Reliance eyes up to 28% upside as brokerages back Jio IPO filing; Retail pushes into manufacturing
Reliance filed Jio's IPO DRHP with SEBI, targeting an Rs 11-12 trillion valuation and listing by end-2026. Jefferies (TP Rs 1,675), Motilal (Rs 1,655) and Nomura (Rs 1,640) reiterated Buy. Jio's FY26 revenue rose 14.6% to Rs 1,468.9B with 524M+ subscribers, while Retail expands into manufacturing and exports.
What happened
Reliance Industries · At its AGM, Reliance outlined growth across retail, telecom, AI and energy, and filed Jio's IPO DRHP with SEBI. Brokerages (Jefferies,
Key facts
- Jefferies TP Rs 1,675 (28% upside)
- Nomura TP Rs 1,640 (23.5%)
- Motilal TP Rs 1,655 (~26%)
- Jio 270M shares, 2.9% dilution
- Jio valuation Rs 11-12 trillion
- Jio FY26 revenue Rs 1,468.9B (+14.6%)
- EBITDA Rs 762.6B (+18.8%)
- 524M+ subscribers
Why this matters
Reliance is simultaneously monetizing Jio via IPO and vertically integrating Retail into manufacturing and exports, signaling a conglomerate reshaping worth tracking for partnership, supply-chain and co-listing plays.
What to watch
- SEBI DRHP approval timeline and observations
- Jio ARPU and subscriber-add cadence in next quarterly print
- Confirmed listing window firming for end-2026
- Retail EBITDA margin trajectory as manufacturing capex ramps
- Broker TP revisions post any valuation guidance shift
- Broad equity-market conditions ahead of the IPO
- Institutional accumulation of RIL ahead of Jio price discovery
- Peer telcos (Bharti, Vodafone Idea) face relative valuation benchmarking pressure
- Retail arm signals anchor investors or JV partners for manufacturing/export vertical
- Analysts publish updated SOTP models embedding Jio at 11-12T
- Potential pre-IPO stake churn or promoter clarity on listing structure