Reliance files Jio DRHP; Jefferies, Nomura, Motilal see up to 28% upside
At its AGM, Reliance filed Jio Platforms' DRHP with SEBI for a possible end-2026 listing, valuing Jio at Rs 11-12 trillion. Retail is pushing into manufacturing/exports with RCPL scaling. Brokerages reiterate Buy with targets up to Rs 1,675 (28% upside).
What happened
Reliance Industries · At its AGM, Reliance filed Jio Platforms' DRHP with SEBI for a possible end-2026 listing, while flagging Retail's push into
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 ($117-127bn)
- 270 million shares
- 2.9% dilution
- 524 million subscribers
- FY26 revenue Rs 1,468.9bn (+14.6%)
- EBITDA Rs 762.6bn (+18.8%)
Why this matters
A potential end-2026 Jio listing at Rs 11-12 trillion crystallizes value across the conglomerate and reshapes the competitive landscape for partnerships and M&A in retail and exports.
What to watch
- SEBI observations/approval progress on Jio DRHP
- Confirmed IPO pricing band and listing date near end-2026
- Jio ARPU and subscriber additions in quarterly prints
- RCPL revenue run-rate and margin trajectory
- Holdco-discount commentary from sell-side and index/flow shifts
- More brokerages update SOTP with explicit Jio listing valuation and reiterate/raise targets
- Retail investors position ahead of eventual Jio IPO allocation expectations
- RIL management to detail RCPL export/manufacturing capex and monetization roadmap
- Peers (Bharti, Vodafone Idea) watched for relative telecom-multiple read-through