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Reliance Retail worth $143 bn, Jio valued at $135 bn: JP Morgan
Business Standard
|October 03, 2025
A month after Reliance Industries Limited (RIL) Chairman Mukesh Ambani announced listing of RIL’s telecom arm, global bank JP Morgan has valued entire Reliance Retail at $143 billion and Reliance Jio Infocomm at $135 billion in its latest analysis.
JP Morgan said RIL’s consumer businesses are set to drive nearly all of the group’s earnings growth in the coming years. Reliance Retail’s December revenues could be supported by the recent GST cuts. A tariff increase at Jio is likely ahead of the IPO, it said.
“Reliance Retail and telecom now account for 54 per cent of total 2024-25 (FY25) consolidated Ebitda. In our estimates, they will account for almost all of the net Ebitda growth over the next three years,” JP Morgan analysts wrote in a September 30 report.
Ebitda stands for earnings before interest, taxes, depreciation, and amortisation.
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