To be read out as provided in the Companies Act 2013. Now, I will begin my formal address to the shareholders. My dear share owners, Namaste. And a very warm welcome to the 49th Annual General Meeting of Reliance Industries Limited this afternoon. At the very outset, on behalf of the entire Reliance family, including all our shareholders, let me congratulate our beloved Prime Minister, Shri Narendra Bhai Modi Ji, on achieving the stupendous feat of becoming the longest-serving elected Prime Minister of India. Later this year, on the 7th of October, he will complete 25 uninterrupted years in public office, first as Chief Minister of Gujarat and then as Prime Minister of India. Over these years, the number of votes he has polled is by far the largest by any leader in the democratic world. We congratulate him on this remarkable milestone in public service. His vision for India's growth and the corresponding execution plan have been instrumental in the rapid all-around growth India has witnessed over the last decade. Dear friends, the past 6 years have been the most volatile and uncertain in several decades. COVID-19, increased geopolitical frictions, conflicts and wars, energy market disruptions, supply chain fragmentation, sharp swings in commodity prices, and shifting capital market dynamics have combined to create a far more unpredictable global operating environment than before. The war in West Asia added to these problems. However, tough times never last. Tough nations do. And India is among the most resilient nations in the world. With unity, positivity, and self-confidence, we have overcome the worst crisis in the past. Under the able, experienced, and far-sighted leadership of Prime Minister Shri Modiji, India has handled the situation with exemplary competence, commitment, and wisdom. I can see India emerging much stronger in the fast-changing, multipolar world. India will play the role of a balancer, a promoter of peace, and a friend to all. This is not merely my hope, it is my confidence and my conviction. Friends, the most important lesson for India from these volatile times is that we must intensify and speed up our efforts to make our country Atmanirbhar in critical resources and technologies. Maximum energy self-sufficiency and AI self-sufficiency must become our national missions. The success of these missions is critical to the success of Viksit Bharat. Reliance is playing a leading role in both the national imperatives. We have laid the foundation for Reliance to emerge as a leading deep tech and advanced manufacturing company. For this, we are investing an extraordinary amount in innovation and R&D effort. Here is proof that will make all of you proud. According to the latest report by the World Intellectual Property Organization, Jio Platforms has jumped from a rank of 340 to 20 in just 1 year in terms of the velocity of innovations through patents. This places Jio above several global tech giants and is the only Indian company in the top 20 in this elite league. Let us warmly congratulate our brilliant team of scientists, engineers, and innovators. They have made India proud. Friends, this is a landmark year for us for not one, but two reasons. Jio completes 10 years of stellar success becoming the primary enabler of India's digital and AI revolution. Reliance Retail completes 20 years as a trailblazer becoming the catalyst of India's organized retail revolution. In both businesses, we remain the unbeatable number one. Two phenomenal anniversaries, two spectacular transformations, and they affirm one abiding truth. When a patriotic, high-performance company consistently serves the aspiration of 1.5 billion Indians, there is no limit to what it can achieve. Dear friends, our founder chairman, Shri Dhirubhai Ambani, taught us that behind every obstacle is an opportunity. Through adaptability, reinvention, and strategic diversification, Reliance has consistently achieved long-term value creation at scale. As I address you today, I do so in the firm belief that Reliance's best chapters lie ahead. Our foundations are strong, our strategy is clear, and the opportunity for growth in India and with India and for India is immense. Allow me to take you through the business and financial performance of Reliance. Dear shareholders, I am happy to share with you that Reliance posted a record high revenue, a record high EBITDA, and a record high net profit for the financial year 26 despite global challenges. The consolidated revenue stood at 11 lakh 75,919 crores, up 9.8% year on year. Despite the volatility, rapid scaling up of our retail and digital businesses played a key role in meeting our commitment to doubling RIL's EBITDA over 5 years. Our EBITDA for the financial year 21 was 97,580 crores, which rose to 2 lakh 7,900 and 11 crores for the year 26. Retail and digital businesses contributed nearly half of the financial year 26 EBITDA. Together, they are increasingly becoming the primary drivers of Reliance's future growth. The net profit for the financial year 26 stood at 95,754 crores, up 17.8% over last year. Friends, Reliance's contribution to India's inclusive economic growth and nation-building remains unsurpassed. Reliance has maintained its top position in investing for India's growth. Reliance's CAPEX stood at 1 lakh 44,271 crores for the year 26. Over the last 5 years, Reliance's capital expenditure has stood at a massive 6 lakh 48,428 crores, or over 68.4 billion US dollars, more than any other company in India. Reliance contributed almost 1/3 of the total capital invested by India's top 50 corporates during the last 5 years. Reliance's exports were 2 lakh 78,808 crores, which was 6.7% of India's total merchandise exports for the year. Reliance remained the largest contributor to the national exchequer, contributing 2 lakh 16,472 crores. With that, our cumulative contribution over the last 5 years to the national exchequer crossed rupees 9 lakh 78,000 crores or in excess of 100 billion dollars. Reliance's commitment to inclusive growth remains unwavering. Our CSR expenditure in the financial year 26 stood at 2,248 crores, the highest by a single Indian company. Importantly, these achievements are supported by a prudent capital allocation framework, proactive risk management, and a strong balance sheet, and growing cash flows. This is reflected in steady improvement in Reliance's global credit rating by S&P to A- and by Moody's to Baa1, both of which are two notches above India's sovereign credit rating. Reliance ranks amongst the largest employers in India. Every year, we are consistently creating an increasing number of high-paying direct and indirect employment. Our digital and retail businesses have also catalyzed lakhs of micro entrepreneurship opportunities. My dear shareholders, with great delight, let me tell you that the board of Jio Platforms has approved the draft red herring prospectus earlier today and it will be filed with SEBI today. This is a deeply emotional moment for me, for the entire Reliance family and for millions of its shareholders. The relationship Reliance shares with its shareholders is a deep and sacred relationship founded on pride, trust, respect, and shared growth. The commitment to shared growth was deeply personal to Dhirubhai. It is equally sacred to me. Imbibed in the same spirit, Isha, Akash, and Anant are heading the Jio IPO process and will lead the next generation of value creation opportunities in the future. The proposed listing of Jio will demonstrate to the world that India can build technology companies of global scale, global capability, and global value. I assure you and all prospective new investors that a brighter future awaits Jio. Friends, 10 years ago, Jio began its journey with an audacious dream to remove digital inequality from India. At that time, voice was costly, data was expensive, speeds were poor. Jio made voice free, made high-speed data affordable, and Jio made digital life possible for every Indian. Jio empowered students to learn, small businesses to grow, families to connect, entrepreneurs to dream, and India to become the world's largest data market. Now Jio is preparing for its next big mission. Friends, in the past, I have spoken to you about the revolutionary power of artificial intelligence. I firmly believe that India should not be a mere consumer of AI created elsewhere. It must become a creator, adopter, and a global leader in AI. That is why we announced Reliance Intelligence last year as our newest growth engine. Our objective is to build a profitable AI infrastructure, platform, and services business serving consumers, enterprise, and governments at scale. We set out a clear vision, identified the focus areas, and began building the right partnerships with Google, Meta, and Nvidia. Now we are entering the next phase, execution, the details of which will be provided by Akash.
A decade ago, Jio promised broadband connectivity to everyone, everywhere. And we delivered on that promise. Today, Reliance Intelligence promises AI to everyone, everywhere. And we shall deliver on this promise, too.
My dear shareholders, the Jio revolution is truly a result of courage, creativity, and commitment of thousands of young Indian engineers. Before Jio, many believed that India could only import technology from the world. Our engineers proved otherwise. They built, tested, deployed, and operated technologies at unprecedented scale. Today, Jio is not merely integrating technology, it is creating original technology. Reliance Intelligence offers an even bigger opportunity to our young engineers. They will get to work on problems of national scale and impact. They will build and deploy technology for 1.5 billion Indians. They will create India-born innovation that the world can adopt. To them I say, come build with us and build for India. Build AI that serves humanity. AI that is powerful, trusted, yet affordable. AI that is fluent in every Indian language. AI that empowers farmers, students, doctors, shopkeepers, workers, creators, and families. AI that improves efficiency while creating more opportunities to work and prosper for every Indian. AI that contributes to the productivity and job creation. We will give you the scale, the resources, the freedom, and the responsibility to solve some of the most important challenges of our age. I now invite Akash Ambani, managing director of Jio Platforms Limited. Akash leads Jio with passion, purpose, and a deep commitment to India's digital future to tell you about the spectacular progress made and the even more spectacular future that will unfold.
Thank you, respected chairman. Your words, your guidance, and the faith you have bestowed upon the team at Jio, inspire us to scale greater heights. My dear shareholders, in 10 years, Jio has reached an operational scale that is simply extraordinary. The Jio user base has crossed 524 million, cementing our number one position. Our 5G subscriber base has crossed 268 million. The largest for any single country operator outside China. With 77 million net additions during this year. On fixed broadband, Jio AirFiber has continued to scale rapidly after becoming the world's largest fixed wireless broadband operator last year. With 13 million connected homes, Jio AirFiber is making reliable home broadband available across the country at unprecedented scale and speed. Total data traffic on Jio's network in FY26 stood at 241 exabytes, growing 30.8% year-on-year. Placing us amongst the largest data operators on the planet. The financial results of FY26 are a fitting tribute to this journey. Jio platforms delivered revenue of 146,885 crores, growing 14.6% year-on-year. EBITDA reached rupees 76,255 crores and 18.8% growth with an EBITDA margin improving by 190 basis points to 51.9%. For the first time in our history, profit after tax crossed rupees 30,000 crores, growing at 15.1% year-on-year. These numbers are proof of the trust India has placed in Jio. More importantly, they demonstrate that Jio's growth remains both broad-based and profitable. Dear friends, the next chapter of Jio's growth will be powered by five commitments. First, to make Jio true 5G the foundation of India's next big digital leap. Our dedicated network slicing will enable a new tier of high-performance connectivity for consumers and enterprises. Our cyclic beam-formed cell design significantly enhances coverage and capacity at high footfall locations. Our target is to migrate all subscribers to 5G by 2030 while advancing India's leadership position in 6G standards. Second is to take high-speed home broadband to every part of India through Jio AirFiber. Our new non-line-of-sight capability has dramatically expanded the reach of home broadband to locations where fiber was never viable. Over 90% of Jio AirFiber's installations are completed within 24 hours, and home connections are now growing at a phenomenal rate of up to 60,000 per day. Per capita data usage has reached 42.3 GB per month, one of the highest in the world. This number will only grow as Jio migrates more Indians to 5G and as AI-enabled use cases proliferate. Third is to digitize Indian enterprises and small businesses. The Jio PC initiative, which delivers cloud compute to small businesses through a simple set-top box, rings enterprise-grade technology within the reach of every micro, small, and medium business in India. Fourth is to ensure AI for everyone, everywhere. Jio is already embedding AI in consumer technology to deliver a smoother, smarter, and more personalized user experience. AI will make our networks more efficient, our homes more intelligent, our customer service more responsive, and our platforms more useful to every Indian. Fifth is to take India's technology to the world. The proprietary deep tech stack at Jio, built for 5G, fixed wireless access, and AI services is now ready for deployment with international partners in select geographies. The technology we built to solve for India's challenges will also serve the world and become a key pillar of our export strategy. As we launch more value-added services such as premium 5G, AI bundled services, and enterprise solutions, our ARPU will grow significantly. Dear friends, there's one more frontier I would like to mention. Satellite communications. Jio connected India on the ground. Now, we must connect India from the skies. There are still the remotest of villages, island communities, and border outposts where Jio network cannot reach. For them, satellite connectivity will be the bridge to the rest of India. Jio is evaluating the development of a sovereign low Earth orbit satellite constellation for India. We are also partnering with the leading global constellation providers by leasing satellite capacity so that we can accelerate service availability while building our own long-term sovereign capability. This dual approach will enable Jio to meet India's connectivity needs faster while laying the foundation for the Indian satellite broadband platform of global scale. To anchor this ambition, Jio is also building its own ground station infrastructure in India. These ground stations will support our partner constellations as well our own future satellites, creating an end-to-end satellite broadband ecosystem from space to ground. With this initiative, Jio is strengthening India's Atmanirbhar in space. Placing India firmly on the global satellite broadband services map. All of these initiatives show that the best of Jio is yet to come. Dear shareholders, Reliance Intelligence a new chapter in Reliance's deep tech evolution was announced last year by our chairman. Today, I share with you the progress we are making in turning that vision into reality. Our first priority is to surmount the biggest hurdle for AI in India today. The scarcity and the high cost of compute. To address it, Reliance Intelligence is building India's sovereign AI backbone in Jamnagar. This cutting-edge infrastructure will be powered entirely by clean energy from Reliance's own solar generation from the Kutch renewable platform. The first 120 megawatts will be commissioned by the end of 2026. In addition, we are operationalizing an initial fleet of advanced NVIDIA GB200 GPUs. This next-generation compute capacity is equivalent to more than 75,000 H100 GPUs on an AI inference basis. As the first 120 megawatts becomes fully operational, this capacity can scale over 2 lakh H100s equivalent GPUs. This capacity places Reliance amongst the largest AI infrastructure platforms being built anywhere in the world. When compute becomes affordable, innovation becomes inevitable. Friends, our second priority is partnerships. No company, however large, can build the future alone. The right path is to combine the best global technologies with Indian execution, Indian infrastructure, Indian domain knowledge, and India first governance. Our Google partnership has deepened into a truly AI first collaboration. For hundreds of millions of Jio users, Google AI Pro, powered by Gemini, is already accessible free of cost. Our second major partnership is a joint venture with Meta, which operationalizes the Llama open-source AI for Indian enterprises. Reliance Intelligence will deliver sovereign hosting within India with full model transparency, portability, that allows every enterprise to own its AI journey. Dear friends, Reliance Intelligence is building trusted, affordable, multilingual AI services designed to be accessible in 22 Indian languages. This sovereign, green, secure compute backbone will power India's first applications such as Jio Bharat IQ, AI Vyapar, Jio Health IQ, Jio Learn IQ, and Jio Krishi IQ. Jio Bharat IQ will make AI a companion for every Indian. AI Vyapar will help small merchants and businesses improve productivity, serve customers better, and compete with confidence. Jio Health IQ will bring intelligent health care support closer to every family. Jio Learn IQ will help students learn in their own language at their own pace and with confidence. Jio Krishi IQ will help farmers make better decisions on crops, weather, resources, and income. Each of these services is designed around one simple principle. AI must be easy to use, trusted to rely on, and affordable for all. Together, these platforms will create a scalable foundation for consumer, enterprise, and government AI services. Friends, we are simultaneously building a world-class team of AI researchers and engineers, investing in India's AI startup ecosystem, and collaborating with leading Indian universities and research institutions. Within Reliance itself, the transformation is unmistakable. At Jio, AI native network management is already driving efficient at scale. At Reliance Retail, AI embedded merchandising and supply chain optimization is reducing waste and improving product availability for millions of customers. At Jio Studios, AI is powering the multilingual content creation. In our oil-to-chemicals operations, AI-driven process optimization is improving yield and reducing energy consumption. Dear shareholders, just as Jio made data extremely affordable for every Indian, Reliance intelligence will disrupt AI economics by making it dramatically more affordable for every Indian by the end of this decade. The Jio Bharat platform has already proved that Jio can put capable smart devices in the hands of Indians at rupees 999. Now, with network edge AI inference, we will bring advanced AI experiences to affordable devices. When AI becomes ubiquitous and easily accessible, India will not merely participate in the AI century, it will lead it. Unlike global AI platforms that build in English and translate later, Jio is building AI natively in Indian languages. So, a farmer querying in Marathi or a student in Tamil gets an AI that thinks and replies in their language. Bharat ka AI Bhartiya bhasha mein bolega. Bharat ke dilon ko jodega. Bharat ki tasveer aur takdeer ko badlega. What we're building is an AI for India, AI by India, AI that will one day serve the world. To give you a glimpse of what lies ahead, we will now showcase some of Jio's latest innovations in AI. Across the world, AI has meant one thing, an app on your phone. And through it all, the phone call, the most natural thing we do, has stayed unchanged for decades. Today, Jio is doing something fundamentally different. Everyday, Jio carries 20 billion minutes of voice, making us one of the largest voice carriers in the world. This is where India truly lives, talks, works, and connects. So, we asked, why should AI sit outside the very place Indians interact the most? And so, we're building AI directly into the heart of the Jio network. No app to download, no number to add, available to every Jio customer in every Indian language. Let us just show you how we are working to bring intelligence to every Jio call. Just say, 'Hey Jio.' And your AI agent joins the call. For as long as you like, always and only with your consent. The agent has multiple capabilities. It can transcribe calls. For example, on a conference call, it can identify up to 10 unique speakers and capture every word in their own language. It can summarize, sharing summaries, action items, and reminders with every participant after the call. It can act. Ask it to order food, book a cab, reserve a table, or set up the meeting you just agreed to. All done on the same call. Your own concierge on every call. Launching for Jio's 500 million plus family later this year. Here's a quick demo.
Arjun Mehta is deep into a quarterly review call with five people. When he realizes three colleagues who should be weighing in aren't on the line.
Hey Jio, add Rohan, Priya, Kavya.
Adding three more participants to the call.
And they are dialed in. No fumbling for numbers, no separate conference bridge. Within seconds, the three of them are connected. Now, eight people and the call is running long. Arjun can't take notes and stay in the discussion. So, he says,
Hey Jio, start transcribing this meeting.
Transcribing the call now.
Every participant gets a notification that the call is being recorded and transcribed with consent and begins capturing in real time, identifying each of the eight speakers by voice. Walking to the lift, tired, he says,
Summarize the call for me and create action items for all.
Clean minutes, the decisions and the action items tagged to each owner. His own two action items arrive as an SMS with a reminder already set. On the drive home, he calls his wife.
Should I book a restaurant?
So sorry, Myra. Papa forgot it's Friday.
Hey Jio, order a margarita pizza.
The AI call agent knows his usual outlet and saved address, asks the right two questions.
You want regular or medium-sized pizza? How about adding Campa Cola?
