Reliance eyes up to 28% upside as Jio files IPO draft; brokerages reiterate Buy
Post-AGM, Jio filed its IPO draft with SEBI targeting a listing by end-2026 at a Rs 11-12 trillion valuation. Jefferies, Nomura and Motilal reiterated Buy on the parent with targets up to Rs 1,675 (28% upside). Retail arm pushes manufacturing, exports and RCPL consumer brands.
What happened
Reliance Industries · Reliance AGM outlined growth across Jio, Retail (pushing manufacturing/exports), RCPL consumer brands, energy and AI. Jio filed IPO draft
Key facts
- TP Rs 1,675 (28% upside)
- TP Rs 1,640 (23.5%)
- TP Rs 1,655 (26%)
- 270M shares
- 2.9% dilution
- Jio valuation Rs 11-12 trillion
- 524M subscribers
- FY26 revenue Rs 1,468.9B
Why this matters
The Jio draft filing sets a listing clock to end-2026, so accelerate RCPL brand acquisitions and export-manufacturing partnerships now to maximize the sum-of-parts re-rating ahead of the spin-off.
What to watch
- SEBI approval timeline and DRHP observations
- Jio ARPU and subscriber trends in upcoming quarters
- Retail same-store growth and RCPL market-share data
- Final IPO price band vs Rs 11-12 trillion target
- Broad market/liquidity conditions into H2 2026
- Brokerages refresh SOTP models assigning explicit Jio listing value to parent
- Anchor/institutional demand tested via pre-IPO placements and roadshows
- Retail arm accelerates RCPL brand launches and export tie-ups to support standalone narrative
- Peers (Bharti/Vi telecom, listed retail names) re-rated on read-through