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.
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.
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.
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.
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.
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.
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.
