Reliance draws up to 28% upside calls from Jefferies, Nomura, Motilal after Jio IPO filing
Post-AGM, Reliance filed Jio Platforms' SEBI papers targeting an end-2026 listing at Rs 11-12 trillion valuation. Brokerages hold 'Buy' with TPs up to Rs 1,675, citing Retail's manufacturing/exports push and RCPL scaling alongside telecom, AI and clean energy growth.
What happened
Reliance Industries · Reliance AGM outlined growth across retail, telecom, AI and clean energy, plus Jio Platforms' IPO filing with SEBI targeting end-2026
Key facts
- Jefferies TP Rs 1,675 (28% upside)
- Nomura TP Rs 1,640 (23.5%)
- Motilal TP Rs 1,655 (~26%)
- 270 million shares
- 2.9% dilution
- Jio valuation Rs 11-12 trillion
- FY26 revenue Rs 1,468.9 bn (+14.6%)
- EBITDA Rs 762.6 bn (+18.8%)
- 524 million subscribers
Why this matters
The Jio Platforms SEBI filing signals a value-unlock and holding-structure reset that could reprice conglomerate assets and reshape partnership, capital, and spin-off options across the group.
What to watch
- SEBI approval milestones and confirmed listing date for Jio Platforms
- Jio DRHP valuation vs the Rs 11-12T anchor
- RCPL FMCG revenue run-rate and retail export order wins
- Any signal on separate Reliance Retail listing timeline
- Foreign flows and block deals in RIL stock
- Peer brokerages (CLSA, Morgan Stanley, Kotak) issue matching SOTP notes lifting RIL TPs
- Retail arm accelerates disclosure on manufacturing/exports and RCPL revenue to justify segment value
- Institutional accumulation ahead of Jio pricing; anchor-investor speculation begins
- Management guidance on Jio float size, retail IPO sequencing, and clean-energy capex cadence