LIVE: Reliance Industries Chairman Mukesh Ambani addresses 49th Annual General Meeting

Thank you. Respected chairman, your words, your guidance and the faith you have bestowed upon the team at Jio inspire us to scale greater heights. My dear shareholders, in 10 years, Jio has reached an operational scale that is simply extraordinary. The Jio user base has crossed 524 million, cementing our number one position. Our 5G subscriber base has crossed 268 million — the largest for any single country operator outside China — with 77 million net additions during this year. On fixed broadband, Jio AirFiber has continued to scale rapidly after becoming the world's largest fixed wireless broadband operator last year. With 13 million connected homes, Jio AirFiber is making reliable home broadband available across the country at unprecedented scale and speed. Total data traffic on Jio's network in FY26 stood at 241 exabytes, growing 30.8% year-on-year, placing us amongst the largest data operators on the planet. The financial results of FY26 are a fitting tribute to this journey. Jio Platforms delivered revenue of 1 lakh 46,885 crores, growing 14.6% year-on-year. EBITDA reached rupees 76,255 crores — 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 AirFiber. Our new non-line-of-sight capability has dramatically expanded the reach of home broadband to locations where fiber was never viable. Over 90% of Jio AirFiber installations are completed within 24 hours and home connections are now growing at a phenomenal rate of up to 60,000 per day. Per capita data usage has reached 42.3 GB per month, one of the highest in the world. This number will only grow as Jio migrates more Indians to 5G and as AI-enabled use cases proliferate. Third is to digitize Indian enterprises and small businesses. The 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 Atmanirbhar in space, placing India firmly on the global satellite broadband services map. All of these initiatives show that the best of Jio is yet to come.

Dear shareholders, Reliance Intelligence, a new chapter in Reliance's deep tech evolution was announced last year by our chairman. Today, I share with you the progress we'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 Khavda 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 to 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-first applications such as Jio Bharat IQ, AI Vyapar, Jio HealthIQ, JioLearnIQ and JioKisanIQ. Jio Bharat IQ will make AI a companion for every Indian. AI Vyapar will help small merchants and businesses improve productivity, serve customers better and compete with confidence. Jio HealthIQ will bring intelligent healthcare support closer to every family. JioLearnIQ will help students learn in their own language at their own pace and with confidence. JioKisanIQ 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 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 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, 'Hey Jio, add Rohan, Pava and three more participants to the call' — and they are dialed in. No fumbling for numbers, no separate conference bridge. Within seconds, the three of them are connected. Now eight people and the call is running long. Arjun can't take notes and stay in the discussion. So he says, 'Hey Jio, start transcribing this meeting.' Transcribing the call now. Every participant gets a notification that the call is being recorded and transcribed with consent, and it 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.' Summary being generated. 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. 'Hey Jio, call Ria.' Calling Ria. Hi. Hi. Should I book a restaurant? Papa, it's Friday. So sorry, Mayu. Papa forgot it's Friday. On the same call, he says, 'Hey Jio, order a margherita 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 — 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? I'm moving to Pune next month. How can I transfer my Jio fiber? Got it Vikram. I can move your whole Jio fiber setup with you. What's the new address in Pune? B-1204 Skyline Heights, Baner, Pune 411045. Good news, that address is covered. Here's what I found. Pick an installation slot for the new place. 15th July morning works for me. Done. I've set everything in motion. Our agent Raji Sharma will contact you for transferring the Jio fiber and I'll ping you a day before the installation. You're all set. Anything else for the move or shall I leave you to the packing? Traveling overseas, it finds the right roaming pack and sends real-time usage alerts.

Here is a quick demo: Hey Vikram, tell me what you need and I'll take care of it. I'm flying to Italy next week. That sounds exciting. Italy is a great destination. To pick the right roaming pack, could you share your departure and return dates? 25th June to 5th July. Nice. That gives you 10 days in Italy. Here are the recommended packs that fit your window. Pick the one that suits how much data you need. Recharge for 1551. Perfect. I have completed your recharge. Your plan will auto-activate when you land in Italy. Have a great trip. Bought a new eSIM phone? It handles self-KYC and activates your phone in minutes. This is for every Indian in all major Indian languages, voice and text. As always, privacy stays at the heart of it. MyJio acts only with your consent. Every action is logged and everything involving payment always needs your confirmation. You can see all of the demos on our website.

Now, let's move to JioHome. Jio powered India's journey from voice to data to video, pioneering gigabit broadband for every Indian. Today we take the next leap. JioHome's next-generation offering delivers multi-gigabit capability — up to 5 Gbps download and 1 Gbps upload — dedicated to your home through our multi-gigabit ready JioAirFiber. But this is not about speeds. It is about what your family can do. Now look at your home today. Connected devices per home have grown multifold in five years and this is only set to rise. We needed connectivity built to power that rise. One member streaming, another cloud gaming, a third on a video call, a child in an online immersive and interactive class. All at once, all flawless. Nothing slows down. That's what 5 Gbps gives you — a breakthrough multi-gigabit wireless technology built in India. Speed also changes how things feel. A large file that took minutes now lands in seconds. The latest AAA game — 100 GB — streams whilst you pour a cup of chai and you're playing before it's gone cold. This makes India ready for 8K multi-screen entertainment. This transforms work too. With 1 Gbps upload, your home becomes a true global workplace — real-time co-creation with teams anywhere in the world. And this is just the beginning. We're entering the era of spatial computing with volumetric video where AI and XR create interactive immersive experiences.

The opportunity is no longer just to connect homes to the internet. It is to turn every home into an intelligent home — a place to learn, play, work, and create at the speed of imagination. The fastest broadband in the world should reach you just as fast. At Jio, the journey to a connected home should feel effortless from the very first moment you show interest — through our website, a missed call or MyJio. So we're reimagining the entire home connect journey from interest to go-live. It rests on two simple promises. First, within 15 minutes of showing interest you will get a call back in your own language. It answers every question, helps you pick the right plan, books your home connection slot and stays with you throughout your go-home journey. Second, your Wi-Fi will go live within 24 hours anywhere in India. This is connectivity the way Indian homes deserve it.

And finally, to our last announcement for the home. Today we announce Jio TeleFrame — the home for agents in your home. This is a family of Jio AI agents built for everyday life. AI agents for the day, for care, for guests, for entertainment, shopping, and of course the connected home. Every agent has a job. TeleFrame gives them one shared place to help, act and stay visible to the family — always with permission and in every Indian language. These agents know you, your family, your routines, the room around you. They sense context and bring the right help forward without anyone opening apps, searching menus, or repeating what the home should already understand. The school morning starts before anyone opens an app. TeleFrame knows the family is leaving soon, so the day agent brings up rain after 2 p.m., so you remember to carry your umbrellas and raincoats, and the doctor appointment at 5:30. Planning a festival lunch? The guest agent sees the plan taking shape. 'Hey Jio, did you get that?' He checks who's arriving, suggests food dishes based on past family choices, builds the grocery list, and with one command places the order for the right delivery window. It can update the host when delivery is en route. At dinner, Papa is at the table. Medicine is due and the care agent reminds him before food. Match night begins with the India match. The agent opens JioStar, sets light fan volume and keeps score updates visible. Different agents, one home — a home that understands you and looks after the people in it.

Dear shareholders, let me now talk about our media and entertainment business. In FY26, JioStar completed a remarkable first year of full operations. Today, JioStar, Jio Studios, and Network 18 together constitute India's most powerful media ecosystem. The business posted full-year revenue of rupees 34,917 crores with an EBITDA of 5,842 crores and a net profit of 3,434 crores. JioStar remains India's leading television entertainment network with a 34.7% viewership share — nearly equal to the next three players combined. Every day, 389 million viewers choose our content across genres and languages. On digital, JioStar has reached a scale that is amongst the largest in the world and the largest in India. The platform averaged 451 million monthly active users during the year. Our live streaming capabilities continue to set global benchmarks. During the recent T20 World Cup where India was victorious, Jio Hotstar recorded a world record 72.5 million concurrent viewers in India. Today, nine of the ten highest global concurrency records belong to Jio Hotstar. IPL 2026 reached over 700 million viewers on our platform, demonstrating the unparalleled reach of our digital ecosystem. Jio Hotstar also became the first Indian paid OTT platform to cross 1 billion downloads and is now available on 99% of connected TVs in India.

We launched multiple AI-driven platform initiatives in FY26. ChatGPT-powered conversational discovery with recognition of Indian accents and regional languages. JioStar's microcontent hub, Taaza, launched in April this year, has already amassed more than 100 million users in under two months. The first-ever in-app commerce integration with Swiggy during IPL matches, which enabled food ordering without leaving the live video stream. We also pioneered interactivity features such as voting, live chat, and meme creation. More than 100 million unique users have used these features, generating over 11 billion interactions. Now, let me introduce JioStar GenAI Media Studio, or simply JAMS. JAMS is an end-to-end AI-native content production pipeline for Bharat, spanning the full journey from ideation and storytelling to image, audio, video and final production workflows. Through JAMS, we aim to nurture a new generation of creative technologists who can combine storytelling with AI to produce premium quality content for India and the world.

Every product decision, every experience we build is designed to put power, choice and control firmly in the hands of the consumer. This philosophy has earned us the loyalty and trust of 500 million users on JioStar. Today, we are proud to present an exciting pipeline of innovations that will redefine how consumers experience entertainment and sports in the future, seamlessly woven into how they shop and engage across the JioHotstar ecosystem. Let me take you through a feature that gives you your own personalized story engine. AI Snapshot builds you your own recap — every key moment stitched into a narrative right on your screen. Here's a demo to show you how it works. Mera's been meaning to rewatch Arya for months. Season 3 just dropped. She jumps straight in. 10 minutes into episode 1, Dalith appears on screen and is talking friendly with Arya. She freezes. Wait, wasn't he the one who killed her husband? She remembers the shock of that moment, but the why — the full shape of it — has gone fuzzy. She doesn't open a browser to search. She doesn't rewind to season one. She just asks: 'Why is Arya friends with Dalith? Didn't he kill her husband?' It builds the story for her. The early scenes — do laughing at the serene dinner table, the small moments of tension she didn't notice the first time, the debts, the deals, the slow unraveling of a loyalty that was never what it seemed. Not a summary of what happened, but the reason it happened — assembled from across hours of storytelling in minutes. She hits play on the first scene. This time when Dalith smiles at Arya, she knows exactly what that smile means.

For the first time ever, a marketplace is created on an entertainment platform where you can shop while you watch without leaving your favorite content. Introducing content commerce on JioHotstar. Here's a closer look on how you can move from screen to cart seamlessly without leaving your screen. You are watching Durand on your phone when something on screen catches your eye — a sherwani — and just like that you want it. Instead of searching, you tap on the shop button right inside Jio Hotstar. The AI reads the frame in real time identifying every outfit on screen. The exact items you're looking at appear tagged and priced. The shop panel brings it all together with retailer information, pricing, and alternatives in one marketplace. You find the one you like and tap buy now. It fetches your delivery address and payment details. No forms to fill. The order is confirmed and you're right back to watching Durand. From inspiration to intent to purchase, all in a few minutes without leaving your screen.

At Jio Hotstar, we understand that you have diverse interests and want to watch multiple feeds all at once, but don't want to choose between entertainment, sports or news. We have ensured you watch it all on one screen side by side. Here's a glimpse of multi-view in action. Vikram has a problem most people would envy. India are in a tense run chase. The tension is building ball by ball. Breaking news is also rolling in — election results state by state, constituency by constituency, too close to ignore. Moreover, Big Boss eliminations are happening. Any other day he'd have to choose, but not today. He picks up his remote and builds his screen. The match — he needs to watch every ball of this chase. Adds the news channel to track state results live as they're declared. Next up, Big Boss eliminations. And lastly, he adds another news channel in Bengali — a different desk, but same urgency. He switches from the match to see who is trailing and who is winning. He notices an interview happening on the news channel in Bengali. Four things, one screen, silent, present, there when he needs it.

Dear shareholders, let me now speak about Jio Studios. India's number one content studio by revenue, catalog size and box office share. The Durandar franchise crossed 3,000 crores in worldwide box office gross, making it the first Indian film duology in which each film crossed 1,000 crores. With this, Jio Studios completed three consecutive years as the highest-grossing Hindi film studio and now has over 500 awards across its content slate. Dear friends, Network 18 reached 250 million people every month through television and has over 450 million subscribers and followers across its digital platforms. It has also established a stronghold on social platforms with more than 65 billion video views this year. Our flagship brands CNBC TV18, CNN News18, News18 India continue to lead their categories. MoneyControl is India's leading financial intelligence destination. MoneyControl Pro and MoneyControl Super Pro have strengthened MoneyControl's subscriptions business with a fast-growing feature-rich offering for investors seeking actionable insights. FirstPost remains the premier destination for audiences seeking an Indian view of the world. With the creator economy growing exponentially, the company launched Creator18. This offering strengthens its ability to deliver social media solutions for clients and develop new formats that resonate with the younger audience. With that, let me invite our chairman back onto stage.

Thank you, respected chairman, esteemed shareholders. Financial year 26 was a year of strong execution and measurable acceleration. Gross revenue reached 3 lakh 70,026 crores, growing 11.8% year-on-year. EBITDA grew 7.9% to 27,033 crores — 3.4 times that of our nearest competitor. Profit after tax rose 12% to 13,838 crores. Our registered customer base reached 387 million, up 11% year-on-year. We processed 1.93 billion transactions, up 39% year-on-year. That single number captures something significant: quick commerce coming of age, adding a promising new layer to the growth of large basket shopping. We now operate 20,160 stores across 78 million square feet. In grocery, our Smart Bazaar network crossed 1,000 stores — one of the fastest large-scale retail rollouts in the world. A large part of this network now serves tier 2 and below markets. In many of these towns, Smart Bazaar is the first organized modern retailer, transforming access for millions and creating livelihoods that did not previously exist. This year, we launched the Old Goods Exchange program across Smart Bazaar stores, collecting over 4,400 tons of recyclable material in the first 45 days. The scale of our grocery operation reflects the strength of our farmer and supply chain partnerships. We procured approximately 5.7 lakh metric tons of fresh fruits and vegetables this year, partnering with over 40,000 farmers across 110 collection centers, delivering low prices to the consumers and better returns to the farmers. We sold 12 lakh metric tons of staples. In home and personal care, our portfolio is growing three times faster than the industry. Clean shampoos are growing at eight times the market rate, laundry shots at nine times and roll-ons and sunscreens at four times.

Quick commerce is fast becoming a daily habit for millions of Indian households and we are expanding in this space. JioMart has become one of India's largest quick commerce networks with 3,100-plus stores serving 1,200-plus cities across 5,100-plus pin codes. Average daily orders grew 3.6 times year-on-year. From smartphones to last-minute outfit changes, thousands of products across these diverse categories arrive within hours, even in small towns. Repeat orders on quick commerce grew more than sixfold. In fashion and lifestyle, we sold over 8 lakh garments every day. Ajio's average bill value rose 23%. Average selling price grew 17% and option count expanded to 3 million, up 22% year-on-year. AJIO has grown seven times in five years. Ajio Rush — a four-hour delivery promise — now covers 600-plus towns. Tira has crossed 11 million app installs, adding 1,000 new styles daily. Dear friends, global fashion at Indian prices is an idea whose moment has arrived. Our premium brand segment added exclusive long-term partnerships with Stella McCartney, Kurt Geiger, Max & Co, and Fabletics. Playing a perfect foil, Tira is anchored in deep pride in India's rich heritage, placing traditional Indian products on mainstream consumer shelves. Tira recently introduced Purveda, its own Ayurveda-inspired beauty range, giving Indian rituals the global stage they deserve. Reliance Retail also welcomed Pahari Local into its family. Known for its pristine mountain-sourced ingredients and its iconic Gaurikail, this homegrown brand represents the best of authentic Indian wellness. We will scale our own brands to consumers across India and beyond, ensuring Indian beauty products stand proudly alongside the world's leading global giants.

In consumer electronics, we grew significantly faster than the market. We sold over 2,500 phones every hour, along with more than 4,000 televisions, 8,000 large appliances, and 1,600 laptops every single day. A dedicated after-sales network spans 1,621 locations handling 6.5 million service volumes this year, reaching nearly 19,000 pin codes. JioMart Digital is now India's largest mobile distributor with 1.2 lakh active retail partners reaching over 85% of the addressable retail universe. In jewels, average bill value grew 53% year-on-year with a deliberate and continuing focus on design-led diamond jewelry. Today, Swadesh directly collaborates with over 900 artisans across 270-plus craft forms — from Longpo pottery and Naga weaving in the northeast to Dhra metalwork in Chhattisgarh, Barara embroidery in Telangana and Tora embroidery in Tamil Nadu. Over 3,000 individuals from tribal communities find employment through this program. These are not transactions. These are acts of cultural preservation at commercial scale.

Dear shareholders, the intelligence era in Reliance Retail is not a vision — it is already live. But the intelligence we are building is not merely computational. Indian consumers are shaped by culture, by community, by aspiration, by festivals, by season and by sentiment. What will separate Reliance Retail from every other retailer in the world is not just the scale of our data but our ability to combine technology with a deep understanding of Indian consumers. In the decade ahead, Reliance Retail will not merely sell products. We will catalyze a sustainable, inclusive and technologically advanced way of life for every Indian, contributing our fullest to the vision of a Viksit Bharat.

Dear shareholders, three years ago, we took a leap of faith that India could produce FMCG brands of global quality at Indian prices and scale them faster than anyone thought possible. Reliance Consumer Products Limited has done just that — building a national FMCG powerhouse from the ground up and doubling its revenue in a single year. In financial year 26, RCPL achieved gross revenue of 22,000 crores, growing twice year-on-year. What took others years — decades — we achieved in just four years. It made us one of the fastest-growing FMCG platforms in India's history and one of the fastest-growing consumer product companies anywhere in the world. Today, RCPL products are present in more than 40 countries through exports and franchise sales, making RCPL a truly global Indian consumer brand. This year, however, was not without its challenges. Geopolitical headwinds drove up raw material and packaging costs and disrupted global supply chains. We absorbed these shocks entirely within the business. Staying true to a consumer-first approach, we ensured our products remained accessible and affordable for every Indian household. RCPL is now a direct subsidiary of Reliance Industries, having completed its de-merger from RRVL in December 2025. With singular focus on its own markets, its own consumers and its own ambitions, the results have been exactly what we envisioned. Campa achieved 4,700-plus crores in gross sales in financial year 26. Having challenged decades-long market leadership, it is now India's fourth-largest carbonated soft drinks brand with a double-digit market share in key markets. Campa is not merely a brand. It is India ka — India's — independence.

Independence, a daily essentials brand, delivered 2,600 crores in revenue and was recognized as one of India's most trusted brands of financial year 26. In packaged drinking water, RCPL is now India's third-largest branded water player, powered by CampaShaw, launched nationwide in October 2025. In beverages, we grew 3.2 times year-on-year. Daily essentials grew 1.6 times. Our home and personal care portfolio grew 1.3 times. The foods category delivered positive momentum across biscuits, confectionery, snacks, and processed foods, with Sif repositioned for a new generation of consumers. Friends, this year we made a series of focused acquisitions extending the RCPL platform in precisely the right directions. In daily essentials and foods, we acquired majority stakes in Oda Magro Foods and in Southern Health Foods — known by its key brand Mana, a cherished regional name to which we will bring national fame. In beverages, we acquired Goodness Group Global, the Australian business behind Nexpa, Bison and Pace, co-created with cricketer Pat Cummins. In personal care, we acquired global rights, excluding select territories, to heritage brands like Brylcreem, Tony & Guy, Badidas, and Mortein, significantly deepening our grooming and bathing portfolio. We're also building brands with cultural resonance. We rode the excitement of the T20 men's cricket World Cup, activating CampaShaw and Sunrush to a powerful consumer response. We dominated the IPL with Campa Energy building national momentum through high GRPs across India. We deepened our regional connect through Power Up in Andhra Pradesh and Telangana and Purple Energy in Tamil Nadu.

Dear shareholders, the Indian consumer is evolving. We're not just keeping pace — we're anticipating what comes next. Our competitive advantage rests on four pillars. First, deep tech innovation. Our state-of-the-art R&D center staffed by over 125 scientists has developed more than 100 products and filed nine new patents and 11 design applications in the last year alone. Second, advanced manufacturing scale. 10,000 crores of rupees invested to date with beverage production now spanning 12 states through high-speed bottling lines in multiple greenfield plants. We're building food parks across India — modern integrated facilities with multi-category production lines spanning biscuits, chocolates, staples and packaged foods designed to drive scale efficiencies through cross-category integration. Over the next three years, a further 30,000 crores of rupees of investments will build one of Asia's largest networks of such integrated food parks — AI-driven, robotics-enabled and engineered for lasting cost leadership. Third, distribution depth. 3 million-plus outlets reached through 5,000-plus distributors in three years — faster than any player in Indian FMCG history. We're expanding into the northeast, West Bengal, Bihar and other geographies. Fourth, value proposition. India's large rural consumer base and millions of middle-class households share one aspiration: global quality at Indian prices. That is the founding logic of everything we make, price and distribute. Friends, we're building a business where every decision is powered by data and every process is driven by intelligence — embedding AI across all our functions, from understanding what consumers want to planning what we produce to how we move our products across the country. This foundation will help us move faster, operate smarter, and remain closer to what our consumers truly need.

Our vision is simple: to be at the heart of every Indian home. Not in one category but across the full arc of everyday Indian life — from daily essentials and staples to packaged foods and snacks to the moments of indulgence that make life worth savoring. We're building not merely a portfolio of brands but a consumer ecosystem that grows with every stage of Indian life. RCPL's near-term ambition is to reach 1 lakh crores in revenue by financial year 2030. Our long-term ambition is to become one of India's largest FMCG companies with a global platform to match. We have just begun scripting the best of RCPL. Soon it will be a value-creating engine for Reliance Industries comparable in scale and profitability to our retail business. This is my assurance to our esteemed shareholders. Thank you. And let me now welcome back the chairman.

Thank you, respected chairman. My esteemed shareholders, Reliance's exploration and production business is a strategic cornerstone of India's energy security. Our KG-D6 and CBM fields together constitute one of India's most productive natural gas platforms. When the West Asian conflict disrupted LNG supplies, Reliance swiftly redirected its domestic gas to priority sectors such as city gas distribution, fertilizers and power generation. When the nation needed it most, Reliance delivered. This business reported revenue of 23,861 crores and an EBITDA of 19,505 crores for the year 26. Friends, our KG-D6 basin fields performed in line with expectations. Gas production was nearly 26 MMSCMD, which is about 30% of India's natural gas production. Further, oil production was about 18,000 barrels of oil per day. We are executing a targeted well intervention program to sustain plateau production through the year 27 and beyond. On CBM, I am pleased to report impressive momentum due to the successful implementation of multilateral wells — the first of its kind in India. Our second campaign is on schedule with 23 of 40 multilateral wells completed and production momentum is building. Given E&P's vital role in India's energy independence, Reliance will continue to actively pursue new opportunities in this sector. We are building not just for today's energy needs but for India's energy future.

Dear shareholders, let me now speak about our oil to chemicals business. Every business aspires to one quality above all else: the ability to stay strong when the external environment turns volatile. In the year 26, our oil to chemicals business demonstrated that quality — not in theory but in practice, under perhaps the most extreme conditions. Revenue for the year grew 5.7% to 6 lakh 62,415 crores. EBITDA grew 10.1% to 60,546 crores. Friends, let me take you back to March 2026 when the Strait of Hormuz was disrupted. Crude and product markets witnessed extraordinary volatility during the period. Yet our diversified sourcing and agile logistics sustained operations, helping us maintain near-full refinery throughput in the fourth quarter. However, the conflict impacted margins as physical barrels commanded a premium. Freight rates jumped and insurance costs surged. We increased LPG supply four-fold to help the nation tide over the import disruption. This is the structural advantage of building the world's most integrated, most flexible, most resilient refining and chemicals complex. The decades of investment in feedstock diversity, gasifier infrastructure, and operational excellence delivered when it mattered the most.

Dear shareholders, as committed last year, our major investments are progressing well. Let me walk you through them. Advanced execution is underway on the 3 million ton PTA facility at Hazira. This project will cement our position as one of the world's most cost-competitive producers. Our carbon fiber facility at Hazira is poised to become one of the world's largest and most advanced facilities of its kind. This is a monumental achievement and provides a platform from diverse industries ranging from wind energy to hydrogen and from humanoids to defense. Our PVC and CPVC expansion, including a 1.2 million ton PVC plant at Nagotane, will significantly cut imports of materials that millions of Indian homes and industries depend on every day. These capacities will serve India's growing demand across infrastructure and consumer goods, boost value-added exports and capture the next leg of growth. Friends, we continue to adopt digital technologies in innovative ways to enhance operational efficiency. Here are three specific examples of how we are digitizing operations. First, our proprietary AI-driven feedstock optimization tool now helps select the most efficient crude blends. Second, our digital logistics platform developed in-house streamlines chartering and supply chain operations. And third, the new-age smart contract execution tools improve speed and accuracy in customer transactions. Building on these digital foundations, we are progressing towards operating Jamnagar as the world's first end-to-end autonomous refinery — an industrial milestone that will define the next era of global refining.

Dear friends, our consumer energy business under Jio-BP grew strongly this year, maintaining adequate fuel availability in domestic markets despite costs soaring above market prices in the last few months. Jio-BP petrol and diesel volumes grew 29% year-on-year, significantly outpacing industry growth and gaining higher market share. Our retail network grew to nearly 2,200 outlets with 400 under construction. We expanded EV charging to 80 cities and 45 highways and grew our CBG network, making us the largest player in the country. Our CBG and CNG network covers 177 sites with volumes growing 68% year-on-year. Jio-BP remains India's most efficient and effective fuel retailing network.

Dear shareholders, our O2C business is entering its next-generational strategic evolution. Every barrel of crude we process will increasingly yield chemicals and high-value materials, not just fuels. More efficient, more export-driven, more valuable. This business financed our past. It is financing our future and its best chapter is still ahead.

My dear shareholders, there are businesses that create value and then there are missions that shape civilizations. Our new energy business is a unique combination of both. It is Reliance's most ambitious generational undertaking, designed to solve India's energy trilemma of security, affordability and sustainability simultaneously, at a scale that has no parallel. In the year 26, this mission moved from construction to commissioning. The Dhirubhai Ambani Green Energy Giga Complex at Jamnagar — spread over 5,000 acres — is now one of the world's most integrated clean energy manufacturing ecosystems. Our founding chairman Shri Dhirubhai Ambani always dreamt of making India self-sufficient in energy. This business is a manifestation of that dream. Dear shareholders, I am proud to report that our solar PV cell and module manufacturing lines have been commissioned and are now operational. Nearly 1 GW of HJT modules have been produced with around 2% higher energy yield, 15% better temperature performance and 25% lower degradation than conventional modules. We have achieved ALMM listing for HJT technology — the first in India for this advanced cell type. This is a proud affirmation of honorable Prime Minister Shri Narendra Modi's clarion call for Make in India. We are building towards 20 GW per annum of fully integrated capacity — from polysilicon to ingot wafers, cells, modules and glass. Every step in this chain is a step towards Atmanirbhar Bharat.

Friends, the first phase of our 40 GWh annual battery cell gigafactory is on track to be commissioned this year. All the equipment has already been delivered at the site and we have now committed to scale this up to 120 GWh of annual capacity. When commissioned, this will make Reliance one of the world's largest manufacturers of lithium iron phosphate batteries. Let me put that in perspective. In a world where supply chains are being contested and access to technology is being weaponized, building world-scale battery manufacturing capacity in India is not merely a business decision — it is a strategic imperative for national resilience. This is the holy grail of affordable, sustainable and self-sufficient round-the-clock RTC power and Reliance is making it real.

Dear shareholders, let me now turn to where this ecosystem comes together. In the arid Kutch region, where we are developing a renewable energy hub across 550,000 acres, this hub is being built to deliver round-the-clock power at gigawatt scale. Combining solar and battery storage systems in a single unique integrated architecture, this platform will become one of the lowest-cost resources of round-the-clock green power anywhere in the world. Once fully operationalized, the integrated hub will generate over 40 billion units of green electricity every year, which is approximately 3% of India's annual electricity requirement. The dedicated Kutch-to-Jamnagar transmission corridor is under construction with EPC contracts awarded. Our peak installation rate target is 55 megawatt-peak of solar modules and 150 MWh of battery containers per day. I want you to pause and absorb that number: 55 megawatt-peak of solar installations per day. 150 MWh of storage per day. This is not just any project. We are gearing up for a world-scale deployment of clean energy infrastructure at a pace the world has never seen before.

Dear shareholders, green electricity is the foundation, but green molecules are the transformation. Our green chemicals program is advancing on plan. We are on track to commission our alkaline electrolyzer manufacturing gigafactory. We will unlock four powerful monetization streams through green molecules. One, green urea — strengthening India's food security. Two, urea ammonium nitrate (UAN) for our fertilizer needs. Three, green ammonia for co-firing and power generation, displacing fossil fuel emissions in India and export markets. And four, bio-methanol — a clean transport fuel and chemical feedstock with sustainable aviation fuel applications and with growing global demand. I am proud to announce that Reliance has signed a landmark US$3 billion long-term supply agreement with Samsung C&T for green ammonia — which is among the largest green ammonia contracts in the world. This validates the commercial competitiveness of our green hydrogen platform. We are in advanced discussions for more such exports to Japan, Korea, and Europe with long-term offtake commitments. Our target of 3 million metric tons of green hydrogen-equivalent green chemicals capacity in the next 10 years remains firmly in our sight.

Friends, step back for a moment. Consider what we are truly building here. The world's first fully sovereign clean energy ecosystem. Sunlight converted directly into electricity and green molecules. No imported fuel, no foreign technology, no exposure to the disruptions that have shaken the world this past year. Few enterprises globally are attempting this level of integration and scale. This is not merely a business. This is Reliance's most enduring strategic asset, both for our nation and for the world. Dear shareholders, building this ecosystem from scratch in India with indigenized technology has been harder and more complex than any roadmap could fully anticipate. We own that. But the foundation is now built. Commercial revenues from solar modules start rolling in this year. The battery factory commissions this year and the Samsung C&T agreement is not a promise — it is a signed contract. From the year 27 onward, New Energy will begin contributing meaningfully to Reliance's financial performance. We ask for your continued trust and we intend to earn it quarter by quarter.

Dear shareholders, Reliance now contributes over 40% of India's entire compressed bio gas production. We are on track for 55 plants producing approximately 1,100 tons per day by the end of year 27. Over the next five years, we target to establish integrated CBG hubs to achieve 1 million tons of annual CBG capacity. Friends, we are also advancing our work in underground coal gasification (UCG), which will convert India's uneconomic and low-quality coal reserves into clean syngas, thereby substituting imported LNG and directly adding to our low-carbon energy pool.

Dear shareholders, before I close, I want to leave you with one number. A number that to me defines what this new energy mission is truly about: 200,000. That is the number of green jobs we expect to create through the Giga Complex and the Kutch solar farm combined. 200,000 Indians — engineers, technicians, operators, construction workers, farmers and entrepreneurs — whose livelihoods will be built on clean energy. The clean energy transition will be an engine of inclusive prosperity. It will create jobs, reduce import dependence, boost exports, lower energy costs for every Indian home and every Indian factory and fulfill our obligation to save Bhoomata — Mother Earth — from the climate crisis. The world built its old energy on Middle Eastern oil. The world will now build its new energy on Indian sunshine. Friends, for me, the new energy business is a third-generation business at Reliance which we are building with the purpose and passion of first generation. It is our generation's contribution to India's energy story and our promise to every shareholder, every employee, every farmer and every citizen who depends on our motherland's energy future. My beloved grandfather and father proved that Indians can build the impossible. We are proving it again and this time the whole world is watching. Let me end by proclaiming the motto of our new energy business: Harit Harit Vikas, Harit Bharat, Swarajya Bharat. Thank you.

Thank you, Mukesh, and well done Isha, Akash and Anant. Dear members of the Reliance family, our esteemed shareholders, namaskar. Congratulations on another pathbreaking year of achievements and growth. None of this would be possible without your trust, partnership, and support. As I stand before you today, my heart is full of gratitude, of humility, and of a hope that grows stronger with every passing year. This year, Reliance Foundation enters its 16th year of dedicated service to India — of putting our philosophy of 'We Care' into action every single day. What began as a corporate commitment has grown into one of our nation's largest and most impactful institutions of social transformation. Today I'm honored to share that over the last 16 years, Reliance Foundation has touched the lives of over 97 million Indians across every single state of India. We work in nearly 100,000 villages — that is almost one in every six villages of India — with a simple vision to help every village become more self-reliant, more climate resilient, more rejuvenated and full of opportunities and hope. In these villages we run health camps, empower women, restore ecosystems, uplift Anganwadis, enhance learning spaces, train farmers to use digital and AI tools, offer relief after disaster and rebuild lives and communities. And in every village we enter, in every child we educate, in every woman we empower, I see the same thing: a nation that is not just growing, but awakening and rising with renewed confidence, dynamism, and determination. A nation whose time has truly come.

Our dear shareholders, over the past year, we have continued to deepen our work across rural transformation, healthcare, education, sports, women's empowerment, disaster response, art and culture, and environmental sustainability. Today I would especially like to speak about three transformative initiatives that reflect our vision for a more prosperous shared future. First, a university that will raise India's global standing in higher education. Second, a garden for all of Mumbai's 20 million to enjoy nature, breathe fresh air, build communities and make memories. And third, a medical city that will bring world-class healthcare to the heart of Mumbai.

Let me begin with education. As India marches towards joining the ranks of developed nations, we need more Indian universities that can be ranked amongst the best in the world. Our upcoming university will fulfill this ambition. Dear shareholders, I'm proud to share that we have received approval from the Government of Maharashtra to establish a state private university. Our interim campus at Ulwe is already a vibrant center for learning with modern academic, residential and sports facilities on par with global standards. But what lies ahead is even more transformative. Our upcoming permanent campus at Dronagiri, spread across 410 acres, will be truly world-class in size, design and — most importantly — excellence in academics and research. It will bring together an academic district, a research park, a sports district, a medi-city, a residential district, a vibrant arts district with amphitheaters, performance halls and art spaces, an innovation and incubation park where cutting-edge research supports the creation of unicorns. This state-of-the-art university will host seven world-class schools with a focus on AI and emerging technologies: the School of Engineering and Computing, the School of Management and Entrepreneurship, the School of Medicine, the School of Law, Governance and Policy, the School of Design, the School of Urban Planning, and the School of Education. The university will offer undergraduate, postgraduate and doctoral programs aligned with our shared vision for an India that excels in every field.

Together, a distinguished community of teachers, scientists, researchers, innovators and thought leaders. The university will help Mumbai transform into a knowledge city and attract international faculty, students and scholars from around the world, creating a global academic community. Institutions also need to change with the times and create future-ready graduates. The goal is to nurture a culture of excellence, integrity, and lifelong learning. Leaders who create, scientists who innovate, and leaders who serve. Alongside education, sport remains a key pillar of our work. Through our grassroots sports program, including the Mission XI Million and Boots for All programs, we have reached more than 29 million young children. Exciting things happened this year. Our Reliance Foundation athletes won 386 national and international medals, showcasing India's potential to shine on the world stage. In archery, athletics, boxing, shooting and other disciplines, they represented India at the Asian Games and the National Olympic Committee. We are also using sport to do what it does best — build character, discipline, resilience and teamwork.

As an IOC member and a proud Indian, I carry a dream very close to my heart. A dream shared by over one billion Indians. A dream in which the sporting world comes together on India's soil for a truly Olympic celebration of the human spirit — a truly great Olympics that the world will remember. In India, we are moving forward with a vision of a transformative medical city. The foundation stone marks a significant milestone in this journey of strengthening India's healthcare infrastructure. This will be one of Mumbai's largest hospitals, leading in clinical research, including in areas like Alzheimer's and Parkinson's. The hospital will leverage advanced medical technologies, artificial intelligence and cutting-edge innovation. This is much more than a hospital — it is the beginning of a truly transformative partnership with BMC. The hospital will also have more than 400 beds. Last year I shared with you a dream taking shape along Mumbai's coastline — a garden designed by world-class architects, ecologists, planners and engineers who are working on the master plan. It will be Mumbai in spirit. Initial work has commenced and 15,000 trees are already on site. It will be a place of beauty and serenity — an invitation to heal and soak in fresh air. Spread across 13 acres, it will be a vast new green lung for Mumbai. It will be a hub of flora and fauna, nature trails and vibrant spaces for arts and culture. It will also feature zones for cricket, football, tennis, kabaddi, basketball, paddle, pickleball and other sports. The coastal garden will be a place to reconnect with nature and an investment in the long-term health of our city — comparable to Hyde Park in London and the Botanic Gardens in Singapore. We hope the coastal road garden will become a vision for the future.

Our work on the ground continues to transform lives. A woman uplifted, a future transformed. A woman who earns and now signs her own checks. A child scouted from a small village who went on to wear the Indian jersey. Whether it is empowering one million women entrepreneurs, helping nearly two lakh young people through our programs, or supporting our artists and artisans as we carry Indian culture onto the global stage — we are proud to play our part in our nation's journey. This is a moment when India's leadership is needed more than ever before. Guided by the vision of our honorable prime minister, Reliance Foundation carries forward our founding conviction. Not as a program but as a purpose. Friends, like I said at the beginning, India's time has truly come. We are a civilization reclaiming our destiny. India's rise today is not just an economic or cultural story. It is a human story — a nation of over 1.4 billion dreams finding a voice. One of the youngest, most energetic and most aspirational populations of the world stepping into their full potential. At Reliance Foundation, we consider it not just our corporate social responsibility but our moral and patriotic responsibility to stand in service of our nation. There's so much to be done and it can only be done by expanding the circle of cooperation and partnerships — with governments, philanthropic organizations and other stakeholders. Rashtra Seva, motivated by Rashtrabhim, should become a Rashtriya Abhiyan — that is, a calling of every single Indian. We remain grateful for your trust, support, partnership and shared belief in this path of Seva and Desh Bhakti. Thank you, Dhanyavaad.

Thank you respected chairman. Your words, your guidance and the faith you have bestowed upon the team at Jio inspire us to scale greater heights. My dear shareholders, in 10 years, Jio has reached an operational scale that is simply extraordinary. The Jio user base has crossed 524 million, cementing our number one position. Our 5G subscriber base has crossed 268 million, the largest for any single country operator outside China with 77 million net additions during this year. On fixed broadband, Jio AirFiber has continued to scale rapidly after becoming the world's largest fixed wireless broadband operator last year. With 13 million connected homes, Jio AirFiber is making reliable home broadband available across the country at unprecedented scale and speed. Total data traffic on Jio's network in FY26 stood at 241 exabytes growing 30.8% year-on-year placing us amongst the largest data operators on the planet. The financial results of FY26 are a fitting tribute to this journey. Jio Platforms delivered revenue of 1,46,885 crores growing 14.6% year-on-year. EBITDA reached rupees 76,255 crores and 18.8% growth with an EBITDA margin improving by 190 basis points to 51.9%. For the first time in our history, profit after tax crossed rupees 30,000 crores growing at 15.1% year-on-year. These numbers are proof of the trust India has placed in Jio. More importantly, they demonstrate that Jio's growth remains both broad-based and profitable. Dear friends, the next chapter of Jio's growth will be powered by five commitments. First, to make Jio True 5G the foundation of India's next big digital leap. Our dedicated network slicing will enable a new tier of high-performance connectivity for consumers and enterprises. Our cyclic beamformed 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 AirFiber. Our new non-line of sight capability has dramatically expanded the reach of home broadband to locations where fiber was never viable. Over 90% of Jio AirFiber 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 our own future satellites, creating an end-to-end satellite broadband ecosystem from space to ground. With this initiative, Jio is strengthening India's atma nirbhar 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 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 JioKrishi 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. JioKrishi 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 JioCinema, AI is powering the multilingual content creation. In our oil to chemicals operations, AI-driven process optimization is improving yield and reducing energy consumption. Dear shareholders, just as Jio made data extremely affordable for every Indian, Reliance Intelligence will disrupt AI economics by making it dramatically more affordable for every Indian by the end of this decade. The Jio Bharat platform has already proved that Jio can put capable smart devices in the hands of Indians at rupees 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 Neta 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, 'Hey, Rohan, Pava.' Adding three more participants to the call and they are dialed in. No fumbling for numbers, no separate conference bridge. Within seconds, the three of them are connected. Now eight people and the call is running long. Arjun can't take notes and stay in the discussion. So he says, 'Hey Jio, start transcribing this meeting.' Transcribing the call now. Every participant gets a notification that the call is being recorded and transcribed with consent and begins capturing in real time, identifying each of the eight speakers by voice. Walking to the lift, tired, he says, 'Hey Jio, summarize the call for me and create action items for all.' Summary being generated. Clean minutes. The decisions and the action items tag 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. Hey Jio, call Ria. Calling Ria. Hi. Hi. Should I book a restaurant? Papa, it's Friday. So sorry, Mayu. Papa forgot it's Friday. On the same call, he says, 'Hey Jio, order a margarita pizza.' The AI call agent knows his usual outlet and saved address. Asks the right two questions. You want regular or medium-sized pizza? How about adding Campa? 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. My Jio is India's most used self-care app with over 60 crore users. For a decade, it has been a place you go to 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? I'm moving to Pune next month. How can I transfer my Jio fiber? Got it. Vikram, I can move your whole Jio Fiber setup with you. What's the new address in Pune? B1204, Skyline Heights, Baner, Pune 411045. Good news, that address is covered. Here's what I found. Pick an installation slot for the new place. 15th July morning works for me. Done. I've set everything in motion. Our agent Raji Sharma will contact you for transferring the Jio Fiber and I ping you a day before the installation. You're all set. Anything else for the move or shall I leave you to the packing? Traveling overseas. It finds the right roaming pack and sends real-time usage alerts. Here is a quick demo. Hey Vikram, tell me what you need and I'll take care of it. I'm flying to Italy next week. That sounds exciting. Italy is a great destination. To pick the right roaming pack, could you share your departure and return dates? 25th June to 5th July. Nice. That gives you 10 days in Italy. Here are the recommended packs that fit your window. Pick the one that suits how much data you need. Recharge for 1551. Perfect. I have completed your recharge. Your plan will auto-activate when you land in Italy. Have a great trip. Bought a new eSIM phone. It handles self-KYC and activates your phone in minutes. This is for every Indian in all major Indian languages. Voice and text. As always, privacy stays at the heart of it. MyJio acts only with your consent. Every action is logged and everything involving payment always needs your confirmation. You can see all of the demos on our website. Now, let's move to JioFiber. JioFiber powered India's journey from voice to data to video. Pioneering gigabit broadband for every Indian. Today we take the next leap. JioFiber's next generation offering delivers multi-gigabit capability up to 5Gbps download and 1Gbps upload dedicated to your home through our multi-gigabit ready JioFiber. But this is not about speeds. It is about what your family can do. Now look at your home today. Connected devices per home have grown multifold in five years and this is only set to rise. We needed connectivity built to power that rise. One member streaming, another cloud gaming, a third on a video call, a child in an online immersive and interactive class. All at once, all flawless. Nothing slows down. That's what 5Gbps gives you. A breakthrough multi-gigabit wireless technology built in India. Speed also changes how things feel. A large file that took minutes now lands in seconds. The latest AAA game 100 GB streams whilst you pour a cup of chai and you're playing before it's gone cold. This makes India ready for 8K multi-screen entertainment. This transforms work too. With one Gbps upload, your home becomes a true global workplace. Real-time co-creation with teams anywhere in the world. And this is just the beginning. We're entering the era of spatial computing with volumetric video where AI and XR create interactive immersive experiences. The opportunity is no longer just to connect homes to the internet. It is to turn every home into an intelligent home. A place to learn, play, work, and create at the speed of imagination. The fastest broadband in the world should reach you just as fast. At Jio, the journey to a connected home should feel effortless from the very first moment you show interest. Through our website, a miss call or MyJio. So we're reimagining the entire home connect journey from interest to go live. It rests on two simple promises. First, within 15 minutes of showing interest you will get a call back in your own language. It answers every question, helps you pick the right plan, books your home connection slot and stays with you throughout your go home journey. Second, your Wi-Fi will go live within 24 hours anywhere in India. This is connectivity the way Indian homes deserve it. And finally to our last announcement for the home. Today we announce Jio TeleFrame, the home for agents in your home. This is a family of Jio AI agents built for everyday life. AI agents for the day, for care, for guests, for entertainment, shopping, and of course the connected home. Every agent has a job. TeleFrame gives them one shared place to help, act and stay visible to the family. Always with permission and in every Indian language. These agents know you, your family, your routines, the room around you. They sense context and bring the right help forward without anyone opening apps, searching menus, or repeating what the home should already understand. The school morning starts before anyone opens an app. TeleFrame knows the family is leaving soon, so the day agent brings up rain after 2 p.m. So you remember to carry your umbrellas and raincoats. And the doctor appointment at 5:30. Planning a festival lunch. The guest agent sees the plan taking shape. Hey Jio, did you get that? He checks who's arriving, suggest food dishes based on past family choices, builds the grocery list, and with one command places the order for the right delivery window. It can update the host when delivery is en route. At dinner, papa is at the table. Medicine is due and the care agent reminds him before food. Match night begins with the India match. The agent opens JioHotstar, sets light fan volume and keeps score updates visible. Different agents, one home, a home that understands you and looks after the people in it. Dear shareholders, let me now talk about our media and entertainment business. In FY26, JioCinema completed a remarkable first year of full operations. Today, JioCinema, Jio Studios, and Network 18 together constitute India's most powerful media ecosystem. The business posted a full-year revenue of rupees 34,917 crore with an EBITDA of 5,842 crore and a net profit of 3,434 crores. JioCinema remains India's leading television entertainment network with a 34.7% viewership share nearly equal to the next three players combined. Every day 389 million viewers choose our content across genres and languages. On digital, JioCinema has reached a scale that is amongst the largest in the world and the largest in India. The platform averaged 451 million monthly active users during the year. Our live streaming capabilities continue to set global benchmarks. During the recent T20 World Cup where India was victorious, Jio Hotstar recorded a world record 72.5 million concurrent viewers in India. Today, nine of the 10 highest global concurrency records belong to Jio Hotstar. IPL 2026 reached over 700 million viewers on our platform demonstrating the unparalleled reach of our digital ecosystem. Jio Hotstar also became the first Indian paid OTT platform to cross 1 billion downloads and is now available on 99% of connected TVs in India. These milestones reflect a simple reality. Whether on television or digital, JioCinema and Jio Hotstar are where India comes to be entertained. We launched multiple AI-driven platform initiatives in FY26. ChatGPT-powered conversational discovery with recognition of Indian accents and regional languages. JioCinema's micro-content hub TKA launched in April this year has already amassed more than 100 million users in under two months. The first ever in-app commerce integration with Swiggy during IPL matches which enabled food ordering without leaving the live video stream. We also pioneered interactivity features such as voting, live chat, and meme creation. More than 100 million unique users have used these features, generating over 11 billion interactions. Now, let me introduce JioCinema GenAI Media Studio or simply JAMS. JAMS is an end-to-end AI native content production pipeline for Bharat spanning the full journey from ideation and storytelling to image, audio, video and final production workflows. Through JAMS, we aim to nurture a new generation of creative technologists who can combine storytelling with AI to produce premium quality content for India and the world. Every product decision, every experience we build is designed to put power and choice and control firmly in the hands of the consumer. This philosophy has earned us the loyalty and trust of 500 million users on Jio Hotstar. Today, we are proud to present an exciting pipeline of innovations that will redefine how consumers experience entertainment and sports in the future, seamlessly woven into how they shop and engage across the Jio Hotstar ecosystem. Let me take you through a feature that gives you your own personalized story engine. AI Snapshot builds you your own recap. Every key moment stitched into a narrative right on your screen. Here's a demo to show you how it works. Mera's been meaning to rewatch Arya for months. Season 3 just dropped. She jumps straight in. 10 minutes into episode 1, Dolith appears on screen and is talking friendly with Arya. She freezes. Wait, wasn't he the one who killed her husband? She remembers the shock of that moment, but the why, the full shape of it has gone fuzzy. She doesn't open a browser to search. She doesn't rewind to season 1. She just asks, 'Why is Arya friends with Dolith? Didn't he kill her husband?' It builds the story for her. The early scenes. Dolith laughing at the serene dinner table. The small moments of tension she didn't notice the first time. The debts, the deals, the slow unraveling of a loyalty that was never what it seemed. Not a summary of what happened, but the reason it happened. Assembled from across hours of storytelling in minutes. She hits play on the first scene. This time when Dolith smiles at Arya, she knows exactly what that smile means. For the first time ever, a marketplace is created on an entertainment platform where you can shop while you watch without leaving your favorite content. Introducing content commerce on Jio Hotstar. Here's a closer look on how you can move from screen to cart seamlessly without leaving your screen. You are watching Durand on your phone when something on screen catches your eye. A share bunny and just like that you want it. Instead of searching, you tap on the shop button right inside Jio Hotstar. The AI reads the frame in real time, identifying every outfit on screen. The exact items you're looking at appear tagged and priced. The shop panel brings it all together with retailer information, pricing, and alternatives in one marketplace. You find the one you like and tap buy now. It fetches your delivery address and payment details. No forms to fill. The order is confirmed and you're right back to watching Durand. From inspiration to intent to purchase, all in a few minutes without leaving your screen. At JioCinema, we understand that you have diverse interests and want to watch multiple feeds all at once, but don't want to choose between entertainment, sports or news. We have ensured you watch it all on one screen side by side. Here's a glimpse of multiview in action. Vikram has a problem most people would envy. India are in a tense match. The tension is building ball by ball. Breaking news is also rolling in. Election results state by state, constituency by constituency, too close to ignore. Other day he'd have to choose, but not today. He picks up his remote and builds his screen. The match he needs to watch every ball of this chase. Adds the news channel to track state results live as they're declared. Next up, Big Boss eliminations. And lastly, he adds another news channel in Bengali. A different desk, but same urgency. He switches from the match to see who is trailing and who is winning. He notices an interview happening on the news channel in Bengali. Four things, one screen, silent, present, there when he needs to be. Dear shareholders, let me now speak about Jio Studios. India's number one content studio by revenue, catalog size and box office share. The Durand franchise crossed 3,000 crore in worldwide box office gross making it the first Indian film duology in which each film crossed 1,000 crores. With this, Jio Studios completed three consecutive years as the highest grossing Hindi film studio and now has over 500 awards across its content slate. Dear friends, Network 18 reached 250 million people every month through television and has over 450 million subscribers and followers across its digital platforms. It has also established a stronghold on social platforms with more than 65 billion video views this year. Our flagship brands CNBC TV18, CNN News18, News18 India continue to lead their categories. Moneycontrol is India's leading financial intelligence destination. Moneycontrol Pro and Moneycontrol Super Pro have strengthened moneycontrol subscriptions business with a fast-growing feature-rich offering for investors seeking actionable insights. First Post remains the premier destination for audiences seeking an Indian view of the world. With the creator economy growing exponentially, the company launched Creator 18. This offering strengthens its ability to deliver social media solutions for clients and develop new formats that resonate with the younger audience. With that, let me invite our chairman back onto stage.

Thank you respected chairman, esteemed shareholders. Financial year 26 was a year of strong execution and measurable acceleration. Gross revenue reached 3,70,026 crores growing 11.8% year-on-year. EBITDA grew 7.9% to 27,033 crores 3.4 times that of our nearest competitor. Profit after tax rose 12% to 13,838 crores. Our registered customer base reached 387 million up 11% year on year. We processed 1.93 billion transactions up 39% year-on-year. That single number captures something significant. Quick-commerce coming of age, adding a promising new layer to the growth of large basket shopping. We now operate 20,160 stores across 78 million sq ft. In grocery, our Smart Bazaar network crossed 1,000 stores, one of the fastest large-scale retail rollouts in the world. A large part of this network now serves tier 2 and below markets. In many of these towns, Smart Bazaar is the first organized modern retailer transforming access for millions and creating livelihoods that did not previously exist. This year, we launched the Old Goods Exchange program across Smart Bazaar stores, collecting over 4,400 tons of recyclable material in the first 45 days. The scale of our grocery operation reflects the strength of our farmer and supply chain partnerships. We procured approximately 5.7 lakh metric tons of fresh fruits and vegetables this year, partnering with over 40,000 farmers across 110 collection centers, delivering low prices to the consumers and better returns to the farmers. We sold 12 lakh metric tons of staples. In home and personal care, our portfolio is growing three times faster than the industry. Clean shampoos are growing at eight times the market rate, laundry shots at nine times and roll-ons and sunscreens at four times. Quick-commerce is fast becoming a daily habit for millions of Indian households and we are expanding in this space. JioMart has become one of India's largest quick-commerce networks with 3,100 plus stores serving 1,200 plus cities across 5,100 plus pin codes. Average daily orders grew 3.6 times year-on-year. From smartphones to last-minute outfit changes, thousands of products across these diverse categories arrive within hours, even in small towns. Repeat orders on quick-commerce grew more than sixfold. In fashion and lifestyle, we sold over 8 lakh garments every day. AJIO's average bill value rose 23%, average selling price grew 17% and option count expanded to 3 million up 22% year-on-year. AJIO has grown seven times in 5 years. AJIO Luxe, a 4-hour delivery promise now covers 600 plus towns. Shein has crossed 11 million app installs adding a thousand new styles daily. Dear friends, global fashion at Indian prices is an idea whose moment has arrived. Our premium brand segment added exclusive long-term partnerships with Stella McCartney, Kurt Geiger, Max and Co. and Fabletics. Playing a perfect foil, Tira is anchored in deep pride in India's rich heritage, placing traditional Indian products on mainstream consumer shelves. Tira recently introduced Puraveda, its own Ayurveda-inspired beauty range giving Indian rituals the global stage they deserve. Reliance Retail also welcomed Pahari Local into its family. Known for its pristine mountain-sourced ingredients and its iconic ghee, this homegrown brand represents the best of authentic Indian wellness. We will scale our own brands to consumers across India and beyond, ensuring Indian beauty products stand proudly alongside the world's leading global giants. In consumer electronics, we grew significantly faster than the market. We sold over 2,500 phones every hour along with more than 4,000 televisions, 8,000 large appliances, and 1,600 laptops every single day. Our ResQ after-sales network spans 1,621 locations handling 6.5 million service volumes this year reaching nearly 19,000 pin codes. JioMart Digital is now India's largest mobile distributor with 1.2 lakh active retail partners reaching over 85% of the addressable retail universe. In jewels, average bill value grew 53% year-on-year with a deliberate and continuing focus on design-led diamond jewelry. Today, Swadesh directly collaborates with over 900 artisans across 270 plus craft forms from Longpo pottery and Naga weaving in the northeast to Dhra metalwork in Chhattisgarh, Baranara embroidery in Telangana and Tora embroidery in Tamil Nadu. Over 3,000 individuals from tribal communities find employment through this program. These are not transactions. These are acts of cultural preservation at commercial scale. Dear shareholders, the intelligence era in Reliance Retail is not a vision. It is already live. But the intelligence we are building is not merely computational. Indian consumers are shaped by culture, by community, by aspiration, by festivals, by season and by sentiment. What will separate Reliance Retail from every other retailer in the world is not just the scale of our data but our ability to combine technology with a deep understanding of Indian consumers. In the decade ahead, Reliance Retail will not merely sell products. We will catalyze a sustainable, inclusive and technologically advanced way of life for every Indian contributing our fullest to the vision of a Viksit Bharat. Dear shareholders, 3 years ago, we took a leap of faith that India could produce FMCG brands of global quality at Indian prices and scale them faster than anyone thought possible. Reliance Consumer Products Limited has done just that, building a national FMCG powerhouse from the ground up and doubling its revenue in a single year. In financial year 26, RCPL achieved gross revenue of 22,000 crores, growing twice year-on-year. What took our peers decades, we achieved in just 4 years. It made us one of the fastest growing FMCG platforms in India's history and one of the fastest growing consumer product companies anywhere in the world. Today, RCPL products are present in more than 40 countries through exports and franchise sales, making RCPL a truly global Indian consumer brand. This year, however, was not without its challenges. Geopolitical headwinds drove up raw material and packaging costs and disrupted global supply chains. We absorbed these shocks entirely within the business. Staying true to a consumer-first approach, we ensured our products remained accessible and affordable for every Indian household. RCPL is now a direct subsidiary of Reliance Industries having completed its de-merger from RRVL in December 2025 with singular focus on its own markets, its own consumers and its own ambitions. The results have been exactly what we envisioned. Campa achieved 4,700 plus crores in gross sales in financial year 26. Having challenged decades-long market leadership, it is now India's fourth largest carbonated soft drinks brand with a double-digit market share in key markets. Campa is not merely a brand. It is India Ka Campa. Independence, a daily essentials brand delivered 2,600 crores in revenue and was recognized as one of India's most trusted brands of financial year 26. In packaged drinking water, RCPL is now India's third largest branded water player, powered by CampaShakti, launched nationwide in October 2025. In beverages, we grew 3.2 times year-on-year. Daily essentials grew 1.6 times. Our home and personal care portfolio grew 1.3 times. The foods category delivered positive momentum across biscuits, confectionery, snacks, and processed foods with Sif repositioned for a new generation of consumers. Friends, this year we made a series of focused acquisitions extending the RCPL platform in precisely the right directions. In daily essentials and foods, we acquired majority stakes in Udha Magro Foods and in Southern Health Foods known by its key brand Mana, a cherished regional name to which we will bring national fame. In beverages, we acquired Goodness Group Global, the Australian business behind Nexpar Bison and Pace co-created with cricketer Pat Cummins. In personal care, we acquired global rights, excluding select territories to heritage brands like Brylcreem, Tony and Guy, Badidas, and Mate. Significantly deepening our grooming and bathing portfolio. We're also building brands with cultural resonance. We rode the excitement of the T20 Men's Cricket World Cup, activating campaign Response. We dominated the IPL with Campa Energy building national momentum through high GRPs across India. We deepened our regional connect through Power Up in Andhra Pradesh and Telangana and Purple Energy in Tamil Nadu. Dear shareholders, the Indian consumer is evolving. We're not just keeping pace. We're anticipating what comes next. Our competitive advantage rests on four pillars. First, deep tech innovation. A state-of-the-art R&D center staffed by over 125 scientists has developed more than 100 products and filed nine new patents and 11 design applications in the last year alone. Second, advanced manufacturing scale. 10,000 crores of rupees invested to date with beverage production now spanning 12 states through high-speed bottling lines in multiple greenfield plants. We're building food parks across India. Modern integrated facilities with multi-category production lines spanning biscuits, chocolates, staples and packaged foods designed to drive scale efficiencies through cross-category integration. Over the next 3 years, a further 30,000 crores of rupees of investments will build one of Asia's largest networks of such integrated food parks, AI-driven, robotics-enabled and engineered for lasting cost leadership. Third, distribution depth. 3 million plus outlets reached through 5,000 plus distributors in 3 years, faster than any player in Indian FMCG history. We're expanding into the northeast, West Bengal, Bihar and other geographies. Fourth, value proposition. India's large rural consumer base and millions of middle-class households share one aspiration. Global quality at Indian prices. That is the founding logic of everything we make, price and distribute. Friends, we're building a business where every decision is powered by data and every process is driven by intelligence. Embedding AI across all our functions. From understanding what consumers want to planning what we produce to how we move our products across the country. This foundation will help us move faster, operate smarter, and remain closer to what our consumers truly need. Our vision is simple to be at the heart of every Indian home. Not in one category but across the full arc of everyday Indian life. From daily essentials and staples to packaged foods and snacks to the moments of indulgence that make life worth savoring. We're building not merely a portfolio of brands but a consumer ecosystem that grows with every stage of Indian life. RCPL's near-term ambition is to reach 1 lakh crores in revenue by financial year 2030. Our long-term ambition is to become one of India's largest FMCG companies with a global platform to match. We have just begun scripting the best of RCPL. Soon it will be a value creating engine for Reliance Industries comparable in scale and profitability to our retail business. This is my assurance to our esteemed shareholders. Thank you. And let me now welcome back the chairman.

Thank you respected chairman. My esteemed shareholders, Reliance's exploration and production business is a strategic cornerstone of India's energy security. Our KG-D6 and CBM fields together constitute one of India's most productive natural gas platforms. When the West Asian conflict disrupted LNG supplies, Reliance swiftly redirected its domestic gas to priority sectors such as city gas distribution, fertilizers, and power generation. When the nation needed it most, Reliance delivered. This business reported revenue of 23,861 crore and an EBITDA of 19,500 crore for the year 26. Friends, our KG basin fields performed in line with expectations. Gas production was nearly 26 MMSCMD which is about 30% of India's natural gas production. Further, oil production was about 18,000 barrels of oil per day. We are executing a targeted well intervention program to sustain plateau production through the year 27 and beyond. On CBM, I am pleased to report impressive momentum due to the successful implementation of multilateral wells, the first of its kind in India. Our second campaign is on schedule with 23 of 40 multilateral wells completed and production momentum is building. Given E&P's vital role in India's energy independence, Reliance will continue to actively pursue new opportunities in this sector. We are building not just for today's energy needs but for India's energy future. Dear shareholders, let me now speak about our oil to chemicals business. Every business aspires to one quality above all else. The ability to stay strong when the external environment turns volatile. In the year 26, our oil to chemicals business demonstrated that quality not in theory but in practice under perhaps the most extreme conditions. Revenue for the year grew 5.7% to 6,62,410 crore. EBITDA grew 10.1% to 60,546 crore. Friends, let me take you back to March 2026 when the Strait of Hormuz was disrupted. Crude and product markets witnessed extraordinary volatility during the period. Yet our diversified sourcing and agile logistics sustained operations helping us maintain near full refinery throughput in the fourth quarter. However, the conflict impacted margins as physical barrels commanded a premium. Freight rates jumped and insurance costs surged. We increased LPG supply four-fold to help the nation tide over the import disruption. This is the structural advantage of building the world's most integrated, most flexible, most resilient refining and chemicals complex. The decades of investment in feedstock diversity, gasifier infrastructure, and operational excellence delivered when it mattered the most. Dear shareholders, as committed last year, our major investments are progressing well. Let me walk you through them. Advanced execution is underway on the 3 million ton PTA facility at Hazira. This project will cement our position as one of the world's most cost competitive producers. Our carbon fiber facility at Hazira is poised to become one of the world's largest and most advanced facilities of its kind. This is a monumental achievement and provides a platform from diverse industries ranging from wind energy to hydrogen and from humanoids to defense. Our PVC and CPVC expansion including a 1.2 million ton PVC plant at Nagotan will significantly cut imports of materials that millions of Indians' homes and industries depend on every day. These capacities will serve India's growing demand across infrastructure and consumer goods, boost value-added exports and capture the next leg of growth. Friends, we continue to adopt digital technologies in innovative ways to enhance operational efficiency. Here are three specific examples of how we are digitizing operations. First, our proprietary AI-driven feedstock optimization tool now helps select the most efficient crude blends. Second, our digital logistics platform developed in-house streamline chartering and supply chain operations. And third, the new age smart contract execution tools improve speed and accuracy in customer transactions. Building on these digital foundations, we are progressing towards operating Jamnagar as the world's first end-to-end autonomous refinery, an industrial milestone that will define the next era of global refining. Dear friends, our consumer energy business under JioBP grew strongly this year, maintaining adequate fuel availability in domestic markets despite costs soaring above market prices in the last few months. JioBP petrol and diesel volumes grew 29% year-on-year significantly outpacing industry growth and gaining higher market share. Our retail network grew to nearly 2,200 outlets with 400 under construction. We expanded EV charging to 80 cities and 45 highways and grew our CBG network making us the largest player in the country. Our CBG and CNG network covers 177 sites with volumes growing 68% year on year. JioBP remains India's most efficient and effective fuel retailing network. Dear shareholders, our O2C business is entering its next generational strategic evolution. Every barrel of crude we process will increasingly yield chemicals and high-value materials, not just fuels. More efficient, more export-driven, more valuable. This business financed our past. It is financing our future and it's the best chapter still ahead. My dear shareholders, there are businesses that create value and then there are missions that shape civilizations. Our new energy business is a unique combination of both. It is Reliance's most ambitious generational undertaking designed to solve India's energy trilemma of security, affordability and sustainability simultaneously at a scale that has no parallel. In the year 26, this mission moved from construction to commissioning. The Dhirubhai Ambani Green Energy Giga Complex at Jamnagar spread over 5,000 acres is now one of the world's most integrated clean energy manufacturing ecosystem. Our founding chairman Sri Dhirubhai Ambani always dreamed of making India self-sufficient in energy. This business is a manifestation of that dream. Dear shareholders, I am proud to report that our solar PV cell and module manufacturing lines have been commissioned and are now operational. Nearly 1 GW of HJT modules have been produced with around 2% higher energy yield, 15% better temperature performance and 25% lower degradation than conventional modules. We have achieved ALMM listing for HJT technology, the first in India for this advanced cell type. This is a proud affirmation of honorable Prime Minister Shri Narendra Modi's Clarion call for Make in India. We are building towards 20 GW per annum of fully integrated capacity from polysilicon to ingot, wafers, cells, modules and glass. Every step in this chain is a step towards Atmanirbhar Bharat. Friends, the first phase of our 40 GWh annual battery cell gigafactory is on track to be commissioned this year. All the equipment has already been delivered at the site and we have now committed to scale this up to 120 GWh of annual capacity. When commissioned, this will make Reliance one of the world's largest manufacturers of lithium iron phosphate batteries. Let me put that in perspective. In a world where supply chains are being contested and access to technology is being weaponized. Building world-scale battery manufacturing capacity in India is not merely a business decision. It is a strategic imperative for national resilience. This is the holy grail of affordable, sustainable and self-sufficient round-the-clock RTC power and Reliance is making it real. Dear shareholders, let me now turn to where this ecosystem comes together in the arid Kutch region where we are developing a renewable energy hub across 550,000 acres. This hub is being built to deliver round-the-clock power at GW scale. Combining solar and battery storage systems in a single unique integrated architecture, this platform will become one of the lowest cost resources of round-the-clock green power anywhere in the world. Once fully operationalized, the integrated hub will generate over 40 billion units of green electricity every year, which is approximately 3% of India's annual electricity requirement. The dedicated Khavda to Jamnagar transmission corridor is under construction with EPC contracts awarded. Our peak installation rate target is 55 MW peak of solar modules and 150 MWh of battery containers per day. I want you to pause and absorb that number. 55 MW peak of solar installations per day. 150 MWh of storage per day. This is not just any project. We are gearing up for a world-scale deployment of clean energy infrastructure at a pace the world has never seen before. Dear shareholders, green electricity is the foundation, but green molecules are the transformation. Our green chemicals program is advancing on plan. We are on track to commission our alkaline electrolyzer manufacturing gigafactory. We will unlock four powerful monetization streams through green molecules. One, green urea strengthening India's food security. Two, urea ammonium nitrate (UAN) for our fertilizer needs. Three, green ammonia for co-firing and power generation, displacing fossil fuel emissions in India and export markets. And four, bio-methanol, a clean transport fuel and chemical feedstock with sustainable aviation fuel applications and with a growing global demand. I am proud to announce that Reliance has signed a landmark US$3 billion long-term supply agreement with Samsung C&T for green ammonia which is among the largest green ammonia uptake contracts in the world. This validates the commercial competitiveness of our green hydrogen platform. We are in advanced discussions for more such exports to Japan, Korea, and Europe with long-term offtake commitments. Our target of 3 million metric tons of green hydrogen equivalent green chemicals capacity in the next 10 years remain firmly in our sight. Friends, step back for a moment. Consider what we are truly building here. The world's first fully sovereign clean energy ecosystem. Sunlight converted directly into electricity and green molecules. No imported fuel, no foreign technology, no exposure to the disruptions that have shaken the world this past year. Few enterprises globally are attempting this level of integration and scale. This is not merely a business. This is Reliance's most enduring strategic asset both for our nation and for the world. Dear shareholders, building this ecosystem from scratch in India with indigenized technology has been harder and more complex than any roadmap could fully anticipate. We own that. But the foundation is now built. Commercial revenues from solar modules start rolling in this year. The battery factory commissions this year and the Samsung C&T agreement is not a promise. It is a signed contract. From the year 27 onward, New Energy will begin contributing meaningfully to Reliance's financial performance. We ask for your continued trust and we intend to earn it quarter by quarter. Dear shareholders, Reliance now contributes over 40% of India's entire compressed bio gas production. We are on track for 55 plants producing approximately 1,100 tons per day by the end of year 27. Over the next 5 years, we target to establish integrated CBG hubs to achieve 1 million tons of annual CBG capacity. Friends, we are also advancing our work in underground coal gasification, UCG, which will convert India's uneconomic and low-quality coal reserves into clean syngas, thereby substituting imported LNG and directly adding to our low-carbon energy pool. Dear shareholders, before I close, I want to leave you with one number. A number that to me defines what this new energy mission is truly about. 200,000. That is the number of green jobs we expect to create through the giga complex and the Khavda solar farm combined. 200,000 Indians, engineers, technicians, operators, construction workers, farmers and entrepreneurs whose livelihoods will be built on clean energy. The clean energy transition will be an engine of inclusive prosperity. It will create jobs, reduce import dependence, boost exports, lower energy costs for every Indian home and every Indian factory and fulfill our obligation to save Bhumata, Mother Earth from the climate crisis. The world built its old energy on Middle Eastern oil. The world will now build its new energy on Indian sunshine. Friends, for me, the new energy business is a third generation business at Reliance which we are building with the purpose and passion of first generation. It is our generation's contribution to India's energy story and our promise to every shareholder, every employee, every farmer and every citizen who depends on our motherland's energy future. My beloved grandfather and father proved that Indians can build the impossible. We are proving it again and this time the whole world is watching. Let me end by proclaiming the motto of our new energy business. Harita Harit Vikas, Harit Bharat, Swarajya Bharat. Thank you.

Thank you Mukesh and well done Isha, Akash and Anant. Dear members of the Reliance family, our esteemed shareholders, namaskar. Congratulations on another pathbreaking year of achievements and growth. None of this would be possible without your trust, partnership, and support. As I stand before you today, my heart is full of gratitude, of humility, and of a hope that grows stronger with every passing year. This year, Reliance Foundation enters its 16th year of dedicated service to India, of putting our philosophy of 'We Care' into action every single day. What began as a corporate commitment has grown into one of our nation's largest and most impactful institutions of social transformation. Today I'm honored to share that over the last 16 years, Reliance Foundation has touched the lives of over 97 million Indians across every single state of India. We work in nearly 100,000 villages. That is almost one in every six villages of India with a simple vision to help every village become more self-reliant, more climate resilient, more rejuvenated and full of opportunities and hope. In these villages, we run health camps, empower women, restore ecosystems, uplift Anganwadis, enhance learning spaces, train farmers to use digital and AI tools, offer relief after disaster, and rebuild lives and communities. And in every village we enter, in every child we educate, in every woman we empower, I see the same thing. A nation that is not just growing, but awakening and rising with renewed confidence, dynamism, and determination. A nation whose time has truly come. Our dear shareholders, over the past year, we have continued to deepen our work across rural transformation, healthcare, education, sports, women's empowerment, disaster response, art and culture, and environmental sustainability. Today I would especially like to speak about three transformative initiatives that reflect our vision for a more prosperous shared future. First, a university that will raise India's global standing in higher education. Second, a garden for all of us 20 million Mumbaikars to enjoy nature, breathe fresh air, build communities and make memories. And third, a medical city that will bring world-class healthcare to the heart of Mumbai. Let me begin with education. As India marches towards joining the ranks of developed nations, we need more Indian universities that can be ranked amongst the best in the world. Our upcoming university will fulfill this ambition. Dear shareholders, I'm proud to share that we have received approval from the government of Maharashtra to establish a state private university. Our interim campus at Ulwe is already a vibrant center for learning with modern academic, residential and sports facilities on par with global standards. But what lies ahead is even more transformative. Our upcoming permanent campus at Ronageri spread across 410 acres will be truly world-class in size, design and most importantly excellence in academics and research. It will bring together an academic district, a research park, a sports district, a medi-city, a residential district, a vibrant arts district with amphitheaters, performance halls and art galleries, an innovation and incubation park where cutting-edge research supports the creation of unicorns. This state-of-the-art university will host seven world-class schools with a focus on AI and emerging technologies. The School of Engineering and Computing, the School of Management and Entrepreneurship, the School of Law, Governance and Policy, Urban Planning and the School of Education. The university will offer undergraduate, postgraduate and doctoral programs. We envision a university that brings together a distinguished community of teachers, scientists, researchers, innovators and thought leaders. This university will help Mumbai transform into a knowledge city and attract international faculty, students and scholars from around the world creating a global academic community. Institutions also need to change with the times and create future-ready graduates. Our vision is to nurture a culture of excellence, integrity, and lifelong learning. Leaders who create, scientists who innovate, and leaders who lead. This university reflects the ambition of its future who are rooted in our values, but at the same time, society must care not only for its people, but also for the voiceless. This year, we laid the foundation stone of Vantara University, a global university for wildlife and veterinary science. Respected shareholders, alongside education, sport remains a key pillar of our work. Through our Sports for All program, we have reached more than 29 million young children. Several exciting things happened this year. Our Reliance Foundation athletes won 386 national and international medals, showcasing India's potential to shine on the world stage. In archery, athletics, boxing, shooting, and more, our athletes are proudly representing India at the National Olympic Committee. We are also using sport to do what it does best – build character, discipline, resilience and teamwork. We start working with them young. As an IOC member and a proud Indian, I carry a dream very close to my heart. A dream shared by over one billion Indians. A dream of bringing the Olympic Games to India. A dream in which the sporting world comes together on India's soil to celebrate the true spirit of the human spirit. A truly an Olympics that the world will remember. India, we are moving forward with a vision of a transformative medical city. This marks a significant milestone in this journey of strengthening India's healthcare infrastructure. This will be one of Mumbai's largest hospitals leading in clinical research, particularly in Alzheimer's and Parkinson's. The hospital will leverage advanced medical technologies, artificial intelligence, and compassionate care for all. This is much more than a hospital. It is the beginning of a truly integrated medical ecosystem. In partnership with BMC, the hospital will also have more than 400 beds for charitable holders. Last year I shared with you a dream taking shape along Mumbai's coastline. This is a vision of a green lung for Mumbai. With master planners, landscape architects, ecologists, planners and engineers who are working on the master plan to make this a global landmark that embodies the spirit of Mumbai in spirit. Initial work has commenced and 15,000 trees are already on site, creating serenity as an invitation to heal and soak in fresh air. Spread across 130 acres, this will be a vast new green lung for Mumbai. It will be a hub of flora and fauna, and vibrant spaces for arts and culture. It will also feature world-class sports facilities including cricket, football, tennis, kabadi, basketball, paddle, pickle ball and other sports. This is a gift to Mumbaikars, a place to reconnect with nature and an investment in the long-term health of our city. We hope the coastal road garden will stand alongside the great parks of the world, from Hyde Park in London and the Botanic Gardens to Singapore. We hope the coastal road garden becomes a place of joy, of peace, and of vision for the future. Our work on the ground continues to transform lives. A future uplifted. A future transformed. A woman who earns and now signs her own checks. A child scouted from a small village who went on to wear the Indian jersey. Whether it is empowering 1 million women entrepreneurs, helping nearly two lakh young athletes, or supporting our arts, artists and artisans as we carry Indian culture on the global stage. We are proud to be playing our part in our nation's journey. A moment when India's leadership is needed greater than ever before. Guided by the vision of our honorable Prime Minister, Reliance Foundation carries forward our founding conviction. We do not count our 97 million lives as a program but as a purpose. Friends, like I said at the beginning, India's time has truly come. We are a civilization reclaiming our destiny. India's rise today is not just an economic or cultural story. It is a human story. A nation of over 1.4 billion dreams finding a voice. One of the youngest, most energetic and most aspirational populations of the world stepping into their full potential. At Reliance Foundation, we consider it not just our corporate social responsibility but our moral and patriotic responsibility to stand in service of our nation. There's so much to be done and it can only be done by expanding the circle of cooperation and partnerships with governments, philanthropic organizations and other stakeholders. Rashtra Seva motivated by Rashtra Bhakti should become a Rastriya Abhiyan that is a calling of every single Indian. We remain grateful for your trust, support, partnership and shared belief in this path of Seva and Desh Bhakti. Thank you. Dhirubhai Jai Hind.