google, Meta) position stakes ahead of listing
- Sell-side upgrades cascade; consensus target ladder rises toward Rs 1,700+