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Oil will go back up again, and you don't want to see that happen after having come so far over the last many odd trading sessions. That's the bigger worry. I don't think anyone is saying this agreement is a non-starter. Never say never—it's a volatile situation with volatile parties on both sides. How should you position yourself—that's the question. Mitesh is with us. Good afternoon, good to have you with us. Oil, by the way, on your screen now—the Brent back above 80. What's your sense? What do you do?

What is your sense? Is this the dip that you bought early on, and what do you do?

I haven't bought it yet, but this is a dip I wanted to buy. I was saying in the morning that if you get a 200-point cut, wait for markets to come closer to about 23,850 because the pivots are slightly lower and we also have a gap area coming in just below that. So that's the level on the spot which I'm looking to buy into. Still waiting though—slightly disappointing there's no attempt at a recovery yet, but let's see how the week closes out. 23,850–800 is a very strong support zone for me, and I'll attempt a long around that area. On the stock side, I have one buy and one sell: Loris Labs is a buy with a stop at 1,394 for targets of 1,460, and Kennametal is a sell with a stop at 2,027, just about the day's high, and 1,930 is the target.

Got it. Thanks a lot, Mitesh. Let's welcome our guests—DHS Kant and Dinesh Shahki join us. Good afternoon, gentlemen. It's been a good week for the markets, and there's some money being taken off the table, which is par for the course after the kind of rally we've seen. The problem has been the tech names—you thought they had bottomed out, there was some bottom fishing, and then Accenture comes out with guidance like that, lowering the upper end. The street is fearing the commentary and the impact of the Middle East. Every time we think the bad news is behind us, there's a fresh blow. The Nifty IT index is making a fresh 52-week low today. Your take—would you look to buy, or would you completely stay clear of the tech index?

Good afternoon. I think the market is having more fear than justification on the business side. Indian IT companies' model is changing and changing very fast, adapting to AI. They are using AI to generate business cases, create codes, and then putting entire things into production. AI-trained modules are being provided to their customers by most Indian IT companies, and that process has already started. TCS has confirmed $2.5 billion worth of order inflow in the last quarter, and this year is going to be even more. Most Indian IT companies are systematically transiting from time-and-effort-based billing to outcome-based billing with their customers using AI. Instead of getting too nervous about commentary from another corner of the world, I feel Indian IT companies are adapting to this environment, which is far more superior. They are actually the AI enablers, and their customers want to see them providing solutions. We remain selective buyers into IT counters. Some frontline IT companies may report single-digit growth, but mid-tier IT companies in engineering R&D are likely to have 15–20% growth in the current financial year. We are selectively bullish on these prospects.

Even after yesterday's pullback—and just to stay with it—Coforge had their investor day early on, and they put out big numbers in terms of targets. A $5 billion target in the next three years. Just your thoughts on anything you like there if you want to talk single stocks, and then I'll ask Dinesh.

Few companies are executing their programs very well. One among them would be Tata Technologies, and second would be Tata Elxsi. They're executing well with their OEMs. The BMW Japan business of Tata Technologies has ramped up very successfully to 2,000 people, most of them now AI-trained. Winning a contract from a Japanese major after BMW is again validating that these companies are end-to-end solution providers to their OEM customers' business requirements. If the cycle time is brought down to 18 months, such companies will definitely become the OEM's preference. We really like some of these companies delivering good program completions with OEMs, with growth targeted around 20% plus with margins.

Got it. Let's come across to you, Dinesh. You believe this is a stock picker's market. Give us a stock name that you've done some research on. In the past you've spoken about PowerMech—that's done pretty well. Bank of India has been holding on to its own. The other tech stock that hasn't performed, as you said, has been a big underperformer. Is there any fresh idea that you've researched?

A couple of weeks back we initiated on Dixon Technologies—it was part of our mid-cap high-conviction portfolio, so we're bullish on it. We think the Vivo deal will go through and that would be a big rerating for Dixon. Without that, they've guided for 15–17% revenue growth this year, but going forward if the JV deal goes through, growth will be around 25–35% for FY27 and margin-accretive as well. They're diversifying into ODMs rather than pure-play EMS, which is working well. Any declines in such a market are an opportunity to buy. Housing finance is another stock we've liked for quite a while—it should do well in the affordable housing segment. Real estate players are in progress and will be ready soon—there's a good valuation gap emerging wherever future trajectory looks stable. Orient Solutions has not corrected despite the 7–8% crack in IT shops, and Tata Technologies is another counter we've liked for a while. This year should be good for engineering R&D technology companies in the automobile space.

We're counting down the minutes to the Reliance AGM. Let's focus on that for a bit—Reliance is set to announce its roadmap for the next 12 months at the 49th AGM shortly. Sonel is here with all the updates. Sonel, take it away.

The next 12 months will be very important for Reliance Industries because we'll see ramp-up of solar, battery manufacturing, and generation. A big electrolyzer gigafactory is planned for new energy ecosystems, and these segments can be notable growth areas in the medium term. Looking at capex, consolidated capex was 1.44 trillion, up 10% year-on-year. Retail and digital capex was 54,200 crore, a decline year-on-year, but O2C capex was up 22%, led by petchem expansions. Other segment capex was up 2.1 times, with 30,000 crore coming from new energy. Cumulative new energy capex stands at 70,000 crore, with the majority in the last fiscal. New business will continue to be the focus because Mr. Ambani indicated rapid progress in operationalizing gigafactories. Jio IPO is the big one—Q4 saw the company advancing steadily toward listing. Retail saw 1.9 trillion spent over the past decade, with 1.6 trillion in the last 5 years. O2C and E&P remain cash cows, but conventional energy capex has slowed to just 21% of total. Diversification has been the key—1.7 trillion toward other businesses, with 1 trillion in the last 3 years. Commentary on new energy, AI, and the Jio listing will be closely watched.

Thanks for that. In a short while at 2 p.m., Chairman Mr. Mukesh Ambani will address shareholders. The street is keenly watching for concrete plans for the Jio IPO, updates on new energy projects, and other important capex updates. Here is a quick look back at the year that was.

[Pre-recorded video montage] Mukesh Ambani: 'The global economy today is navigating through an era of great uncertainty. Geopolitical tensions are rising, volatility is persistent, and predictability is scarce. The world is realizing that conflict produces no winners, whereas cooperation ensures shared prosperity. When nations cooperate, trade flows freely, investments flourish, and everyone wins.' Narrator: 'In a year marked by geopolitical tensions, Reliance Industries became the first Indian company to cross $120 billion in annual revenue and the first to report annual profits exceeding $10 billion. Growth in digital and consumer-facing businesses offset volatility in energy markets.' Mukesh Ambani: 'As Reliance approaches the close of its golden decade, we rededicate ourselves to the rapid realization of this Indian dream. We are resolutely transforming our operating model to become a deep tech company with advanced manufacturing capabilities. We are making every one of our businesses AI native, positioning them for hyper growth.' [Followed by highlights on Jio—268 million 5G users, 524 million total users, 31% data traffic jump, ARPU of ₹214/month; Jio employee testimony; partnerships with Google and Meta for AI; retail with 20,000 stores and 387 million customers; GeoMart quick commerce surging 300% in Q4; O2C business with ₹6.6 lakh crore revenue; $8.5 billion Disney merger; ₹1.7 trillion capex in new businesses; Mukesh Ambani on startups: 'When I interact with startups and we see young 28, 30-year-olds starting up companies, I can clearly see 100 new Reliances.' Reliance Foundation completing 15 years; Mukesh Ambani: 'As India accelerates into her next horizon, so must Reliance. We are not just preparing for that future, we are shaping it.']

The market's a little bit nervous with regard to the deal details. I think you have the possibility that the Fed goes ahead and hikes rates as well, and from a domestic cue, the monsoons haven't arrived yet—hopefully next week. Put all of that together, and the rally from around 23,200 to around 24,100—that's the reason we've seen some profit-taking.

The big worry is going to be if there is a slip between the cup and the lip with regards to the oil. The US side is not going to Switzerland, Iran is not going, and Switzerland is saying the talks have been postponed. They're all making it seem like it's all technical in nature and eventually it will restart—it's just a matter of time, and hopefully it is. But who knows—we've seen this play out earlier as well. One just hopes there will be hiccups along the way, but the core of the deal remains the same.

Welcome back. Two minutes to go. Maybe we spend a minute each asking DHS and Dinesh what their expectations are. DHS, in under a minute, what's the top expectation for you?

First is the roadmap to capital allocation for each business, as return on capital employed has been reducing—how it's going to go up. Asset monetization timelines, if they can be given, nothing like it. And the revenue model for each business—AI, data centers, new energy, hydrogen, clean energy, solar panels, gigafactory, and the LEO satellite launches. If quantification of the timelines can be given regarding capital allocation and revenue model, that is what will take it for a re-rating.

Dinesh, same question to you.

Value unlocking from Jio Platforms, commercial operations coming from renewables, and commercial operations starting in Reliance Intelligence. Intelligence and renewables are the basic infrastructure providers in their respective capacities along with different verticals, and Jio Platform is the bigger beneficiary, taking AI forward to consumers—B2B as well as B2C. So value unlocking and monetization would be the key trigger points I would like to hear from the AGM.

The Reliance AGM is beginning. Let's cut across.

Ladies and gentlemen, good afternoon. It is 2 p.m. and time to start the meeting. I welcome all of you to the 49th Annual General Meeting of the company. This meeting is held through video conferencing in compliance with regulatory circulars. The company has taken all feasible steps to ensure shareholders are provided an opportunity to participate. Adequate video conferencing facility and live webcast have been provided. 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 or arrangements in which directors are interested; and a certificate from the secretarial auditor on the employee stock option scheme are available for inspection by members. I wish to introduce for the benefit of new members my colleagues on the board: Dr. Sumit Banerjee, Shrimati Arunati Bhachara, His Excellency Yasir Al-Ramayan, Sri K.V. Kamath, Sri H. N. Ray, Sri R. Shankar Raman, Sri Nikhil Meswani, Sri Harsh Mariwala, Sri P.M.S. Prasad, Shri Anand Tambani, Shrimati Isha Ambani Piramal, Shri Akash Ambani—all directors of the company are present. Shri V. Srikanth, Chief Financial Officer, Shrimati Savitri Parakh, Company Secretary, and representatives of our statutory 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. Now, I will begin my formal address to the shareholders.

Thank you. Respected Chairman, your words, your guidance, and the faith you have bestowed upon the team at Jio inspire us to scale greater heights. My dear shareholders, in 10 years, Jio has reached an operational scale that is simply extraordinary. The Jio user base has crossed 524 million, cementing our number one position. Our 5G subscriber base has crossed 268 million—the largest for any single-country operator outside China—with 77 million net additions during this year. On fixed broadband, Jio AirFiber has continued to scale rapidly after becoming the world's largest fixed wireless broadband operator last year. With 13 million connected homes, Jio AirFiber is making reliable home broadband available across the country at unprecedented scale and speed. Total data traffic on Jio's network in FY26 stood at 241 exabytes, growing 30.8% year-on-year, placing us amongst the largest data operators on the planet.

The financial results of FY26 are a fitting tribute to this journey. Jio Platforms delivered revenue of ₹1,46,885 crore, growing 14.6% year-on-year. EBITDA reached ₹76,255 crore—an 18.8% growth—with EBITDA margin improving by 190 basis points to 51.9%. For the first time in our history, profit after tax crossed ₹30,000 crore, 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 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 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 delivers cloud compute to small businesses through a simple setup box, bringing enterprise-grade technology within 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 the Indian satellite broadband platform of global scale. To anchor this ambition, Jio is also building its own ground station infrastructure in India.

Dear shareholders, Reliance Intelligence, a new chapter in Reliance's deep tech evolution, was announced last year by our Chairman. Today I share with you the progress we're making in turning that vision into reality. Our first priority is to surmount the biggest hurdle for AI in India today: the scarcity and the high cost of compute. To address it, Reliance Intelligence is building India's sovereign AI backbone in Jamnagar. This cutting-edge infrastructure will be powered entirely by clean energy from Reliance's own solar generation from the Kutch renewable platform. The first 120 megawatt will be commissioned by the end of 2026. In addition, we're operationalizing an initial fleet of advanced Nvidia GB300 GPUs. This next-generation compute capacity is equivalent to more than 75,000 H100 GPUs on an AI inference basis. As the first 120 megawatt becomes fully operational, this capacity can scale over two lakh H100-equivalent GPUs. This capacity places Reliance amongst the largest AI infrastructure platforms being built anywhere in the world. When compute becomes affordable, innovation becomes inevitable.

Friends, our second priority is partnerships. No company, however large, can build the future alone. The right path is to combine the best global technologies with Indian execution, Indian infrastructure, Indian domain knowledge, and India-first governance. Our Google partnership has deepened into a truly AI-first collaboration for hundreds of millions of Jio users. Google AI Pro powered by Gemini is already accessible free of cost. Our second major partnership is a joint venture with Meta, which operationalizes the Llama open-source AI for Indian enterprises. Reliance Intelligence will deliver sovereign hosting within India with full model transparency and portability, allowing every enterprise to own its AI journey.

Dear friends, Reliance Intelligence is building trusted, affordable, multilingual AI services designed to be accessible in 22 Indian languages. This sovereign, green, secure compute backbone will power India's first AI applications such as JioBharatIQ, AIVyapar, JioHealthIQ, JioLearnIQ, and JioKisanIQ. JioBharatIQ will make AI a companion for every Indian. AIVyapar will help small merchants and businesses improve productivity, serve customers better, 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, and with confidence. JioKisanIQ will help farmers make better decisions on crops, weather, resources, and income. Each of these services is designed around one simple principle: AI must be easy to use, trusted to rely on, and affordable for all.

Within Reliance itself, the transformation is unmistakable. At Jio, AI-native network management is already driving efficiency and quality at scale. At Reliance Retail, AI-embedded merchandising and supply chain optimization is reducing waste and improving product availability for millions of customers. At JioStar, AI is powering multilingual content creation. In our O2C 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 ₹999. Now with network-edge AI inference, we will bring advanced AI experiences to affordable devices. When AI becomes ubiquitous and easily accessible, India will not merely participate in the AI century—it will lead it.

Unlike global AI platforms that build in English and translate later, Jio is building AI natively in Indian languages. So a farmer querying in Marathi or a student in Tamil gets an AI that thinks and replies in their language. What we're building is an AI for India. AI by India. AI that will one day serve the world. To give you a glimpse of what lies ahead, we will now showcase some of Jio's latest innovations in AI. Across the world, AI has meant one thing: an app on your phone. And through it all, the phone call—the most natural thing we do—has stayed unchanged for decades. Today, Jio is doing something fundamentally different. Every day, Jio carries 20 billion minutes of voice, making us one of the largest voice carriers in the world. This is where India truly lives, talks, works, and connects. So we asked: why should AI sit outside the very place Indians interact the most? We're building AI directly into the heart of the Jio network—no app to download, no number to add, available to every Jio customer in every Indian language.

Let us show you how we are working to bring intelligence to every Jio call. Just say, 'Hey, Jio,' and your AI agent joins the call for as long as you like—always, and only with your consent. The agent has multiple capabilities: it can transcribe calls, identify up to 10 unique speakers and capture every word in their own language. It can summarize—sharing summaries, action items, and reminders with every participant. After the call, it can act: ask it to order food, book a cab, reserve a table, or set up the meeting you just agreed to. All done on the same call—your own concierge on every call. Launching for Jio's 500 million plus family later this year.

I now invite my colleague Kiran to join me. Now let's talk about MyJio. MyJio is India's most used self-care app with over 60 crore users. For a decade, it has been the place you go to recharge or check your balance. With AI, something fundamental has changed. Think of the most capable person you know—the one who doesn't need to be told every step. You say what you want, and they take it from there. This is what we call an AI agent. We are transforming MyJio from an app into a personalized Jio AI advisor and relationship manager. You no longer navigate MyJio—you say what you need, and MyJio starts working. Are you shifting to a new city? Don't click through screens—just voice your intent, and MyJio acts instantly.

[Demo of MyJio AI agent] 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 your phone in minutes. This is for every Indian in all major Indian languages—voice and text. As always, privacy stays at the heart of it. MyJio acts only with your consent. Every action is logged, and everything involving payment always needs your confirmation. Now let's move to JioHome. Jio powered India's journey from voice to data to video, pioneering gigabit broadband for every Indian. Today we take the next leap. JioHome's next-generation offering delivers multi-gigabit capability—up to 5 Gbps download and 1 Gbps upload dedicated to your home through our multi-gigabit-ready JioAirFiber. But this is not about speeds—it's about what your family can do. Connected devices per home have grown multifold in five years and this is only set to rise. We needed connectivity built to power that rise: one member streaming, another cloud gaming, a third on a video call, a child in an online immersive and interactive class—all at once, all flawless. That's what 5 Gbps gives you. A breakthrough multi-gigabit wireless technology built in India. We're entering the era of spatial computing with volumetric video, where AI and XR create interactive immersive experiences. The opportunity is no longer just to connect homes to the internet—it is to turn every home into an intelligent home. The fastest broadband in the world should reach you just as fast. We're reimagining the entire home-connect journey from interest to go-live. First, within 15 minutes of showing interest, you will get a callback in your own language. Second, your Wi-Fi will go live within 24 hours, anywhere in India. This is connectivity the way Indian homes deserve it.

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, searching menus, or repeating what the home should already understand.

Dear shareholders, let me now talk about our media and entertainment business. In FY26, JioStar completed a remarkable first year of full operations. Today, JioStar, Jio Studios, and Network 18 together constitute India's most powerful media ecosystem. The business posted a full-year revenue of ₹34,917 crore with an EBITDA of ₹5,842 crore and a net profit of ₹3,434 crore.

JioStar remains India's leading television entertainment network with a 34.7% viewership share—nearly equal to the next three players combined. Every day, 389 million viewers choose our content across genres and languages. On digital, JioStar has reached a scale that is amongst the largest in the world and the largest in India. The platform averaged 451 million monthly active users during the year. Our live streaming capabilities continue to set global benchmarks. During the recent T20 World Cup where India was victorious, 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; JioStar's micro-content hub TAKA launched in April this year, already amassing more than 100 million users in under two months; the first-ever in-app commerce integration with Swiggy during IPL matches, enabling food ordering without leaving the live video stream; and interactivity features such as voting, live chat, and meme creation—more than 100 million unique users have used these features, generating over 11 billion interactions. Now let me introduce JioStar GenAI Media Studio, or 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 present an exciting pipeline of innovations that will redefine how consumers experience entertainment and sports in the future, seamlessly woven into how they shop and engage across the JioHotstar ecosystem. AI Snapshot builds you your own personalized recap—every key moment stitched into a narrative right on your screen. 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. And we ensure you can watch multiple feeds all at once on one screen, side by side—multiview lets you watch a cricket match, track election results, follow Bigg Boss eliminations, and view a Bengali news channel all on one screen.

Dear shareholders, let me now speak about Jio Studios—India's number one content studio by revenue, catalog size, and box office share. The Dhurandhar franchise crossed ₹3,000 crore in worldwide box office gross, making it the first Indian film duology in which each film crossed ₹1,000 crore. With this, Jio Studios completed three consecutive years as the highest-grossing Hindi film studio and now has over 500 awards across its content slate. Dear friends, Network 18 reaches 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 to strengthen its ability to deliver social media solutions and develop new formats that resonate with younger audiences. With that, let me invite our Chairman back onto the stage.

Thank you, respected Chairman, esteemed shareholders. Financial year 26 was a year of strong execution and measurable acceleration. Gross revenue reached ₹3,70,026 crore, growing 11.8% year-on-year. EBITDA grew 7.9% to ₹27,033 crore—3.4 times that of our nearest competitor. Profit after tax rose 12% to ₹13,838 crore. 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 serves tier-two and below markets. Quick-commerce is fast becoming a daily habit for millions of Indian households. 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 pincodes. Average daily orders grew 3.6 times year-on-year. Repeat orders on quick-commerce grew more than sixfold.

In fashion and lifestyle, we sold over 8 lakh garments every day. Ajio's average bill value rose 23%, average selling price grew 17%, and option count expanded to 3 million—up 22% year-on-year. Ajio has grown seven times in five years. Aroma's 4-hour delivery promise now covers 600-plus towns. Shein has crossed 11 million app installs, adding a thousand new styles daily. Global fashion at Indian prices is an idea whose moment has arrived. 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. JioMart Digital is now India's largest mobile distributor with 1.2 lakh active retail partners. In jewels, average bill value grew 53% year-on-year with a deliberate focus on design-led diamond jewelry. Today, Swadesh directly collaborates with over 900 artisans across 270-plus craft forms—from Longpo pottery and Naga weaving in the northeast to Dhra metalwork in Chhattisgarh, Banjara embroidery in Telangana, and Thora embroidery in Tamil Nadu. Over 3,000 individuals from tribal communities find employment through this program. These are not transactions—these are acts of cultural preservation at commercial scale.

Dear shareholders, the intelligence era in Reliance Retail is not a vision—it is already live. But the intelligence we are building is not merely computational. Indian consumers are shaped by culture, 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, contributing our fullest to the vision of a Viksit Bharat.

Dear shareholders, three years ago, we took a leap of faith that India could produce FMCG brands of global quality at Indian prices and scale them faster than anyone thought possible. Reliance Consumer Products Limited has done just that—building a national FMCG powerhouse from the ground up and doubling its revenue in a single year. In FY26, RCPL achieved gross revenue of ₹22,000 crore, growing twice year-on-year. What took others years or decades, we achieved in just four years. It made us one of the fastest-growing FMCG platforms in India's history and one of the fastest-growing consumer product companies anywhere in the world. Today, RCPL products are present in more than 40 countries through exports and franchise sales, making RCPL a truly global Indian consumer brand. Campa achieved ₹4,700-plus crore 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. Independence, a daily essentials brand, delivered ₹2,600 crore 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, powered by CampaShore, launched nationwide in October 2025.

This year, we made a series of focused acquisitions extending the RCPL platform in precisely the right directions. In daily essentials and foods, we acquired majority stakes in Oda Magro Foods and in Southern Health Foods, known by its key brand Mana—a cherished regional name to which we will bring national fame. In beverages, we acquired Goodness Group Global, the Australian business behind Nexpar Bison and Pace co-created with cricketer Pat Cummins. In personal care, we acquired global rights to heritage brands like Brylcreem, Tony & Guy, Adidas, and Mate, significantly deepening our grooming and bathing portfolio. Our competitive advantage rests on four pillars. First, deep-tech innovation: a state-of-the-art R&D center staffed by over 125 scientists has developed more than 100 products and filed nine new patents and 11 design applications in the last year alone. Second, advanced manufacturing scale: ₹10,000 crore invested to date, with beverage production now spanning 12 states. Over the next three years, a further ₹30,000 crore of investments will build one of Asia's largest networks of integrated food parks—AI-driven, robotics-enabled, and engineered for lasting cost leadership. Third, distribution depth: 3 million-plus outlets reached through 5,000-plus distributors in three years, faster than any player in Indian FMCG history. We're expanding into the northeast, West Bengal, Bihar, and other geographies. Fourth, value proposition: India's large rural consumer base and millions of middle-class households share one aspiration—global quality at Indian prices.

Friends, we're building a business where every decision is powered by data and every process is driven by intelligence—embedding AI across all our functions from understanding what consumers want to planning what we produce to how we move our products across the country. Our vision is simple: to be at the heart of every Indian home—not in one category but across the full arc of everyday Indian life. From daily essentials and staples to packaged foods and snacks to the moments of indulgence that make life worth savoring—we're building not merely a portfolio of brands but a consumer ecosystem that grows with every stage of Indian life. RCPL's near-term ambition is to reach ₹1 lakh crore in revenue by financial year 2030. Our long-term ambition is to become one of India's largest FMCG companies with a global platform to match. We have just begun scripting the best of RCPL. Soon it will be a value-creating engine for Reliance Industries comparable in scale and profitability to our retail business. This is my assurance to our esteemed shareholders. Thank you.

Thank you, respected Chairman. My esteemed shareholders, Reliance's exploration and production business is a [transcript ends here]

Friends, our O2C business is a strategic cornerstone of India's energy security. Our KGD6 and CBM fields together constitute one of India's most productive natural gas platforms. When the West Asian conflict disrupted LNG supplies, Reliance swiftly redirected its domestic gas to priority sectors such as city gas distribution, fertilizers, and power generation. When the nation needed it most, Reliance delivered. This business reported revenue of 23,861 crore and an EBITDA of 19,505 crore for the year. Gas production was nearly 26 mmSCMD, about 30% of India's natural gas production. Oil production was about 18,000 barrels per day. Dear shareholders, let me 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. Revenue grew 5.7% to 6,62,410 crore. EBITDA grew 10.1% to 60,546 crore. When the Strait of Hormuz was disrupted, crude and product markets witnessed extraordinary volatility. Yet our diversified sourcing and agile logistics sustained operations, helping us maintain near full refinery throughput. We increased LPG supply four-fold to help the nation tide over the import disruption. This is the structural advantage of building the world's most integrated, most flexible, most resilient refining and chemicals complex. Our major investments are progressing well. Advanced execution is underway on the 3 million ton PTA facility. Our carbon fiber facility at Hazira is poised to become one of the world's largest and most advanced. Our PVC and CPVC expansion will significantly cut imports. We continue to adopt digital technologies to enhance operational efficiency, and we are progressing towards operating Jamnagar as the world's first end-to-end autonomous refinery. Dear shareholders, our new energy business is a unique combination of value creation and civilization-shaping mission. It is Reliance's most ambitious generational undertaking designed to solve India's energy trilemma of security, affordability, and sustainability simultaneously. 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. 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 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. The first phase of our 40 GWh annual battery and cell gigafactory is on track to be commissioned this year. We have committed to scale this up to 120 GWh, making Reliance one of the world's largest manufacturers of lithium iron phosphate batteries. Building world-scale battery manufacturing capacity in India is not merely a business decision. It is a strategic imperative for national resilience. We are developing a renewable energy hub across 550,000 acres in the Rann of Kutch, designed to deliver round-the-clock power at gigawatt scale. The integrated hub will generate over 40 billion units of green electricity every year, approximately 3% of India's annual electricity requirement. Our peak installation rate target is 55 MW peak of solar modules and 150 MWh of battery containers per day. Our green chemicals program is advancing on plan. I am proud to announce that Reliance has signed a landmark US$3 billion long-term supply agreement with Samsung C&T for green ammonia, among the largest such contracts in the world. Our target of 3 million metric tons of green hydrogen equivalent 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. Dear shareholders, before I close, I want to leave you with one number: 200,000. That is the number of green jobs we expect to create through the giga complex and the Kutch solar farm combined. 200,000 Indians whose livelihoods will be built on clean energy. 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. 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. Thank you.

Thank you, Mukesh, and well done Isha, Akash, and Anant. Dear members of the Reliance family, our esteemed shareholders, namaskar. Congratulations on another pathbreaking year of achievements and growth. None of this would be possible without your trust, partnership, and support. This year, Reliance Foundation enters its 16th year of dedicated service to India. 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 — almost one in every six villages of India — with a simple vision to help every village become more self-reliant, more climate resilient, and full of opportunities and hope. Today I would especially like to speak about three transformative initiatives. First, a university that will raise India's global standing in higher education. We have received approval from the government of Maharashtra to establish a state private university. Our upcoming permanent campus at Dombivli, spread across 410 acres, will be truly world-class. It will host seven world-class schools with a focus on AI and emerging technologies: Engineering and Computing, Management and Entrepreneurship, Law, Governance and Policy, Humanities and Social Sciences, Medical Science and Public Health, Architecture and Urban Planning, and Education. Second, a garden for all of us — 20 million Mumbaikars to enjoy nature. Spread across 130 acres along Mumbai's coastline, the Coastal Road Gardens will be home to more than 60,000 trees, shaping a vast new green lung for Mumbai. 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. And third, a medical city that will bring world-class healthcare to the heart of Mumbai. Reliance's plan to modernize Seven Hills Hospital marks a significant milestone, with a planned capacity of 1,500 beds, leading in clinical research, cancer care, emergency and trauma services, organ transplantation, and neurodegenerative disorders. Alongside education, sport remains a key focus. Through our Education and Sports for All program, we have reached more than 29 million young children and youths. This year our Reliance Foundation athletes won 386 national and international medals. 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. My dear Reliance family, we are living through an incredible moment in our nation's journey. Guided by the vision of our honorable Prime Minister Shri Narendra Modi ji, we remain committed to playing our part. Reliance Foundation carries forward our founding conviction that what is good for India is good for Reliance. Thank you.

Okay, well, that's a speech. That's a Reliance Industries AGM, and I think it's a big one. The Jio Platforms IPO has been announced — the DRHP filing is today. We heard from Mr. Mukesh Ambani, chairman of Reliance Industries, but also all the other top leaders — Anant, Akash — all sort of weighing in on separate businesses. The big one, of course, is the Jio Platforms IPO which markets have been awaiting for a long time. It's going to be a fresh issue of shares and it's a big one — street expectations put the number close to about 11 to 12 lakh crore. Let me just tell you four or five other things and then we'll bring in my colleagues Sonel and Mangalam. The Jio Platforms IPO is a clear headline showstopper. Reliance said they're expecting to double their consolidated EBITDA over the next five years. The next phase of growth is essentially around five pathways: O2C to new materials, new energy, Reliance Intelligence on AI, FMCG and retail, and the large multi-sector exports platform. The larger strategic pivot is that Reliance wants to become a deep tech, advanced manufacturing, energy, AI, and self-sufficiency company. Isha is leading consumer, Akash is leading technology, and Anant is leading energy — we heard from all three on stage. So let me welcome in Mangalam and Sonel who are with me right here in our studio.

You know, we were just discussing whether NSE will be the biggest IPO ever or not. I'm just calculating — you're saying 10 to 11 lakh crore is the rough expected valuation of Jio Platforms. If they're offering 2.9% equity, roughly 3%, so it could be a 30 to 33,000 crore IPO issue size, and this is just fresh issue. So by all means, Reliance Jio's IPO, the Jio Platforms IPO, will actually be bigger than every other IPO we've ever seen.

And the interesting thing is I think it's a fresh issue entirely, which basically means the money comes into the company. There is debt — about 27,500 crore is what they plan to repay with this. On a consolidated level, that debt gets repaid. And there are outside investors as well, but they're not selling any of these shares. So this is a fresh issue, and I think that was interesting. As you said, perhaps the largest one of the year so far.

And I think the nature of the outside investors — a bunch of them are more strategic than financial investors. So it would be in their interest to continue to stay here. Mr. Ambani did speak about AI and said partnerships is the way to go. Jio has partnered with Google, they've partnered with Meta, and all of them obviously have a stake in the Jio Platforms business as well. So it makes sense for them to stay put.

The oil to chemicals business is the bedrock — that's something you look at closely. As Mr. Ambani and Anant said, it's the foundation from which all expansion is funded. That remains rock steady and they've been focusing on it for a long time. Apart from Jio and AI, they spoke a lot about new energy. They put out this timeline back in 2021 that they'll be putting 75,000 crore in the new energy business, out of which they've already spent 70,000 crore, and now it's time for that capex to come on stream. Solar PV cell and module manufacturing lines have been commissioned and are operational. Nearly 1 GW of modules have been produced already, and they're building 20 GW per annum fully integrated capacity — polysilicon, wafers, cells, modules, and glass. That's very interesting because if this comes into the market, what happens to the entire market in terms of pricing, given we have listed players already investing in different parts of the supply chain, but Reliance will be the only one with an integrated pipeline. Their battery storage business — the first phase of 40 GWh battery and cell gigafactory is on track to be commissioned this year. They're committing to scale this up to 120 GWh — three times — making Reliance one of the largest manufacturers of lithium iron phosphate batteries. They're also developing a renewable energy hub across 550,000 acres in Kutch, with 40 billion units of green electricity every year, and a peak installation rate of 55 MW peak of solar modules and 150 MWh of battery containers per day.

The new energy business starting FY27 — solar module revenues begin this year, 20 GW per annum of fully integrated solar manufacturing capacity, and 40 GWh annual battery gigafactory is on track to commission this year. So a lot of the investments made over the last couple of years all start to fructify and show results.

That 550,000 acres is huge — the scale of it is absolutely huge. That's a renewable hub which Reliance is putting together, designed to generate over 40 billion units of green electricity annually once fully operational, targeting very large deployment rates as well.

It was expected also because it was announced five years back. Maximum of that capex out of 75,000 crore they had done till FY26. So it was time. They have been talking about it in their results that FY27 would be the year when it would come on stream, and the fact that it is integrated is what sets Reliance apart — they're not just doing one part of the value chain but they'll be manufacturing it from start to end.

Having tracked Reliance every quarter for almost 40 quarters and the last 10 AGMs, the one thing that doesn't fail to surprise us is the surprise factor itself. Every time they talk about a number, they have the vision — you speak about three or four years, five years from now, they'll give you numbers you'll feel are unimaginable, forget achievable, and somehow five years later those numbers are attained. Reliance Retail's quarterly numbers were a lot more than every other retail player's annual numbers. Now 3,70,000 crore is Reliance Retail's revenue. For me, that number now stands out for Reliance Consumer Products — Reliance's FMCG arm. Last year in FY25, they did about 11,450 crore of revenue, at par with someone like a Dabur or a Marico. This year in FY26, RCPL has done a revenue of 22,000 crore. The only company above that in the space is HUL, which is much bigger. You have Nestle at 23,000 crore — RCPL is in touching distance. Tata Consumer is 20,000 crore. Britannia has 19,500 crore. Dabur and Marico are far behind now at 11-13,000 crore. So in a year they've doubled, and that's faster than any other FMCG company. Campa alone is doing 5,000 crore of revenue — that's a third of what beverages does for India.

You know guys, what we're going to do is take a quick commercial break. We'll come back and go through each of these numbers in much greater detail. We'll start from the top and get you what you need to know as far as the AGM is concerned and the top highlights and takeaways as we look ahead into next week. What does it mean for Reliance and each of these sectors — the implications not just company-wise but for these companies which dominate each of these sectors they operate in. Take that break. See you on the other side.

Key headlines from the Reliance Industries AGM: The board of Jio Platforms has approved the draft red herring prospectus and it will be filed with SEBI today. Reliance Jio is going public — fresh issue of 27 crore shares likely to result in stake dilution of nearly 3%, plans to prepay loans worth 27,500 crore from the proceeds. Jio evaluates a foray into satellite broadband, considering a sovereign satellite constellation to bridge connectivity gaps. Reliance Intelligence enters the execution phase, set to commission 120 MW of AI compute capacity by year-end. Jio also embeds AI directly into the network. RIL unveils a new energy plan — solar cell manufacturing now operational, plans 20 GW fully integrated capacity per year, pledges to ramp up battery manufacturing three-fold to 120 GWh. Reliance Retail is building a manufacturing platform for fresh fruits and vegetables, pledges to invest 30,000 crore into food and beverages over the next three years. Reliance Consumer Products doubles annual revenue targets to 1 lakh crore in sales within the next four years. From Jio Platforms dialing Dal Street to the conglomerate exploring satellite constellations, Reliance's 49th AGM unlocked a new trajectory for the group.

RCPL's near-term ambition is to reach 1 lakh crore in revenue by financial year 2030. Our long-term ambition is to become one of India's largest FMCG companies with a global platform to match.

There are businesses that create value and then there are missions that shape civilizations. Our new energy business is a unique combination of both. It is Reliance's most ambitious generational undertaking.

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.

Okay, those are highlight snippets of course from the Reliance Industries AGM. Mangalam and Sonel are with me here in the studios. What we do first of course is tackle the most hotly awaited announcement — the Jio Platforms IPO, the DRHP filing happening today. This is going to be a big one, perhaps the biggest of the lot. Take it away, Sonel.

Yes, the details are out now. DRHP has been filed. 27 crore shares will be issued and it's a complete fresh equity issue. The stake dilution is 2.93%, close to that 3% mark. The company will use some of its proceeds to repay debt to the tune of 27,500 crore. There's been a lot of anticipation for this announcement. Valuation assessments put it anywhere between 9 to 10 lakh crore — this could be one of the biggest IPOs as well. Key stakeholders: Reliance Industries will hold around 66.4%, Meta at 9.98%, Google at 7.73%, Saudi Wealth Fund at 2.31%. There's KKR, TPG Capital, ADIA at 1.16%, Silver Lake, Mubadala, GIC Singapore — all holding between 1 to 2.3%. Much awaited IPO. It's a long DRHP, we'll go through the details.

Absolutely. Mangalam, retail is the other one, right? And I think we've got new targets especially on the RCPL business, the consumer products business. Take it away.

For me, Reliance Retail is basically an example of ambition and then a path to execution. Three things really stand out from the Reliance AGM for the retail and consumer businesses. One: the next leg of growth comes from manufacturing. They are looking at building a manufacturing platform for fresh fruits and vegetables because this category is in need of waste reduction, hygiene, and higher safety standards. They've already committed about 10,000 crore of capex in this business and will further invest over 30,000 crore in the next three years to build Asia's largest network of integrated food parks. They are also looking at future-ready garment manufacturing and affordable electronics including smart wearables, televisions, and smartphones. Second: quick commerce. JioMart already has over 3,100 dark stores serving 1,200-plus cities across 5,100 pin codes, and this is likely to continue to grow. For Reliance Consumer Products, the FMCG company that crossed 10,000 crore within just three years of operations has now doubled its revenue and crossed 22,000 crore, making it among the largest players in the country. Campa itself went to near 5,000 crore of sales and Independence, their consumer brand, did about 2,600 crore. They are reaching over 3 million outlets — a scale to match any other large FMCG company. Their near-term ambition is 1 lakh crore in sales by FY30 and a long-term ambition to become the largest FMCG company in the country.

That's what they said — FY27 will see meaningful contribution coming in from the new energy business. Remember, five-six years back is when they announced 75,000 crore of capex in the new energy business. A lot of it has become operational. Solar PV cell and module manufacturing lines have been commissioned and are operational. Nearly 1 GW of modules have been produced, and they're building 20 GW per annum fully integrated capacity — from polysilicon to ingot, wafers, cells, modules, and glass. On battery storage, the first phase of that 40 GWh gigafactory is on track to be commissioned this year, and they've committed to increase it to 120 GWh — three times. This will make Reliance one of the world's largest manufacturers of lithium iron phosphate batteries. They are also developing a renewable energy hub across 550,000 acres and say they will become the lowest-cost source of round-the-clock green power anywhere in the world. Big numbers here — 40 billion units of green electricity annually. The biggest number: FY27 is when we'll see new energy business meaningfully contributing to overall financials.

Okay, so from investment phase moving to commissioning phase, and that means revenues and earnings will start to flow in this year. Let's just welcome in our guests who are with us. Akilesh is with KPMG in India. Dhiren Choksey is with us — he's director at Dhiren Choksey FinServ. Push Pande, senior vice president, Central from India, and Gurmit Chadha of Complete Circle is also with us. Gentlemen, great to have all of you here. Let's just start with what I think is top of mind for everyone — the Jio Platforms IPO, the DRHP being filed and the process being kickstarted. Akilesh, from what you heard on the Jio Platforms bit, what do you make of it and what should we expect in terms of size and scale?

I think it certainly is going to be one of the biggest IPOs which we're all looking forward to. It not only talks about the size of the capital infusion but the scale India has achieved. To me, it's a massive moment for us to progress not just the telecommunication digital platform but the entire underlying infrastructure of digital commerce and digital inclusion from an India standpoint. It's a massive move and I'm really looking forward to it.

Bharti could be a near-term beneficiary assuming the market cap is 13 to 15 lakh crore and Bharti has similar financial metrics — for example in ARPU it's better, plus Bharti's capex intensity has come off significantly. If you adjust for capex, incremental they are doing 40-45,000 crore of free cash flows, industry-leading ROE at 26%. One issue has been earnings growth — the FY23 EPS is around 50 bucks and FY26 may not be a like-to-like comparison at around 60 bucks. The three-year PAT growth has been about five-six percent, and return on equity still remains single digit. It's very important that Jio has to unlock value. It's very important that the energy business investments now start getting reflected. FY23 PAT was 75,000 crore, FY26 PAT is about 95-96,000 crore, so the growth has been single digit. That is where all the investments now need to start getting reflected in actual numbers.

As far as the new energy is concerned, I think it's a completely integrated model. You have the solar at the back end, and using the solar, you're creating a complete ecosystem starting from polysilicon to ingots to wafers to the module and then also glass — a complete ecosystem is being created along with battery storage systems, which is going to be the driver. In the first stage, it will be captive consumed because of the group's own businesses including the refinery business and the data center business. In the second stage, they start selling it to outsiders — like the Samsung contract for green ammonia, 3 million metric tons per annum, likely to get completed by 2032. A very quick back-of-the-envelope calculation translates to somewhere around 50,000 crore worth of revenue at this point in time for the company in renewables. Eventually, the full-scale 75,000 crore investment could end up giving a capex-to-revenue ratio of around 1.1 to 1.5 times. We like the kind of contribution starting now in FY27, and believe it can only scale up going forward with the full year coming in next year.

If you see the breakup, Jio is roughly — the street expects between $130 to $150 billion. Retail is about $100-110 billion. The announcement of getting to 1 lakh crore by FY30 through inorganic means is very encouraging — you're at 22,000 crore and you're actually trying to do a 4x, quadrupling the business over the next four years roughly. Retail valuation should see further incremental upsides there. Then you have the energy business — so if you see the total market cap of Reliance, the Jio as well as the retail business itself is more than that. New Energy business — there were in between news of a stake sale to Aramco that did not happen. So some kind of monetization is due. I would assign another maybe $70-80 billion to that. And that business, I think, Reliance is quite cheap even if you put a holding company discount of 25-30%. A lot needs to be done — the numbers have to start getting reflected, the EPS growth, the PAT growth. The return ratios have been pretty low, so hopefully things will start getting reflected in numbers as capex intensity lowers going forward.

For this Jio Platform, we are giving a valuation of roughly close to $135 billion, close to 12 lakh crore. If Reliance leaves certain value on the table, the IPO price could be around 11 lakh crore. So broadly, fair value is around 11.5 to 12 lakh crore, plus some near-term triggers like satellite-based LEO communications and maybe tariff increases in the next few quarters — those can be positives and optionality for the IPO valuations. Debt is not a problem for them — net debt is very easily less than two times. More importantly, the funds would be used for satellite-based communications business, expanding their enterprise segment, and maybe something on fixed broadband. The 5G capex is mostly over and we expect capacity density to improve, which would help free cash flow and expand their next growth plans. The holding company discount would not be more than 15-20% at maximum.

Absolutely. RCPL, particularly with the runway to 1 lakh crore and most importantly they are going into backward manufacturing, which means they are today earning around 7.5 to 7.6% EBITDA margin between the entire retail and the RCPL. It is likely they'll be adding to the EBITDA margin by at least 2 to 3% or maybe a little more, given the kind of backward integration in product manufacturing. Mind you, the kind of brands — my last number from the annual report shows they hold more than 3,500 different brands across the geography, including some localized brands. That's where they are placed very favorably. If you consider the retail business road map to 2030 with both these companies including manufacturing, I think the enterprise value on the numbers you're talking about could be well above 12 lakh crore. So possibly you can count the Jio Platform today at 11-12 lakh crore and the retail platform of 2030 at another 12 lakh crore. Total value proposition in the books of Reliance Industries from both these companies is not going to be less than 24-25 lakh eventually, in year two or year three from now.

You talked about three different things — satellite, data center and sovereign AI, and pure intelligence. They are all connected in many ways. On the satellite side, there's a need of the hour for indigenous capacity and the ability to drive our own communication channels without being completely dependent on external or foreign backed infrastructure. Reliance is going into a hybrid direction which I think is the right direction, and the country needs more such players with the ability to put that kind of capital. When it comes to intelligence as a service, affordability is a great dimension but also there's the sovereignty dimension — a good signal that we will be able to achieve both with these investments. The world of AI has choices — you can go to expensive cutting-edge, but for most computational tasks we can deal with more affordable models. When Reliance talks about intelligence as an affordable service, I see that kind of indication coming through. Combining energy, compute, and the capability to build high-speed models — I see the convergence happening. Truly an ecosystem effect. We will see a lot more indigenous, sovereign, dependable, and affordable infrastructure driving local capabilities.

Three triggers to me: First, Jio contributes about 30,000 crore PAT on 90-95,000 crore consolidated — that's about a third. With the kind of user base Reliance has, operational efficiency, and ARPU picking up, I think Jio will add some upside to Reliance. Second, what they are doing on building gigawatt-scale data centers powered by green energy — that would be the next medium-term trigger because it's not getting currently reflected in valuations as well as numbers. Some kind of monetization or operational progress there would be the second trigger. Third, which is more long-term, would be Reliance Intelligence where Reliance is almost 70% and they can use Meta Platforms' open-source models to develop something really meaningful. They made some announcements last year — I think we'll probably see more updates there. The street wants the new-age businesses, the data centers, the hyperscalers, the ability to leverage the investors they have on the cap table — in numbers. The stock looks pretty subdued largely because of slow EPS growth and a lot of FII selling. It's quite overowned there and I think probably we are seeing the end of that selling.

Nothing different. The pre-money valuation of Jio Platform stands at around 11.2-11.3 lakh crore from the back-of-the-envelope calculation, and we'll be seeing post-money valuations at around 33-34,000 crore — so sub-11 to sub-12 lakh crore kind of post-money valuation as we see it. Most important part: the road map. 76,000 crore EBITDA for this company in 10 years of their operation, now getting transformed and possibly becoming — if not more — a 1,70,000 to 1,80,000 crore EBITDA-making company by 2030. Two or three catalysts: first, the rollout of complete 5G across all their subscriber base which would increase the ARPU along with the increase in ARO; second, data consumption stands to increase from 42GB per month, likely to increase because of the use of AI systematically for all consumers; third, all the applications they are building including AI applications, creating a larger ecosystem for enterprise users as well as domestic users. Enterprise FWA is basically becoming a 10-crore user base, over and above the 2.7-crore current base. Last, the public infrastructure space where data is being provided particularly to data centers. If you count each of these modules within Jio Platform, it is suggesting the current EBITDA of 76,500 crore could translate to somewhere around 1,75,000 crore in five years — close to the current EBITDA of Reliance Industries of around two lakh crore. One Jio Platform alone could possibly transform into the EBITDA space that the entire Reliance Industries is currently contributing.

Reliance shareholders would be very happy to hear that, Dhiren. I think we always say when we do these half-hour programs after the Reliance AGM that we could probably do many half-hours with each of these businesses because they are very large companies and it's a true conglomerate. But for now, this is it. We'll say goodbye. Akilesh, Dhiren, Push, and Gurmit — thank you very much all for joining us here on this special program. We'll wrap it up. Thank you viewers for staying with us. More comes up on the other side.