Brokerages see up to 28% upside in Reliance after Jio IPO filing, retail manufacturing push
Post-49th AGM, Jefferies, Nomura and Motilal reiterated Buy on Reliance Industries with targets of Rs 1,640-1,675. Jio's SEBI IPO filing (listing by end-2026, valuation Rs 11-12 trillion, 524M subscribers) plus Reliance Retail's move into manufacturing, exports and RCPL scaling underpin the bullish view.
At its 49th AGM, Reliance detailed Jio's SEBI IPO filing (listing by end-2026), retail's push into manufacturing/exports, RCPL scaling as a consumer brands platform, and AI plans. Brokerages Jefferies, Nomura, Motilal reiterated Buy with up to 28% upside.