Reliance files Jio DRHP; Jefferies, Nomura, Motilal see up to 28% upside
Reliance Industries filed Jio Platforms' DRHP with SEBI for a possible end-2026 listing, spotlighting growth across retail, telecom, AI and energy at its AGM. Brokerages reiterate Buy with targets up to Rs 1,675, valuing Jio at Rs 11-12 trillion on 524M subscribers.
What happened
Reliance Industries outlined growth across retail, telecom, AI and energy at its AGM, filing Jio Platforms' DRHP with SEBI for a possible end-2026 listing.
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
- 524M subscribers
- Jio FY26 revenue Rs 1,468.9B
- 2.9% dilution
Why this matters
The Jio Platforms listing unlocks a Rs 11-12 trillion valuation benchmark that reshapes M&A, partnership and capital-allocation opportunities across the conglomerate's retail, telecom, AI and energy verticals.
What to watch
- SEBI DRHP clearance timeline
- Jio quarterly ARPU and net subscriber adds
- Tariff hike announcements across telecom sector
- AI/new-energy monetization milestones from AGM roadmap
- Additional brokerage TP revisions above/below Rs 1,675
- Track SEBI observations and DRHP-to-RHP progression cadence
- Model Jio SOTP sensitivity to ARPU and subscriber assumptions
- Watch peer telecom (Bharti Airtel) re-rating as read-through comp
- Monitor RIL retail arm value-unlock signals for parallel listing chatter
- Position for anchor-investor and pre-IPO placement flow