Reliance files Jio DRHP; brokerages see up to 28% upside as retail arm pushes into manufacturing
At its 49th AGM, Reliance filed Jio Platforms' DRHP with SEBI for a possible end-2026 listing at a Rs 11-12 trillion valuation. Jefferies (Rs 1,675), Motilal (Rs 1,655) and Nomura (Rs 1,640) reiterate Buy. Reliance Retail is expanding into manufacturing and exports alongside AI and energy bets.
What happened
Reliance Industries · At its 49th AGM, Reliance outlined growth across telecom, retail, AI and energy, filing Jio's DRHP with SEBI for a possible end-2026
Key facts
- Jefferies target Rs 1,675 (28% upside)
- Nomura target Rs 1,640 (23.5%)
- Motilal Rs 1,655 (~26%)
- 270 million shares
- 2.9% dilution
- valuation Rs 11-12 trillion
- FY26 revenue Rs 1,468.9 billion
- 524 million subscribers
- 120 MW AI capacity
Why this matters
The Jio DRHP filing and Retail's manufacturing/export expansion signal partnership, JV, and supply-chain deal openings ahead of the targeted end-2026 listing.
What to watch
- SEBI observations / DRHP approval timeline
- Jio ARPU and subscriber trends in quarterly prints
- Reliance Retail same-store growth and manufacturing order book
- Broker target revisions vs current Rs 1,640-1,675 cluster
- Indian equity market risk appetite ahead of a large-cap listing
- Anchor investor and roadshow signaling on Jio Platforms valuation band
- RIL segment guidance on retail manufacturing capex and export ramp
- Rival telco (Airtel/Vi) and retail (DMart/Amazon/Flipkart) competitive responses
- Sell-side model updates tightening SOTP after DRHP disclosures