Reliance draws up to 28% upside calls from Jefferies, Nomura, Motilal after Jio IPO filing
At its 49th AGM, Reliance detailed growth across retail, telecom, AI and energy, and filed Jio Platforms' DRHP with SEBI for a possible end-2026 listing. Jefferies, Nomura and Motilal reiterated 'Buy', with top target of Rs 1,675. Jio valued at Rs 11-12 trillion, with 524 million subscribers.
What happened
Reliance Industries · At its 49th AGM, Reliance detailed growth across retail, telecom, AI and energy, and filed Jio Platforms' DRHP with SEBI for a possible
Key facts
- TP Rs 1,675 (28% upside)
- TP Rs 1,640 (23.5%)
- TP Rs 1,655 (26%)
- Jio valuation Rs 11-12 trillion
- 270 million shares
- 2.9% dilution
- 524 million subscribers
- FY26 revenue Rs 1,468.9 billion
Why this matters
Jio Platforms' DRHP filing with SEBI and its Rs 11-12 trillion valuation on 524 million subscribers signals a landmark listing that could reshape competitive and partnership dynamics across Indian telecom and digital services.
What to watch
- SEBI approval timeline and any comments on DRHP
- Jio subscriber additions and ARPU in next quarterly print
- Confirmation of listing date and price band guidance
- Retail (Reliance Retail) monetization or separate IPO signals
- Telecom tariff hikes or regulatory shifts affecting Jio economics
- Peer telecom (Bharti Airtel) and retail names re-rated on read-across valuation benchmarks
- Institutional flows rotate into RIL ahead of value-unlock event; index weight buying
- More brokers publish revised SOTP models pegging Jio's implied per-share contribution
- Anchor investor and pre-IPO placement speculation builds for Jio Platforms