Reliance draws up to 28% upside calls as Jio files IPO; RCPL retail bets flagged
At its 49th AGM, Reliance detailed telecom, retail, AI and clean energy growth and filed Jio Platforms' DRHP with SEBI for a possible end-2026 listing. Motilal, Jefferies and Nomura kept 'Buy' with targets of Rs 1,640-1,675, citing Reliance Retail momentum and RCPL's Rs 100 billion FMCG investment.
What happened
Reliance Industries · At its 49th AGM, Reliance detailed growth across telecom, retail, AI and clean energy, and filed Jio Platforms' DRHP with SEBI for a
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
- 270 million shares
- 2.9% dilution
- 524 million subscribers
- FY26 revenue Rs 1,468.9 billion
- RCPL invested Rs 100 b
Why this matters
Jio Platforms' DRHP filing with SEBI opens a clear path to monetization and unlocks strategic optionality across telecom, retail, AI and clean energy verticals.
What to watch
- SEBI clearance timeline and Jio Platforms IPO pricing band
- Reliance Retail quarterly same-store growth and EBITDA margin trajectory
- RCPL FMCG revenue run-rate vs Rs 100bn investment absorption
- Clean energy (giga-factory) capex milestones and cash burn
- Consolidated debt levels and free cash flow post-capex
- Peer FMCG names (HUL, ITC, Nestle) flag competitive pressure commentary as RCPL scales
- Sell-side updates SOTP models incorporating Jio's Rs 11-12tn implied valuation
- Telecom peers (Bharti, Vi) brace for Jio tariff/subscriber posture ahead of listing
- Retail supply-chain and private-label partners see order flow acceleration