Reliance Industries Chairman Mukesh Ambani made a series of big announcements as he addressed shareholders at the company's 49th annual general meeting (AGM) post IPO on Friday. The meeting comes at a time when stakeholders were looking for concrete timelines on key initiatives such as the $4 billion Jio IPO, investments in artificial intelligence, new energy and retail, alongside other growth plans.
RIL share price: Shares of Reliance Industries Limited closed at 1311.90 apiece after a 1.19 per cent dip following the AGM.
Major announcements in the RIL AGM included Jio IPO updates as company is set to file the DRHP with SEBI on Friday. Other highlights include the conglomerate's broader strategic push spanning new artificial intelligence initiatives and expansion into satellite communications, along with fresh retail ventures.
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2026 Reliance AGM Highlights
Mukesh Ambani made a series of key announcements at the AMG of Reliance Industries Limited. The billionaire began his speech thanking Prime Minister Narendra Modi for his contribution to national growth and congratulated him on becoming India's longest serving PM.
Citing the latest WIPO report, Ambani said Jio Platforms has jumped from rank 340 to 20 in just one year in innovation velocity through patents - the only Indian company in the top 20 globally. Our brilliant team of scientists, engineers and innovators have made India proud, he added.
He affirmed confidence in India's growth trajectory saying, "Tough times never last, tough nations do and India is among the most resilient nations."
Ambani's remarks on India's growth prospects:
- Sharp swings in commodities markets, COVID-19 made things difficult, the war in West Asia made things tougher. Amid this, India will play the role of a balancer, a promoter and a friend to all.
- The most important lesson from these volatile times is we must speed up efforts to become Atmanirbhar in critical technology.
Reliance Industries financial performance
- Retail and digital businesses contributed nearly half of the financial year 2026 EBITDA. Together, they are increasingly becoming the primary drivers of Reliance's future growth.
- RIL contributed almost 1/3 of the total capital invested by India's top 50 corporates during the last five years.
- Reliance Industries Limited posted a record high revenue, a record high EBITDA, a record high net profit for the financial year 2026 despite global challenges.
- The company remained the largest contributor to the national exchequer, contributing Rs 2,16,472 crores.
- Reliance capex for FY26 stands at Rs 1,44,271 crore ($15.2 billion). Over five years, cumulative capex stood at Rs 6,48,428 crore (over $68.4 billion) - more than any company in India.
RIL's objective is to build a profitable AI infrastructure, platform, and services business, serving consumers, enterprises, and governments at scale. Ambani said that the company has set out a clear vision, identified the focus areas, and began building the right partnerships with Google, Meta, and NVIDIA.
Key update on Jio IPO
Mukesh Ambani revealed a major update on the IPO of telecom venture Jio, announcing that the Board of Jio Platforms has approved DRHP on Friday and will be filed with SEBI. He noted that his offsprings Isha, Akash, and Anant are heading the Jio IPO process and will lead the next generation of value-creation opportunities in the future. "This is a deeply emotional moment for me, for the entire Reliance family, and for millions of its shareholders," he said.
- Jio made digital life possible for every citizen. It allowed India to become the world's largest data markets.
- Jio is preparing for its next big mission as India should not be a mere consumer of AI - it must become a creator, adopter.
- The proposed listing of Jio will demonstrate to the world that India can build technology companies of global scale, global capability, and global value. Ambani assured all prospective new investors that a brighter future awaits Jio.
- Proposed Initial Public Offer will be done by way of a fresh issue of up to 27 crore equity shares of face value of Rs. 10 each.
Akash Ambani shares performance updates on Jio
- Jio user-based has crossed 524 million.
- Its 5G subscriber base has crossed 268 million – the largest for any single-country operator outside China, with 77 million net additions during the year.
- JioAirFiber has reached 13 million connected homes, making it the world’s largest fixed wireless broadband operator.
- Total data traffic on Jio’s network in FY26 stood at 241 exabytes, growing 30.8% YoY, placing the company among the largest data operators on the planet.
- Jio is evaluating the development of a sovereign Low Earth Orbit satellite constellation for India, while also partnering with leading global constellation providers. The company is also building its own ground station infrastructure in India – strengthening India’s atmanirbharta in space.
Reliance Intelligence enters execution phase
- Reliance Intelligence is building India’s sovereign AI backbone in Jamnagar, powered entirely by clean energy from Reliance’s own solar generation. The first 120 MW will be commissioned by end of 2026, with next-generation compute capacity equivalent to over 2 lakh H100-equivalent GPUs.
- Reliance Intelligence will disrupt AI economics by making AI extremely affordable for Indians.
- RIL is building AI directly into heart of Jio network, bringing intelligence to every Jio call. The AI agent can transcribe calls and identify up to 10 unique speakers, can summarise information, can act to order food, and also schedule meetings which the user agreed on the call.
- The company is transforming MyJio from an app to a personal AI agent advisor and relationship manager.
- Reliance Intelligence is building trusted, affordable, and multilingual AI services designed to be accessible in 22 Indian languages: JioBharatIQ, AI Vyapar, JioHealthIQ, JioLearnIQ, and JioKrishiIQ. Each service is designed around one simple principle: AI must be easy to use, trusted to rely on, and affordable for all.
Jio's growth to be powered by five commitments
- Make Jio True 5G the foundation of India’s next big digital leap. Our target is to migrate all subscribers to 5G by 2030 while advancing India’s leadership position in 6G standards.
- Taking high-speed home broadband to every part of India.
- Digitise Indian enterprises and small businesses.
- Ensure AI for everyone, everywhere. Jio is already embedding AI in consumer technology to deliver a smoother, smarter, and more personalised user experience.
- Take India's tech to the world.
RIL reveals new AI ventures across units
- Reliance Industries revealed JioTeleframe, an AI operated system for homes. The agent senses context and bring the right help forward without anyone opening apps, searching menus, or repeating what the home should already understand.
- It also launched JioStar GenAI Media Studio (JAMS) - an end to end content production for India. The venture aims to combine storytelling with AI to produce premium content.
- Akash Ambani revealed 'Content Commerce' on Jio Hotstar, marking the first time, a marketplace is created on an entertainment platform.
Reliance Retail & RCPL take leap of growth
- Reliance retail is now poised for another great leap forward between Reliance Retail and RCPL, Mukesh Ambani said.
- The company will add two powerful growth boosting platforms: An advanced manufacturing platform and an exports platform.
- Under the manufacturing platform, the company is building a manufacturing platform extending from beverages and daily essentials to one of the most unorganized categories, fresh fruits and vegetables, this category is an urgent need of waste reduction, hygiene promotion, and higher safety standards. The garment venture will deliver better quality garments to the customers and the most competitive cost.
- RIL also do the same for affordable electronics, from smart area to television, smartphones, and connected wearables, with a continued focus on superior customer service.
- Under the exports platform, RIL aims to build a logical extension of the Manufacturing Platform in Retail.
- Reliance Retail is also expanding in the quick commerce space.
- RCPL’s near-term ambition is to reach Rs 1 lakh crore in revenue by FY30. Its long-term ambition is to become one of India’s largest FMCG companies, with a global platform to match.
Anant Ambani outlines O2C biz growth
- The company is digitising its operations through various initiatives.
- First, its proprietary AI-driven feedstock optimization tool now helps select the most efficient group lens.
- Second, its digital logistics platform developed in-house streamlined chartering and supply chain operations.
- Third, new AI smart contract execution tools improve speed and accuracy in customer transactions.
- RIL is building first end-to-end autonomous refinery and industrial milestone that will define the next era of global refining.
Reliance aims 2 lakh green jobs
- Anant Ambani announced that the group's New Energy initiatives will generate over 200,000 green jobs across its Jamnagar Giga Complex and Kutch Solar Farm.
- From FY27 onward, New Energy will begin contributing meaningfully to Reliance’s financial performance. Commercial revenues from solar modules start rolling in this year. The battery factory commissions this year.
- The Samsung C&T agreement is not a promise – it is a signed contract.
- RIL is building Kutch Renewable Energy Hub spanning 550,000 acres. The hub will generate over 40 billion units of green electricity annually, fulfilling approximately 3% of India’s total annual electricity needs.
- Reliance is targeting a peak installation capacity of 55 MW of solar modules and 150 MWh of battery containers per day.
- The company has committed to scaling its Battery Energy Storage Systems (BESS) and Cell Giga Factory to an annual capacity of 120 GWh. Once commissioned, it will position Reliance as one of the world's largest manufacturers of Lithium Iron Phosphate (LFP) batteries.
Reliance Oil-to-Chemicals business head Anant Ambani noted that the Middle East conflict impacted margins as physical barriers commanded a premium, free trades jumped, and insurance costs surged. The company increased LPG production four-fold in aftermath of West Asia conflict to meet national needs.
Chairman Mukesh Ambani highlighted Jio's imminent IPO as the most important value creation milestone this year. He assured stakeholders that this will unlock great value for reliant shareholders and offer an attractive investment opportunity to others.
He outlined Reliance Indiustries' value creation partners, including earnings of its oil to chemicals business, FMCG growth and new energy ventures.
Ambani affirmed that the O2C business will increase earnings as soon as the geopolitical situation improves as Reliance is reinventing this business to create the new revenue stream less vulnerable to external volatility. It will convert all the crude oil it processes into new materials, carbon fiber, specialty materials, green chemicals and much more.
Secondly, he highlighted that new energy business has entered the phase of accelerated commissioning and early revenues. The integrated solar manufacturing and its advanced battery platform will achieve one of the world's lowest cost of RTC green power and will also enable the world's most competitive green hydrogen and green chemicals ecosystem.
Highlighting immense growth potential in coal gasification business, he said that Reliance's CBG business is ready to be the world's largest bio energy business besides making India largely self dependent in energy.
"I am absolutely confident that soon the new energy has the potential to pick up as one of the largest earnings engine for Reliance," AMbani said.
He further noted that Reliance intelligence is going to be as transformative and consequential as the company's new energy business. Reliance Intelligence will make AI integral to the daily lives of every Indian and every Indian enterprise, he said, adding that the use case for AI are growing by the day. He envisioned this business to become one of Reliance's most prolific growth platforms.
Calling its FMCG business as a "new multi billion dollar growth engine", he announced the plan to grow the unit into India's largest FMCG company and among the biggest in the world. Under the growth plan, the retain unit will get fast global access through the export platform.
"Our export vision goes far beyond our FMCG business," Ambani said, highlighting India's urgent need to boost exports. RIL now aims to become an anchor institution for developing a globally competitive multi-sector export hub, with a target to enable $125 to $150 billion in exports by 2032.
Collectively, Ambani said that the five pathways will create a uniquely diversified growth architecture spanning energy, materials, digital infrastructure, artificial intelligence, consumer businesses, and global exports.
