RIL Target Price Ahead of Jio Initial Public Offering: 47% Upside, Why Religare Recommends Buying the Mukesh Ambani Stock Before Issue Launch

RIL target price: Religare Broking Buy, target Rs 1,696 against a reference price of Rs 1,156, 46.7% upside (my check: 1,696 / 1,156). Jio FY26: revenue Rs 1,46,885 crore, EBITDA Rs 76,255 crore, net profit Rs 30,049 crore. Jio listing timeline not officially announced.

Updated: 13 Oct 2026 • 4:42 pm

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RIL Target Price Ahead of Jio Initial Public Offering: 47% Upside, Why Religare Recommends Buying the Mukesh Ambani Stock Before Issue Launch

Quick Answer

Religare Broking recommends buying Reliance Industries with an RIL target price of Rs 1,696 against a reference price of Rs 1,156, which is 46.7% upside, ahead of a possible Jio Platforms listing. The brokerage says a separate Jio listing would give a market based value for RIL's largest growth business, narrow the conglomerate discount and trigger a re-rating. Jio reported FY26 revenue of Rs 1,46,885 crore, EBITDA of Rs 76,255 crore and net profit of Rs 30,049 crore, but the listing is reportedly planned for October and has not been officially announced. Treat the RIL target price as one brokerage's estimate and check the official filings for the timeline and terms.

Reliance Industries is back in focus as brokerages position for the Jio Platforms listing. Religare Broking kept a Buy and set the RIL target price at Rs 1,696, and it argues that investors should accumulate before the issue and not wait for the debut.

This guide explains Religare's case, the numbers behind the RIL target price, the Jio financials, the catalysts over 6 to 36 months and the risks. I give no issue price figures, because Jio has not officially announced the terms.

The RIL target price of Rs 1,696 is a call on both the business and the listing, so both need to go right.

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Table of Contents

RIL Target Price: What Religare Broking Says

Item	Detail
Rating	Buy
RIL target price	Rs 1,696
Reference price (per the headline)	Rs 1,156
Implied upside	46.7% (my check: 1,696 / 1,156 minus 1)
Advice	Accumulate before the Jio listing; waiting for the debut could miss the main re-rating
Stock position	Near the low end of a multi year range after a two year price and time correction

The business report I could read does not state the reference price or the upside, so I took them from the headline and verified the arithmetic: Rs 1,696 against Rs 1,156 is 46.7%. The upside changes with the price at which you buy.

Risk: A brokerage target price is an opinion. If the Jio listing is delayed or priced below expectations, the re-rating that supports the RIL target price may not occur.

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Why a Jio Platforms Listing Could Lift the RIL Target Price

Religare says a standalone Jio listing would give a market based valuation of RIL's largest growth business and could narrow the conglomerate discount, which is the gap between the value of the parts and the value of the whole. An independently quoted Jio price would also clarify RIL's sum of the parts valuation.

Item	Jio Platforms FY26
Revenue from operations	Rs 1,46,885 crore
EBITDA	Rs 76,255 crore, a margin of 51.9%
Net profit	Rs 30,049 crore, about 20.5% of revenue (my calculation)
Active subscribers	More than 524 million
Proceeds earmarked for debt	Up to Rs 27,500 crore of net primary proceeds to repay borrowings at Reliance Jio Infocomm, per the draft offer document

The offer size, the valuation and the date are not stated in the sources I could verify. The listing is reportedly planned for October, but the company has not officially announced a timeline.

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Catalysts Behind the RIL Target Price Over 6 to 36 Months

Time frame	Catalyst	Expected effect
Now	Jio listing	Market price for Jio, which clarifies the sum of the parts
6 to 18 months	ARPU hikes and debt reduction	Higher EBITDA and profit
18 to 36 months	Rising operating margins in retail and scaling of New Energy	A second group wide re-rating
Ongoing	5G capex largely complete	Lower capital intensity; growth from ARPU, 4G to 5G upgrades, enterprise cloud and AI

Religare says the Jio listing remains the central catalyst. Debt reduction from the primary proceeds would lower interest costs and improve cash flow, supporting the RIL target price, while retail, oil to chemicals and new energy provide the growth after that.

Risks to the RIL Target Price

The Jio listing may be delayed, resized or priced differently from the market's hopes.
A listing could shift attention to Jio and leave a smaller discount to close in the parent.
Telecom tariff hikes may be smaller or slower than expected.
Retail and new energy may take longer to scale.
A weak market can pull down even a large cap stock, as the Sensex trades near its 52-week low.

Religare says RIL trades near the low end of its multi year range, which limits downside, but that view is not a guarantee. Position size and time horizon matter.

What to Watch Next for the RIL Target Price

An official announcement on the timeline, size and terms of the Jio listing.
Approval and filings from SEBI and the exchanges.
Q2 FY27 results from Reliance Industries and Jio.
Updates to the RIL target price from other brokerages.

Conclusion

Religare Broking's RIL target price of Rs 1,696 implies 46.7% upside from Rs 1,156 and rests on a Jio listing that would re-rate Reliance Industries. The Jio numbers are strong, with EBITDA of Rs 76,255 crore, but the timeline is not official. Check the filings, compare the RIL target price with other brokerages and decide on your own risk limit.

Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).

Frequently Asked Questions

What is the Religare RIL target price?

Ans. Religare Broking keeps a Buy on Reliance Industries with a target price of Rs 1,696. Against a reference price of Rs 1,156 in the headline, that is 46.7% upside.

Why does Religare want investors to buy before the Jio listing?

Ans. It says a separate Jio listing would value RIL's largest growth business at market prices, narrow the conglomerate discount and could trigger a re-rating, and that waiting for the debut could miss the main phase.

When is the Jio listing?

Ans. It is reportedly planned for October, but the company has not officially announced a timeline, the size or the valuation.

What are the Jio Platforms FY26 numbers?

Ans. Revenue from operations was Rs 1,46,885 crore, EBITDA Rs 76,255 crore at a 51.9% margin and net profit Rs 30,049 crore, with more than 524 million active subscribers.

What will the Jio listing proceeds be used for?

Ans. Per the draft offer document, up to Rs 27,500 crore of net primary proceeds is earmarked to repay borrowings at Reliance Jio Infocomm.

What are the main catalysts for the RIL target price?

Ans. The Jio listing, ARPU hikes and debt reduction over 6 to 18 months, and rising margins in retail and scale in New Energy over 18 to 36 months.

What are the risks to the RIL target price?

Ans. A delayed or lower priced Jio listing, smaller tariff hikes, slower retail and new energy growth and a weak market.

Should I buy Reliance Industries before the Jio listing?

Ans. This article does not constitute investment advice. Consult a SEBI-registered financial advisor before you buy, sell or hold Reliance Industries.