Reliance eyes up to 28% upside as brokerages back Jio IPO filing, retail manufacturing push
At its 49th AGM, Reliance filed Jio's IPO draft with SEBI (270M shares, 2.9% dilution, Rs 11-12 trillion valuation). Jefferies, Nomura and Motilal reiterated 'Buy' with targets of Rs 1,640-1,675 (23.5-28% upside). Reliance Retail is pushing deeper into manufacturing and exports, with listing expected by end-2026.
What happened
Reliance Industries · At its 49th AGM, Reliance outlined growth across telecom, retail, AI and energy, filing Jio's IPO draft with SEBI. Brokerages Jefferies,
Key facts
- TP Rs 1,675 (28% upside)
- TP Rs 1,640 (23.5%)
- TP Rs 1,655 (26%)
- Jio 270M shares
- 2.9% dilution
- Jio valuation Rs 11-12 trillion ($117-127B)
- 524M subscribers
- FY26 revenue Rs 1,468.9B
Why this matters
Reliance's deeper move into retail manufacturing and exports, paired with the Jio IPO monetization event, signals opportunities in supply-chain partnerships and pre-listing positioning before the end-2026 debut.
What to watch
- SEBI acceptance/observations on Jio DRHP and revised timeline
- Confirmed IPO price band vs the Rs 11-12T draft valuation
- Reliance Retail quarterly margins and manufacturing/export revenue disclosure
- Jio ARPU trends and tariff hikes supporting the telecom multiple
- RIL stock hitting/rejecting Rs 1,640-1,675 TP zone
- Peer telecom (Bharti Airtel, Vodafone Idea) re-rating as Jio's implied valuation sets a benchmark
- Anchor investor and pre-IPO placement chatter around Jio's Rs 11-12T valuation
- Reliance Retail supplier/vendor onboarding and export-oriented capex announcements
- Additional brokerage TP hikes and coverage initiations pegged to sum-of-parts models
- FII/DII positioning shifts into RIL ahead of the listing window