Reliance draws up to 28% upside calls from Jefferies, Nomura, Motilal after Jio IPO filing
At its 49th AGM, Reliance detailed Jio's SEBI IPO filing (listing possible by end-2026), a retail push into manufacturing/exports, and RCPL scaling. Jio valued at Rs 11-12 trillion with 524M+ subscribers. Brokerages reiterated Buy with targets up to Rs 1,675.
What happened
Reliance Industries · At its 49th AGM, Reliance detailed Jio's SEBI IPO filing (listing possible by end-2026), retail push into manufacturing/exports, and RCPL
Key facts
- TP Rs 1,675 (28% upside)
- TP Rs 1,640 (23.5%)
- TP Rs 1,655 (~26%)
- Jio 270M shares issue
- 2.9% dilution
- Jio valuation Rs 11-12 trillion ($117-127B)
- 524M+ subscribers
- FY26 revenue Rs 1,468.9B (+14.6%)
- EBITDA Rs 762.6B (+18.8%)
Why this matters
The Jio SEBI filing sets up a value-unlocking listing that could reprice the conglomerate, making telecom and retail segment monetization the key strategic lever to track.
What to watch
- SEBI approval and IPO price band/timeline confirmation
- Quarterly Jio ARPU and net-add prints
- Retail SSSG and manufacturing order pipeline updates
- Holdco discount narrowing signals from block deals/index flows
- Any tariff hike announcement in telecom
- Track brokerage TP revisions and SOTP methodology post-filing
- Monitor Jio subscriber adds and ARPU trajectory into IPO
- Watch retail segment margins and manufacturing/export capex disclosures
- Assess RCPL scaling metrics and FMCG competitive response