Reliance Shares in Focus Ahead of Jio IPO: Religare Sees 47% Upside Potential

Reliance Industries Ltd (RIL) is in focus as its digital subsidiary, Jio Platforms, prepares for its much-anticipated initial public offering (IPO), while Reliance Consumer Products has entered the ready-to-drink dairy market with its ₹20 Joyland flavoured milk. Amid these developments, Religare Broking has maintained a BUY rating on Reliance Industries and set a target price of ₹1,696 per share, implying a potential upside of 46.7% from the stock’s October 12 closing price of ₹1,156.

The target represents the brokerage’s assessment, not a guaranteed return. Market performance will depend on business results, valuations, broader market conditions and other risks.

Reliance Share Price Target: Why Religare Is Bullish on RIL

According to a research report dated October 13, Religare Broking believes the proposed listing of Jio Platforms could act as a major catalyst for a potential re-rating of Reliance Industries.

The listing could give Jio Platforms an independent market valuation, helping investors better assess the value of Reliance’s businesses through a sum-of-the-parts (SOTP) approach. This may also help address the holding-company discount that can affect diversified conglomerates.

Religare’s positive outlook also takes into account factors such as cash-flow improvement, balance-sheet optimisation and growth opportunities across Reliance Retail, the oil-to-chemicals (O2C) business and New Energy.

The brokerage has recommended considering exposure to RIL ahead of the proposed Jio listing, arguing that markets may price in important corporate developments before they formally take place.

However, the timing and extent of any valuation re-rating remain uncertain.

Jio Platforms IPO: A Potential Catalyst for Reliance Shares

Jio Platforms has announced an IPO price band of ₹1,065 to ₹1,119 per share. The issue is scheduled to open for subscription from October 21 to October 23, 2026, with the company expected to raise approximately ₹30,213 crore at the upper end of the price band.

The proposed listing is significant for Reliance Industries because Jio is one of the group’s key digital and telecom businesses. An independent listing could provide a publicly traded valuation benchmark and give investors greater visibility into its financial performance.

For RIL shareholders, the potential benefit would depend on how the market values Jio, the impact of the listing on Reliance’s overall valuation and the performance of the group’s other businesses.

A successful IPO does not automatically mean Reliance’s share price will reach the brokerage’s target.

Reliance Consumer Products Launches ₹20 Joyland Flavoured Milk

Alongside the Jio IPO developments, Reliance Consumer Products Limited (RCPL), the FMCG arm of Reliance Industries, has launched Joyland flavoured milk in Tamil Nadu at ₹20 per unit.

The product is initially available in Strawberry and Vanilla flavours. According to the company, it is made with authentic dairy ingredients, and the launch marks RCPL’s entry into the ready-to-drink dairy beverage category.

Joyland enters a competitive market that includes established brands such as Amul, ITC, Mother Dairy and Nandini, alongside other regional and national players.

RCPL has indicated that Tamil Nadu is the starting point for a broader rollout, with plans to introduce additional flavours and expand into other dairy beverage categories.

The launch extends Reliance’s consumer-products strategy into another beverage segment. Its long-term contribution to Reliance Industries, however, will depend on distribution, consumer demand, repeat purchases, margins and the company’s ability to compete with established brands.

Should Investors Buy Reliance Shares Before the Jio IPO?

Religare Broking’s view is that investors may consider accumulating Reliance Industries shares before Jio Platforms is listed, rather than waiting for the IPO to be completed. The brokerage believes that the potential for Jio’s independent valuation, together with opportunities in Reliance’s other businesses, could support a re-rating.

Still, investors should distinguish between a brokerage target and an assured outcome. Share prices can fall as well as rise, and expected catalysts may already be reflected partly in the market price.

Before making an investment decision, investors should assess their risk tolerance, investment horizon, Reliance’s financial performance, valuation and the risks associated with the proposed Jio listing.