Reliance Industries Ltd (RIL) shares slipped over 2% on Friday on the Bombay Stock Exchange, even as Chairman Mukesh Ambani assured investors at the Annual General Meeting (AGM) that the much-anticipated Reliance Jio IPO would finally hit Dalal Street in the first half of 2026.
Addressing shareholders, Ambani promised that Jio has the potential to deliver value comparable to global leaders and called the IPO an “attractive opportunity” for investors.
The sell-off after big AGMs has almost become a Reliance ritual. For the past four years, the stock has consistently fallen after the event as expectations outrun announcements.
For years, the market has waited for the listing of Reliance Jio and Reliance Retail. Back in 2019, Ambani had set a five-year timeline, which has now lapsed. While brokerages remain bullish, they caution against structural challenges. Nuvama notes that separate listings could unlock significant value but warns it might be offset by a holding company discount.
Sebi’s proposed rule changes add an interesting twist: Companies with a post-IPO market cap of over Rs 5 lakh crore would now need to float only 2.5% of equity, down from 5%.
For Jio, valued at over $120 billion by Citi, that means less supply at listing and potentially lower holding company discount risk.
AI took the spotlight this year. Reliance is working on JioBrain, a platform to power smart services across its ecosystem. Updates on JioAirFiber, indigenous 5G technology, and digital initiatives like Jio Hotstar were also highlighted.
On the energy side, Reliance is doubling down on its green ambitions with the launch of its first gigawatt-scale solar PV module plant and plans for integrated giga-factories for solar, batteries, and green hydrogen. Investors are keen on updates around timelines and cost efficiencies, including new tech like Perovskite solar cells.
Reliance Retail remains a critical growth engine. Last year, Ambani set a target to double revenues and EBITDA by 2030. Investors now want clarity on quick commerce, the Shein fashion JV, FMCG expansion, and consumer services performance.
Brokerages are broadly optimistic. Jefferies has a “Buy” with a Rs 1,670 target, JP Morgan is “Overweight” at Rs 1,695, and UBS pegs the stock at Rs 1,550, expecting value unlocking in Jio and Retail.
Meanwhile, Bank of America remains positive with a Rs 1,660 target, citing low expectations as an opportunity for upside. Macquarie has added Reliance to its Asia Marquee list at Rs 1,580, while Nuvama leads the bulls with a Rs 1,801 target.