Reliance files Jio DRHP; Motilal, Jefferies, Nomura see up to 28% upside
At its AGM, Reliance filed Jio Platforms' DRHP with SEBI targeting an end-2026 listing, while outlining growth across retail manufacturing/exports, RCPL consumer brands, energy and AI. Jefferies, Nomura and Motilal Oswal reiterated 'Buy', with targets up to Rs 1,675 (28% upside) and Jio valued at Rs 11-12 trillion.
What happened
Reliance Industries · At its AGM, Reliance filed Jio Platforms' DRHP with SEBI targeting an end-2026 listing, while outlining growth across retail
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
- 524 million subscribers
- FY26 revenue Rs 1,468.9 billion
- EBITDA Rs 762.6 billion
- 2.9% dilution
Why this matters
Reliance's DRHP formalizes the Jio Platforms carve-out while broadening the conglomerate's growth flywheel across consumer brands, exports, energy and AI, signaling further structural separation opportunities.
What to watch
- SEBI observations/approval on Jio DRHP and any listing timeline revisions
- Jio Platforms ARPU, subscriber and AI/enterprise revenue disclosures in DRHP
- RCPL and retail export segment quarterly growth prints
- Broker target upgrades above Rs 1,675 or downgrades on execution slippage
- Broader Nifty/large-cap risk appetite and IPO market conditions into 2026
- Peer brokerages (Morgan Stanley, CLSA, Kotak) refresh SOTP models with explicit Jio IPO valuation bands
- Institutional accumulation of RIL ahead of value-unlock catalyst; watch FII/DII flows
- Retail investor interest builds around eventual Jio public float mechanics and record-date speculation
- Reliance schedules pre-IPO roadshows and firms up anchor/strategic investor commitments