Reliance AGM LIVE | Mukesh Ambani Unveils Vision for Jio, AI, Retail & Green Energy Growth

Ladies and gentlemen, good afternoon. I welcome all of you to the 49th annual general meeting of Reliance Industries Limited. This meeting is held through video conferencing in compliance with regulatory circulars. Adequate video conferencing facility and live webcast have been provided. Requisite quorum is present and I call the meeting to order. The registers of directors, key managerial personnel, and their shareholding are available for inspection. I introduce my colleagues on the board: Dr. Sumit Banerjee, Srimati Arundhati Bhattacharya, His Excellency Yasir Al Rumayyan, Shri K.V. Chowdry, Shri K.V. Kamath, Shri Haigrive Khaitan, Shri Dinesh Kanabar, Shri Nikhil Meswani, Shri Hital Meswani, Shri P.M.S. Prasad, Shri Anant Ambani, Shrimati Isha Ambani Piramal, and Shri Akash Ambani. All directors are present. The CFO, Company Secretary, and representatives of our auditors are also present. The notice and annual report have been circulated electronically. The auditor's reports do not contain any qualifications, reservations, or adverse remarks. Now I will begin my formal address.

My dear share owners, Namaste. A very warm welcome to the 49th annual general meeting. At the very outset, on behalf of the entire Reliance family, let me congratulate our beloved Prime Minister Shri Narendra Bhai Modi ji on achieving the stupendous feat of becoming the longest-serving elected Prime Minister of India. Later this year, on the 7th of October, he will complete 25 uninterrupted years in public office. His vision for India's growth has been instrumental in the rapid, all-around growth India has witnessed over the last decade. The past 6 years have been the most volatile and uncertain in several decades. COVID-19, increased geopolitical frictions, conflicts and wars, energy market disruptions, supply chain fragmentation, sharp swings in commodity prices, and shifting capital market dynamics have combined to create a far more unpredictable global operating environment. However, tough times never last. Tough nations do. And India is among the most resilient nations in the world. Under the able, experienced, and far-sighted leadership of Prime Minister Modi ji, India has handled the situation with exemplary competence, commitment, and wisdom. I can see India emerging much stronger in the fast-changing multipolar world. India will play the role of a balancer, a promoter of peace, and a friend to all. This is not merely my hope, it is my confidence and my conviction. The most important lesson for India from these volatile times is that we must intensify and speed up our efforts to make our country Atmanirbhar in critical resources and technologies. Maximum energy self-sufficiency and AI self-sufficiency must become our national missions. Reliance is playing a leading role in both these national imperatives.

Friends, this is a landmark year for us for not one but two reasons. Jio completes 10 years of stellar success becoming the primary enabler of India's digital and AI revolution. Reliance Retail completes 20 years as a trailblazer becoming the catalyst of India's organized retail revolution. In both businesses, we remain the unbeatable number one. According to the latest report by the World Intellectual Property Organization, Jio Platforms has jumped from a rank of 340 to 20 in just 1 year in terms of the velocity of innovations through patents. This places Jio above several global tech giants and is the only Indian company in the top 20 in this elite league. Reliance has maintained its top position in investing for India's growth. Our capex stood at 1 lakh 44,271 crores for the year. Over the last 5 years, capital expenditure has stood at a massive 6 lakh 48,428 crores, or over 68.4 billion US dollars, more than any other company in India. Reliance contributed almost one-third of the total capital invested by India's top 50 corporates during the last 5 years. Dear shareholders, I'm happy to share that Reliance posted a record-high revenue, a record-high EBITDA, and a record-high net profit for the financial year '26 despite global challenges. The consolidated revenue stood at 11 lakh 75,919 crores, up 9.8% year on year. Our EBITDA for the year rose to 2 lakh 7,911 crores. Retail and digital businesses contributed nearly half of the FY26 EBITDA. The net profit stood at 95,754 crores, up 17.8% over last year. Exports were 2 lakh 78,808 crores, which was 6.7% of India's total merchandise exports. Reliance contributed almost 260,472 crores to the national exchequer. Our cumulative contribution over the last 5 years crossed rupees 978,000 crores, or in excess of 100 billion dollars.

My dear shareholders, with great delight, let me tell you that the board of Jio Platforms has approved the draft red herring prospectus earlier today, and it will be filed with SEBI today. This is a deeply emotional moment for me, for the entire Reliance family, and for millions of its shareholders. The relationship Reliance shares with its shareholders is a deep and sacred relationship founded on pride, trust, respect, and shared growth. Imbibed in the same spirit, Isha, Akash, and Anant are heading the Jio IPO process and will lead the next generation of value creation opportunities. The proposed listing of Jio will demonstrate to the world that India can build technology companies of global scale, global capability, and global value. Friends, I firmly believe that India should not be a mere consumer of AI created elsewhere. It must become a creator, adopter, and a global leader in AI. That is why we announced Reliance Intelligence last year as our newest growth engine. A decade ago, Jio promised broadband connectivity to everyone, everywhere, and we delivered on that promise. Today, Reliance Intelligence promises AI to everyone, everywhere, and we shall deliver on this promise too. I now invite Akash Ambani, managing director of Jio Platforms Limited, to tell you about the spectacular progress made and the even more spectacular future that will unfold.

Splendid, Akash. I can see the passion, dedication, and hard work you and your team are putting into this mission. When work is done with such devotion, hard work becomes heart work. Dear shareowners, when Dhirubhai Ambani took Reliance public in 1977, he made an unspoken promise to all Indians: that Reliance will always build for the people, not merely for profit. Twenty years ago, we renewed that vow in the most direct and personal way possible. In November 2006, we opened our first Reliance Fresh store in Hyderabad. What followed is one of the most extraordinary growth stories in the history of global retail. Within 5 years, we had crossed 1,000 stores and a billion dollars in annual sales. Within 8 years, we became India's largest retailer. And in the fourth quarter of FY06, we crossed 20,000 stores. Reliance Retail is now poised for another great leap forward. Between Reliance Retail and RCPL, we will add two powerful growth-boosting platforms: an advanced manufacturing platform extending from beverages to fresh fruits and vegetables, garments, and electronics; and an exports platform to build a strong and scalable global FMCG business. I now invite Isha Ambani, Executive Director, Reliance Retail.

That was truly impressive, Isha. Dear shareholders, let us applaud Isha and the entire retail and consumer product teams. Together, Reliance Retail and RCPL create a uniquely integrated platform spanning manufacturing, distribution, brands, commerce, and consumer relations. Our ambition for the next decade is to be the world's most intelligent, most humane, and most inclusive consumer ecosystem. Esteemed shareholders, I now turn to another business vertical of Reliance, which is both the oldest and the newest. Energy is the very essence of civilization. I see India today standing at the threshold of an energy supercycle with energy demand rising rapidly over the next decades. Yet India remains dependent on external energy sources for over 70% of our needs. This is not only costly but makes India vulnerable to geopolitical instability. Reliance is working on the most comprehensive, integrated, and future-focused plan by any Indian corporate to boost India's energy sources in every way possible: solar, battery, wind power, hydrogen, underground coal gasification, and compressed biogas. The singular aim is that India must produce almost all the energy it needs in abundance, in the most affordable and eco-friendly manner. I now invite Anant Ambani, Executive Director of Reliance Industries.

Well done, Anant. The oil-to-chemicals business remains the prime contributor to Reliance's financial performance. The business is on the path to achieve carbon neutral operations at least two decades before India's 2070 target. In the long run, we will convert all the oil we refine into chemicals and new materials. Our ambition is to make Reliance the world's leading integrated energy and materials company for the age of sustainability and intelligence. Reliance with its five integrated engines of growth, UCG, bioenergy, new energy, oil to chemicals, and the materials business, is now ready to deliver exponentially more value. The upcoming fully integrated green ecosystem will not only transform our old energy business but also open up significant possibilities for India's future growth. I now invite Nita Ambani, chairperson of the Reliance Foundation, to share her exciting update.

Thank you, Nita. Reliance Foundation is truly a jewel in the crown of Reliance Industries. Dear shareholders, let me now share our value creation roadmap. Today we stand at the threshold of our next phase of hyper growth. We doubled our EBITDA in the last 5 years. I am absolutely confident in our ability to more than double our consolidated EBITDA over the next 5 years. The most important value creation milestone this year is Jio's imminent IPO. I assure you this will unlock great value for Reliance shareholders. People often ask me, how has Reliance managed to grow so big in such a short time? The answer is hidden in just two words: founder's mindset. Every new generation has to believe it is the founder of Reliance. Isha, Akash, and Anant are doing what I did 25 years ago, but with greater ambition and a much larger base. Let me outline our five major value creation pathways. First, our oil-to-chemicals business will reinvent to create new materials, carbon fiber, specialty materials, and green chemicals. Second, our new energy business has entered accelerated commissioning and early revenues. Third, Reliance Intelligence will lead AI in India, making AI integral to every Indian's daily life. Fourth, our FMCG business aims to become one of India's largest FMCG companies with a global platform. Fifth, our export vision targets 125 to 150 billion dollars in exports by 2032. We are implementing a 5S vision for institutional perpetuity. The first S is succession: Isha, Akash, and Anant have completed three transformative years on the board. Isha leads consumer businesses, Akash leads technology, and Anant leads energy. They are three bodies, one soul. Their soul is Reliance. The second S is systems. The third S is standards. The fourth S is spirit. The fifth S is sustainability. As I stand before you today, I am reminded of the extraordinary privilege of serving this company over the last 49 years. It was built by a man who did not inherit a silver spoon, Dhirubhai Ambani. All he possessed was an uncommon clarity of purpose and a determination to realize it. The purpose was to make India prosperous and strong. The next two decades of Amrit Kaal are crucial for Reliance and for all Indian businesses. The noble mission of Viksit Bharat by 2047 is beckoning all of us. In this endeavor, Reliance recommits unreservedly to playing its fullest role. I extend my heartfelt thanks to all our employees, our business partners, and most importantly to all our shareholders for their continued trust and confidence in brand Reliance. Thank you. Jai Hind. Jai Shri Krishna.