Ladies and gentlemen, good afternoon. It is 2 p.m. and time to start the meeting. I welcome all of you to the 49th annual general meeting of the company. This meeting is held through video conferencing in compliance with the circulars issued by the regulators. The company has taken all feasible steps to ensure that the shareholders are provided an opportunity to participate in the annual general meeting. Adequate video conferencing facility and live webcast of the proceedings of this meeting have also been provided. Requisite quorum is present and therefore I call the meeting to order.
The register of directors, key managerial personnel and their shareholding, the register of contracts or arrangements in which directors are interested, and a certificate from the secretarial auditor on employees stock option scheme are available for inspection by the members. I wish to introduce for the benefit of new members my colleagues on the board of our company: Dr. Shumit Banerjee, Shrimati Arunati Bhachara, His Excellency Yasir Al-Rayyan, Shri Kvi Chadri, Sri Kvi Kamat, Shri Hay Kaitan, Sri Dhanabar, Sri Nikl Mewani, Sri Hal Meswani, PMS Prasad, Sri Anamani, Shrimati is Amani Pyram, Shri Akash Ambani.
All directors of the company are present at this meeting. Shri Vih Shri Kant, Chief Financial Officer, Shrimati Savvitri Parak, company secretary, and Shri Ketu Raman and the representatives of our statutory auditors and secretarial auditors of the company are also present at this meeting. Notice dated May 27, 2026 convening this annual general meeting and a copy of the annual report for the financial year ended March 31, 2026 have already been circulated electronically to the members of the company. A letter providing the web link of the annual report has been sent to those shareholders who have not registered by their email address. With your permission, I shall take them as read.
The auditor's report on the standalone and the consolidated financial statements and the secretarial audit report of the company for the financial year ended 31st March 2026 do not contain any qualifications, reservations, adverse remark or disclaimer. Accordingly, these reports are not required to be read out as provided in the company's Act 2013.
Now, I will begin my formal address to the shareholders. My dear shareholders, 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 six 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 Modi Ji, 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 one 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 Sri 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 1 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 7,91 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 one-third of the total capital invested by India's top 50 corporates during the last 5 years.
Reliance's exports were 2 lakh 78,88 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. 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 minus 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. Embedded 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 of 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 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 exabits, 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 1 lakh 46,885 crores, growing 14.6% year-on-year. EBITDA reached rupees 76,255 crores, an 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 whilst advancing India's leadership position in 6G standards. Second is to take high-speed home broadband to every part of India through Jio Air Fiber. 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 Air Fiber'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 42.3GB 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 JioPC initiative, which delivers cloud compute to small businesses through a simple setup box, brings 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 bundle 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 as our own future satellites, creating an end-to-end satellite broadband ecosystem from space to ground. With this initiative, Jio is strengthening India's Atmanirbharata 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're 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 megawatt will be commissioned by the end of 2026. In addition, we're operationalizing an initial fleet of advanced Nvidia GB300 GPUs. This next-generation compute capacity is equivalent to more than 75,000 H100 GPUs on an AI inference basis. As the first 120 megawatt becomes fully operational, this capacity can scale over two lakh H100-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 and 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 Vapar, Jio Health IQ, JioLearn IQ and JioKisan IQ. Jio Bharat IQ will make AI a companion for every Indian. AI Vapar will help small merchants and businesses improve productivity, serve customers better and compete with confidence. Jio Health IQ will bring intelligent healthcare support closer to every family. JioLearn IQ will help students learn in their own language, at their own pace and with confidence. JioKisan 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 efficiency and quality at scale. At Reliance Retail, AI-embedded merchandising and supply chain optimization is reducing waste and improving product availability for millions of customers. At JioStar, AI is powering 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 9,999. 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.
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. Every day, 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 Maha 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. He just says—
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 Gio, 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—
Hey Jio, 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.
Hi. Should I book a restaurant?
So sorry, Mayu. Papa forgot it's Friday.
On the same call, he says—
Hey, Gio, 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?
Yes, a medium-sized pizza with Campa, and place the order.
Okay, your order has been booked and your total is 748 rupees.
He confirms the price and places it. By the time he arrives home, the pizza has arrived and the family tradition continues.
I now invite my colleague Kiran to join me.
Thank you, Akash. Now let's talk about MyJio. MyJio is India's most used self-care app with over 60 crore users. For a decade, it has been a place you go to recharge or to check your balance. With AI, something fundamental has changed. Think of the most capable person you know. The one who doesn't need to be told every step. You say what you want and they take it from there. This is what we call an AI agent. We are transforming MyJio from an app into a personalized Jio AI advisor and relationship manager. You no longer navigate MyJio. You say what you need and MyJio starts working. Are you shifting to a new city? Don't click through the screens. Just voice your intent and MyJio acts instantly. Here is a quick demo.
Hey Vikram, how may I help you today?
