Chairman & Managing Director, Reliance Industries
Reliance 49th AGM LIVE: Mukesh Ambani Unveils Jio IPO Roadmap at Reliance 49th RIL AGM | BREAKING
Reliance Industries Chairman Mukesh Ambani unveiled the roadmap for the much-anticipated Jio Platforms IPO during the 49th ...
About Mukesh Ambani
At Reliance Industries' 49th Annual General Meeting in May and June 2026, Mukesh Ambani announced that the board of Jio Platforms had approved a draft red herring prospectus and that it would be filed with SEBI. He described the proposed listing of Jio as a demonstration that India can build technology companies of global scale and value. Ambani stated that his children Isha, Akash, and Anant are heading the Jio IPO process and, under his guidance, are expanding existing businesses while laying the foundation for new ventures. He said he envisions each of these ventures growing as big as today's Reliance. Ambani said Reliance is transforming its operating model to become a deep tech company with advanced manufacturing capabilities and is making every business AI native. He stated that India should not be a mere consumer of AI but must become a creator and global leader, and that Reliance Intelligence, announced the previous year, aims to build a profitable AI infrastructure and services business. He also said the most important lesson for India from volatile times is to intensify efforts toward self-sufficiency in energy and AI. Ambani reported that Reliance posted record high revenue, EBITDA, and net profit for FY26, becoming the first Indian company to cross $120 billion in annual revenue and the first to report annual profits exceeding $10 billion.
Transcript (87 segments)
✨ AI-enhanced transcript with speaker attribution
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Narrator0:00
News that address is covered. Here's what I found. Pick an installation slot for the new place.
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Demo User0:08
15th July morning works for me.
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AI Agent0:11
Done. I've set everything in motion. Our agent Raji Sharma will contact you for transferring the geo fiber and I'll ping you a day before the installation. You're all set. Anything else for the move or shall I leave you to the packing?
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Narrator0:31
Traveling overseas, it finds the right roaming pack and sends real-time usage alerts. Here is a quick demo.
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AI Agent0:39
Hey Vikram, tell me what you need and I'll take care of it.
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Vikram0:43
I'm flying to Italy next week.
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AI Agent0:45
That sounds exciting. Italy is a great destination. To pick the right roaming pack, could you share your departure and return dates?
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Vikram0:53
25th June to 5th July.
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AI Agent0:56
Nice. That gives you 10 days in Italy. Here are the recommended packs that fit your window. Pick the one that suits how much data you need.
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Vikram1:05
Recharge for 1551.
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AI Agent1:07
Perfect. I have completed your recharge. Your plan will auto-activate when you land in Italy. Have a great trip.
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Narrator1:15
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. Myio acts only with your consent. Every action is logged and everything involving payment always needs your confirmation. You can see all of the demos on our website.
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Akash Ambani1:44
Now, let's move to Jio. 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 Jio Fiber. But this is not about speeds. It is about what your family can do. Connected devices per home have grown multi-fold in five years, and this is only set to rise. We needed connectivity built to power that rise. One member streaming, another cloud gaming, a third on a video call, a child in an online immersive and interactive class, all at once. All flawless. Nothing slows down. That's what 5 Gbps gives you. A breakthrough multi-gigabit wireless technology built in India.
Speed also changes how things feel. A large file that took minutes now lands in seconds. The latest AAA game, 100 GB, streams whilst you pour a cup of chai and you're playing before it's gone cold. This makes India ready for 8K multi-screen entertainment. This transforms work too. With 1 Gbps upload, your home becomes a true global workplace. Real-time co-creation with teams anywhere in the world. And this is just the beginning. We're entering the era of spatial computing with volumetric video where AI and XR create interactive, immersive experiences.
The opportunity is no longer just to connect homes to the internet. It is to turn every home into an intelligent home, a place to learn, play, work, and create at the speed of imagination.
The fastest broadband in the world should reach you just as fast. At Jio, the journey to a connected home should feel effortless from the very first moment you show interest, through our website, a missed call, or MyJio. So we're reimagining the entire home connect journey from interest to go-live. It rests on two simple promises. First, within 15 minutes of showing interest, you will get a call back in your own language. It answers every question, helps you pick the right plan, books your home connection slot, and stays with you throughout your home journey. Second, your Wi-Fi will go live within 24 hours anywhere in India. This is connectivity the way Indian homes deserve it.
And finally, to our last announcement for the home. Today we announce Jio Teleframe, the home for agents in your home. This is a family of Jio AI agents built for everyday life. AI agents for the day, for care, for guests, for entertainment, shopping, and of course the connected home. Every agent has a job. Teleframe gives them one shared place to help, act, and stay visible to the family. Always with permission and in every Indian language. These agents know you, your family, your routines, the room around you. They sense context and bring the right help forward without anyone opening apps, searching menus, or repeating what the home should already understand.
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Narrator5:46
The school morning starts before anyone opens an app. Teleframe knows the family is leaving soon, so the day agent brings up rain after 2 PM, so you remember to carry your umbrellas and raincoats, and the doctor appointment at 5:30. Planning a festival lunch, the guest agent sees the plan taking shape.
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Demo User6:08
Hey Gio, did you get that?
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Narrator6:10
He checks who's arriving, suggests food dishes based on past family choices, builds the grocery list, and with one command places the order for the right delivery window. It can update the host when delivery is en route. At dinner, Papa is at the table. Medicine is due and the care agent reminds him before food. Match night begins with the India match. The agent opens JioHotstar, sets light, fan volume, and keeps score updates visible.
Different agents, one home. A home that understands you and looks after the people in it.
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Akash Ambani6:53
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 crore with an EBITDA of Rs 5,842 crore and a net profit of Rs 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, 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. 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 ten 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.
Whether on television or digital, JioStar and JioHotstar are where India comes to be entertained.
We launched multiple AI-driven platform initiatives in FY26. ChatGPT-powered conversational discovery with recognition of Indian accents and regional languages. JioHotstar's micro-content hub TAKA launched in April this year has already amassed more than 100 million users in under two months. The first-ever in-app commerce integration with Swiggy during IPL matches, which enabled food ordering without leaving the live video stream. We also pioneered interactivity features such as voting, live chat, and meme creation. More than 100 million unique users have used these features, generating over 11 billion interactions.
Now, let me introduce JioStar GenAI Media Studio, or simply JAMS. JAMS is an end-to-end AI-native content production pipeline for Bharat, spanning the full journey from ideation and storytelling to image, audio, video, and final production workflows. Through JAMS, we aim to nurture a new generation of creative technologists who can combine storytelling with AI to produce premium-quality content for India and the world.
Every product decision, every experience we build is designed to put power, choice, and control firmly in the hands of the consumer. This philosophy has earned us the loyalty and trust of 500 million users on JioHotstar.
Today, we are proud to present an exciting pipeline of innovations that will redefine how consumers experience entertainment and sports in the future, seamlessly woven into how they shop and engage across the JioHotstar ecosystem. Let me take you through a feature that gives you your own personalized story engine. AI Snapshot builds you your own recap. Every key moment stitched into a narrative right on your screen. Here's a demo to show you how it works.
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Narrator11:37
Mera's been meaning to rewatch Arya for months. Season 3 just dropped. She jumps straight in. Ten minutes into episode 1, Dalit appears on screen and is talking friendly with Arya. She freezes. Wait, wasn't he the one who killed her husband? She remembers the shock of that moment, but the why, the full shape of it has gone fuzzy. She doesn't open a browser to search. She doesn't rewind to season 1. She just asks,
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Mera12:12
Why is Arya friends with Dalit? Didn't he kill her husband?
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Narrator12:16
It builds the story for her. The early scenes, dool laughing at the serene dinner table. The small moments of tension she didn't notice the first time. The deaths, the deals, the slow unraveling of a loyalty that was never what it seemed. Not a summary of what happened, but the reason it happened. Assembled from across hours of storytelling in minutes. She hits play on the first scene. This time when Dalit smiles at Arya, she knows exactly what that smile means.
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Akash Ambani12:52
For the first time ever, a marketplace is created on an entertainment platform where you can shop while you watch without leaving your favorite content. Introducing Content Commerce on JioHotstar. Here's a closer look at how you can move from screen to cart seamlessly without leaving your screen.
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Narrator13:10
You are watching Durand on your phone when something on screen catches your eye. A sherwani, and just like that, you want it. Instead of searching, you tap on the shop button right inside JioHotstar. The AI reads the frame in real time, identifying every outfit on screen. The exact items you're looking at appear tagged and priced. The shop panel brings it all together with retailer information, pricing, and alternatives in one marketplace. You find the one you like and tap Buy Now. It fetches your delivery address and payment details. No forms to fill. The order is confirmed and you're right back to watching Durand. From inspiration to intent to purchase, all in a few minutes without leaving your screen.
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Akash Ambani14:08
At JioHotstar, we understand that you have diverse interests and want to watch multiple feeds all at once, but don't want to choose between entertainment, sports, or news. We've ensured you watch it all on one screen side by side. Here's a glimpse of multi-view in action.
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Narrator14:30
Vikram has a problem most people would envy. India are in a tense run chase. The tension is building ball by ball. Breaking news is also rolling in. Election results state by state, constituency by constituency, too close to ignore. Moreover, Big Boss eliminations are happening. Any other day he'd have to choose, but not today. He picks up his remote and builds his screen. The match he needs to watch every ball of this chase. Adds the news channel to track state results live as they're declared. Next up, Big Boss eliminations. And lastly, he adds another news channel in Bengali, a different desk but same urgency. He switches from the match to see who is trailing and who is winning. He notices an interview happening on the news channel in Bengali. Four things, one screen, silent, present, there when he needs it.
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Akash Ambani15:32
Dear shareholders, let me now speak about Jio Studios. India's number one content studio by revenue, catalog size, and box office share. The Durand franchise crossed Rs 3,000 crore in worldwide box office gross, making it the first Indian film duology in which each film crossed Rs 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, Network18 reached 250 million people every month through television and has over 450 million subscribers and followers across its digital platforms. It has also established a stronghold on social platforms with more than 65 billion video views this year. Our flagship brands CNBC-TV18, CNN-News18, News18 India continue to lead their categories. Moneycontrol is India's leading financial intelligence destination. Moneycontrol Pro and Moneycontrol Super Pro have strengthened Moneycontrol's subscription business with a feature-rich offering for investors seeking actionable insights. First Post remains the premier destination for audiences seeking an Indian view of the world. With the creator economy growing exponentially, the company launched Creator18, strengthening its ability to deliver social media solutions for clients and develop new formats that resonate with the younger audience.
With that, let me invite our chairman back onto stage.
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Mukesh Ambani17:32
Splendid, Akash. I can see the passion, dedication, and hard work you and your team are putting into this mission. When work is done with such devotion, hard work becomes heartwork. I am confident that this hard work will make Jio's second decade even more scintillating, more purposeful, and more transformational.
As Jio enters its next decade, our aim is to build one of the world's leading digital infrastructure and AI platforms while creating enduring value for all shareholders. Dear shareholders, when Dhirubhai Ambani took Reliance public in 1977, he made an unspoken promise to all Indians: the promise that Reliance will always build for the people, not merely for profit.
Twenty years ago, we renewed that vow in the most direct and personal way possible. We walked into the lives of every Indian family and said, you deserve products of better quality, better choice, better value with consistent innovation across offline and online channels every single day. And that was the founding philosophy of our retail business.
In November 2006, we opened our first Reliance Fresh store in Hyderabad. What followed is one of the most extraordinary growth stories in the history of global retail. Within five years, we had crossed 1,000 stores and a billion dollars in annual sales. Within eight years, we became India's largest retailer. And in the fourth quarter of FY26, we crossed 20,000 stores, a scale no retailer in Asia has achieved in such a short time.
Looking back, I see three distinct chapters. First, the launch era: building from nothing, store by store, town by town, earning the trust of Indian consumers one transaction at a time. Second, the expansion era: integrating the physical might of our stores with the digital heartbeat of India. Reliance Retail became an omni-channel retail ecosystem. Through JioMart and AJIO, we brought the store to the smartphone and the convenience of modern retail to every pin code in this country. And now, the deep-tech intelligence era. Our unmatched deep-tech capabilities coupled with our unparalleled digital reach have been one of the principal accelerators of our retail business. We leverage AI and deep tech to operate with precision and efficiency. Moreover, our deep understanding of Indian consumers and wealth of data enable us to offer the very best products and services.
Friends, Indian retail is evolving faster than ever. From the corner store to the smartphone, from a single basket to a daily habit, Reliance Retail has been at the forefront of this evolution. It is the trust of Indian consumers which has placed us among the global top 50 retailers, and we remain the only Indian retailer to achieve that distinction. Reliance Retail is now poised for another great leap forward.
Between Reliance Retail and RCPL, we will add two powerful growth-boosting platforms. First, an advanced manufacturing platform. We are building a manufacturing platform extending from beverages and daily essentials to one of the most unorganized categories, fresh fruits and vegetables. This category is in urgent need of waste reduction, hygiene promotion, and higher safety standards. We will modernize this by bringing our sourcing, cold chain, and distribution strength to fresh produce. This will give farmers fairer returns, shopkeepers dependable supply, and every family fresher food at fairer prices.
We are also building a future-ready garment manufacturing system. This will deliver better quality garments to our customers at the most competitive cost. We have created supplier partnerships in 21 pan-India clusters where these garments will be manufactured. We will also do the same for affordable electronics, from smart wearables to televisions, smartphones, and connected wearables, with a continued focus on superior customer service.
Second, an exports platform. Our exports platform is a logical extension of our manufacturing platform in retail. The rapid growth in our consumer brands business in India has given us the confidence to build a strong and scalable global FMCG business. Our export journey reflects the growing strength of our brands, our competitive product portfolio, and our ability to serve diverse consumer needs across global markets.
Let me now invite Isha Ambani, Executive Director, Reliance Retail, to address us.
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Isha Ambani23:30
Thank you, respected Chairman, esteemed shareholders. FY26 was a year of strong execution and measurable acceleration. Gross revenue reached Rs 3,70,026 crore, growing 11.8% year-on-year. EBITDA grew 7.9% to Rs 27,033 crore, 3.4 times that of our nearest competitor. Profit after tax rose 12% to Rs 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 now serves tier-2 and below markets. In many of these towns, Smart Bazaar is the first organized modern retailer, transforming access for millions and creating livelihoods that did not previously exist.
This year, we launched the Old Goods Exchange program across Smart Bazaar stores, collecting over 4,400 tons of recyclable material in the first 45 days. The scale of our grocery operation reflects the strength of our farmer and supply chain partnerships. We procured approximately 5.7 lakh metric tons of fresh fruits and vegetables this year, partnering with over 40,000 farmers across 110 collection centers, delivering low prices to consumers and better returns to the farmers.
In home and personal care, our portfolio is growing three times faster than the industry. Clean shampoos are growing at eight times the market rate, laundry shots at nine times, and roll-ons and sunscreens at four times.
Quick-commerce is fast becoming a daily habit for millions of Indian households, and we are expanding in this space. JioMart has become one of India's largest quick-commerce networks with 3,100-plus stores serving 1,200-plus cities across 5,100-plus pin codes. Average daily orders grew 3.6 times year-on-year. From smartphones to last-minute outfit changes, thousands of products across diverse categories arrive within hours, even in small towns. Repeat orders on quick commerce grew more than sixfold.
In fashion and lifestyle, we sold over 8 lakh garments every day. AJIO's average bill value rose 23%, average selling price grew 17%, and option count expanded to 3 million, up 22% year-on-year. AJIO has grown seven times in five years. Ajio Rush, a 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. Our premium brand segment added exclusive long-term partnerships with Stella McCartney, Karl Lagerfeld, Max and Co., and Fabletics. Playing a perfect foil, Tira is anchored in deep pride in India's rich heritage, placing traditional Indian products on mainstream consumer shelves. Tira recently introduced Purveda, its own Ayurveda-inspired beauty range, giving Indian rituals the global stage they deserve. Reliance Retail also welcomed Pahadi Local into its family, known for its pristine mountain-sourced ingredients and its iconic Gaur Tikki. This homegrown brand represents the best of authentic Indian wellness.
We will scale our own brands to consumers across India and beyond, ensuring Indian beauty products stand proudly alongside the world's leading global giants.
In consumer electronics, we grew significantly faster than the market. We sold over 2,500 phones every hour, along with more than 4,000 televisions, 8,000 large appliances, and 1,600 laptops every single day. Our ResQ after-sales network spans 1,621 locations, handling 6.5 million service volumes this year, reaching nearly 19,000 pin codes. JioMart Digital is now India's largest mobile distributor with 1.2 lakh active retail partners reaching over 85% of the addressable retail universe.
In jewelry, average bill value grew 53% year-on-year with a deliberate and continuing focus on design-led diamond jewelry. Today, Swadesh directly collaborates with over 900 artisans across 270-plus craft forms, from Longpi pottery and Naga weaving in the northeast to Dhokra metalwork in Chhattisgarh, Bara embroidery in Telangana, and Toda embroidery in Tamil Nadu. Over 3,000 individuals from tribal communities find employment through this program. These are not transactions. These are acts of cultural preservation at commercial scale.
Dear shareholders, the intelligence era in Reliance Retail is not a vision. It is already live. But the intelligence we are building is not merely computational. Indian consumers are shaped by culture, by community, by aspiration, by festivals, by season, and by sentiment. What will separate Reliance Retail from every other retailer in the world is not just the scale of our data but our ability to combine technology with a deep understanding of Indian consumers.
In the decade ahead, Reliance Retail will not merely sell products. We will catalyze a sustainable, inclusive, and technologically advanced way of life for every Indian, contributing our fullest to the vision of a Viksit Bharat.
Dear shareholders, three years ago, we took a leap of faith that India could produce FMCG brands of global quality at Indian prices and scale them faster than anyone thought possible. Reliance Consumer Products Limited has done just that, building a national FMCG powerhouse from the ground up and doubling its revenue in a single year. In FY26, RCPL achieved gross revenue of Rs 22,000 crore, growing twice year-on-year. What took others decades, we achieved in just four years.
It made us one of the fastest-growing FMCG platforms in India's history and one of the fastest-growing consumer product companies anywhere in the world. Today, RCPL products are present in more than 40 countries through exports and franchise sales, making RCPL a truly global Indian consumer brand.
This year, however, was not without its challenges. Geopolitical headwinds drove up raw material and packaging costs and disrupted global supply chains. We absorbed these shocks entirely within the business, staying true to our consumer-first approach, ensuring our products remained accessible and affordable for every Indian household. RCPL is now a direct subsidiary of Reliance Industries, having completed its de-merger from RRVL in December 2025. With singular focus on its own markets, its own consumers, and its own ambitions, the results have been exactly what we envisioned.
Campa achieved Rs 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's. Independence, a daily essentials brand, delivered Rs 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 CampaSha, launched nationwide in October 2025.
In beverages, we grew 3.2 times year-on-year. Daily essentials grew 1.6 times. Our home and personal care portfolio grew 1.3 times. The foods category delivered positive momentum across biscuits, confectionery, snacks, and processed foods, with Sip repositioned for a new generation of consumers.
Friends, this year we made a series of focused acquisitions extending the RCPL platform in precisely the right directions. In daily essentials and foods, we acquired majority stakes in Oda Agro 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 Nexa, Bison, and Pace, co-created with cricketer Pat Cummins. In personal care, we acquired global rights, excluding select territories, to heritage brands like Brylcreem, Toni & Guy, Badidas, and Mate, significantly deepening our grooming and bathing portfolio.
We're also building brands with cultural resonance. We rode the excitement of the T20 Men's Cricket World Cup, activating CampaSha and Sunrush to a powerful consumer response. We dominated the IPL with Campa Energy building national momentum through high GRPs across India.
Dear shareholders, the Indian consumer is evolving. We're not just keeping pace. We're anticipating what comes next. Our competitive advantage rests on four pillars. First, deep-tech innovation. Our state-of-the-art R&D center, staffed by over 125 scientists, has developed more than 100 products and filed nine new patents and 11 design applications in the last year alone.
Second, advanced manufacturing scale. Rs 10,000 crore of rupees invested to date, with beverage production now spanning 12 states through high-speed bottling lines in multiple greenfield plants. We're building food parks across India, modern integrated facilities with multi-category production lines spanning biscuits, chocolates, staples, and packaged foods, designed to drive scale efficiencies through cross-category integration. Over the next three years, a further Rs 30,000 crore of investments will build one of Asia's largest networks of such integrated food parks, AI-driven, robotics-enabled, and engineered for lasting cost leadership.
Third, distribution depth. Three million-plus outlets reached through 5,000-plus distributors in three years, faster than any player in Indian FMCG history. We're expanding into the northeast, West Bengal, Bihar, and other geographies. Fourth, value proposition. India's large rural consumer base and millions of middle-class households share one aspiration: global quality at Indian prices. That is the founding logic of everything we make, price, and distribute.
Friends, we're building a business where every decision is powered by data and every process is driven by intelligence, embedding AI across all our functions. From understanding what consumers want to planning what we produce to how we move our products across the country. This foundation will help us move faster, operate smarter, and remain closer to what our consumers truly need.
Our vision is simple: to be at the heart of every Indian home. Not in one category, but across the full arc of everyday Indian life, from daily essentials and staples to packaged foods and snacks to the moments of indulgence that make life worth savoring. We're building not merely a portfolio of brands but a consumer ecosystem that grows with every stage of Indian life. RCPL's near-term ambition is to reach Rs 1 lakh crore in revenue by FY30. Our long-term ambition is to become one of India's largest FMCG companies with a global platform to match.
We have just begun scripting the best of RCPL. Soon it will be a value-creating engine for Reliance Industries, comparable in scale and profitability to our retail business. This is my assurance to our esteemed shareholders. Thank you. And let me now welcome back the Chairman.
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Mukesh Ambani37:13
That was truly impressive, Isha. Dear shareholders, let us applaud Isha and the entire retail and consumer product teams for what they have built and for the clarity and courage with which they intend to build the next phase of Reliance Retail.
Together, Reliance Retail and RCPL create a uniquely integrated platform spanning manufacturing, distribution, brands, commerce, and consumer relations. Our ambition for the next decade is not simply to be the world's largest retailer. It is to be the world's most intelligent, most humane, and most inclusive consumer ecosystem, one that makes life of quality and dignity an everyday reality for every Indian.
Esteemed shareholders, I now turn to another business vertical of Reliance, which is both the oldest and the newest. Energy is the very essence of civilization that has driven the progress of humanity. Since the birth of Jamnagar, Reliance has carried an abiding commitment to India's energy self-reliance.
I see India today standing at the threshold of an energy super-cycle, with energy demand rising rapidly over the next decades across all segments. Yet India remains dependent on external energy sources for over 70% of our needs. This is not only costly, but it also makes India vulnerable to geopolitical instability. Clearly, it is unsustainable in the long run. We consider it our duty to ensure India's future is never held hostage by energy insecurity.
Reliance is working on the most comprehensive, integrated, and future-focused plan by any Indian corporate to boost India's energy sources in every way possible, from solar, battery, wind power, hydrogen, to underground coal gasification and compressed bio-gas and bio-energy. The singular aim is that India must produce almost all the energy it needs in abundance, in the most affordable and the most eco-friendly manner. This, I believe, will be the most apt tribute to the Prime Minister's Atmanirbhar Bharat initiative. The abundant green energy will enable India to become a leader in green AI, green chemicals and materials, green fuels, green jobs, and green exports.
Let me now invite Anant Ambani, Executive Director of Reliance Industries.
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Anant Ambani40:15
Thank you, respected Chairman. My esteemed shareholders, Reliance's exploration and production business is a strategic cornerstone of India's energy security. Our KG-D6 and CBM fields together constitute one of India's most productive natural gas platforms. When the West Asian conflict disrupted LNG supplies, Reliance swiftly redirected its domestic gas to priority sectors such as city gas distribution, fertilizers, and power generation. When the nation needed it most, Reliance delivered.
This business reported revenue of Rs 23,861 crore and EBITDA of Rs 19,500 crore for the year FY26. Friends, our KG basin fields performed in line with expectations. Gas production was nearly 26 MMSCMD, which is about 30% of India's natural gas production. Further, oil production was about 18,000 barrels of oil per day. We are executing a targeted well intervention program to sustain plateau production through FY27 and beyond.
On CBM, I am pleased to report impressive momentum due to the successful implementation of multilateral wells, the first of its kind in India. Our second campaign is on schedule with 23 of 40 multilateral wells completed and production momentum is building. Given E&P's vital role in India's energy independence, Reliance will continue to actively pursue new opportunities in this sector. We are building not just for today's energy needs but for India's energy future.
Dear shareholders, let me now speak about our Oil-to-Chemicals business. Every business aspires to one quality above all else: the ability to stay strong when the external environment turns volatile. In FY26, our Oil-to-Chemicals business demonstrated that quality not in theory but in practice, under perhaps the most extreme conditions.
Revenue for the year grew 5.7% to Rs 6,62,410 crore. EBITDA grew 10.1% to Rs 60,546 crore. Friends, let me take you back to March 2026, when the Strait of Hormuz was disrupted. Crude and product markets witnessed extraordinary volatility during the period. Yet our diversified sourcing and agile logistics sustained operations, helping us maintain near-full refinery throughput in the fourth quarter. However, the conflict impacted margins as physical barrels commanded a premium. Freight rates jumped and insurance costs surged.
We increased LPG supply fourfold to help the nation tide over the import disruption. This is the structural advantage of building the world's most integrated, most flexible, most resilient refining and chemicals complex. The decades of investment in feedstock diversity, gasifier infrastructure, and operational excellence delivered when it mattered the most.
Dear shareholders, as committed last year, our major investments are progressing well. Let me walk you through them. Advanced execution is underway on the 3 million ton PTA facility at Hazira. This project will cement our position as one of the world's most cost-competitive producers. Our carbon fiber facility at Hazira is poised to become one of the world's largest and most advanced facilities of its kind. This is a monumental achievement and provides a platform for diverse industries ranging from wind energy to hydrogen and from humanoids to defense.