Reliance draws up to 28% upside calls from Jefferies, Nomura, Motilal after Jio DRHP filing
At its 49th AGM, Reliance filed Jio's DRHP with SEBI targeting an end-2026 listing, with the telecom unit valued at Rs 11-12 trillion. Brokerages reiterated 'Buy' with targets of Rs 1,640-1,675, citing growth across telecom, retail, AI and clean energy.
What happened
Reliance Industries · At its 49th AGM, Reliance outlined growth across telecom, retail, AI and clean energy, and filed Jio's DRHP with SEBI targeting an
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%)
- EBITDA margin 51.9%
Why this matters
The Jio carve-out and DRHP structure signal a value-unlock playbook across telecom, retail, AI, and clean energy that peers should study for their own conglomerate listings.
What to watch
- SEBI observations/approval on Jio DRHP
- Jio ARPU and subscriber adds in next quarterly print
- Confirmed listing date and price band guidance
- Clean-energy giga-factory capex and monetization updates
- Any tariff hike across telecom sector
- Watch for competing broker notes recalibrating RIL SOTP with explicit Jio listing discount
- Position for Jio anchor-investor and pre-IPO shareholder register commentary
- Track retail segment KPIs as the next value lever after telecom crystallization
- Monitor RIL options skew for upside call accumulation into listing window