Reliance eyes up to 28% upside as brokerages back Jio IPO filing; Retail pushes into manufacturing
Reliance filed Jio's IPO DRHP with SEBI, targeting an Rs 11-12 trillion valuation and listing by end-2026. Jefferies (TP Rs 1,675), Motilal (Rs 1,655) and Nomura (Rs 1,640) reiterated Buy. Jio's FY26 revenue rose 14.6% to Rs 1,468.9B with 524M+ subscribers, while Retail expands into manufacturing and exports.
At its AGM, Reliance outlined growth across retail, telecom, AI and energy, and filed Jio's IPO DRHP with SEBI. Brokerages (Jefferies, Nomura, Motilal) reiterated Buy with up to 28% upside; Retail is pushing into manufacturing and exports.