Reliance eyes 28% upside as Jio files DRHP; brokerages reiterate Buy
At its 49th AGM, Reliance detailed growth across telecom, retail, AI and energy, filing Jio's DRHP with SEBI for a possible end-2026 listing. Jefferies, Nomura and Motilal reiterated Buy with target prices up to Rs 1,675 (28% upside). Reliance Retail is pushing into manufacturing and exports.
What happened
Reliance Industries · At its 49th AGM, Reliance outlined growth across telecom, retail, AI and energy, filing Jio's DRHP with SEBI for a possible end-2026
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
The Jio DRHP filing and Reliance Retail's push into manufacturing and exports open partnership, JV, and supply-chain acquisition opportunities ahead of a potential end-2026 listing.
What to watch
- SEBI DRHP observations and approval timeline
- Jio IPO price band and final valuation vs Rs 11-12tn estimate
- Retail segment revenue/EBITDA momentum and export traction
- Reliance quarterly capex vs FCF trajectory across AI and energy
- Consensus TP revisions from Jefferies, Nomura, Motilal
- Brokerages refresh SOTP models incorporating explicit Jio IPO valuation bands
- Institutional accumulation into the value-unlock catalyst ahead of listing
- Reliance Retail expands manufacturing/export capacity, signals margin roadmap
- Anchor investor and pre-IPO placement discussions for Jio begin surfacing