Reliance: Motilal, Jefferies, Nomura see up to 28% upside after Jio IPO filing
Reliance filed Jio's DRHP with SEBI for a possible 2026 listing, valuing the telecom arm at Rs 11-12 trillion. Brokerages reiterate 'Buy' with targets up to Rs 1,675 (28% upside). Retail arm pushes into manufacturing and exports as AGM outlines growth across retail, telecom, AI and clean energy.
What happened
Reliance Industries · At its AGM Reliance outlined growth across retail, telecom, AI and clean energy, filing Jio's DRHP with SEBI for a possible 2026 listing.
Key facts
- Jefferies TP Rs 1,675 (28% upside)
- Nomura TP Rs 1,640 (23.5%)
- Motilal Oswal 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 (+14.6%)
- EBITDA Rs 762.6 billion (+18.8%)
Why this matters
The retail arm's push into manufacturing and exports alongside the Jio IPO opens vertical integration and partnership windows across retail, AI, and clean energy.
What to watch
- SEBI approval of Jio DRHP and listing timeline confirmation
- Jio IPO price band and final valuation vs Rs 11-12tn estimate
- Retail arm IPO or restructuring announcement
- New energy/AI capex milestones from AGM roadmap
- Broker target revisions above Rs 1,675
- Track RIL price reaction vs Rs 1,675 broker targets over 1-2 weeks
- Watch for follow-on brokerage upgrades and SOTP revisions
- Monitor institutional accumulation and derivative positioning ahead of listing
- Assess retail arm manufacturing/export monetization signals for separate value unlock