Reliance files Jio DRHP; Jefferies, Nomura, Motilal see up to 28% upside
Reliance Industries filed Jio Platforms' DRHP with SEBI, targeting a possible end-2026 listing at an Rs 11-12 trillion valuation. Brokerages reiterated Buy with target prices up to Rs 1,675 (28% upside), citing a growth roadmap across telecom, retail, AI and clean energy.
What happened
Reliance Industries · Reliance filed Jio Platforms' DRHP with SEBI, targeting a possible end-2026 listing. Brokerages Jefferies, Nomura and Motilal reiterated
Key facts
- TP Rs 1,675 (28% upside)
- TP Rs 1,640 (23.5%)
- TP Rs 1,655 (~26%)
- 270M shares
- 2.9% dilution
- valuation Rs 11-12 trillion ($117-127B)
- 524M subscribers
- FY26 revenue Rs 1,468.9B (+14.6%)
- EBITDA Rs 762.6B
- PAT Rs 300.5B
Why this matters
The Jio DRHP unlocks a value-crystallization event across Reliance's conglomerate stack, reframing partnership, spin-off, and capital-raise options ahead of the end-2026 listing.
What to watch
- SEBI observations / DRHP approval timeline
- Confirmed listing date and price band vs Rs 11-12tn mark
- Telecom ARPU/tariff hike announcements supporting Jio growth story
- AI and clean-energy capex disclosures and monetization milestones
- Broker TP revisions above/below Rs 1,675
- Watch RIL cash equity and options positioning for accumulation ahead of listing
- Expect follow-on broker notes revising SOTP splits (Jio vs retail vs O2C vs new energy)
- Retail-arm read-through: Reliance Retail listing timeline chatter likely to resurface
- Anchor investor and pre-IPO placement newsflow to firm up the valuation band