Reliance Industries could receive a fresh valuation boost from the upcoming Jio Platforms IPO, according to Religare Broking. The brokerage has set a target price of ₹1,696 for Reliance Industries shares, compared with the closing price of ₹1,156 on October 12, 2026. This represents a potential gain of 46.7% from that reference price.
The forecast comes as Reliance prepares to bring its telecom and digital services business to the stock market. The proposed listing could give investors a clearer way to assess Jio’s value and its contribution to Reliance Industries.
Jio Listing Puts Reliance’s Valuation in Focus
Reliance operates across several major industries, including telecom, retail, refining and energy. Because these businesses sit under one listed company, the market value of each operation is not always reflected separately in the share price.
Jio’s public listing could change how investors evaluate the group. Once the market establishes a separate price for Jio Platforms, shareholders will have a more visible reference point for assessing Reliance’s stake in the business.
Religare expects this change to support a possible re-rating of Reliance Industries. The outcome will depend on how investors value Jio after its listing and whether the parent company’s share price begins to reflect that value more closely.
Jio’s Business Expansion Remains Important
Jio’s growth prospects extend beyond its existing mobile subscriber base. The company is developing its presence in 5G, home broadband, enterprise technology and digital services.
An increase in average revenue per user, known as ARPU, could help Jio generate more revenue from its existing customers. Higher-value mobile plans and demand for business technology services could provide additional opportunities for earnings growth.
These developments are relevant to Reliance because Jio’s financial performance contributes to the value of the wider group. Stronger operating results could also improve the market’s assessment of the business following its listing.
Debt and Cash Flow Are Key Factors
The proposed IPO is also expected to help address borrowings at Reliance Jio Infocomm. Under the reported issue plan, up to ₹27,500 crore from the net proceeds is earmarked for repayment or prepayment of these loans.
Lower borrowings could reduce interest expenses and improve the company’s financial flexibility. The effect on Reliance Industries will depend on the final issue structure, the use of funds and the financial performance of its businesses.
Reliance Has Other Sources of Potential Growth
Jio is not the only business included in Religare’s assessment. Reliance Retail, the oil-to-chemicals division and the new energy business also feature in the brokerage’s outlook.
Retail expansion and online commerce could support the consumer business, while refining operations and petrochemical demand remain important to the energy division. Reliance’s investments in solar manufacturing, energy storage and hydrogen could contribute to future growth as these projects progress towards commercial operations.
The timing and scale of these contributions will depend on business execution, demand and market conditions.
What Is Religare’s Target for RIL Shares?
Religare Broking has retained its Buy recommendation on Reliance Industries with a target price of ₹1,696 per share. Its estimate is based on the potential impact of the Jio listing, debt management, cash generation and the performance of the group’s other businesses.
The projected 46.7% upside is calculated from the October 12 closing price of ₹1,156. It is a brokerage estimate rather than a guaranteed return, and the actual share price will depend on market conditions and the progress of the factors identified in its assessment.
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Disclaimer
This article is for educational and informational purposes only and does not constitute investment advice. Stock market investments are subject to market risks. Please consult a certified financial advisor before making any investment decisions.
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