Overview

• UBS resumed coverage of Reliance Industries with a Buy rating and a 12‑month target of Rs 1,750, implying about 25% upside versus Tuesday’s trade near Rs 1,399.
• The brokerage expects Jio’s value unlocking within 12–18 months, likely via an IPO, citing mid‑teens growth, stronger cash flows and capex normalizing after 5G and fibre rollout.
• UBS’s target is based on a sum‑of‑the‑parts valuation with specified EV/EBITDA multiples across O2C, oil & gas, retail and new energy, while its DCF implies roughly 14x FY27 EV/EBITDA for Jio.
• Retail growth is projected to recover to the teens as B2B restructuring winds down and store additions mature, and new energy is forecast to begin contributing to EBITDA from FY27 with 10 GW solar PV and 15 GWh battery capacity.
• Investors are focused on the August 29 AGM for potential management updates on Jio IPO timing and execution across telecom, retail and new energy.