RPSG shares rocket 20% after RCB’s Rs 16,600 crore deal lifts valuation benchmark for IPL teams

The RCB deal is being viewed as a key valuation benchmark for the IPL ecosystem, effectively resetting the valuation framework for other franchises. The ripple effect was visible in stocks such as RPSG Ventures and Sun TV, which own Lucknow Super Giants and Sunrisers Hyderabad, respectively.

According to Nuvama Institutional Equities, the $1.8 billion RCB transaction sets a new high-water mark for IPL franchise valuations. It implies a more than twofold jump over the $900 million valuation of the Gujarat Titans and is also higher than the Rajasthan Royals’ recent $1.6 billion valuation.

The brokerage noted that this reflects a sharp re-rating of IPL assets, with franchise valuations rising nearly 25 times since inception in 2008, driven by strong global investor interest, including private equity funds and US-based sports owners. Nuvama added that the deal establishes a strong benchmark for the sector and points to potential upside for other listed franchise owners such as Sun TV and RPSG Ventures.

RPSG Ventures is in focus as its 51% stake in Lucknow SuperGiants is valued at nearly 250% of the company’s own market cap, even after a holding-company discount.

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The RCB franchise has been acquired by a consortium that includes the Aditya Birla Group, The Times of India Group, Bolt Ventures led by David Blitzer, and a Blackstone fund. The transaction, valued at about $1.8 billion, sets a fresh benchmark for IPL franchise valuations and highlights the growing appeal of T20 cricket assets.
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The bidding process attracted strong interest from multiple groups. The winning consortium outbid a rival offer from Adar Poonawala of Serum Institute and Aditya Mittal of ArcelorMittal.

Other participants included Premji Invest alongside EQT, as well as a separate group comprising Ranjan Pai of Manipal Group, KKR and Temasek, which were involved in the early stages of bidding.

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Financially, RCB reported revenue of Rs 504 crore and EBITDA of Rs 186 crore for FY25, according to United Spirits’ annual report. The franchise has already nearly matched those figures in the first half of FY26, posting revenue of Rs 478 crore and EBITDA of Rs 225 crore, surpassing the full-year FY25 EBITDA.

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