Reliance eyes up to 28% upside as Jio DRHP filing unlocks value; retail, telecom, AI in focus
Reliance Industries filed Jio Platforms' DRHP with SEBI, targeting a 2026 listing. Jefferies, Nomura and Motilal Oswal reiterated 'Buy' with target prices up to Rs 1,675 (28% upside), citing retail, telecom and AI as value-creation pathways. Jio valued at Rs 11-12 trillion with 524 mn subscribers.
What happened
Reliance Industries · Reliance filed Jio Platforms' DRHP with SEBI at its AGM, targeting a 2026 listing. Jefferies, Nomura and Motilal reiterated 'Buy' with up
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 mn shares, 2.9% dilution
- Jio revenue Rs 1,468.9 bn (+14.6%)
- 524 mn subscribers
Why this matters
The DRHP filing crystallizes Jio's Rs 11-12 trillion standalone value and sets a template for surfacing hidden worth across retail and AI verticals, informing future carve-out and partnership strategy.
What to watch
- SEBI approval and formal IPO price band / listing date confirmation
- Jio ARPU and subscriber net-adds trajectory in quarterly numbers
- Reliance Retail growth metrics and any parallel value-unlock signals
- AI/JioBrain monetization announcements and capex disclosures
- Anchor investor and strategic partner commitments ahead of listing
- Rival brokerages update SOTP models and target prices post-DRHP; watch for consensus creep upward
- RIL management guides on IPO timing, expected valuation band and use of proceeds on next earnings call
- Institutional flows rotate into RIL as pre-IPO holdco proxy for Jio exposure
- Peers (Bharti Airtel, Vodafone Idea) face relative-valuation pressure and coverage refresh