Reliance eyes up to 28% upside as brokerages back Jio IPO filing, retail and AI roadmap
Reliance Industries filed for Jio Platforms IPO with SEBI, targeting an end-2026 listing at a Rs 11-12 trillion valuation. Jefferies, Nomura and Motilal maintained 'Buy' with targets up to Rs 1,675 (28% upside), citing telecom, retail, AI and clean-energy growth.
What happened
Reliance Industries · Reliance AGM detailed Jio Platforms IPO filing with SEBI, targeting end-2026 listing at Rs 11-12 trillion valuation. Brokerages Jefferies,
Key facts
- Rs 1,675 TP (28% upside)
- Rs 1,640 TP (23.5%)
- Rs 1,655 TP (26%)
- 270 million shares
- 2.9% dilution
- Rs 11-12 trillion valuation
- 524 million subscribers
- FY26 revenue Rs 1,468.9 bn (+14.6%)
- EBITDA Rs 762.6 bn (+18.8%)
- PAT Rs 300.5 bn (+15.1%)
Why this matters
The SEBI filing signals a value-unlock template worth watching for anyone benchmarking conglomerate spin-offs across telecom, retail and AI verticals.
What to watch
- SEBI approval milestones and confirmed listing timeline
- Jio Platforms ARPU, subscriber adds and 5G monetization data
- Reliance Retail same-store sales and margin trajectory
- AI and clean-energy capex disclosures vs monetization signals
- Anchor investor / pre-IPO valuation marks vs the Rs 11-12tn target
- Expect competing broker notes reaffirming/raising TPs with refreshed SOTP math
- RIL to detail Jio Platforms structure, subsidiary carve-outs and use of proceeds
- Institutional flows rotate into RIL as a proxy ahead of the Jio listing
- Peers (Bharti Airtel, Vodafone Idea) reprice on telecom-sector read-through