Reliance files Jio IPO DRHP; Jefferies, Nomura, Motilal see up to 28% upside
At its AGM, Reliance mapped growth across retail, telecom, AI and energy while filing Jio's IPO with SEBI (270M shares, 2.9% dilution, Rs 11-12 trillion valuation). Brokerages reiterated 'Buy' with targets up to Rs 1,675. Retail is expanding into manufacturing and exports; FY26 revenue seen up 14.6% to Rs 1,468.9B.
What happened
Reliance Industries · At its AGM, Reliance outlined growth across retail, telecom, AI and energy, and filed Jio's IPO DRHP with SEBI. Brokerages Jefferies,
Key facts
- TP Rs 1,675 (28% upside)
- TP Rs 1,640 (23.5%)
- TP Rs 1,655 (26%)
- Jio 270M shares, 2.9% dilution
- Jio valuation Rs 11-12 trillion ($117-127B)
- 524M subscribers
- FY26 revenue Rs 1,468.9B up 14.6%
- EBITDA Rs 762.6B up 18.8%
Why this matters
Reliance's 2.9% Jio dilution and retail expansion into manufacturing and exports (FY26 revenue up 14.6% to Rs 1,468.9B) create both partnership openings and a formidable vertically integrated rival to monitor.
What to watch
- SEBI DRHP clearance and IPO price band / timeline confirmation
- FY26 retail revenue tracking vs the 14.6% / Rs 1,468.9B guidance
- Anchor allocation and institutional subscription levels at open
- Jio ARPU and subscriber-add trend as valuation support
- Broad Nifty/primary-market sentiment and FII flow direction
- Peers (Bharti Airtel, Vodafone Idea) telegraph tariff and capex responses ahead of Jio's listing float
- Brokerages refresh SOTP models assigning explicit standalone multiples to retail, telecom and new-energy verticals
- Retail arm signals JV/capex commitments for manufacturing and export capacity
- Anchor-investor book-building chatter and grey-market premium indications emerge pre-listing