Reliance Retail, Jio Valued at $143B, $135B by JP Morgan; GST Cuts to Boost December Revenue
Reliance Industries Limited (RIL) has seen its consumer businesses, Reliance Retail and Reliance Jio, gain significant valuation according to Morgan Stanley's latest analysis. The recent GST cuts are also expected to boost Reliance Retail's December revenue.
Morgan Stanley analysts have valued Reliance Retail at $143 billion and Reliance Jio Infocomm at $135 billion. They note that these consumer businesses will drive nearly all of RIL's growth in the coming years. The brokerage maintains an overweight rating on RIL with a September 2026 price target of Rs 1,695.
The analysts expect a tariff increase at Jio ahead of its planned 2026 IPO to support profitability. They forecast Reliance Retail's segmental Ebitda to reach Rs 34,400 crore in FY27, rising to Rs 39,000 crore by FY28. Morgan Stanley has valued RIL's 67% stake in the telecom arm at Rs 8 trillion or $90 billion.
Reliance Retail's December revenue is expected to be bolstered by recent GST cuts. The consumer businesses of RIL, Reliance Retail and Reliance Jio, are valued at $143 billion and $135 billion respectively by Morgan Stanley. The brokerage anticipates a broader tariff increase at Jio to support profitability ahead of its 2026 listing.
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