Reliance draws up to 28% Street upside after Jio IPO filing; Retail eyes manufacturing, exports
Post-AGM, Jefferies, Nomura and Motilal Oswal reiterate 'Buy' on Reliance Industries with targets up to Rs 1,675 (28% upside), citing Jio's SEBI IPO filing valuing the unit at Rs 11-12 trillion. Retail arm pushing into manufacturing and exports as parent capital flows firm up.
What happened
Reliance Industries · At its 49th AGM, Reliance outlined growth across telecom, retail, AI and clean energy plus Jio's IPO filing with SEBI. Jefferies, Nomura
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%)
- PAT Rs 300.5bn (+15.1%)
Why this matters
The Jio SEBI filing crystallizes value and frees capital for Retail's vertical integration into manufacturing and exports, opening M&A and partnership avenues along the new value chain.
What to watch
- SEBI approval and Jio IPO price band / listing date
- Jio ARPU and subscriber trajectory in next quarterly print
- Retail capex guidance and manufacturing/export order announcements
- Any anchor-investor or strategic stake valuation prints for Jio
- Consensus target revisions clustering above Rs 1,650
- Peer brokerages (CLSA, Morgan Stanley, Kotak) update SOTP models within days
- Retail vendors and contract manufacturers reposition as RIL insources production
- Institutional flows rotate into RIL ahead of Jio listing window
- Competitors (Airtel, DMart) brace for capital-backed aggression