Reliance Industries (RIL) Group is poised to overtake Tata Group as India's most valuable conglomerate following the successful listing of Jio Platforms, marking the biggest reshuffle in the country's corporate rankings in decades. According to ET Intelligence data, RIL Group's market capitalisation is expected to reach approximately ₹28.5 lakh crore after Jio Platforms' listing, surpassing Tata Group's current valuation of ₹25.5 lakh crore as of October 15. This represents a dramatic transformation from RIL Group's previous market cap of ₹18.2 lakh crore before the listing. Uday Kotak highlighted at the Jio Platforms media briefing that RIL Group, after Jio's listing, will be India's largest conglomerate by market cap under the leadership of Mukesh Ambani. The milestone comes as Jio Platforms becomes India's largest primary offering, raising ₹30,188 crore at the upper end of the price band.
India's largest telecom operator, Reliance Jio, will launch its IPO on October 21 at a price band of ₹1,065 to ₹1,119 per share, making it India's largest IPO with Jio Platforms seeking to raise ₹30,213 crore at the upper end of the price band. The IPO comprises a fresh issue of up to 27 crore equity shares of ₹10 face value each, with anchor investor bidding on Monday, October 19 and subscription period from Wednesday, October 21 to Friday, October 23. At the upper end of the price band, Jio Platforms would raise ₹30,213 crore through entirely fresh shares, valuing it at about ₹10.3 trillion. According to Mint, Avinash Gorakshkar, Founder of Avinash Mentor Research, said the Jio Platforms IPO RHP filing has made some clarity in the investors' mind about the RIL's shareholding in the Reliance Infocom and Reliance Telecom. The offer is entirely a fresh share sale, with no Offer-for-Sale component, so the proceeds would go to the company rather than to selling shareholders. Eligible employees will get a discount of ₹54 per share in the employee reservation portion, with investors must bid for at least 12 shares and in multiples of 12 thereafter, with one lot costing ₹13,428 at the cap price. The company has reserved 50% shares in the IPO for qualified institutional buyers, 15% for non-institutional investors and 35% for retail investors.
RIL currently holds 66.43% in Jio Platforms, while Meta and Google hold 9.98% and 7.73% respectively. As per INVasset PMS, with the new shares diluting it to roughly 64.5 percent, its stake is worth about ₹6.6 lakh crore at the band, close to two-fifths of Reliance's own market value. The IPO is expected to unlock significant value for RIL shareholders through a market-discovered valuation of Jio's telecom and digital businesses. According to Centrum Broking, the IPO is expected to unlock value for RIL shareholders through a market-discovered valuation of Jio's telecom and digital businesses. Motilal Oswal Financial Services believes at the current market price, the stock price is already factoring in ~18-36% holdco discount for RIL's ~66.4% stake in the telecom arm. The brokerage notes that while investors who invested in RIL for its digital services will now have an option to gain direct exposure through JPL, RIL will remain a play on India's largest retailer, India's largest integrated energy company, and several other growth optionality. As per Mint, Gorakshkar noted that Reliance Jio is expecting around ₹30,200 crore from its Jio Platforms IPO, which is expected to reduce its borrowings and interest payment pressure. However, how much it is going to narrow down the holding-company discount would be an important factor to look at before making any investment decision, both in the upcoming IPO and in Reliance shares.
Religare Broking has assigned a 'Buy' rating to RIL with a target price of ₹1,696, implying an upside of around 40.5% from Thursday's trading price of ₹1,209.50. According to Religare, the proposed Jio Platforms listing could become a major catalyst for a re-rating of Reliance Industries by establishing an independent market valuation for its largest growth asset and improving transparency in the conglomerate's sum-of-the-parts (SOTP) valuation. Building exposure in RIL at current levels enables investors to secure full participation in Jio's value discovery while retaining 100% upside in RIL's other mega-engines—Retail, O2C, and New Energy, as per Religare Broking. The IPO of Jio Platforms represents far more than a routine liquidity event—it serves as the definitive structural inflection point for group re-rating, added the brokerage house. Motilal Oswal Financial Services has maintained its 'Buy' rating with a SOTP-based target price of ₹1,530, representing an upside of approximately 26.8%. The brokerage estimates that RIL's valuation reflected an 18-36% discount on its approximately 66.4% stake in Jio Platforms, depending on the valuation multiple assigned to Reliance Retail Ventures. Earnings upgrade on the back of stronger refining/petchem cycle, recovery in retail revenue growth and profitability remains the key medium-term trigger for the stock, according to Motilal Oswal.
The upcoming Jio Platforms IPO is expected to unlock significant value for Reliance Industries, potentially boosting its fair value by up to 20% and reducing consolidated debt by roughly ₹27,000 crore, significantly strengthening the company's overall balance sheet. According to CNBC TV18, Girish Madan from Fitch Ratings highlighted that the agency recently upgraded Reliance Industries' local currency rating to A- from BBB+ on expectations of reduced capital expenditure intensity across its oil and gas, telecom, and retail businesses. Of the net proceeds, up to ₹27,500 crore will be used to repay borrowings of Reliance Jio Infocomm, the company's material subsidiary. Fitch projects the company's net debt for the financial year 2027 to be at ₹1,30,000 crore, which will drop to roughly ₹1,00,000 crore following the issue. Consequently, the net debt-to-EBITDA ratio is expected to improve by 0.15x, falling from an average of 0.7x to 0.55x in FY27. As per Mint, Gorakshkar highlighted that the market is also expecting debt reduction from the net proceeds, leading to lower interest payments, which has triggered a rise in profit and margins of the entire Reliance Group companies, including Reliance Industries.
In the April to June 2026 quarter (Q1FY27), RIL's gross revenue increased by 30% year-on-year due to a sharp increase in crude oil prices, as reported by Business Standard. The company's earnings were supported by stronger transportation fuel cracks, efficient feedstock sourcing and improved downstream chemical margins, despite facing geopolitical and trade-related pressures. However, operating profitability was comparatively constrained by lower volumes due to planned maintenance, higher crude premiums, special additional excise duty (SAED) related costs, under-recovery in domestic fuel retail and LPG diversion. Sustained domestic demand for gasoline, diesel and aviation turbine fuel (ATF), and favourable ethane cracking supported overall segment performance.
