Nature of the Disclosure

This is the Chairman's Statement delivered at the 49th Annual General Meeting of Reliance Industries Limited, held on June 19, 2026. It is a comprehensive business and financial performance review, covering all verticals and outlining the company's strategic roadmap.

Financial Performance for FY26

Reliance Industries posted record financial performance for FY26:

  • Consolidated Revenue: ₹11,75,919 crore ($124.0 billion), up 9.8% year-on-year.
  • Consolidated EBITDA: ₹2,07,911 crore ($21.9 billion).
  • Net Profit: ₹95,754 crore ($10.1 billion), up 17.8% year-on-year.
  • Capital Expenditure (Capex): ₹1,44,271 crore ($15.2 billion) for FY26. Over the last five years, total capex stood at ₹6,48,428 crore (~$68.4 billion).
  • Exports: ₹2,78,808 crore ($29.4 billion), representing 6.7% of India's total merchandise exports.
  • Contribution to National Exchequer: ₹2,16,472 crore ($22.8 billion) for FY26. Cumulative contribution over the last five years crossed ₹9.78 lakh crore (~$100 billion).
  • CSR Expenditure: ₹2,248 crore ($237 million).
  • Global Credit Ratings: S&P rating of A- and Moody's rating of Baa1, both two notches above India's sovereign rating.

Digital Services (Jio Platforms)

  • User base crossed 524 million; 5G subscriber base crossed 268 million with 77 million net additions during the year.
  • JioAirFiber connected homes reached 13 million.
  • Total data traffic stood at 241 exabytes, growing 30.8% YoY.
  • Jio Platforms Financials:
  • Revenue: ₹1,46,885 crore ($15.5 billion), growing 14.6% YoY.
  • EBITDA: ₹76,255 crore ($8.0 billion), growing 18.8% YoY with a margin of 51.9% (improved 190 bps).
  • Profit After Tax: Crossed ₹30,000 crore ($3.2 billion) for the first time, growing 15.1% YoY.
  • Jio IPO: The Board of Jio Platforms approved the Draft Red Herring Prospectus earlier on June 19, 2026, and it will be filed with SEBI on the same day. Isha, Akash, and Anant Ambani are leading the process.
  • Reliance Intelligence (AI Business): Building India's sovereign AI backbone in Jamnagar. The first 120 megawatts of compute capacity, powered by clean energy, will be commissioned by end-2026. An initial fleet of advanced NVIDIA GB300 GPUs, equivalent to over 75,000 H100 GPUs, is being operationalised.
  • Satellite Communications: Jio is evaluating the development of a sovereign Low Earth Orbit satellite constellation and building its own ground station infrastructure in India.
  • New AI Product Demos were showcased, including Jio Call Agent (native AI voice in calls), an agentic MyJio.AI Care, JioHome multi-gigabit broadband (5 Gbps download, 1 Gbps upload), Express Install service, and Jio TeleFrame (AI OS for home).

Media & Entertainment (JioStar)

  • Full-year revenue: ₹34,917 crore ($3.7 billion).
  • EBITDA: ₹5,842 crore ($616 million).
  • Net Profit: ₹3,434 crore ($362 million).
  • JioStar has a 34.7% viewership share. JioHotstar averaged 451 million Monthly Active Users and recorded a world-record 72.5 million concurrent viewers during the T20 World Cup.
  • Jio Studios is India's No.1 content studio by revenue. The Dhurandhar franchise crossed ₹3,000 crore ($318 million) in worldwide box-office gross.
  • Network18 reaches 250 million people monthly on TV and has over 450 million digital subscribers/followers.

Retail Business

  • Gross Revenue: ₹3,70,026 crore ($39.0 billion), growing 11.8% YoY.
  • EBITDA: ₹27,033 crore ($2.9 billion), growing 7.9% YoY.
  • Profit After Tax: ₹13,838 crore ($1.5 billion), up 12% YoY.
  • Registered customer base: 387 million.
  • Transactions processed: 1.93 billion, up 39% YoY.
  • Stores: 20,160 stores across 78 million square feet.
  • Grocery: Smart Bazaar network crossed 1,000 stores. Procured ~5.7 lakh metric tonnes of fresh fruits and vegetables from over 40,000 farmers.
  • Quick Commerce: JioMart Quick Commerce has 3,100+ stores serving 1,200+ cities. Average daily orders grew 3.6 times YoY.
  • Fashion: Sold over 8 lakh garments daily. AJIO grew seven times in five years.

Consumer Products Business (RCPL)

  • Gross Revenue: ₹22,000 crore ($2.3 billion), growing 2x YoY.
  • Products present in over 40 countries.
  • Key Brands:
  • Campa: ₹4,700+ crore ($496 million) in gross sales; India's fourth-largest carbonated soft-drinks brand.
  • Independence: ₹2,600 crore ($274 million) in revenue.
  • Acquisitions: Majority stakes in Udhaiyam Agro Foods and Southern Health Foods (Manna brand); Goodness Group Global (Nexba, Bison, Pace brands); global rights to Brylcreem, Toni & Guy, Badedas, and Matey.
  • R&D: Over 125 scientists; developed 100+ products; filed 9 new patents and 11 design applications.
  • Manufacturing Investment: ₹10,000 crore ($1.1 billion) invested to date. A further ₹30,000 crore ($3.2 billion) will be invested over the next three years to build integrated food parks.
  • Ambition: Reach ₹1 lakh crore ($10.5 billion) in revenue by FY30.

Exploration & Production (E&P)

  • Revenue: ₹23,861 crore ($2.5 billion).
  • EBITDA: ₹19,050 crore ($2.0 billion).
  • Gas Production: Nearly 26 MMSCMD (~30% of India's natural gas production).
  • Oil Production: ~18,000 barrels per day.

Oil-to-Chemicals (O2C)

  • Revenue: ₹6,62,401 crore ($69.8 billion), growing 5.7% YoY.
  • EBITDA: ₹60,546 crore ($6.4 billion), growing 10.1% YoY.
  • Key Projects:
  • 3 million tonne PTA facility at Dahej.
  • Carbon Fibre facility at Hazira.
  • 1.2 million-tonne PVC plant at Nagothane.
  • Jio-bp: Retail network grew to nearly 2,200 outlets. EV charging in 80 cities and 45 highways. CBG and CNG network covers 177 sites.

New Energy

  • Solar PV: 1 GW of Heterojunction Technology (HJT) modules produced; achieved ALMM listing. Building towards 20GW per annum integrated capacity.
  • Battery: First phase of 40 GWh annual BESS and Cell Giga Factory on track for commissioning this year. Committed to scale up to 120 GWh annual capacity.
  • Kutch Renewable Hub: Developing a 5,50,000-acre hub for round-the-clock power. Target installation rate: 55 MWp solar and 150 MWh storage per day. Fully operational, it will generate over 40 billion units of green electricity annually (~3% of India's requirement).
  • Green Chemicals: Alkaline electrolyser manufacturing giga-factory on track. Signed a landmark $3 billion long-term supply agreement with Samsung C&T for green ammonia. Target: 3 million metric tonnes of green hydrogen equivalent capacity in 10 years.
  • Compressed Biogas (CBG): Contributes over 40% of India's production. On track for 55 plants producing ~1,100 tonnes per day by end-FY27. Target: 1 million tonnes annual capacity in five years.
  • Underground Coal Gasification (UCG): Work advancing to convert coal reserves into syngas.
  • Green Jobs: Expects to create 200,000 green jobs through the Giga Complex and Kutch Solar Farm.

Reliance Foundation

  • Entered its 16th year; has touched the lives of over 97 million Indians across every state.
  • Works in nearly 100,000 villages.
  • Key Initiatives:
  • Received approval to establish a State Private University in Maharashtra. Permanent campus at Dronagiri spread across 410 acres with seven schools.
  • Laid foundation for Vantara University.
  • Education and Sports for All programme reached over 29 million children and youth.
  • Plan to modernise Seven Hills Hospital into a 1,500-bed facility.
  • Coastal Road Gardens project across 130 acres in Mumbai, featuring over 60,000 trees.

Value Creation Roadmap

Chairman Mukesh Ambani expressed confidence in the company's ability to more than double its consolidated EBITDA over the next five years. The five value creation pathways outlined are:

1. O2C Business: Reinvention into Oil-to-Chemicals-and-New Materials to drive margin expansion.

2. New Energy Business: Acceleration with solar, battery, and green chemicals ecosystems.

3. Reliance Intelligence (AI): To make AI integral to every Indian and enterprise.

4. FMCG Business: Grow into India's largest FMCG company and a major global player.

5. Global Exports Platform: Target to enable $125-150 billion in exports by 2032.

Institutional Strengthening

A 5-S vision for institutional perpetuity was outlined:

1. Succession: Isha Ambani leads Consumer Businesses, Akash Ambani leads Technology Businesses, and Anant Ambani leads Energy Businesses. 500 young leaders are being groomed.

2. Systems: World-class systems for governance, risk management, and capital allocation.

3. Standards: High standards of performance, excellence, and integrity.

4. Spirit: The founding spirit of creating wealth for the nation.

5. Sustainability: Core to everything Reliance does.

Capital Structure Impact

The announcement of the Jio Platforms IPO is a significant potential future event for Reliance's capital structure and ownership. The filing of the DRHP with SEBI is the first formal step in this process. The financial impact or structure of the IPO was not quantified in this disclosure.