Chairman & Managing Director, Reliance Industries
Mukesh Ambani 49th RIL AGM Live : 49th Annual General Meeting (Post IPO) Reliance Industries Limited
49th RIL AGM Live : 49th Annual General Meeting (Post IPO) of Reliance Industries Limited | #RILAGM
Reliance Industries AGM 2026: Reliance Industries Ltd (RIL) will hold its 49th Annual General Meeting (AGM) on Friday, June 19, 2026, through video conferencing and other audio-visual means. The AGM is scheduled to begin at 2 pm, according to the company’s regulatory filing.
The meeting comes after Reliance Industries reported consolidated revenue of nearly Rs 11.76 lakh crore for FY26, supported by growth across its digital services and retail businesses. For the quarter ended March 31, 2026,...
About Mukesh Ambani
At Reliance Industries' 49th Annual General Meeting in May and June 2026, Mukesh Ambani announced that the board of Jio Platforms had approved a draft red herring prospectus and that it would be filed with SEBI. He described the proposed listing of Jio as a demonstration that India can build technology companies of global scale and value. Ambani stated that his children Isha, Akash, and Anant are heading the Jio IPO process and, under his guidance, are expanding existing businesses while laying the foundation for new ventures. He said he envisions each of these ventures growing as big as today's Reliance. Ambani said Reliance is transforming its operating model to become a deep tech company with advanced manufacturing capabilities and is making every business AI native. He stated that India should not be a mere consumer of AI but must become a creator and global leader, and that Reliance Intelligence, announced the previous year, aims to build a profitable AI infrastructure and services business. He also said the most important lesson for India from volatile times is to intensify efforts toward self-sufficiency in energy and AI. Ambani reported that Reliance posted record high revenue, EBITDA, and net profit for FY26, becoming the first Indian company to cross $120 billion in annual revenue and the first to report annual profits exceeding $10 billion.
Transcript (141 segments)
✨ AI-enhanced transcript with speaker attribution
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Mukesh Ambani0:00
Welcome to the 49th Annual General Meeting of Reliance Industries Limited. This meeting is held through video conferencing in compliance with regulatory circulars. The company has taken all feasible steps to ensure shareholders can participate. Adequate video conferencing facility and live webcast have been provided. The requisite quorum is present, and I call the meeting to order.
The register of directors, key managerial personnel and their shareholding, the register of contracts in which directors are interested, and a certificate from the secretarial auditor on the employees stock option scheme are available for inspection by members.
I wish to introduce for the benefit of new members my colleagues on the board of our company: Dr. Sumit Banerjee, Shrimati Arundhati Bhattacharya, His Excellency Yaser Al-Rayyan, Shri K.V. Kamath, Shri Hital Meswani, Shri Dinesh Saraiya, Shri Nikhil Meswani, Shri P.M.S. Prasad, Shri Anant Ambani, Shrimati Isha Ambani, and Shri Akash Ambani. All directors of the company are present at this meeting.
Shri V. Srikanth, Chief Financial Officer, Shrimati Savitri Parikh, Company Secretary, and Shri Ketan Rathod, and the representatives of our statutory auditors and secretarial auditors are also present. Notice dated May 27, 2026 convening this AGM and a copy of the annual report for the financial year ended March 31, 2026 have already been circulated electronically to members. With your permission, I shall take them as read.
The auditor's report on the standalone and consolidated financial statements and the secretarial audit report do not contain any qualifications, reservations, adverse remarks, or disclaimers. Accordingly, these reports are not required to be read out as provided in the Companies Act, 2013. Now, I will begin my formal address to the shareholders.
My dear shareholders, namaste and a very warm welcome to the 49th Annual General Meeting of Reliance Industries Limited. At the very outset, on behalf of the entire Reliance family including all our shareholders, let me congratulate our beloved Prime Minister Shri Narendra Bhai Modi ji on achieving the stupendous feat of becoming the longest-serving elected Prime Minister of India. Later this year, on the 7th of October, he will complete 25 uninterrupted years in public office, first as Chief Minister of Gujarat and then as Prime Minister of India. Over these years, the number of votes he has polled is by far the largest by any leader in the democratic world.
His vision for India's growth and the corresponding execution plan have been instrumental in the rapid all-around growth India has witnessed over the last decade. Dear friends, the past six years have been the most volatile and uncertain in several decades. COVID-19, increased geopolitical frictions, conflicts and wars, energy market disruptions, supply chain fragmentation, sharp swings in commodity prices, and shifting capital market dynamics have combined to create a far more unpredictable global operating environment. 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. The success of these missions is critical to the success of Viksit Bharat. Reliance is playing a leading role in both national imperatives. We have laid the foundation for Reliance to emerge as a leading deep tech and advanced manufacturing company.
For this, we are investing an extraordinary amount in innovation and R&D. Here is proof that will make all of you proud: According to the latest report by the World Intellectual Property Organization, Jio Platforms has jumped from a rank of 340 to 20 in just one year in terms of the velocity of innovations through patents. This places Jio above several global tech giants and is the only Indian company in the top 20 in this elite league. Let us warmly congratulate our brilliant team of scientists, engineers, and innovators.
Friends, this is a landmark year for us for not one but two reasons. Jio completes 10 years of stellar success, becoming the primary enabler of India's digital and AI revolution. Reliance Retail completes 20 years as a trailblazer, becoming the catalyst of India's organized retail revolution. In both businesses, we remain the unbeatable number one. Two phenomenal anniversaries, two spectacular transformations, and they affirm one abiding truth: when a patriotic high-performance company consistently serves the aspirations of 1.5 billion Indians, there is no limit to what it can achieve.
Dear friends, our founder chairman Shri Dhirubhai Ambani taught us that behind every obstacle is an opportunity. Through adaptability, reinvention, and strategic diversification, Reliance has consistently achieved long-term value creation at scale. As I address you today, I do so in the firm belief that Reliance's best chapters lie ahead. Our foundations are strong, our strategy is clear, and the opportunity for growth in India, with India, and for India is immense.
Allow me to take you through the business and financial performance of Reliance. I am happy to share that Reliance posted a record high revenue, a record high EBITDA, and a record high net profit for FY26 despite global challenges. The consolidated revenue stood at Rs 1,175,919 crores, up 9.8% year-on-year. Despite the volatility, rapid scaling up of our retail and digital businesses played a key role in meeting our commitment to doubling RIL's EBITDA over five years. Our EBITDA for FY21 was Rs 97,580 crores, which rose to Rs 2,07,911 crores for FY26.
Retail and digital businesses contributed nearly half of the FY26 EBITDA. Together they are increasingly becoming the primary drivers of Reliance's future growth. The net profit for FY26 stood at Rs 95,754 crores, up 17.8% over last year. Friends, Reliance's contribution to India's inclusive economic growth and nation-building remains unsurpassed. Reliance's capex stood at Rs 1,44,271 crores for the year. Over the last five years, Reliance's capital expenditure has stood at a massive Rs 6,48,428 crores or over USD 68.4 billion, 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 five years. Our exports were Rs 2,78,088 crores, which was 6.7% of India's total merchandise exports. Reliance remained the largest contributor to the national exchequer, contributing Rs 2,16,472 crores. Our cumulative contribution over the last five years to the national exchequer crossed Rs 9,78,000 crores or in excess of USD 100 billion.
Reliance's commitment to inclusive growth remains unwavering. Our CSR expenditure in FY26 stood at Rs 2,248 crores, the highest by a single Indian company. Importantly, these achievements are supported by a prudent capital allocation framework, proactive risk management, and a strong balance sheet and growing cash flows. This is reflected in steady improvement in Reliance's global credit rating by S&P to A- and by Moody's to BAA1, both of which are two notches above India's sovereign credit rating.
My dear shareholders, with great delight let me tell you that the board of Jio Platforms has approved the draft red herring prospectus earlier today and it will be filed with SEBI today. This is a deeply emotional moment for me, for the entire Reliance family, and for millions of its shareholders. The relationship Reliance shares with its shareholders is a deep and sacred relationship founded on pride, trust, respect, and shared growth. The commitment to shared growth was deeply personal to Dhirubhai. It is equally sacred to me.
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. I assure you and all prospective new investors that a brighter future awaits Jio.
Friends, 10 years ago, Jio began its journey with an audacious dream to remove digital inequality from India. At that time, voice was costly, data was expensive, speeds were poor. Jio made voice free, made high-speed data affordable, and made digital life possible for every Indian. Jio empowered students to learn, small businesses to grow, families to connect, entrepreneurs to dream, and India to become the world's largest data market.
Now Jio is preparing for its next big mission. I firmly believe that India should not be a mere consumer of AI created elsewhere. It must become a creator, adopter, and a global leader in AI. That is why we announced Reliance Intelligence last year as our newest growth engine. Our objective is to build a profitable AI infrastructure, platform, and services business serving consumers, enterprises, and governments at scale. We set out a clear vision, identified the focus areas, and began building the right partnerships with Google, Meta, and Nvidia.
Now we are entering the next phase of execution, the details of which will be provided by Akash. A decade ago, Jio promised broadband connectivity to everyone, everywhere, and we delivered on that promise. Today, Reliance Intelligence promises AI to everyone, everywhere, and we shall deliver on this promise too. My dear shareholders, the Jio revolution is truly a result of the courage, creativity, and commitment of thousands of young Indian engineers. Before Jio, many believed that India could only import technology from the world. Our engineers proved otherwise.
Today, Jio is not merely integrating technology. It is creating original technology. Reliance Intelligence offers an even bigger opportunity to our young engineers. They will get to work on problems of national scale and impact. They will build and deploy technology for 1.5 billion Indians. They will create India-born innovation that the world can adopt. To them I say: come build with us and build for India. Build AI that serves humanity. AI that is powerful, trusted, yet affordable. AI that is fluent in every Indian language. AI that empowers farmers, students, doctors, shopkeepers, workers, creators, and families.
I now invite Akash Ambani, Managing Director of Jio Platforms Limited. Akash leads Jio with passion, purpose, and a deep commitment to India's digital future, to tell you about the spectacular progress made and the even more spectacular future that will unfold.
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Akash Ambani18:15
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 Rs 1,46,885 crores, growing 14.6% year-on-year. EBITDA reached Rs 76,255 crores with 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 Rs 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 JioAirFiber. 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 JioAirFiber 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.
Third is to digitize Indian enterprises and small businesses. The JioPC initiative, which delivers cloud compute to small businesses through a simple set-top 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. 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.
Dear friends, there is 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 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 an Indian satellite broadband platform of global scale. 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 atmanirbharta in space.
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 are making in turning that vision into reality. Our first priority is to surmount the biggest hurdle for AI in India today: the scarcity and 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 and the Kutch renewable platform.
The first 120 megawatts will be commissioned by the end of 2026. In addition, we are operationalizing an initial fleet of advanced Nvidia GB200 GPUs. This next-generation compute capacity is equivalent to more than 75,000 H100 GPUs on an AI inference basis. As the first 120 megawatts become 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 JioBharatIQ, JioVypar, JioHealthIQ, JioLearnIQ, and JioKisanIQ. JioBharatIQ will make AI a companion for every Indian. JioVypar will help small merchants and businesses improve productivity and compete with confidence. JioHealthIQ will bring intelligent healthcare support closer to every family. JioLearnIQ will help students learn in their own language at their own pace. 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.
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 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 JioBharat platform has already proved that Jio can put capable smart devices in the hands of Indians at Rs 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. 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.
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Narrator33:10
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 are 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.
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, identifying up to 10 users and capturing every word in their own language; it can summarize, sharing summaries, action items, and reminders with every participant after the call; and it can act, asking 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.
In this demo, Arjun is deep into a quarterly review call with five people when he realizes three colleagues who should be weighing in are not on the line. He just says 'Hey Jio, add Rohan, Priya, Kavya' and they are dialed in without fumbling for numbers. When the call runs long, he says 'Hey Jio, start transcribing this meeting' and every participant gets a notification that the call is being recorded and transcribed with consent. Walking to the lift, he says 'Hey Jio, summarize the call for me and create action items for all' and receives clean minutes with decisions and action items tagged to each owner.
The demo continues showing how Jio AI handles a fiber transfer to a new address in Pune, scheduling an installation slot. Traveling overseas, it finds the right roaming pack and sends real-time usage alerts. Bought a new eSIM phone, it handles self-KYC and activates the 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: Jio AI acts only with your consent, every action is logged, and everything involving payment always needs your confirmation.
Now let us move to Jio Home. Jio powered India's journey from voice to data to video, pioneering gigabit broadband for every Indian. Today we take the next leap. Jio Home'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. 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 is what 5 Gbps gives you.
The Jio Home Connect journey from interest to go-live rests on two simple promises. First, within 15 minutes of showing interest, you will get a callback in your own language that answers every question, helps you pick the right plan, and books your home connection slot. Second, your Wi-Fi will go live within 24 hours anywhere in India. This is connectivity the way Indian homes deserve it.
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Akash Ambani38:34
And finally, to our last announcement for the home: today we announce JioTeleFrame, 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 or searching menus.
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Narrator39:26
In this demo, a school morning starts before anyone opens an app. TeleFrame knows the family is leaving soon, so the day agent brings up rain after 2 PM so you remember umbrellas, plus a doctor appointment at 5:30. Planning a festival lunch, the guest agent checks who is arriving, suggests food dishes based on past family choices, builds the grocery list, and places the order. At dinner, Papa is at the table and the care agent reminds him about medicine before food. Match night begins with the India match, and the agent opens JioHotstar, sets the lights, fan, and volume, and keeps score updates visible. Different agents, one home, a home that understands you and looks after the people in it.
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Akash Ambani40:32
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 Network18 together constitute India's most powerful media ecosystem. The business posted full-year revenue of Rs 34,917 crores with an EBITDA of Rs 5,842 crores and a net profit of Rs 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, JioHotstar 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. During the recent T20 World Cup where India was victorious, JioHotstar recorded a world record 72.5 million concurrent viewers in India.
Today, nine of the 10 highest global concurrency records belong to JioHotstar. IPL 2026 reached over 700 million viewers on our platform, demonstrating the unparalleled reach of our digital ecosystem. JioHotstar 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; JioHotstar's micro-content hub TakaTak, 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; and interactivity features such as voting, live chat, and meme creation, with more than 100 million unique users 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 JioHotstar. Today, we are proud to present an exciting pipeline of innovations that will redefine how consumers experience entertainment and sports in the future.
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Narrator45:00
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. In this demo, Mera wants to rewatch Arya but can't remember a plot point. She simply asks 'Why is Arya friends with Daulat? Didn't he kill her husband?' The AI builds the story for her, assembling context from across hours of storytelling in minutes, so she hits play knowing 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. In this demo, you are watching Durand on your phone when something on screen catches your eye. Instead of searching, you tap the shop button right inside JioHotstar. The AI reads the frame in real time, identifying every outfit on screen. You find the one you like, tap buy now, and the order is confirmed, all without leaving your screen.
At JioHotstar, we understand that you have diverse interests and want to watch multiple feeds all at once. In this multiview demo, Vikram has India in a tense cricket chase, breaking election results, and Big Boss eliminations all happening at once. He picks up his remote and builds his screen with the match, the news channel, Big Boss, and another news channel in Bengali, four things on one screen, silent and present when he needs them.
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Akash Ambani49:13
Dear shareholders, let me now speak about Jio Studios, India's number one content studio by revenue, catalog size, and box office share. The Dhamaal franchise crossed Rs 3,000 crores in worldwide box office gross, making it the first Indian film duology in which each film crossed Rs 1,000 crores. 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, Network18 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, and News18 India continue to lead their categories. Moneycontrol is India's leading financial intelligence destination. First Post remains the premier destination for audiences seeking an Indian view of the world.
With the creator economy growing exponentially, the company launched Creator18, strengthening 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 the stage.
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Mukesh Ambani51:13
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 smart work. I am confident that this hard work will make Jio's second decade even more scintillating, more purposeful, and more transformational. As Jio enters its next decade, our aim is to build one of the world's leading digital infrastructure and AI platforms while creating enduring value for all shareholders.
Dear shareholders, when Dhirubhai Ambani took Reliance public in 1977, he made an unspoken promise to all Indians: the promise 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. We walked into the lives of every Indian family and said, 'You deserve products of better quality, better choice, better value with consistent innovation across offline and online channels every single day.' That was the founding philosophy of our retail business.
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 five years, we had crossed 1,000 stores and a billion dollars in annual sales. Within eight years, we became India's largest retailer. And in Q4 of FY26, we crossed 20,000 stores, a scale no retailer in Asia has achieved in such a short time.
Looking back, I see three distinct chapters. First, the launch era, building from nothing, store by store, town by town, earning the trust of Indian consumers one transaction at a time. Second, the expansion era, integrating the physical might of our stores with the digital heartbeat of India. Reliance Retail became an omni-channel retail ecosystem. Through JioMart and Ajio, we brought the store to the smartphone and the convenience of modern retail to every pin code in this country. And now, the deep tech intelligence era.
Our unmatched deep tech capabilities, coupled with our unparalleled digital reach, have been one of the principal accelerators of our retail business. We leverage AI and deep tech to operate with precision and efficiency. Indian retail is evolving faster than ever. From the corner store to the smartphone, from a single basket to a daily habit, Reliance Retail has been at the forefront of this evolution. It is the trust of Indian consumers which has placed us among the global top 50 retailers, and we remain the only Indian retailer to achieve that distinction.
Reliance Retail is now poised for another great leap forward. Between Reliance Retail and RCPL, we will add two powerful growth-boosting platforms. First, an advanced manufacturing platform extending from beverages and daily essentials to one of the most unorganized categories, fresh fruits and vegetables. We will modernize this by bringing our sourcing, cold chain, and distribution strength to fresh produce, giving farmers fairer returns, shopkeepers dependable supply, and every family fresher food at fairer prices. We are also building a future-ready garment manufacturing system and a platform for affordable electronics.
Second, an exports platform. Our exports platform is a logical extension of our manufacturing platform in retail. The rapid growth in our consumer brands business in India has given us the confidence to build a strong and scalable global FMCG business. Let me now invite Isha Ambani, Executive Director of Reliance Retail Ventures Limited.
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Isha Ambani56:57
Gross revenue reached Rs 3,70,026 crores, growing 11.8% year-on-year. EBITDA grew 7.9% to Rs 27,033 crores, 3.4 times that of our nearest competitor. Profit after tax rose 12% to Rs 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. 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.
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.
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 4-hour delivery promise, now covers 600 plus towns. Tira has crossed 11 million app installs, adding 1,000 new styles daily. 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. 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. Reliance Retail also welcomed Pahari Local into its family. 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. In jewelry, 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. 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, community, aspiration, festivals, season, and 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.
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 FY26, RCPL achieved gross revenue of Rs 22,000 crores, growing twice year-on-year. What took our peers decades, we achieved in just four years, making us one of the fastest-growing FMCG platforms in India's history.
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.
RCPL is now a direct subsidiary of Reliance Industries, having completed its demerger from RRVL in December 2025. Campa delivered Rs 4,700 plus crores in gross sales in FY26, 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 Swad, independence. Independence, a daily essentials brand, delivered Rs 2,600 crores in revenue and was recognized as one of India's most trusted brands of FY26. In packaged drinking water, RCPL is now India's third-largest branded water player.
Friends, this year we made a series of focused acquisitions extending the RCPL platform. In daily essentials and foods, we acquired majority stakes in Odisha Magro Foods and Southern Health Foods. In beverages, we acquired Goodness Group Global, the Australian business behind Nexxar, Bison, and Pace. In personal care, we acquired global rights to heritage brands like Brylcreem, Toni & Guy, Badidas, and Mortein, significantly deepening our grooming and bathing portfolio.
Second, advanced manufacturing: Rs 10,000 crores invested to date with beverage production now spanning 12 states through high-speed bottling lines in multiple greenfield plants. We are building food parks across India, modern integrated facilities with multi-category production lines. Over the next three years, a further Rs 30,000 crores 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.
Friends, we are 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. 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. RCPL's near-term ambition is to reach Rs 1 lakh crore in revenue by FY30. Our long-term ambition is to become one of India's largest FMCG companies with a global platform to match. This is my assurance to our esteemed shareholders.
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Mukesh Ambani1:10:02
I applaud Isha and the entire retail and consumer product teams for what they have built and for the clarity and courage with which they intend to build the next phase of Reliance Retail. Together, Reliance Retail and RCPL now turn to another business vertical of Reliance which is both the oldest and the newest. Energy is the very essence of civilization that has driven the progress of humanity. Since the birth of Jamnagar, Reliance has carried an abiding commitment to India's energy self-reliance.
I see India today standing at the threshold of an energy super-cycle, with energy demand rising rapidly over the next decades across all segments. Yet India remains dependent on external energy sources for over 70% of our needs. This is not only costly but also makes India vulnerable to geopolitical instability. Clearly, it is unsustainable in the long run. We consider it our duty to ensure India's future is never held hostage by energy insecurity. 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, from solar, battery, wind power, hydrogen, to underground coal gasification and compressed bio-gas.
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Anant Ambani1:12:00
Thank you, respected Chairman. My esteemed shareholders, Reliance's exploration and production business in fertilizers and power generation reported revenue of Rs 23,861 crores and an EBITDA of Rs 19,050 crores for the year. Friends, our KG Basin fields performed in line with expectations. Gas production was nearly 26 MMSCMD, about 30% of India's natural gas production. Further, oil production was about 18,000 barrels of oil per day. On CBM, I am pleased to report impressive momentum due to the successful implementation of multilateral wells, the first of their kind in India.
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, our O2C business demonstrated that quality not in theory but in practice under perhaps the most extreme conditions. Revenue grew 5.7% to Rs 6,62,410 crores. EBITDA grew 10.1% to Rs 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 agility delivered when it mattered the most. As committed last year, our major investments are progressing well. 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.
Friends, we continue to adopt digital technologies in innovative ways to enhance operational efficiency. 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. Third, new-age smart contract execution tools improve speed and accuracy in customer transactions. 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 JioMart grew strongly this year. JioMart petrol and diesel volumes grew 29% year-on-year, significantly outpacing the market. JioMart remains India's most efficient and effective fuel retailing network. 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 chapters are still ahead.
My dear shareholders, there are businesses that create value designed to solve India's energy trilemma of security, affordability, and sustainability simultaneously at a scale that has no parallel. In the year, 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 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, 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. 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.
Our operationalization rate target is 55 MWp of solar modules and 150 MWh of battery containers per day. I want you to pause and absorb that number: 55 MWp 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 for our fertilizer needs; three, green ammonia for co-firing in power generation displacing fossil fuel emissions; and four, bio-methanol, a clean transport fuel and chemical feedstock with sustainable aviation fuel applications.
I am proud to announce that Reliance has signed a landmark USD 3 billion long-term supply agreement with Samsung C&T for green ammonia, which is among the largest green ammonia offtake 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.
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 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 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 Urja, Harit Vikas, Harit Bharat, Swachh Bharat. Thank you.
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Mukesh Ambani1:25:18
Well done, Anant. Dear shareholders, the O2C business remains the prime contributor to Reliance's financial performance. Reliance has demonstrated the resilience of this business time and again through every kind of challenge. The oil-to-chemicals 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. This transformation will fundamentally improve the quality, resilience, and value of our earnings.
I am confident that our new oil-to-chemicals and new materials business will become even more valuable than our current O2C business. Our ambition is simple: to make Reliance the world's leading integrated energy and materials company for the age of sustainability and intelligence. Friends, Reliance has emerged as a natural partner for global chemicals and materials majors in this volatile world. We are open to flexible partnerships and co-building integrated complexes in India and abroad, anchored in our integrated feedstock, unmatched manufacturing scale and execution capability, the lowest cost base, and a strong balance sheet.
India remains one of the most favorable geographies globally for expansion, and Reliance offers our partners a single secure base to serve both India's large domestic market and global demand. The upcoming fully integrated green ecosystem will not only transform our old energy business but also open up significant possibilities for our growth and India's future growth. Reliance, with its five integrated engines of growth, UCG, bio-energy, new energy, oil-to-chemicals, and the materials business, is now ready to deliver exponentially more value.
With the new energy and materials platform and an AI-native way of working, Reliance is transforming our oldest business into a unique first-generation growth platform, one that cannot be replicated on technology and scale. Let me now invite Nita Ambani, Chairperson of the Reliance Foundation, to share her exciting update on the Reliance Foundation.
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Nita Ambani1:28:19
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 am 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.
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: first, a university that will raise India's global standing in higher education; second, a garden for all of Mumbai to enjoy nature and build communities; 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 am 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.
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 medical city, a residential district, a vibrant arts district, and 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, the School of Humanities and Social Sciences, the School of Medical Science and Public Health, the School of Architecture and Urban Planning, and the School of Education.
In line with the vision for Viksit Bharat, our university will help Mumbai transform into a knowledge city and Bharat into a Gyan Bhumi, a knowledge power. At our university, we will welcome international faculty, students, and scholars from around the world, creating a global academic community. Our ethos is to nurture a culture of excellence, integrity, and lifelong learning, an institution that will inspire thinkers who question, builders who create, scientists who innovate, and leaders who serve.
Respected shareholders, a truly compassionate society must care not only for its people but also for the voiceless. This year marks the first anniversary of Vantara. And this year we also laid the foundation stone of Vantara University, a global university dedicated to training the next generation of wildlife conservationists and veterinary scientists.
Alongside education, sport remains a key focus area for us at Reliance Foundation. Through our Education and Sports for All program, we have reached more than 29 million young children and youths all over the country. When talent meets the right opportunity, extraordinary things happen. This year, our Reliance Foundation athletes won 386 national and international medals. We are now focused on Olympic sports where India has the highest potential to shine on the world stage: archery, athletics, boxing, shooting, wrestling, and badminton.
In partnership with the International Olympic Committee, we are also using sport to teach values: values of friendship, excellence, respect, discipline, resilience, and teamwork. Friends, as an IOC member and a proud Indian, I carry a dream very close to my heart. A dream shared by over 1.4 billion Indians: to bring the Olympic Games to India. A dream in which the sporting world comes together on Indian soil, our hearts filled with pride and our arenas with triumph. Not just triumph of talent, but triumph of the human spirit. Truly an Olympics that the world will never forget.
Friends, a stronger India is built on the foundation of a healthier India. We are moving forward with a vision of a transformative medical city and medical college in Mumbai. Reliance's plan to modernize 7 Hills Hospital marks a significant milestone in this journey of strengthening India's healthcare infrastructure and expanding affordable world-class medical care. With a planned capacity of 1,500 beds, 7 Hills is envisioned to be one of Mumbai's largest hospitals, leading in clinical research, cancer care, emergency and trauma services, organ transplantation, and neurodegenerative disorders such as Alzheimer's and Parkinson's.
The hospital will leverage advanced medical technologies, artificial intelligence, data-driven clinical systems, digital health platforms, and compassionate patient care. For us, this is much more than a hospital. It is the beginning of a truly integrated medical hub in the heart of Mumbai. The hospital will also have more than 450 beds dedicated to serving the economically weaker sections of society.
Dear shareholders, last year I shared with you a dream taking shape along Mumbai's coastline: the Coastal Road Gardens. We now have a world-class team of landscape architects, ecologists, planners, and engineers who are working on the master plan design. Initial work has commenced and 15,000 trees are already on site. Spread across 130 acres, these gardens will be home to more than 60,000 trees, shaping a vast new green lung for Mumbai.
It will be a hub of flora and fauna with shaded walking and cycling paths, open maidans, public gyms, children's play areas, and vibrant spaces for arts and culture. It will also feature unique attractions for families like a tree museum and state-of-the-art facilities for sports including cricket, football, tennis, kabaddi, basketball, paddle, pickle ball, and other sports. The Coastal Road Gardens will be a tribute to the spirit of Mumbai, a place for every Mumbaikar to reconnect with nature. What Central Park is to New York, Hyde Park to London, and the Botanic Gardens to Singapore, we hope the Coastal Road Gardens will be to Mumbai.
Dear shareholders, while these landmark initiatives represent our vision for the future, our work on the ground continues to transform lives in meaningful ways. Behind every number in our annual report is a life changed, a family uplifted, a future transformed. A woman who earns and now signs her own checks. A young man who got his first job and handed his salary to his aged parents. A child scouted from a small village who went on to wear the Indian jersey, making not just his parents but his entire village community and country proud.
Whether it is empowering 1 million women entrepreneurs, helping nearly two lakh young Indians gain employment, reaching over 23 million people for rural transformation, or supporting our arts, artists, and artisans as we carry Indian culture on the global stage with love, respect, and pride. My dear Reliance family, we are living through an incredible moment in our nation's journey, a moment when India's leadership is ever stronger, our aspirations bigger, our confidence higher, and the possibilities before us greater than ever before.
Guided by the vision of our Honorable Prime Minister Shri Narendra Modi ji, we remain committed to playing our part in realizing these possibilities. Reliance Foundation carries forward our founding conviction that what is good for India is good for Reliance. Sixteen years ago, we made a commitment to our nation. 97 million lives later, that commitment has only grown deeper, stronger, and more urgent. We carry that conviction not as a policy or 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 is 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 Rashtra Sadbhav Abhiyan that is a calling of every single Indian. We remain grateful for your trust, support, partnership, and shared belief in this path of Desh Seva and Desh Bhakti. Thank you.
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Mukesh Ambani1:46:55
Thank you, Nita. Reliance Foundation is truly a jewel in the crown of Reliance Industries. We are proud of your team's achievements under your passionate guidance. We wish the very best for Reliance Foundation's future plans.
Dear shareholders, let me now share our value creation roadmap with you. Today we stand at the threshold of our next phase of hyper-growth. The foundations have been laid, the platforms have been built, the capabilities have been assembled, and the opportunities before us have never been greater. Throughout our journey, one principle has guided us: what is good for India is good for Reliance. This belief has always defined our priorities.
We have seen many temporary dips in shareholder value in the past. But when we develop our inherent strengths persistently and when we deliver growth consistently, value accretion happens inevitably. Our track record is impeccable. Reliance now has diverse streams of cash flow which reduce earnings volatility and deliver earnings growth in the high teens over investment cycles. As a result, our performance has more than matched our promises, always. We doubled our EBITDA in the last five years, and as I look to the future, I am absolutely confident in our ability to double, indeed more than double, our consolidated EBITDA over the next five years.
In other words, Reliance will rank among India's foremost wealth creators throughout Amrit Kaal. My dear shareholders, the most important value creation milestone this year, of course, is Jio's imminent IPO. I assure you that this will unlock great value for Reliance shareholders and offer an attractive investment opportunity to others.
Dear friends, people often ask me: how has Reliance managed to grow so big in such a short time? What is the secret? The answer is hidden in just two words: founder's mindset. Every new generation has to believe it is the founder of Reliance and is the first generation. I followed this principle when I took the helm of Reliance 25 years ago. Our generation reinvented Reliance by following a two-pronged strategy: innovating and expanding existing businesses and building new growth engines.
I am happy to inform you that Isha, Akash, and Anant are doing what I did 25 years ago, but with greater ambition and a much larger financial and professional base. Under my active guidance and the mentorship of all our directors, they are aggressively expanding existing businesses while laying the foundation for new ventures. I envision each of these ventures growing as big as today's Reliance in the times ahead.
Let me outline our five major value creation pathways. First, our oil-to-chemicals business, the mainstay of Reliance so far, will increase earnings as soon as the geopolitical situation improves. Simultaneously, we are reinventing this business to create a new revenue stream less vulnerable to external volatility. We will convert all the crude oil we process into new materials: carbon fiber, specialty materials, green chemicals, and much more. This new vision will drive margin expansion and lay the foundation for our oil-to-chemicals and new materials business.
Second, our new energy business has entered the phase of accelerated commissioning and early revenues. The integrated solar manufacturing and our advanced battery platform will achieve one of the world's lowest cost of RTC green power. It will also enable the world's most competitive green hydrogen and green chemicals ecosystem. Our foray into underground coal gasification business has immense growth potential. Our CBG business is ready to be scaled up as the world's largest bio-energy business. I am absolutely confident that soon, New Energy has the potential to become one of the largest earnings engines for Reliance.
Third, for India's self-reliant and accelerated prosperity, Reliance Intelligence is going to be as transformative and consequential as our new energy business. AI is becoming a multi-trillion-dollar business globally. Reliance Intelligence will lead this business in India. The infrastructure for it is being built at breakneck speed and will be fully operationalized over the next couple of years. Reliance Intelligence will make AI integral to the daily lives of every Indian and every Indian enterprise. I envision this business to become one of Reliance's most prolific growth platforms.
Fourth, our FMCG business is a new multi-billion-dollar growth engine. We plan to grow it into India's largest FMCG company and among the biggest in the world. It is already among the top few players in various categories and is expanding globally, recently entering Europe and Africa. Our FMCG growth path is neatly aligned to that of Reliance Retail. Both are anchored in our plan to create India's most advanced manufacturing platform and a distribution and export platform with tens of thousands of small, medium, and large partners.
Fifth, India has an urgent need to boost exports to establish and emphasize India's global competitiveness across manufacturing, gems and jewelry, agriculture, horticulture, strength, and above all, we have the conviction and execution prowess to think long-term and invest in the future. The businesses we built yesterday created tremendous value. The businesses we are building today will create even greater value tomorrow. I have never been more confident about Reliance's future, and I have never been more optimistic about India's future, because the two are inseparable.
My dear shareholders, I have always believed that great companies are defined not by the tenure of a single leader but by the strength, resilience, and longevity of the institutions they build. This is how Reliance has emerged as India's proud and most prized national business institution. Our achievement itself heightens our responsibility towards the nation in the future. Keeping this in mind, we are building Reliance for the ages. To this end, we are implementing a 5S vision for institutional perpetuity at Reliance.
Let me explain each of these five elements. The first S is Succession. Isha, Akash, and Anant are leading various businesses in their 30s and 40s. They bring top-notch domain expertise, technological fluency, and first-generation passion to surpass expectations. They are being mentored by seniors to ensure that the institutional culture of Reliance is upheld and the bar is continually raised. The generational transfer of day-to-day management at Reliance is almost complete.
In short, dear shareholders, the future of your company is not only in safe hands but in the hands that will take Reliance to far greater heights. The second S is Systems. Reliance has institutionalized world-class systems for governance, risk management, capital allocation, talent development, and technological leadership. These systems make Reliance immune to internal risks and capable of handling external risks.
The third S is Standards. All our systems are driven by very high standards of performance, excellence, integrity, transparency, innovation, and compliance. The fourth S is Spirit. The founding spirit of Reliance to create wealth for the nation and to offer products and services of the highest quality and affordability that bring joy to the lives of Indians forms the invisible architecture of Reliance culture. Technology can enhance productivity, but it is this spirit that will continue to drive Reliance's ambition and a sense of purpose.
The fifth and final S is Sustainability. Sustainability is at the core of everything we do at Reliance. For us, economy and ecology are the two inseparable sides of the same coin.
Dear shareholders, as I stand before you today, I am reminded of the extraordinary privilege of serving this company and attending every Reliance AGM over the last 49 years. Over these 49 years, I have watched a single-product company evolve into a national institution spanning multiple industries with a global reputation. 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 this purpose with diligent performance. He infused that purpose into the superlative team he built. The purpose was to make India prosperous and strong, and to demonstrate to Indians and the world at large that we too can become an industrial powerhouse second to none.
We did not deviate from his purpose during the generational transition 25 years ago. And there won't be the slightest deviation from the founder's purpose in future when a new generation of leaders takes full charge of Reliance and its offshoots. My most esteemed co-owners of Reliance, we are proud of what Reliance has achieved so far. But it fills us with humility to realize that our motherland expects much more of us.
Therefore, the next two decades of Amrit Kaal are crucial for Reliance and for all other Indian businesses. We must intensify our efforts many times to do much more and much better. The noble mission of Viksit Bharat by 2047 is beckoning all of us. It is mandated that all Indian businesses build a modern, holistic India, an India of equity, fairness, and harmony for all, and an attractive model for the rest of the world. To work for this patriotic mission is our duty and also our highest reward.
As I keep reiterating, this mission can be achieved only through collaboration between the government, the industry, and the people. Every Indian institution, every Indian company, and every Indian citizen must raise their aspirations and align their energies. The Holy Rig Veda teaches us: may we march forward with a common goal. May we work together in harmony and empathy. May we share our thoughts for integrated wisdom. May we follow the example of our ancestors who achieved higher goals by virtue of being united.
In this endeavor, Reliance recommits unreservedly to playing its fullest role. Dear shareholders, I take this opportunity to convey my sincere gratitude to all our board of directors for their invaluable counsel and stewardship. I extend my heartfelt thanks to all our employees, our greatest strength, whose passion and perseverance have driven Reliance to new milestones. I am equally grateful to our business partners for their steadfast collaboration in delivering excellence. I also appreciate the continued support of government authorities and regulatory institutions.
Most importantly, I offer my deepest appreciation to all our shareholders, India and its people, for their continued trust and confidence in Brand Reliance. Your support remains the foundation of our journey and success. Thank you. Jai Hind! Jai Shri Krishna!