Reliance files Jio DRHP; Motilal, Jefferies, Nomura see up to 28% upside
At its 49th AGM, Reliance detailed growth across retail, telecom, AI and energy while filing Jio's DRHP with SEBI for a possible end-2026 IPO. Jefferies, Nomura and Motilal reiterated Buy, with targets up to Rs 1,675 implying 28% upside and a Rs 11-12 trillion Jio valuation.
What happened
Reliance Industries · At its 49th AGM, Reliance detailed growth across retail, telecom, AI and energy, filing Jio's DRHP with SEBI for a possible end-2026 IPO.
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
- 270 million shares
- 2.9% dilution
- 524 million subscribers
- FY26 revenue Rs 1,468.9 billion up 14.6%
- EBITDA Rs 762.6 billion up 18.8%
Why this matters
Reliance's move to unlock Jio's Rs 11-12 trillion value via IPO sets a benchmark for conglomerate value-crystallization and could reshape competitive and partnership dynamics across telecom, retail, and AI.
What to watch
- SEBI approval and DRHP-to-RHP timeline updates
- Jio quarterly ARPU and EBITDA trajectory
- IPO price band / valuation leaks vs Rs 11-12tn estimate
- AI and new-energy capex commentary at subsequent updates
- FII/DII flow shifts into RIL post-filing
- Track analyst SOTP revisions and any target upgrades beyond Rs 1,675 following the DRHP
- Position for near-term momentum but hedge the 2026 IPO timing gap
- Monitor Jio ARPU, subscriber adds and 5G/AI monetization datapoints
- Watch retail arm growth cadence as second re-rating leg after telecom