Reliance draws up to 28% upside calls after Jio IPO filing; Jefferies, Nomura, Motilal stay Buy
At its AGM, Reliance outlined growth across retail, telecom, AI and clean energy, and filed Jio Platforms' IPO draft with SEBI targeting a late-2026 listing. Brokerages set targets of Rs 1,640-1,675, implying 23.5-28% upside, with Jio valued at Rs 11-12 trillion and 524 million subscribers.
What happened
Reliance Industries · At its AGM, Reliance outlined growth across retail, telecom, AI and clean energy, and filed Jio Platforms' IPO draft with SEBI targeting a
Key facts
- TP Rs 1,675 (28% upside)
- TP Rs 1,640 (23.5% upside)
- TP Rs 1,655 (26% upside)
- 270 million shares
- 2.9% dilution
- valuation Rs 11-12 trillion
- 524 million subscribers
- revenue Rs 1,468.9 billion
- EBITDA margin 51.9%
Why this matters
The Jio Platforms SEBI draft filing signals a value-crystallizing spin-out playbook across telecom, retail, and clean energy that reshapes partnership and competitive dynamics through 2026.
What to watch
- SEBI approval milestones and DRHP updates for Jio Platforms
- Jio subscriber additions and ARPU trend in quarterly prints
- New-energy capex execution and first-revenue timelines
- Retail segment growth vs. Quick-commerce competition
- Any tariff hike signals across telecom sector
- Additional brokerages initiate/revise SOTP-based targets pegged to implied Jio valuation
- Retail and telecom peers (Bharti Airtel, Vodafone Idea, D-Mart) re-rated on read-through
- Institutional flows rotate into RIL ahead of anticipated Jio price discovery
- Management guidance on IPO structure, minority stake size, and ARPU trajectory