Nuvama Institutional Equities, which has a ‘Buy’ rating on RIL with a 12-month target price of ₹1,733, said the digital business IPO is likely in the first half of 2026 and could unlock significant value. However, it cautioned that RIL shareholders may not fully benefit due to a potential holding company discount.
JPMorgan, which has an ‘Overweight’ rating and a target price of ₹1,695, also highlighted the Jio listing plan. The brokerage said the IPO may no longer be a big “value unlocking” event since Street valuations for Jio in RIL’s sum-of-the-parts (SoTP) calculations are already aligned with peer multiples.That said, JPMorgan added that the probability of higher telecom tariffs ahead of the IPO could act as a catalyst for the stock.
It also mentioned concerns that an eventual holding company discount could crystallise for RIL after the Jio listing, though a fair degree of such discount already seems priced in. Overall, Reliance’s relative valuations appear reasonable, it said.
Jefferies has a ‘Buy’ rating on Reliance Industries with a target price of ₹1,670.
The brokerage said that Reliance plans to launch Jio’s IPO in the first half of 2026, with broadband showing strong traction and ambitions to sell its 5G technology stack to overseas markets.In retail, the company is targeting 20% CAGR growth over the next three years, while the FMCG business is set for large investments aimed at driving revenues to $12 billion in five years. Reliance has also scaled up its new energy ambitions with fresh targets.
However, Jefferies cautioned that Jio’s IPO could result in a potential holding company discount for RIL.
Kotak Institutional Equities has an ‘Add’ rating on Reliance Industries with a target price of ₹1,555. The brokerage said that the company has reiterated its goal of doubling EBITDA between FY2022 and FY2027.
In the organised retail segment, Reliance expects revenue to grow at a CAGR of over 20% over the next three years. For its FMCG business, the company has set a five-year ambition of reaching ₹1 lakh crore in revenue and outlined a long-term goal of becoming India’s largest FMCG player with a global presence.
Reliance also announced a new joint venture with Meta and expanded its partnership with Google Cloud, further strengthening its digital ecosystem.
The biggest announcement made in the shareholders address, was about the IPO of Reliance Jio. In addition, RIL Chairman and Managing Director Mukesh Ambani also said that AI is the Kamdhenu of the new age, with the conglomerate embedding AI across Energy, Retail, Telecom and Entertainment.
He also spoke about the creation of jobs within RIL, with the current workforce at 6.8 lakh, and a projection to grow beyond 10 lakh in the years to come. Jio also had the fastest 5G rollout and also crosse the 500 million customer milestone overall.
Shares of Reliance Industries Ltd. ended 2.16% lower on Friday at ₹1,356. The stock has risen 11% so far in 2025.
