Corporate Grapevine     

Published: April 30, 2025
Updated: April 30, 2025

How will market respond to RIL Retail, Jio listing?

Analysts expect Reliance Industry’s consolidated capex to moderate to Rs 1.25-1.3 trillion annually, as higher in vestments in New Energy offset the decline in the RJio capex. However, with capex having likely peaked, analysts anticipate strong free cash flow generation and a decline in net debt. The company has announced Rs 75,000 crore in New Energy and a similar amount for petrochemical ex pansion for the coming years.

For Reliance Retail (RRVL), analysts at Motilal have assigning a blended EV/EBITDA multiple of 28x (30x for core retail, 6x for connectivity), valuing RRVL at Rs 8.8 trillion and RIL’s attributable stake at Rs 520/share (earlier Rs 515/share). RJio, on the other hand, is valued using DCF at ~13x FY27E EV/EBITDA, implying an enterprise value of Rs 11.4 trillion ($ 134 billion), with an additional $ 10 billion for other JPL offerings. After adjusting for net debt and minority interest, the value attributable to RIL is Rs 525/share (earlier Rs 510/share).

As both Retail and Jio are expected to be listed by this year-end, it would be interesting to see how RIL shares behave in the market.

May 31, 2025 - Second Issue

Industry Review

VOL XVI - 16
May 16-31, 2025

Formerly Fortune India Managing Editor Deven Malkan Assistant Editor A.K. Batha President Bhupendra Shah Circulation Executive Warren Sequeira Art Director Prakash S. Acharekar Graphic Designer Madhukar Thakur Investment Analysis CI Research Bureau Anvicon Research DD Research Bureau Manager (Special Projects) Bhagwan Bhosale Editorial Associates New Delhi Ranjana Arora Bureau Chief Kolkata Anirbahn Chawdhory Gujarat Pranav Brahmbhatt Bureau Cheif Mobile: 098251-49108 Bangalore Jaya Padmanabhan Bureau Chief Chennai S Gururajan Bureau Chief (Tamil Nadu) Ludhiana Ajitkumar Vijh Bhubaneshwar Braja Bandhu Behera

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