Namaskar, you are watching Money9 and I am with you, Vishal Sharma. The 48th Annual General Meeting of the country's largest company, Reliance Industries, has begun. The eyes of 4.4 million shareholders are on this AGM because everyone expects Chairman Mukesh Ambani to announce the dates for the Jio and Retail business IPOs. There could be many other big announcements, and we will try to decode this issue. Our colleague Vivek Mittal is with us, who covers the market very closely. Over to you, Vivek sir.
Thank you, Vishal. If we look, Mukesh Ambani has started addressing his AGM. In this AGM, from the stock market's perspective, as you just mentioned, two things are very important. First, the guidance on the Jio Platforms IPO, when it will come. And second, there is a twist that SEBI has relaxed the rules for companies with an expected market cap of over 1 lakh crore, giving them a concession in the minimum 75% promoter holding rule for their IPO. This will be an advantage. Second, because Reliance Jio Platforms' expected market cap after the IPO will be 5 lakh crore, Jio Platforms might benefit from this large concession. Second, what will be said about the Reliance Retail IPO. An important thing will be the revenue guidance for the Giga Factory for solar cells they have started. Regarding Hotstar, because they have merged TV18 into Network18, what are the plans for further business mergers, like the cable businesses of Siti and Hathway? How much investment are they going to make in the O2C (Oil to Chemicals) business in the next three to five years? And if they want to make some acquisitions in retail or go the organic route, these are some announcements where the market will be watching.
Yes, yes. Sir, if I talk about last year's AGM, Ambani had shown a big focus on doubling the Retail and Jio businesses, Artificial Intelligence, and Green Energy. So this time, as the market expects, what will be the timeline for the Retail and Jio IPOs? What new updates can come on the Green Energy business? The roadmap for the Petrochemical and O2C business, in which direction will it be seen moving forward? The entire Reliance group is waiting for these announcements. But brokerage firms are very bullish. If I quote global brokerage firm UBS's report, they say Jio's IPO could come in the next 12 to 18 months because this business has now matured and mid-teen growth, around 15%, could be seen. It was also being said in UBS's report that the Retail business IPO could come in two to three years because the online business and the company's own consumer brands still need to scale up. But what is Mukesh Ambani saying? We will try to listen.
Now I will make my formal address to the shareholders. My dear shareholders, Namaste and a very warm welcome.
It seems the audio is not coming through from the AGM output. I will request my PCR, Amit, to please rectify it.
But Vivek sir, in the meantime, if we also look at the market and talk about Reliance shares, if the AGM has started, it is trading around 1388. It is a mixed trade, a flat trade, with only single-digit increases.
Vishal, at this time, Reliance is coming slightly towards the day low, and the market is also trying to test the day low. But Nifty has broken the 24500 level and has come around 24483. Nifty is not far from today's day low, only 15-16 points away. And Reliance's stock, which showed a recovery after the second half yesterday, around 137...
Cooperation, investment, and everyone. In today's interdependent world, the prosperity of each country is inextricably linked to the prosperity of all. Paradoxically, while uncertainty surrounds us, humanity also stands at the threshold of a golden age in the 21st century, an age defined no longer by scarcity but by super abundance and super affordability for all the 8 billion people on this planet. This has become possible because of the convergence of three powerful technological transformations. Breakthroughs in clean energy are unlocking a future of abundance, sustainability, and security, raising hopes for overcoming the climate crisis. Breakthroughs in genomics promise dramatic improvements in the cure of disease, longevity, and overall health. Breakthroughs in artificial intelligence and allied deep technologies have already begun to boost productivity, efficiency, and human potential to unimaginable levels. Because of the miraculous power, AI can now be called the new Kamadhenu, the divine wish-fulfilling cow of our age. At Reliance, we see the three convergent transformations not as distant possibilities but as immediate opportunities for India. Therefore, we are building the world's most advanced clean energy ecosystems. We are expanding into the frontiers of digital health, life sciences, and genomics. And we are developing AI as a new growth engine, besides embedding AI across all our businesses from retail to telecom, from energy to entertainment. India, with its scale, talent, and entrepreneurial spirit, is uniquely positioned to lead in this new era of AI, clean energy, and genomics. And Reliance has positioned itself confidently to lead our nation's mission to ensure that abundance and affordability become the birthright of every Indian. This is our solemn promise. Friends, the possibilities created by these new technologies are staggering. The global GDP today is at $10 trillion but has the potential to reach $500 trillion within the next 25 to 30 years. Imagine, in our own lifetime, we can end poverty globally and ensure that every human being has access to all basic needs. For this vision to be realized, it is our hope that the world leaders choose cooperation over conflict, dialogue over discord, and win-win agreements over zero-sum rivalries. Despite geopolitical uncertainty, one truth is crystal clear: India is on the rise, and India's rise is unstoppable. Today, India already ranks among the world's top four global economies. Under the determined leadership of a visionary Prime Minister, Shri Narendra Bhai Modi ji, India's GDP is growing faster than all major economies. With the right set of reforms, advanced manufacturing capabilities, and a national priority on deep tech, our economy can grow at 10% annually. This will mean that the per capita income of Indians could rise four to five times within the next two decades, making India not just a prosperous nation but also a more equal nation. And more importantly, India need not copy any foreign model. We have the ability and the responsibility to create an India-first model of development. This model will use deep tech to bring prosperity and security to India, improve the quality of life of each and every Indian, and protect the environment. This model will also harmonize technology with democracy, economy with culture, spirituality with science, and national aspirations with friendship across all nations. This is the collective dream of nearly 1.5 billion Indians to build a nation that leads with both prosperity and compassion. This, my dear shareholders, is the Indian dream. Dear shareholders, as Reliance approaches the close of its golden decade, we rededicate ourselves to the rapid realization of this Indian dream. We are resolutely transforming our operating model to become a deep tech company with advanced manufacturing capabilities. We are making every one of our businesses AI-native, positioning them for hyper-growth. Our corporate philosophy of 'We Care' compels us to continuously improve the quality of our products and services in ways that promote the well-being of both people and planet. Our operating model is now led more by innovation than capital intensity. That is why we are attracting and empowering super-talented young leaders who will drive the next wave of value creation with bold innovations. Reliance has never rested on its past laurels. Our founder and forever guide, Shri Dhirubhai Ambani, instilled in us the DNA of relentless reinvention and reimagination. Again and again, we will reinvent and reimagine ourselves to create greater wealth for our nation and higher value for our society. This is my solemn commitment to you. Dear shareholders, I am happy to share with you the details of yet another stellar year of business and financial performance. Achieved despite multiple challenges, in the financial year 25, Reliance delivered a record consolidated revenue of 10.71 lakh crore, becoming India's first-ever company to cross $25 billion in annual revenues. Reliance EBITDA stood at 1,88,342 crore and net profit grew to 81,390 crore. Reliance exports were at 28,379 crore, contributing to 7.6% of India's total merchandise exports. Reliance invested cumulatively 5.6 lakh crore in the last three years. Reliance remains the single largest contributor to the national exchequer, contributing 1,26,900 crore in the financial year 25. In the last six years, Reliance's contribution to the national exchequer crossed 1 lakh crore. I am also proud to report that Reliance's CSR spending in the financial year 25 rose to 1,560 crore. Reliance's cumulative CSR expenditure over the last three years crossed 5,000 crore. This is a clear reflection of our unwavering commitment to social impact. Friends, employment generation for India's talented youth is a national priority. It is also a priority for Reliance. Globally, the dynamics of employment are undergoing a shift towards flexibility, driven mainly by AI and automation. Reliance has also adopted modern engagement formats that combine opportunities for upskilling, entrepreneurial drive, job satisfaction, and higher earning potential. Today, our conventional and non-conventional workforce has grown to nearly 6.8 lakh people. I see this growing to more than 10 lakh people over the next few years. It gives me immense satisfaction to say that we continue to be among the most admired employers and rank among the largest job creators in India. Reliance continues to lead across every key growth parameter: revenues, profitability, exports, market value, investments, contribution to the exchequer, and social impact. I am confident that Reliance will continue to break its own records in business performance next year and beyond. Dear friends, let me begin by sharing with you the impressive performance of our digital business. Just a week from now, Jio will enter its 10th year of service to the nation. Looking back, these years have been the most glorious in India's digital history. Today, I am proud to share with you that the Jio family has crossed 500 million customers. The 500 million milestone is a symbol of your unwavering trust and support. I offer my heartfelt gratitude to each and every one of you. I have heard people say, 'Jio changed my life' and 'I love Jio.' But I say from my heart, actually, each and every Indian built Jio by simply making it a part of their lives. Let me present a short video of our Jio journey: how 500 million Indians made Jio. All of you made Jio.
Let's go to different parts of the country and listen to the stories of how India made Jio. This is Mumbai's teacher, Abhishek Sathe, who is doing wonders every day.
So, as you saw, Mukesh Ambani has made several announcements. He has said that Artificial Intelligence can now be called Kamadhenu. Despite geopolitical tension, India can move forward rapidly. Reliance could be among the companies providing the most jobs in the country. Besides this, India can grow its GDP at a rate of 10% every year, which could increase per capita income by four to five times in the next two decades. Besides this, he has said that Jio could have 500 million customers in 10 years. The Jio family has crossed the 500 million subscriber mark. He is also saying this. So these are all the things Mukesh Ambani has said at Reliance's AGM. So we will also take the market's reaction. Let's also see the current status of Reliance shares. So, Reliance Industries is trading around 1388 with a 0.15% gain. And if we talk about the market, let's see how the market is doing. So, Nifty 50 is trading above 24500, around 24,511, with a 10-point increase. Nifty Bank is trading around 53,780 with a 40-point decline. We talked about Bank Nifty, if we talk about Nifty 100, it is trading around 25,000. So this is the update on Reliance shares. Again, I will give an update, it is trading around 1388.
Now, some other key points that are emerging, we will also tell you. Mukesh Ambani has said that global uncertainties are increasing. That is, global uncertainties are increasing, but because of technology, this can also become a golden age of abundance and affordability. Many big changes are together promoting this transformation. As he has quoted, clean energy, that is, renewable energy, genomics, artificial intelligence, and deep tech are being talked about. Besides this, he has said that Artificial Intelligence is the Kamadhenu cow of our generation, and Reliance Industries is incorporating it into its energy, retail, telecom, and entertainment businesses. India can grow its GDP at a rate of 10% every year, which will increase per capita income by four to five times in the next two decades. So this is a fresh update we are giving you, and you can also see the graph of Reliance shares on the screen. We will try to add the stream as well. Amit, please show the Reliance AGM stream on screen.
I will update all the viewers connected with us that market experts will be joining us in a few minutes and will then give you information. Yes, at this time we have the stream, and please turn on the music, Amit.
Public infrastructure such as Aadhaar, UPI, Jan Dhan, direct bank transfers, and empowered a confident new generation. Fourth, Jio enabled the creation of the world's third-largest startup ecosystem in India, with over 100 unicorns. Fifth, Jio's nationwide 5G rollout, the fastest in the world, has laid the foundation for the AI revolution in India. Dear shareholders, as a result of these achievements, the financial performance of Jio is scaling new heights with every passing year. Jio's revenue was 1,28,280 crore, a growth of 17% year-on-year for the financial year 25, and our EBITDA was 64,700 crore. These figures are a testimony to the enormous value Jio has already created and the still greater value it is destined to create. Today, it is my proud privilege to announce that Jio is making all arrangements to file for its IPO. We are aiming to list Jio by the first half of 2026, subject to all necessary approvals. I assure you that this will demonstrate that Jio is capable of creating the same quantum of value as our global counterparts. I am sure that it will be a very attractive opportunity for all investors. Friends, Jio's plans for the future are even more ambitious. They rest on five assurances. One, Jio will connect every Indian on mobile and home broadband. Two, Jio will empower every Indian home with digital services like Jio Smart Home, Jio TV Plus, Jio TV OS, and seamless automation. Three, Jio will digitize every Indian business and enterprise with simple, scalable, and secure platforms. Four, Jio will herald the AI revolution in India. Our motto is AI everywhere for everyone. And five, Jio will expand its operations outside India with our own technology to people around the world. I am extremely confident that the path ahead for Jio is even brighter than its journey so far. I now invite Akash, who spearheads Jio, to take you through what lies ahead in the company's exciting journey.
Thank you, Chairman. Jio is where I began my professional journey, faced challenges, learned lessons, and found my purpose. I have grown with Jio, and today, to see it come into its own as an independent company is both humbling and exhilarating. Jio is part of me. Chairman sir, I want to thank you for your trust, your vision, and your guidance. I assure you that Jio is on the path to build on your vision with renewed energy and unwavering resolve to serve India's digital future. Dear friends, as we take this next step in Jio's journey, it gives me great pride to reflect on how far we have come. Today, Jio serves over 500 million happy customers. To put that into perspective, it's more than the combined population of the United States, the United Kingdom, and France. This isn't just a milestone in terms of scale; it's a testament to the deep and widespread trust that Jio has earned from every corner of India. Very few companies in the world have the privilege of serving half a billion people. Fewer still do it with the consistency, commitment, and care that Jio has demonstrated. This achievement, therefore, belongs not just to Jio but to each and every individual who believed in Jio and stood by. And with that belief comes responsibility: the responsibility to lead, to innovate, and to serve with purpose, not to sell but to truly serve the customer, putting their needs at the heart of every innovation. Today, Jio carries the largest wireless data traffic in the world. India's next digital leap and Jio's next growth engine will come from businesses large and small. Jio building simple, scalable, and secure platforms for MSMEs and enterprises are like a franchise management to AI-powered solutions across verticals. We are enabling every business to compete globally. This is not just digitization; it's the democratization of enterprise-grade technology. Jio's transformation into a deep tech company is now unmistakable. We have done it on a technology stack that is designed, developed, and deployed entirely in India by Jio's own engineers. From developing our own 5G core to rolling out the fastest 5G services in the world, and now deploying our global-first home connect technology, we have cemented our place as a deep tech company. Our proprietary home connect technology, UBR, an industry-first innovation, has revolutionized home broadband, offering gigabit speeds while avoiding cable cut disruption and supporting high-end applications. Jio AirFiber is now the largest fixed wireless provider in the world, adding over 1 million homes per month. And now, with the integration of AI, we are building a stack that will power intelligent services across India, from GenAI-enabled customer journeys to AI-powered diagnostics and automation. Jio is laying the foundation for India to become the world's first AI-native digital economy. Building on this foundation, Jio True 5G has redefined speed, reliability, and the reach of digital connectivity. Today, more than 220 million users are benefiting from Jio True 5G network. Friends, at the heart of all our offerings is our customer. At Jio, customer service is not a department; it is a promise. We are redefining every touchpoint to delight the user, not just serve them. Whether it's discovering, buying, using, or resolving issues, our systems are now event-driven and API-enabled, with GenAI at the forefront. This transformation is structural, aligning architecture and feedback loops to deliver precision and delight at scale. This relentless focus on innovation has also driven our strongest financial performance, with record revenue, profitability, and customer engagement. As we look ahead, Jio's journey will be beyond India. Our innovative technologies are now ready to be deployed globally and solve global challenges. With strategic partnerships and a clear roadmap, we will take Jio services international, creating value for partners and shareholders alike. Behind every achievement is a mission to serve customers with heart, to connect the unconnected, uplift every citizen. As we move forward, Jio remains committed to this service, ensuring that our technology empowers all of you. To give you a glimpse of where the mission is headed next, I now invite my colleague Kiran to join me to showcase some of Jio's latest innovations.
Thank you, Akash. Today, Jio is the only operator that can activate gigabit speed internet in under 24 hours across India. In the past, getting broadband installed, even in our larger cities, meant waiting delays and multiple site visits before installation could even begin. It was frustrating for homes and small businesses simply wanting to be connected. At Jio, we decided India deserves better, and we completely reimagined this. Using our deep tech platforms, we built something no one else has attempted at this scale: a digital twin of India's physical infrastructure. This is a living, breathing 3D model of our entire nation, covering every terrain, every locality, and every single building. The moment a customer places an order, Jio's digital twin system allows our engineers to check the local network conditions for that specific customer and precisely plan the entire installation instantly, right from their offices. And within 24 hours, the rooftop unit is installed, and the customer's premises is live with gigabit speeds. This home-ground capability puts India and Jio at the forefront of technology innovation and sets a new benchmark in serving customers at scale. Now, last year in our AGM, we introduced Jio AI Cloud with up to 100 gigabits of free cloud storage for all Jio users. More than 40 million Indians have trusted Jio AI Cloud to back up their most cherished photographs, files, and videos, all securely. Today, we unveil the next generation of Jio AI Cloud that is more than just storage but an AI-powered memory companion. Imagine being able to find and relive your most precious moments simply by speaking in your own language. You could, for example, say, 'Hello Jio, show me last year's Ganpati Visarjan photos,' and Jio AI Cloud will search your entire library and instantly bring back vibrant images of your celebrations. Jio AI Cloud also makes everyday organization effortless. For example, when you scan a receipt, it categorizes it automatically under bills. And when you upload a picture of your Aadhaar card, it again automatically categorizes it under identity documents. And with the new AI Create Hub, Jio AI Cloud becomes not just a place to store memories but also to create them. Anyone can turn simple photographs into shareable reels, collages, and promo videos with no expert skills required at all. Imagine a small shopkeeper creating a professional product reel in minutes, or a parent compiling a family album with just one click. We are making Jio AI Cloud smarter and more human, and are excited for you to try this very soon. To be released features. And now, back to you, Akash.
Thank you, Kiran. Jio's vision is to empower every connected home and business with advanced digital services. Today, we are proud to announce another leap forward called JioPC. Our world is being reshaped by AI, but for AI to be truly inclusive, it must be present in every Indian home and business. JioPC is that revolutionary product that transforms your TV or any other screen into a full-feature AI-ready computer. You can easily get started by connecting a keyboard to your Jio set-top box. Instantly, you get a virtual computer powered from Jio Cloud with no upfront investment. You simply pay for what you use. And because JioPC lives in the cloud, it's always up-to-date, secure, and you can remotely upgrade your memory, storage, and computing power based on your growing needs. For the first time, anyone in India can tap into high-performance compute on demand. You can go from creating documents to running advanced simulations, all on the same JioPC. We are partnering with leading providers to bring a rich library of applications and powerful AI tools to boost your productivity and creativity. JioPC is not just about giving people a computer; it's about giving every student, every professional, every entrepreneur in India the same AI-ready power that only a few have had so far. This is computing for India, reimagined. Next up, we are proud to give you a first look at one of our most exciting upcoming products: JioFrames. JioFrames is an AI-powered wearable platform, an ecosystem made for India with support for multiple Indian languages at launch. You can simply speak to Jio's multilingual AI voice assistant. It is a hands-free AI-powered companion designed for the way India lives, works, and plays. With rear frames, you can capture your world like never before. Take HD photos, record videos, and go live. Every memory is instantly stored in Jio AI Cloud. JioFrames goes beyond capturing moments. Reading a book? Just ask for a summary or an explanation. Cooking a new dish? Get a step-by-step guide while your hands are busy. Traveling to a new city? Instantly learn about the landmarks around you. You can make calls, take meetings, listen to music, and enjoy podcasts with built-in open-ear speakers. You hear crystal-clear audio while staying aware of the world around you. JioFrames brings the power of AI into your everyday life in the most natural way possible. Intelligence will not just be in your pocket; it will be right in front of your eyes. Dear shareholders, let me now talk about our media and entertainment business. The formation of JioStar marked a defining moment for India's media ecosystem. In just a few months, we have created a revolution by strategically leveraging content, AI, and technology to reshape how stories are told, delivered, and experienced. JioStar offers 3,20,000 hours of content, six times more than the next two OTT platforms combined, with 30,000 hours added every year. Our advanced AI tools and technology innovations are empowering viewers like never before. As a result, our media and entertainment business delivered a record-breaking performance. The launch of JioHotstar brought over 600 million users on board within three months. This included over 75 million connected TVs with 300 million paying subscribers. JioHotstar is now the world's second-largest streaming platform, achieved entirely in our country, India. This record shows the immense potential of Indian consumers. In addition, with 34% TV market share, equal to the next three networks combined, we are well on our path to serve a billion screens across mobile, TV, and connected devices. JioStar will continue to expand across platforms and geographies. We have...
Now, Tapan Doshi sir has joined us. Tapan sir, you are very welcome to Money9.
Yes. First of all, we would like to take your opening remarks. Sir, over to you. How are you seeing the outcomes of this AGM?
See, the AGM outcomes are very important because if we talk about it, the market is asking for clarity on many things. First of all, clarity is being sought on when Jio's listing will happen. As far as I have heard, I think it is going to happen in the first half of next year. So that is a good thing. And going forward, how they want to progress, how the demerger of Reliance Retail will happen, because these are two very big value unlockings. As a shareholder, if you see, Reliance has been running in the same bandwidth for a long time. The reason is that there is no clarity on when the listing will happen separately, so value unlocking happens. Then, if you look at their weak point, the O2C chemical business, how will the performance be there? Because a lot of oil comes from Russia, so you also know that with the tariff war going on, we were getting cheap oil from Russia, Reliance was also getting it cheap. So if there is some interruption there, we will have to see how the impact comes, because at the end of the day, as we know, with Trump sir coming back, some things are going to happen. So what is the management saying on that? And the new energy, which is basically said, the battery and solar panels, if we talk about Reliance Energy, it is going to be operational in 2026, so we will also have to see the visibility they are showing there, how production will happen, how commissioning will happen. And their new media JV, which is basically the Star-Viacom deal, which is almost 70,000 crore, we would also like to know the progress there, how monetization will happen there, and how value unlocking will build up there. Because when these two companies merge, we will have to see how the synergy is coming. So, capital allocation, dividend, then demerger, there are many issues where if the Reliance AGM focuses and gives us some visibility, then we can see how Reliance can move from here.
Yes, yes. Tapan sir, we will also try to decode some points of Mukesh Ambani's address. He has focused a lot on global uncertainties. He is saying that global uncertainties are increasing. But because of technology, we can turn this into a golden age of abundance and affordability. Many big changes are together promoting this transformation. As he has quoted, clean energy, that is, renewable energy, genomics, artificial intelligence, and deep tech are being talked about. Besides this, he has said that Artificial Intelligence is the Kamadhenu cow of our generation, and Reliance Industries is incorporating it into its energy, retail, telecom, and entertainment businesses. India can grow its GDP at a rate of 10% every year, which will increase per capita income by four to five times in the next two decades. So this is a fresh update we are giving you, and you can also see the graph of Reliance shares on the screen. We will try to add the stream as well. Amit, please show the Reliance AGM stream on screen.
They are trying to cross limits to a great extent. They are seen promoting this transformation with many big changes. They are talking about using clean energy, genomics, and AI, artificial intelligence, and deep tech. Sir, if you could comment on renewable energy, genomics, and artificial intelligence.
Yes, look, this is the future. There is no doubt about it. And if you remember, a few years ago, Mukesh ji's dialogue was that data is the new oil, and his focus has been quite a lot on AI even before, and Jio is also focusing quite a lot on AI right now. If you look, even his competitor Airtel added Perplexity, so Jio is also going to collaborate quite a lot going forward. They know they are moving towards a new Reliance O2C, they want to shift completely, so AI has a big role. And what Mukesh ji, I think I also heard, started from there, so I think there will be a big focus, and from here too, how they integrate this into telecom and especially in new energy, it will also integrate quite a lot because the energy boom that is going to come is a very big boom, the shift from our thermal power to new energy. In that, look at Adani, they are playing a very big role already through Adani Green. I think Reliance also, after a year when their listing happens and the way Reliance Energy, a completely separate green energy segment will run, I think that will also contribute a lot. So I do agree with them that this AI plus this new energy focus Reliance will have going forward, and there are talks that Reliance and Green Energy can become a very big company going forward because the scope is very big. So hope for the best. But yes, I think this company is going to focus quite a lot on AI and many changes will also come in the same way.
Yes, yes, some more updates are also coming. Sir, we also tell our viewers. Jio AirFiber has been made. The world's largest fixed wireless network, now Jio's technology will reach the world too. Akash Ambani is also seen saying this. And Reliance is making the biggest contribution to the country's treasury. He is also seen saying this. Now sir, in financial year 2025, Reliance Industries' total revenue was 10.71 lakh crore. If we talk about EBITDA, it was 1.83 lakh crore. The net profit was 8130 crore. Sir, as he is also seen saying that our contribution is more. So let's decode the contribution figures too. Sir, it was 2.10 lakh crore and the current number of employees is 6.8 lakh, which is said to increase to more than 10 lakh. But all the viewers who are connected with us right now, if they have any stock-specific questions, I would request them that our comment section is open. Market expert Tapan sir is connected with us. If you have any questions, please post them. We will try to address those questions and if there is any answer related to that, we will try to give it to you. But what is the latest update? Let's take that too. If we talk about Reliance Industries' share, a 2% dent is seen. It is trading around 1357. There is a fall of 28 points and why the sharp fall came, we will also try to decode that. Tapan sir, how is the market taking the pointers that came from the AGM?
Look, what happens is that overall, the market's expectation was quite high because a lot is known about Reliance, but value unlocking, as I said, Jio going in the first half next year, that delays it a bit. Actually, it was supposed to come this year, so the market was focusing on that. On top of that, the O2C, the way the tariff matter is going on, there is also a bit of uncertainty there on how they will maintain margins. Look, normally margins are maintained. If your oil stays steady at one place, hopefully at 65-70, then I think O2C will also benefit a bit. But going forward, the way this tariff matter is, the market is expecting a bit more clarity in the AGM. I think that clarity is not coming and because of this, the market is going down a bit and whatever is coming seems a bit delayed. Like Jio's listing, so that's why there seems to be some weakness there.
Yes, yes, now some more updates are also coming, I will update that too. Akash Ambani has launched many new Jio products, he has presented Jio PC and Jio Frames. So I am giving you information about these new launches too. And Ambani sahab has said that India's economy can grow up to 10%. He is also seen to be very bullish regarding the economy. India does not need to adopt the methods of any other country. He is also seen saying this. He is saying that the India model is the right model and there is no need to look anywhere else. Besides this, he also said that Jio has crossed the 500 million users figure and Jio is going to complete its 10th year in a week. He is also seen reiterating this. Tapan sir, how are you looking at this statement that India does not need any foreign model? We have our own India First model and we have the strength and responsibility to build it. We should try to move this forward.
Look, if we talk about Reliance, Mukesh ji has also proved it. If you look at Jio, of course, one of the biggest networks in the world. The way he mentioned the figures, that normally a country's population is not that many subscribers, and the way Jio has grown, you know in 2016, when 10 years were completed as he said, in 2015-16 when it came, it was zero, then Idea had 42% market share, and if you look now, Jio has 42% market share and Vodafone has 17-18%. So the way Jio has grown is commendable. The way they brought complete disruption in telecom, and if we talk about data too, the internet data there is the cheapest in the whole world because I lived in Dubai for 10 years, so I can say hands-on that the data there is 10 times more expensive than what we have, and in all other countries too it is very expensive. So here we get internet service almost for free, thanks to fiber. If Jio Fiber was not there or if this technology was not there, then perhaps you would not have got this data either, and in this way India is also growing from the internet now. So I totally agree that if we talk about the telecom industry, these people have built their own, which is very difficult. If you also know that for about five years, three years, they laid the entire line across the country. So this shows that the companies here are quite advanced and of course we can have our own architecture. We don't have to depend on any foreign UP. So in that way, I think they must be talking. I think we have all the power, but of course, in the matter of tariffs, they must be talking in that way.
Yes, now sir, you have raised the issue of tariffs, so we would like to discuss tariffs with you too. The way uncertainty is, global uncertainty is at its peak. But especially regarding India-US relations, which we are discussing. Earlier it was being said that they would be seen doing the mother of all deals. In the starting phase, if you remember from April, sir, it was being said that India would be the first country to be seen doing a trade deal with the US first. But things deteriorated so much that now it is being said that Trump sahab's phone call, Modi sahab is not seen picking it up. He called four times and he did not receive the call, and this was being said citing a German newspaper. Sir, if you could explain this entire scenario to our viewers in a few pointers.
Look, the scenario is clear that the way Trump sahab changed his stance, the way he changed colors, of course, the Modi government did not like it because if you look, the first time Trump came here too, I think we have given the biggest welcome, correct? And this time too when he came, there was quite good friendship, but the way he sidelined us for Russia, now look at the 50% tariff, almost no big economy in the world has this much, China has 30% tariff, while China imports more from Russia, European LNG imports more from us, meaning they import LNG from us more, so why is it imposed on us? Just because they want to pressure Russia, meaning they use it like a toy, which this government did not like. Why would it not like it? Of course, it should not like it because no one expected this, no one thought, if someone had said a month ago that 50% tariff... You said it right, we were the first where we were going to agree, but I think the matter got stuck in the agricultural sector and of course we cannot compromise on that part from our end, it is correct. But Trump has three years, correct? Three-four years to prove himself and in any way he wants to prove, so that is it, that they have completely sidelined us. So I think it will take some time for relationship recovery, but it will happen because 50% is not good for them either, not good for us either, but the short-term pain will be quite significant from this.
Yes, yes. Now sir, talks are coming out regarding Jio's IPO that it is expected to come by next June. So the clarity that was being discussed, people were waiting very eagerly, that clarity seems to be coming. Sir, what do you have to say on this?
Yes, I had said this before too, because if it comes by June, then maybe April, May, June, so it is that what happens in the next six months, the market is a bit okay, it is coming, it is coming. Sometimes what happens is that this thing was supposed to come this year, so the market feels, let's go, if it is delayed from there too, because what happens is that it will be a very big IPO, I think one of the biggest IPOs, and the market was looking at when the IPO is, because it will be a very big value unlocking. But it is the same that because it got delayed till June, that can be called a negative. If it had been said that it would be by year-end or in January-February, then I think there would have been a big difference. But it is okay, long-term investors don't have a problem, but for short-term ones, they lighten their positions a bit.
Yes, yes. Now let's try to explain the five big achievements of Jio in the AGM to our viewers in simple language. Look, they have said that Jio has made voice calls free in India. Jio has made common Indians habituated to watching videos on mobile and making digital payments. Jio has laid the foundation of India's digital public infrastructure like Aadhaar, UPI, Jan Dhan, Direct Bank Transfer, which you know as DBT. Jio has helped create the world's third-largest startup ecosystem in India, which includes more than 100 unicorn companies. Jio's 5G rollout across the country is the fastest in the world. It has laid the foundation of the AI revolution in India. So these are all the things that are coming to the fore. Now sir, now sir, Tapan sir, we would like to understand from you the figures of Jio's earnings in the first quarter of financial year 2025-26, explain them to our viewers in very simple language. Look, the profit is said to be 7110 crore in Q1 FY26, up 25% from 698 crore in Q1 FY25. Revenue is also said to have increased by 18.8%, i.e., 19%, and it was 4154 crore. The company's average revenue per user in the first quarter, which you know as ARPU, was 208.8, up 15% from 181.7. Tapan sir, would you like to comment on this?
Yes, their performance has been very good and the talk that is going on, if we talk, then the ARPU of ₹99 will increase from here because there is talk of price hike. Correct? And if you look, there is a big gap between Reliance Jio and Airtel. If I am not wrong, Airtel's is around 280. ARPU can increase quite a lot, and if ARPU increases, average revenue per user, then it directly adds to profitability. So look, if we talk, which is the growth engine in Reliance, then Reliance's growth engine is Jio. Jio is the one that will take the whole company forward. Second, retail is also big. But I think Jio's performance has been quite good. 42% market share. One of the biggest market shares. So I think ARPU can increase from here. As I said, the data package or whatever the calling prices are in our India, they are the cheapest in the world. So there are full chances of pricing increasing, that's why their, I think, profitability will increase further for Jio, that's why people, if value unlocking happens and results are good, I think it will be good going forward too.
Yes, yes. Now let's also look at the condition of Reliance's shares. Trading around 1358, a fall of 27 points, 2% weak, sir. How is it looking on the charts? Reliance's share, sir, we would like to understand from you.
See, look, I cannot speak on charts because I do fundamental analysis, but one thing I can say clearly here is that this Reliance has consolidated quite a lot and I think this price has been stuck for quite some time and Reliance is waiting for clarity. But whenever the jump comes, it was also up 15-20% in between. But I feel that the downfall from here also seems a bit less. If any long-term investor is there, the downfall, I think maximum 10%, but the upside seems quite good in two-three years because value unlocking is happening. That's why fundamentally, I think this is a very good level for anyone to enter.
Yes, yes, yes. Now sir, there is also a report from S&P, a global rating agency, we will also try to decode that report. They have said that in the next 12 months, the company's credit rating can increase. The reason they gave is that Reliance's rapidly growing digital and retail business, the earnings from which are said to now be more stable and reliable. The dependence on volatile businesses like oil and gas is continuously decreasing, and the grip of Jio and Reliance Retail, meaning the market shares, are increasing. In FY25, the share of digital plus retail, a figure is being given now sir, it is said that if digital and retail are combined, this share was around 45%, in financial year 2026 this can be 60%, meaning a 15% jump can be seen here. With the rating update, it is also being said that the company will get cheaper loans and the value for investors is increasing. So sir, if you would like to comment on this report, like this report says that going forward, Reliance Jio and Reliance Retail will also be the torchbearers for this company because if you look at O2C, the margin is not increasing that much, correct? Margin and if you look, the segment is not growing that much, so as Jio grows, as Reliance Retail grows, of course, compared to O2C, they will keep growing, so O2C's share decreases, so it doesn't impact if oil prices remain low, that's what this report wants to say. And going forward too, as I spoke about ARPU, ARPU will increase there, plus the way Reliance Retail is doing store expansion, I think it is one of the biggest retail chains in India now, so their store expansion will also happen going forward and valuation-wise too it will increase from there because if you look, the way GST rate cuts have come and the way if you look, the benefits that came in income tax for 12 lakh, somewhere they can all increase. So they can indirectly benefit during Diwali and all that, so valuation can increase there too. So I think this report is saying the same that these two segments, going forward, I think they will be the torchbearers for Reliance, and that's why I think many broking reports, if you look, are bullish because these two segments can be quite dependent. There is not so much volatility here as there is in O2C. In oil, when oil goes up and down, their profitability goes up and down. That's why I think going forward, we can say a bit of unity will come in profitability, which is good for the company.
Overall, yes, you mentioned brokerage house reports, so sir, we have researched and extracted that data too. CLSA has said that you can buy with a target of 1650. JP Morgan has also set a target of 1695. Jefferies is saying that the share can go up to 1670 and in a bull case, it will be seen crossing the 1900 level. There is also a UBS report with a target around 1750. And currently, I will tell you the condition of the share, it is seen trading around 1350. However, from the lower level, meaning the low of today, if the low of 1350 is made, from there an increase of 15 points is being seen. It is trading around 1365. Now on the market too, Tapan sir, now you have to wind up. Sir, we would also like to take your comment on the market. The market has slipped below 24,500. The market watches and listens to Reliance's AGM very closely. Coming down from the 24,500 level, is it a matter of concern?
Look, what is happening here? The biggest problem coming in the market is uncertainty. Look, one is the GST, the GST rate cut is coming. As you know, the GST Council meeting will be on the 4th. It will probably be implemented by the 20th. But the fear is that there will be sales loss from automobiles. People will not buy for a month, so that is a bit of a fear. Consumer durables, discretionary, automobiles, so because of that, the market is a bit worried. Plus, the way Trump's stance is not changing. There is still no visibility that any negotiation is going on or not going on back of the door and where it has been settled, that is also not known. So all this is because of the problem. And second, a tension has come to the market because this GST rate cut is coming and maybe it will be implemented on September 22nd, so this month of July and September, perhaps it will not be so good for FMCG, consumer discretionary items and consumer durables because people delay their buying. So the next quarterly result might not be so good, and of course, the Diwali quarter, which will be October to December, will be very good, but its result comes in the first week of January, so by then what happens is that there is a bit of weakness. So I think that is the market's fear. Plus, what we are talking about now, that if we don't export to the US and we will address 40 countries, but it is not that easy to find any new buyer if the company... So the market is a bit weak in all this. Hopefully, if something good happens in some matters going forward, then we will be able to see some increase from here.
Sir, you also touched upon the issues of consumption, sir, so we would like to understand from you that you also speak quite a lot on consumption. Sir, regarding consumption, we have also run a series on Money9, but there are many problems, sir. It was being said that in the beginning, FMCG companies came on the strategy of selling goods in small sachet packets. Despite that, the rural demand was not seen increasing. After that too, some change came slightly. Then we decoded the tractor sales figures and auto sales figures too. What is the current situation, sir, we would like to understand from you. And the way GST rate rationalization is being talked about, can it boost consumption?
Look, consumption will get a boost. There is no doubt about it. I think it will be very good from Diwali. The problem that was there so far, like the three-four points you mentioned, were there, but now what I feel is that gradually in rural areas, I think the way GST, maybe in a month and a half, I think due to the GST rate cut, some savings happen, so consumption will gradually get a boost. And I think maybe the festival season will be much, much better. I think right now everyone is waiting and I feel that I think the next two quarters, I think October to December and January to March quarter will be much better for all these consumption stocks. But as an investor, look, you have to buy when it is a bit down. So I think this is the right time to buy because, but obviously, because pent-up demand will come, I think during Diwali time and it will have to be brought. The government also has no option. The government is working in a complete war zone, you see, that every day you see somewhere there is talk of GST cut. So the government also wants because we are saying that India will not be impacted. But this tariff matter, its impact will be seen in one-two quarters, especially where the impact comes, textiles, gems and jewelry, in all of them, or you say seafood, there is a big impact, so they will have to take many steps to settle them and the 5% impact on GDP, but its secondary impact also comes because if any banks, if you look, gave loans to textiles or gems and jewelry companies, then they also face NPA issues. So many concessions will have to be given in credit too. Many things will have to be done, the government knows more than us, but look, its impact is big, so you see that the government is very active, they will have to bring it in a month, but the current situation of the market, the market is trying to see what will happen here.
Yes, now with us, sir, our colleague Vivek Mittal sahab has also joined. Vivek sir will now overtake the show. Sir, over to you.
Thank you Vishal, thank you Tapan ji for joining in. Tapan ji, look, the biggest news that was needed for the market or Reliance shareholders was that regarding Jio's, Jio Platform's IPO, we were hearing about it for a long time. We have got its timeline and in that too, one thing we discussed in expectations was that if the expected market cap of any upcoming IPO is more than 1 lakh crore, then the promoter gets time to dilute their stake. And Reliance Jio Platform's expected market cap, I was reading a Citi report, in that it is being considered that it will be 5 lakh crore market cap at the time of IPO listing. What do you think, sir, the stake dilution that will happen, will it happen in a phased manner and what will be its impact? And if a one-time IPO comes, that 25% holding is reduced and 75% promoter remains, then what kind of impact will it have on Reliance?
Look, the IPO you are talking about, reducing the stake, I think they will not face a problem because Jio will find many buyers. Look, the way Jio has performed, if you look, initially when Jio did fundraising, I think you will remember, for a month we saw big players. Now the way Jio has performed, if it is said that the IPO will come by June 2026, I think in enough time, the company will make whatever regulatory changes are needed. And I think Jio's buyers will also be found good and I don't think there should be any problem in valuation because such a big market and Jio, probably in India, there is Airtel and Jio and no one else. Vodafone is there, but we also know how it is. So I think there will be no problem in Jio's valuation. Yes, regularity, as you said, whatever changes will have to be made, they will make, but I think before that, before the IPO, I think that will also be a reason, what you said, that because of that it delays a bit more. I don't know the exact reason. But that too, regularity, many compliances, because this IPO, as you said, has an overall market cap of 5 lakh crore. By then it will probably increase even more. So that's why I think changes will happen, but I don't think there will be any problem in valuation, so there should be no problem in value unlocking too.
Yes, now Tapan ji, one thing, whenever Jio's name comes up, one share gets scared just by thinking. Its name is Idea, Vodafone Idea, it is still scared today. Look, there is no news in it. There is no news today. The market is negative. I know, but since Jio's AGM started, look at the move of that counter. It is coming down and Reliance was going up a bit. But now consider that Vodafone Idea's worst from Jio side, I am not talking about when their AGR news issue will end? When will the government support? What will happen? From Jio side, what Jio had to damage, that has happened. Now Jio itself will not have the desire to hit it more.
Look, Jio, I think Jio is not even paying attention to Vodafone Idea right now because it is already in trouble itself. But the biggest problem of Vodafone Idea is that there is an almost 2.5 lakh crore liability sitting on the balance sheet. How to settle that? Okay? No matter how much oxygen the government gives, but we also know it is a company lying on the bed, and from here too I feel that gradually, look, whenever monthly or quarterly data comes, Vodafone Idea is losing subscribers and it is being distributed between Airtel and Jio, and especially going more to Jio for a long time. So I feel that from here, basically Jio is not facing that much problem from Vodafone Idea because their service is also facing some problems on the side because the capex that has to be invested, the 5G capex is a very big capex which I think only Jio and Airtel can do. Vodafone Idea does not have that much funds. So gradually, as the full rollout of 5G happens, 2G and 3G, on the base of which Vodafone is still surviving, that will also gradually diminish, and if 5G starts coming in that area too, then Vodafone Idea will lose like this. So I think Vodafone Idea's problems are many, meaning countless, but I think Jio does not have that much problem, nor does Airtel have a problem from Vodafone.
Yes, Vishal, do you want to include anything else in this?
First of all, the biggest thing is that now some viewers have joined us. Their questions are coming. We will try to address them. Sir, Ravindra Kumar ji is connected with us. Tapan sir, he is saying that sir, can we make a new entry in Reliance?
According to me, this level of Reliance also seems okay to me. But there should be a bit of a long-term vision because the way Jio's listing was discussed, it will be up and down for a quarter or two. But if your long-term is there, I think this level and buy at dips will always be there. I think if yours is for two years and I feel that if both Reliance Jio and Reliance Retail get listed, then a good value unlocking happens, so of course you can buy at this level too.
Yes, yes. Next question we will take, sir, that you are forgetting, before that I have paid, okay question, okay, okay. Tapan sir, thank you very much, you took out precious time for Money9, so we thank you very much for that. Vivek sir, we will continue, Tapan sir, you exit, sir. Vivek sir, over to you, how are you looking at this entire outcome and the way the details of this AGM are coming, sir. Many new launches are being talked about in Jio's pipeline. Vivek sir, it is being said that Ria, meaning voice search on content, will be launched. Voice Print is being talked about, in which it is being said that there will be AI dubbing in Indian languages. Plus, there is a lip-syncing matter. Besides this, it is being said that Jio Lens will also be launched. In this, there will be a personalized queuing option. This is also being said. Max View 3 is being talked about. It is being said that a multi-angle, multi-language emerging cricket experience will be given. Besides this, we will also talk about numbers. But first, we would like to understand from you, sir, how did you see your AGM, what was the outcome, sir, from your perspective?
Look, Vishal, for me, the AGM ended when I got the time for Jio Platform's IPO. It was known when it is coming. After that, whatever is coming is a bonus. Now, the bonus thing you mentioned, now in what sense am I saying bonus? Look, one is that the company is focusing a lot on AI. This focused area of AI is very important that the country's leading company is focusing a lot on AI. And you see that since they have talked about AI, Indian IT shares have started falling. That is not because they are getting a chance in AI. It is because they have invested less and are sitting. These leading IT companies of ours, now there is pressure on them that if a leading company of your own country is focusing on AI and you yourself, being an IT company, are not focusing that fast, then pressure is bound to come on you, and that's why we are seeing that IT shares are falling a bit today. The second thing is, what you said, one, I was just looking at the tech, Vishal, that they have talked about growth in detail, they have talked about CAGR of around 20% for the next three years, this is a very good thing. That means the next IPO in the queue from Reliance Industries, that would be Reliance Retail. Now if Reliance Retail's IPO comes, before that if its CAGR remains at 20%, then it will be very easy for you to do your new shareholder or anchor placement. If you remember, in 2020, when the COVID time came, Reliance at that time, on a daily basis, used to bring some big customer from America, either Facebook, Google, don't know who all big investors had come, and they used to crack a deal daily for Jio Platform. Jio Platform was going very well at that time, the subscriber base was increasing and they took new investors. In the same way, in retail, now if they show this growth pattern, then it is no big deal for them. I don't think they won't find big investors for their next IPO and anyway, they have now said that if we make a company of 5 lakh crore, within 10 years, then you understand that every vertical, there was a time when Reliance Industries itself was of 5 lakh crore. Today, 5-5 lakh crore verticals are coming out separately from it. So you think what it is becoming?
