Reliance AGM 2025 LIVE: Mukesh Ambani Address at RIL AGM 2025 LIVE | JIO | Reliance Industries |N18L

Using the magic of the original performance with the power of AI voice cloning and lip sync technology, your favorite stars won't just get dubbed. They will actually speak in your language in their own voice with perfect lip sync on screen. Here's a closer look.

Guys, let me talk you through how I would plan an over. Enter field deep.

So whether it's a cricket match or a blockbuster movie, you can now watch it in your own language in the most natural and authentic way. Paramount to our success has been the unmatched viewing experience we've delivered and we are always pushing boundaries further. Today, we're excited to introduce Jio Lens, a breakthrough that lets you experience your favorite content like never before. With Jio Lens, you can explore multiple viewing options that adapt to your personal preferences in a single click. It's your content on your screen, exactly the way you want to see it. Next, let's look at Max View, a global first innovation that transformed how cricket is watched on mobile. Now, we're taking it even further with Max View 3.0, a revolutionary upgrade that puts all your favorite Jio Hotstar features at your fingertips. Multiple camera angles, choices of language, instant highlights, and live scorecards. Everything right there on the same screen, accessible with a simple swipe. This cricket viewing experience has been designed around the way you naturally hold your phone, making it more immersive, more intuitive, and closer to the action than ever before. Head over to jio.com and ri.com to see even more exclusive demos about the exciting features we have planned to launch. With that, let me invite our chairman back onto stage.

It's a privilege to address the Reliance annual general meeting and to mark what is already proving to be an extraordinary partnership between the Walt Disney Company and Reliance. And I especially want to thank Chairman Ambani for his leadership and for inviting me to speak to you today. India is one of the most important and exciting markets for Disney globally. Its scale, diversity, and deep love for storytelling present enormous opportunities. And through JioStar, we are delivering the very best in entertainment and sports, reaching audiences at an unprecedented scale by bringing together Reliance's digital reach, execution, and understanding of the Indian consumer. Combined with Disney's rich library of world-class storytelling and beloved IP, and of course, India's strong passion for cricket, JioStar has quickly established itself as a global force in media and entertainment with nearly 300 million paid subscribers. That is truly a remarkable accomplishment in such a short span of time and we're incredibly proud of what we've achieved so far and even more excited about what lies ahead. So on behalf of all of us at Disney, thank you for your partnership and enjoy the meeting.

Namaste and thank you for the invitation to speak today, Mukesh. India is a special place. It's home to some of the world's most dynamic businesses, a thriving startup ecosystem and incredible amounts of creativity and ambition. We've long been investing in India's digital future and our partnership with Reliance and Jio has been an important part of how we do that. Our work together over the last decade has helped bring affordable internet access to millions, helping to power India's digital revolution. And now we are building on this to help shape the next leap with AI. The AI opportunity in India is immense. It will transform every industry and organization from the largest enterprises to the smallest Kirana store. Google and Reliance are partnering to help all of Reliance's businesses transform using AI, from energy and retail to telecom and financial services. To support this AI adoption, together we are establishing a Jio-Google cloud region built for and dedicated to Reliance. It will bring world-class AI and compute from Google Cloud, powered by clean energy from Reliance and connected by Jio's advanced network. As Reliance's largest public cloud partner, Google Cloud is not only powering the company's mission-critical workloads, we are innovating with you on advanced AI initiatives. And with Reliance and the Jio ecosystem, we are excited to put AI into the hands of more people and businesses so they can do extraordinary things as well. This is only the beginning. Thank you and I look forward to building India's AI future together.

Hey everyone, great to be here with Mukesh, the Reliance team, and all of you. We're at a really exciting moment in time right now. We're seeing glimpses of our AI systems starting to improve themselves. And it seems clear that soon super intelligence is going to greatly improve all of our existing systems and let us build things that we can't even imagine today. At Meta, we want to deliver personal super intelligence to everyone. We believe that this technology has the potential to bring a new era of personal empowerment to people so that they have greater agency to improve the world in all the directions that they choose. And that's why I am excited about this partnership. It is a key step forward towards ensuring that everyone has access to AI and eventually super intelligence. Meta and Reliance are going to deliver our open-source AI models to Indian businesses to help them fuel their work. With Llama, we've seen how AI can amplify human potential, boosting productivity, inspiring creativity, and accelerating innovation. And now with Reliance's reach and scale, we can bring this to every corner of India. Llama's open-source foundation means that whether it's deployed in the cloud, on premises, or through dedicated infrastructure, this technology can be tailored to fit the unique needs of every business from small startups in remote towns to large enterprises in the biggest cities. With this partnership, we're beginning to build our vision for the future where every entrepreneur, creator, and company has the tools that they need to succeed. I believe that this venture will become a model for how AI and one day super intelligence can be delivered to everyone. This is just the beginning. Thank you.

Thank you, chairman. Good afternoon. Esteemed shareholders, Reliance Retail today is a national movement, a mission to benefit both consumers and producers, accelerate the economy, ignite aspirations and enhance the quality of life of all Indians. Our performance this year reflects not only scale but the underlying strength and resilience of our business model. Gross revenues grew 8% to 3,30,943 crores. EBITDA rose 8.6% to 25,940 crores. These are not just financial milestones. They're proof that ambition, discipline, innovation and execution can work hand in hand to create long-term sustainable value. Looking ahead, we are confident of delivering 20% plus CAGR in retail revenues over the next 3 years. This is not an aspirational slogan. It is a prediction grounded in the scale of our capabilities and the depth of opportunity ahead of us. Something that no other retailer in India possesses. It is anchored in the fact that every engine of our growth offline, online and B2B is already proven profitable at scale and primed for acceleration. Each one of our large consumption baskets, grocery, fashion, and lifestyle, and consumer electronics, has structural growth tailwinds. This year, we added 2,659 new stores, taking our total to 19,340 stores, covering 77 million square ft in over 7,000 towns. Stores remain the backbone of our retail revenues, contributing around 70% and will continue to grow through high single-digit like-for-like gains, plus steady expansion of 2,000 to 3,000 new stores annually. In many locations, we have been the first modern trade retailer to enter, securing a first-mover advantage and locking in consumer loyalty. When a Reliance Retail store opens in a small town, it creates immense excitement and pride. As people feel they've entered India's urban mainstream, our unmatched digital strength is another accelerator of our retail business. Our online channels currently contribute a high single-digit share of retail revenues, but will grow to over 20% within 3 years. We also lead in hyperlocal quick commerce using our incomparable store network, strategically located dark stores and deep consumer data to offer faster, more reliable deliveries than any competitor. Our registered customer base has grown to 349 million, up 15% year-on-year. We processed around 1.4 billion transactions in the year nearly matching the population of India, a scale that only reinforces our ability to grow profitably.

Besides these inherent strengths, our confidence in achieving 20% plus CAGR is grounded in eight growth enablers each with measurable proof of performance. First, we know the Indian consumer better than anyone. Our unmatched insights are drawn from scientific data mining from billions of real transactions across every state, every income segment and every lifestyle pattern. This is why formats like Fresh Signature in tier 2 cities and the introduction of exotic fruits into mainstream grocery have taken off so quickly. Second, our product development engine is creating powerful own brands such as Independence in grocery, Avantra in fashion and Kelvinator in electronics. These brands deliver global quality at Indian prices. They not only expand our margins but also deepen consumer loyalty. Third, a superior sourcing ecosystem is a strategic advantage. From farm to fork in grocery to a 30-day mind-to-shelf cycle in fashion, we can move products from concept to consumer faster than our competitors while enriching farmers, artisans, tribal communities, designers, small suppliers, and logistics partners. It gives me special happiness to mention that we are sourcing more products from women-led enterprises. Fourth, our omni-channel architecture integrates the best of digital and physical retail, maximizing consumer delight, whether through smart carts, self-checkout, AI kiosks in stores, or the endless aisle of JioMart online. We offer convenience, choice, and consistency to customers across every touch point. Fifth, our unsurpassed market reach of nearly 20,000 stores is supported by India's largest tech-enabled supply chain which enables 10-minute quick commerce in metros and scheduled deliveries in remote villages alike. This reach is a moat that is hard to replicate at scale. Sixth, we empower India's 42 lakh merchants, Kiranas, Traders and HORECA businesses through our B2B formats, Metro and JioMart Digital, giving them access to products, technology and financing. Kiranas have always been the backbone of India's local economy and an integral part of our neighborhood communities. We ensure that Kiranas and other merchants grow first so that we grow along with them. Hence, ours is a growth model of partnership and shared prosperity. Seventh, our tech-led capabilities from AI-driven demand forecasting to robotics-enabled warehouses. This allows us to scale with precision and efficiency ensuring profitability even in aggressive growth phases. Eighth, our people. 2.5 lakhs strong. Our people are the soul of Reliance Retail. They're trained, empowered, motivated, and mandated to deliver. Last year, we invested over 45,000 man hours in their skill development across new competencies like AI, ensuring our talent stays ahead of market trends. For the fourth consecutive year, we have been certified as a Great Place to Work, a recognition of the high trust, high performance culture that fuels our execution. All these strengths translate directly into guaranteed and growing profitability across our segments.

Dear friends, another factor that puts our retail business on a growth runway is that we are operating in categories where growth is continuous and non-cyclical. In grocery, we sold 18 crore liters of milk, 14 crore liters of cold beverages, 11 lakh metric tons of staples and 3.8 lakh metric tons of fruits and vegetables last year. The category will grow through large format expansion, hyperlocal quick commerce and subscription services. In fashion and lifestyle, Ajio has grown seven times in the last 5 years. New formats like Yousta and RSVP are capturing younger audiences. And our Shein partnership brings global fashion to India at affordable prices. Tira is not just redefining beauty in India. It is inspiring confidence, creativity and self-expression for an entire generation. Swadesh connects thousands of artisans to mainstream retail, turning heritage into an opportunity. In consumer electronics, we grew three times faster than the market. Our ResQ after-sales service now operates in over 300 cities. Acquiring the Kelvinator IP strengthens our consumer durables range. And JioMart continues to expand across quick-commerce, scheduled delivery, and subscriptions. While JioMart Digital helps small retailers match the service levels of modern trade, our supply chain powered by automation, AI and robotics is designed to deliver reliability at any scale. Dear shareholders, Reliance Retail is not just participating in India's consumption boom. We are propelling it and we are doing so with the discipline and confidence that comes from funding growth through strong internal cash flows. This is why 20% plus CAGR is not just achievable. It is a target we're going to surpass. We have the market. We have the model. We have the means. And most importantly, we have the mindset to make it happen. With your trust and support, we will continue to fuel India's retail story and light the way to a brighter, more prosperous future for all our stakeholders.

Dear shareholders, let me now turn to one of our most promising growth engines, our consumer products business. Reliance Consumer Products Limited is set to become a direct subsidiary of Reliance Industries. This will consolidate our consumer brands into a single sharply focused company. Let me explain the benefits of this decision. First, India's consumer market is a $2 trillion high-growth opportunity expanding at over 8% annually. We need a strategic approach to seize this opportunity. Second, our 350 million middle-class households have a combined purchasing power exceeding 100 lakh crores. They represent 600 million digitally native and increasingly brand-conscious consumers who seek premium experiences at affordable prices. Third, for the first time in India's history, rural markets consisting of 900 million consumers are driving 65% of FMCG growth. They're adopting global quality branded products faster than urban markets with penetration growing at 35% annually. This combination of a rising middle class and accelerating rural adoption marks an unmissable consumption opportunity. Fourth, RCPL is not just observing this transformation. We are shaping it by becoming a manufacturing company to deliver global quality products at Indian prices. RCPL as a separate company will give this business the independence to focus exclusively on its markets, products and customers without competing for management bandwidth. It will provide the agility to respond quickly to changing consumer trends and competitive dynamics. It will also allow us to attract the best talent in the industry, offering them a clear mandate and an exciting growth platform. This structure will enable sharper execution, faster innovation cycles, and deeper operational focus. All critical to winning in consumer markets. Our performance already speaks volumes about our ability to capture this opportunity. In just 3 years, RCPL has achieved what took other companies decades. Last year alone, we had revenues of 11,500 crores, making us the fastest growing FMCG player in India. Campa now holds double-digit market share across many states, breaking a 30-year MNC duopoly. Campa Energy gained 2 million social media followers in just 90 days, faster than established brands with decades of presence. Our daily essentials brand Independence has crossed 1,000 crore in revenue. We started in India, have entered West Asia, Sri Lanka and Nepal and are now also exporting to West Africa. Our target is to enter at least 25 countries in the next 12 months. Building an Indian consumer brands powerhouse with global reach. We believe that Brand India will shine bright globally when Indian consumer and tech brands conquer the global markets.

Our competitive strength rests on four pillars. The first is deep tech innovation. We have established a 1,50,000 sq ft R&D hub with over 100 scientists and 15 patents filed. Its mandate is clear. Better than market quality, first-to-India products and first-to-world innovations. The second is manufacturing scale. We have invested 3,000 crores in 12 state-of-the-art facilities equipped with Industry 4.0 technologies achieving the highest efficiency rates in Indian FMCG. Over the next 3 years, we will invest 40,000 crores to create Asia's largest integrated food parks with AI-driven automation, robotics, and sustainable technologies, securing lasting cost leadership. The third is distribution reach. In just 18 months, we've reached 1.5 million outlets, five times faster than any competitor in Indian FMCG history. Our omni-channel network will cover 95% of India's population through retail, digital and B2B channels. Our Signature Partner program offers higher retailer margins enrolling over 10,000 new partners every month. Our integrated marketing across cricket, entertainment and digital platforms reaches 800 million Indians creating matchless brand visibility. And fourth, at the heart of this is our people. We're attracting the best talent across categories and functions. They are building brands that consumers love and trust. And this is only just the beginning. This FMCG business will also be the blueprint for expansion into apparel, electronics, and other large and high-value consumer categories. Built on deep consumer insight, design excellence, deep tech manufacturing scale, and unmatched distribution. Our near-term ambition is clear to be the fastest growing consumer brands company to reach a lakh crore revenue within 5 years. Our long-term ambition is to become India's largest FMCG company with a global presence. This will make RCPL a big new value-creating engine for Reliance Industries comparing it to our retail business in both size and profitability. Thank you. I now invite our chairman back onto the stage.