CEOInterviews.AIReliance AGM 2026 LIVE | Jio IPO, Retail IPO & AI Updates Expected | Mukesh Ambani Speech At RIL AGM

I

Isha Ambani0:00

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 one 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. And let me now welcome back the chairman.

M

Mukesh Ambani1:31

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 seventy percent 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 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.

A

Anant Ambani4:30

Thank you, respected Chairman, my esteemed shareholders. Reliance's exploration and production 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 twenty-three thousand eight hundred sixty-one crore and an EBITDA of nineteen thousand five hundred crore for the year. Friends, our KG basin fields performed in line with expectations. Gas production was nearly twenty-six MMSCMD, which is about thirty percent of India's natural gas production. Further, oil production was about eighteen thousand barrels of oil per day. We are executing a targeted well intervention program to sustain plateau production through the year 2027 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 twenty-three of forty 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 the year 2026, 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 five point seven percent to six lakh sixty-two thousand four hundred ten crore. EBITDA grew ten point one percent to sixty thousand five hundred forty-six 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 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. 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 three million ton PTA facility at DAHEJ. 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. Our PVC and CPVC expansion, including a one-point-two million ton PVC plant at Nagothane, will significantly cut imports of materials that millions of Indians' homes and industries depend on every day. These capacities will serve India's growing demand across infrastructure and consumer goods, boost value-added exports, and capture the next leg of growth. Friends, we continue to adopt digital technologies in innovative ways to enhance operational efficiency. Here are three specific examples. First, our proprietary AI-driven feedstock optimization tool now helps select the most efficient crude blends. Second, our digital logistics platform, developed in-house, streamlines chartering and supply chain operations. And third, the new-age smart contract execution tools improve speed and accuracy in customer transactions. Building on these digital foundations, we are progressing towards operating Jamnagar as the world's first end-to-end autonomous refinery—an industrial milestone that will define the next era of global refining.

Dear friends, our consumer energy business under Jio-bp grew strongly this year, maintaining adequate fuel availability in domestic markets despite costs soaring above market prices in the last few months. Jio-bp petrol and diesel volumes grew twenty-nine percent year on year, significantly outpacing industry growth and gaining higher market share. Our retail network grew to nearly two thousand two hundred outlets with four hundred under construction. We expanded EV charging to eighty cities and forty-five highways and grew our CBG network, making us the largest player in the country. Our CBG and CNG network covers one hundred seventy-seven sites with volumes growing sixty-eight percent year on year. Jio-bp remains India's most efficient and effective fuel retailing network.

Dear shareholders, our O2C business is entering its next generational strategic evolution. Every barrel of crude we process will increasingly yield chemicals and high-value materials, not just fuels. More efficient, more export-driven, more valuable. This business financed our past. It is financing our future—and its best chapter is still ahead. My dear shareholders, 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, designed to solve India's energy trilemma of security, affordability, and sustainability simultaneously at a scale that has no parallel. In the year 2026, this mission moved from construction to commissioning. The Dhirubhai Ambani Green Energy Giga Complex at Jamnagar, spread over five thousand acres, is now one of the world's most integrated clean energy manufacturing ecosystems. Our founding chairman, Shri Dhirubhai Ambani, always dreamed of making India self-sufficient in energy. This business is a manifestation of that dream.

Dear shareholders, I am proud to report that our solar PV cell and module manufacturing lines have been commissioned and are now operational. Nearly one gigawatt of HJT modules have been produced with around two percent higher energy yield, fifteen percent better temperature performance, and twenty-five percent lower degradation than conventional modules. We have achieved ALMM listing for HJT technology—the first in India for this advanced cell type. This is a proud affirmation of Honorable Prime Minister Shri Narendra Modi's clarion call for Make in India. We are building towards twenty gigawatt-peak per annum of fully integrated capacity from polysilicon to ingot, wafers, cells, modules, and glass. Every step in this chain is a step towards Atmanirbhar Bharat.

Friends, the first phase of our forty gigawatt-hour annual best-in-class gigafactory is on track to be commissioned this year. All the equipment has already been delivered at the site and we have now committed to scale this up to one hundred twenty gigawatt-hours of annual capacity. When commissioned, this will make Reliance one of the world's largest manufacturers of lithium iron phosphate batteries. Let me put that in perspective. In a world where supply chains are being contested and access to technology is being weaponized, building world-scale battery manufacturing capacity in India is not merely a business decision. It is a strategic imperative for national resilience. This is the holy grail of affordable, sustainable, and self-sufficient round-the-clock power—and Reliance is making it real.

Dear shareholders, let me now turn to where this ecosystem comes together—in the Rann of Kutch region where we are developing a renewable energy hub across five hundred fifty thousand acres. This hub is being built to deliver round-the-clock power at gigawatt scale, combining solar and battery storage systems in a single unique integrated architecture. This platform will become one of the lowest-cost resources of round-the-clock green power anywhere in the world. Once fully operationalized, the integrated hub will generate over forty billion units of green electricity every year, which is approximately three percent of India's annual electricity requirement. Our peak installation rate target is fifty-five megawatt-peak of solar modules and one hundred fifty megawatt-hours of battery containers per day. I want you to pause and absorb that number. Fifty-five megawatt-peak of solar installations per day. One hundred fifty megawatt-hours of storage per day. This is not just any project. We are gearing up for a world-scale deployment of clean energy infrastructure at a pace the world has never seen before.

Dear shareholders, green electricity is the foundation, but green molecules are the transformation. Our green chemicals program is advancing on plan. We are on track to commission our alkaline electrolyzer manufacturing gigafactory. We will unlock four powerful monetization streams through green molecules. One: green urea, strengthening India's food security. Two: urea ammonium nitrate (UAN) for our fertilizer needs. Three: green ammonia for co-firing and power generation, displacing fossil fuel emissions in India and export markets. And four: bio-methanol, a clean transport fuel and chemical feedstock with sustainable aviation fuel applications. And with growing global demand, I am proud to announce that Reliance has signed a landmark US three billion dollar long-term supply agreement with Samsung C&T for green ammonia, which is among the largest green ammonia contracts in the world. This validates the commercial competitiveness of our green hydrogen platform. We are in advanced discussions for more such exports to Japan, Korea, and Europe with long-term offtake commitments.

Our target of three million metric tons of green hydrogen equivalent green chemicals capacity in the next ten years remains firmly in our sight. Friends, step back for a moment. Consider what we are truly building here. The world's first fully sovereign clean energy ecosystem. Sunlight converted directly into electricity and green molecules. No imported fuel, no foreign technology, no exposure to the disruptions that have shaken the world this past year. Few enterprises globally are attempting this level of integration and scale. This is not merely a business. This is Reliance's most enduring strategic asset—both for our nation and for the world.

Dear shareholders, building this ecosystem from scratch in India with indigenized technology has been harder and more complex than any roadmap could fully anticipate. We own that. But the foundation is now built. Commercial revenues from solar modules start rolling in this year. The battery factory commissions this year. And the Samsung C&T agreement is not a promise—it is a signed contract. From the year 2027 onward, New Energy will begin contributing meaningfully to Reliance's financial performance. We ask for your continued trust and we intend to earn it quarter by quarter.

Dear shareholders, Reliance now contributes over forty percent of India's entire compressed bio-gas production. We are on track for fifty-five plants producing approximately one thousand one hundred tons per day by the end of year 2027. Over the next five years, we target to establish integrated CBG hubs to achieve one million tons of annual CBG capacity. Friends, we are also advancing our work in underground coal gasification—UCG—which will convert India's uneconomic and low-quality coal reserves into clean syngas, thereby substituting imported LNG and directly adding to our low-carbon energy pool.

Dear shareholders, before I close, I want to leave you with one number. A number that to me defines what this new energy mission is truly about: two hundred thousand. That is the number of green jobs we expect to create through the giga complex and the Kutch solar farm combined. Two hundred thousand Indians—engineers, technicians, operators, construction workers, farmers, and entrepreneurs—whose livelihoods will be built on clean energy. The clean energy transition will be an engine of inclusive prosperity. It will create jobs, reduce import dependence, boost exports, lower energy costs for every Indian home and every Indian factory, and fulfill our obligation to save Bhumata—Mother Earth—from the climate crisis. The world built its old energy on Middle Eastern oil. The world will now build its new energy on Indian sunshine. Friends, for me, the new energy business is a third-generation business at Reliance which we are building with the purpose and passion of first generation. It is our generation's contribution to India's energy story and our promise to every shareholder, every employee, every farmer, and every citizen who depends on our motherland's energy future. My beloved grandfather and father proved that Indians can build the impossible. We are proving it again, and this time the whole world is watching. Let me end by proclaiming the motto of our new energy business: Harit Harit Vikas, Harit Bharat, Swaraj Bharat. Thank you. Jai Shri Krishna, Jai Hind.

M

Mukesh Ambani21:28

Well done, Anant. Dear shareholders, the O2C business remains the prime contributor to Reliance's financial performance. Reliance has demonstrated the resilience of this business time and again through every kind of challenge. The oil-to-chemicals business is on the path to achieve carbon-neutral operations at least two decades before India's 2070 target. In the long run, we will convert all the oil we refine into chemicals and new materials. This transformation will fundamentally improve the quality, resilience, and the value of our earnings. I'm confident that our new oil-to-chemicals and materials business will become even more valuable than our current oil-to-chemicals business. Our ambition is simple: to make Reliance the world's leading integrated energy and materials company for the age of sustainability and intelligence. Friends, Reliance has emerged a natural partner for global chemicals and materials majors in this volatile world. We are open to flexible partnerships and co-building integrated complexes in India and abroad, anchored in our integrated feedstock, unmatched manufacturing scale and execution capability, the lowest cost base, and a strong balance sheet. India remains one of the most favorable geographies globally for expansion, and Reliance offers our partners a single secure base to serve both India's large domestic market and global demand.

The upcoming fully integrated green ecosystem will not only transform our old energy business but also open up significant possibilities for our growth and India's future growth. Reliance, with its five integrated engines of growth—UCG, bio-energy, new energy, oil-to-chemicals, and the materials business—is now ready to deliver exponentially more value. With the new energy and materials platform and an AI-native way of working, Reliance is transforming our oldest business into a unique first-generation growth platform, one that cannot be replicated on technology and scale. Let me now invite Nita Ambani, Chairperson of the Reliance Foundation, to share her exciting update on the Reliance Foundation.

N

Nita Ambani24:17

Thank you, Mukesh, and well done Isha, Akash, and Anant. Dear members of the Reliance family, our esteemed shareholders, namaskar. Congratulations on another pathbreaking year of achievements and growth. None of this would be possible without your trust, partnership, and support. As I stand before you today, my heart is full of gratitude, of humility, and of a hope that grows stronger with every passing year. This year, Reliance Foundation enters its sixteenth year of dedicated service to India—of putting our philosophy of 'We Care' into action every single day. What began as a corporate commitment has grown into one of our nation's largest and most impactful institutions of social transformation. Today I am honored to share that over the last sixteen years, Reliance Foundation has touched the lives of over ninety-seven million Indians across every single state of India. We work in nearly one hundred thousand villages—that is almost one in every six villages of India—with a simple vision to help every village become more self-reliant, more climate resilient, more rejuvenated, and full of opportunities and hope. In these villages, we run health camps, empower women, restore ecosystems, uplift Anganwadis, enhance learning spaces, train farmers to use digital and AI tools, offer relief after disaster, and rebuild lives and communities. And in every village we enter, in every child we educate, in every woman we empower, I see the same thing: a nation that is not just growing but awakening and rising with renewed confidence, dynamism, and determination. A nation whose time has truly come.

Dear shareholders, today I would especially like to speak about three transformative initiatives that reflect our vision for a more prosperous shared future. First, a university that will raise India's global standing in higher education. Second, a garden for all of us—twenty million Mumbaikars—to enjoy nature, breathe fresh air, build communities, and make memories. And third, a medical city that will bring world-class healthcare to the heart of Mumbai. Let me begin with education. As India marches towards joining the ranks of developed nations, we need more Indian universities that can be ranked amongst the best in the world. Our upcoming university will fulfill this ambition. I am proud to share that we have received approval from the Government of Maharashtra to establish a state private university. Our interim campus at Ulwe is already a vibrant center for learning with modern academic, residential, and sports facilities on par with global standards. But what lies ahead is even more transformative. Our upcoming permanent campus at Dronagiri, spread across four hundred ten acres, will be truly world-class in size, design, and most importantly, excellence in academics and research. It will bring together an academic district, a research park, a sports district, a medi-city, a residential district, a vibrant arts district with amphitheaters, performance halls, and art houses, and an innovation and incubation park where cutting-edge research supports the creation of unicorns. This state-of-the-art university will host seven world-class schools with a focus on AI and emerging technologies: the School of Engineering and Computing, the School of Management and Entrepreneurship, the School of Law, Governance and Policy, the School of Humanities and Social Sciences, the School of Medical Science and Public Health, the School of Architecture and Urban Planning, and the School of Education.

The university will offer undergraduate, post-graduate, doctoral, and post-doctoral programs that support our shared vision for an India that excels in every field. Combining the highest standards in academics and research, it will bring together a distinguished community of teachers, scientists, researchers, innovators, and thought leaders from around the world. In line with the vision for Viksit Bharat, our university will help Mumbai transform into a knowledge city and Bharat into a Gyan Bhumi—a knowledge power. At our university, we will welcome international faculty, students, and scholars from around the world, creating a global academic community. In an ever-evolving world where change is the only constant, educational institutions also need to change with the times and create future leaders who are agile, adaptable, and resilient. Our ethos is to nurture a culture of excellence, integrity, and lifelong learning. An institution that will inspire thinkers who question, builders who create, scientists who innovate, and leaders who serve. Students who carry the confidence of India's heritage and the ambition of its future—who are rooted in our values but at the same time are citizens of the world.

Respected shareholders, a truly compassionate society must care not only for its people but also for the voiceless. This year marks the first anniversary of Vantara. And this year we also laid the foundation stone of Vantara University—a global university dedicated to training the next generation of wildlife conservationists and veterinary scientists.

Respected shareholders, alongside education, sport remains a key focus area for us at Reliance Foundation. Through our Education and Sports for All program, we have reached more than twenty-nine million young children and youths all over the country. When talent meets the right opportunity, extraordinary things happen. This year, our Reliance Foundation athletes won three hundred eighty-six national and international medals. We are now focused on Olympic sports where India has the highest potential to shine on the world stage: archery, athletics, boxing, shooting, wrestling, and badminton. In partnership with the International Olympic Committee, we are also using sport to do what it does best—teach values. Values of friendship, excellence, respect, discipline, resilience, and teamwork. We start working with them as young as three years old. Friends, as an IOC member and a proud Indian, I carry a dream very close to my heart—a dream shared by over 1.4 billion Indians—to bring the Olympic Games to India. A dream in which the sporting world comes together on Indian soil, our hearts filled with pride and our arenas with triumph. Not just triumph of talent but triumph of the human spirit. Truly an Olympics that the world will never forget.

Friends, a stronger India is built on the foundation of a healthier India. We are moving forward with a vision of a transformative medical city and medical college in Mumbai. Reliance's plan to modernize Seven Hills Hospital marks a significant milestone in this journey of strengthening India's healthcare infrastructure and expanding affordable world-class medical care. With a planned capacity of fifteen hundred beds, Seven Hills is envisioned to be one of Mumbai's largest hospitals—leading in clinical research, cancer care, emergency and trauma services, organ transplantation, and neurodegenerative disorders such as Alzheimer's and Parkinson's. The hospital will leverage advanced medical technologies, artificial intelligence, data-driven clinical systems, digital health platforms, and compassionate patient care. For us, this is much more than a hospital. It is the beginning of a truly integrated medical hub in the heart of Mumbai. What makes this journey especially meaningful is our partnership with BMC. The hospital will also have more than four hundred fifty beds dedicated to serving the economically weaker sections of society.

Dear shareholders, last year I shared with you a dream taking shape along Mumbai's coastline—the Coastal Road Gardens. We now have a world-class team of landscape architects, ecologists, planners, and engineers who are working on the master plan design. One that brings global expertise while remaining uniquely and authentically Mumbai in spirit. Initial work has commenced and fifteen thousand trees are already on site. In a city that never stops, the gardens will serve as a pocket of stillness, peace, and serenity—as an invitation to heal and soak in fresh air. Spread across one hundred thirty acres, these gardens will be a home to more than sixty thousand trees, shaping a vast new green lung for Mumbai. It will be a hub of flora and fauna with shaded walking and cycling paths, open maidans, public gyms, children's play areas, and vibrant spaces for arts and culture. It will also feature unique attractions for families like a tree museum and state-of-the-art facilities for sports including cricket, football, tennis, kabaddi, basketball, paddle, pickleball, and other sports. The Coastal Road Gardens will be a tribute to the spirit of Mumbai. A place for every Mumbaikar to reconnect with nature and an investment in the long-term health of our city. Every great city has an iconic garden by which it is known. What Central Park is to New York, Hyde Park to London, and the Botanic Gardens to Singapore, we hope the Coastal Road Gardens will be to Mumbai.

Dear shareholders, while these landmark initiatives represent our vision for the future, our work on the ground continues to transform lives in meaningful ways. Behind every number in our annual report is a life changed, a family uplifted, a future transformed—a woman who earns and now signs her own checks, a young man who got his first job and handed his salary to his aged parents, a child scouted from a small village who went on to wear the Indian jersey, making not just his parents but his entire village community and country proud. Whether it is empowering one million women entrepreneurs, helping nearly two lakh young Indians gain employment, reaching over twenty-three million people for rural transformation, or supporting our arts, artists, and artisans as we carry Indian culture on the global stage with love, respect, and pride. My dear Reliance family, we are living through an incredible moment in our nation's journey—a moment when India's leadership is ever stronger, our aspirations bigger, our confidence higher, and the possibilities before us greater than ever before. Guided by the vision of our Honorable Prime Minister Shri Narendra Modi ji, we remain committed to playing our part in realizing these possibilities. Reliance Foundation carries forward our founding conviction that what is good for India is good for Reliance. Sixteen years ago, we made a commitment to our nation. Ninety-seven million lives later, that commitment has only grown deeper, stronger, and more urgent. We carry that conviction not as a policy or a program, but as a purpose.

Friends, like I said at the beginning, India's time has truly come. We are a civilization reclaiming our destiny. India's rise today is not just an economic or cultural story. It is a human story. A nation of over 1.4 billion dreams finding a voice. One of the youngest, most energetic, and most aspirational populations of the world, stepping into their full potential. At Reliance Foundation, we consider it not just our corporate social responsibility but our moral and patriotic responsibility to stand in service of our nation. There's so much to be done, and it can only be done by expanding the circle of cooperation and partnerships with governments, philanthropic organizations, and other stakeholders. Rashtra Seva, motivated by Rashtra Bhakti, should become a Rashtriya Abhiyan—that is a calling of every single Indian. We remain grateful for your trust, support, partnership, and shared belief in this path of Seva and Desh Bhakti. Thank you. Dhanyavaad. Jai Hind.

M

Mukesh Ambani42:31

Thank you, Nita. Reliance Foundation is truly a jewel in the crown of Reliance Industries. We are proud of your team's achievements under your passionate guidance. We wish the very best for Reliance Foundation's future plans. Dear shareholders, let me now share our value creation roadmap with you. Today we stand at the threshold of our next phase of hyper-growth. The foundations have been laid, the platforms have been built, the capabilities have been assembled, and the opportunities before us have never been greater. Throughout our journey, one principle has guided us: What is good for India is good for Reliance. This belief has always defined our priorities. It has also shaped how I view value creation from a long-term perspective. We have seen many temporary dips in shareholder value in the past. But when we develop our inherent strengths persistently and when we deliver growth consistently, value accretion happens inevitably. Our track record is impeccable. Reliance now has diverse streams of cash flow which reduce earnings volatility and deliver earnings growth in the high teens over investment cycles. As a result, our performance has more than matched our promises, always. We doubled our EBITDA in the last five years, and as I look to the future, I am absolutely confident in our ability to double—indeed, more than double—our consolidated EBITDA over the next five years. In other words, Reliance will rank among India's foremost wealth creators throughout Amrit Kaal.

My dear share owners, the most important value creation milestone this year, of course, is Jio's imminent IPO. I assure you that this will unlock great value for Reliance shareholders and offer an attractive investment opportunity to others. Dear friends, people often ask me: how has Reliance managed to grow so big in such a short time? What is the secret? The answer is hidden in just two words: Founder's Mindset. Every new generation has to believe it is the founder of Reliance and is the first generation. I followed this principle when I took to the helm of Reliance twenty-five years ago. Leaders of our generation and I reinvented Reliance by following a two-pronged strategy: innovating and expanding existing businesses and building new growth engines. I am happy to inform you that Isha, Akash, and Anant are doing what I did twenty-five years ago—but with greater ambition and a much larger financial and professional base. Under my active guidance and the mentorship of all our directors, they are aggressively expanding existing businesses while laying the foundation for new ventures. I envision each of these ventures growing as big as today's Reliance in the times ahead.

Let me outline our five major value creation pathways. First, our oil-to-chemicals business, the mainstay of Reliance so far, will increase earnings as soon as the geopolitical situation improves. Simultaneously and more importantly, we are reinventing this business to create a new revenue stream less vulnerable to external volatility. We will convert all the crude oil we process into new materials—carbon fiber, specialty materials, green chemicals, and much more. This new vision will drive margin expansion and lay the foundation for our oil-to-chemicals and new materials business. Second, our new energy business has entered the phase of accelerated commissioning and early revenues. The integrated solar manufacturing and our advanced battery platform will achieve one of the world's lowest costs of RTC green power. It will also enable the world's most competitive green hydrogen and green chemicals ecosystem. Our foray into underground coal gasification has immense growth potential. Our CBG business is ready to be scaled up as the world's largest bio-energy business. Besides making India largely self-dependent in energy, all these initiatives will emerge as perpetually profitable investments. Therefore, I am absolutely confident that soon the new energy has the potential to become one of the largest earnings engines for Reliance.

Third, for India's self-reliant and accelerated prosperity, Reliance Intelligence is going to be as transformative and consequential as our new energy business. AI is becoming a multi-trillion dollar business globally. Reliance Intelligence will lead this business in India. The infrastructure for it is being built at breakneck speed and will be fully operationalized over the next couple of years. Reliance Intelligence will make AI integral to the daily lives of every Indian and every Indian enterprise. The use cases for AI are growing by the day. Hence, I envision this business to become one of Reliance's most prolific growth platforms. Fourth, our FMCG business is a new multi-billion dollar growth engine. We plan to grow it into India's largest FMCG company and among the biggest in the world. It is already among the top few players in various categories and is expanding globally. It recently entered Europe and Africa and will enter many more global markets going forward. Our FMCG growth path is neatly aligned to that of Reliance Retail. Both are anchored in our plan to create India's most advanced manufacturing platform and a distribution and export platform with tens of thousands of small, medium, and large partners. All our product baskets and brands will get fast global access through the export platforms. On the other hand, our B2B platform is designed to empower millions of merchants and kiranas in India. In short, our integrated manufacturing, retail, and exports vision will create unprecedented value for all stakeholders.

Fifth, our export vision goes far beyond our FMCG business. India has an urgent need to boost exports to establish and emphasize India's global competitiveness across manufacturing, gems and jewelry, agriculture, horticulture, and other areas. Reliance has long been India's largest merchandise exporter with a proven, globally competitive, world-class platform for energy and materials export. Leveraging this experience, Reliance aims to become an anchor institution for developing a globally competitive multi-sector export hub, with a target to enable one hundred twenty-five to one hundred fifty billion dollars in exports by 2032. In this way, we will enlarge global markets for Made in India brands. Hiring the best talent for this new venture has already begun. This scalable platform will strengthen India's export ecosystem and external economic resilience. This ambition is not only about creating a larger Reliance. It is about creating a stronger India. Taken together, these five pathways create a uniquely diversified growth architecture spanning energy, materials, digital infrastructure, artificial intelligence, consumer businesses, and global exports.

My dear shareholders, every generation is presented with a defining opportunity. Ours is the opportunity to participate in India's emergence as one of the world's leading economic and technological powers. Reliance is uniquely positioned to contribute to this transformation. We have the scale, we have the talent, we have the technology, we have the financial strength, and above all, we have the conviction and execution prowess to think long-term and invest in the future. The businesses we built yesterday created tremendous value. The businesses we are building today will create even greater value tomorrow. I have never been more confident about Reliance's future, and I have never been more optimistic about India's future, because the two are inseparable.

My dear shareholders, I have always believed that great companies are defined not by the tenure of a single leader but by the strength, resilience, and longevity of the institutions they build. This is how Reliance has emerged as India's proud and most prized national business institution. Our achievement itself heightens our responsibility towards the nation in the future. Keeping this in mind, we are building Reliance for the ages. To this end, we are implementing a 5S vision for institutional perpetuity at Reliance. Let me explain each of these five elements. The first S is Succession. Isha, Akash, and Anant have now completed three transformative years on the board of Reliance Industries. Isha leads consumer businesses, Akash leads technology businesses, and Anant leads the energy businesses. By leading individual business verticals, they are simultaneously working towards the holistic growth of everything under the Reliance ecosystem. They are three bodies, one soul. Their soul is Reliance—one single indivisible Reliance, now and forever. Furthermore, to assist Isha, Akash, and Anant, we have groomed as many as five hundred young leaders in their thirties and forties in various businesses. They bring top-notch domain expertise, technological fluency, and first-generation passion to surpass expectations. They are being mentored by seniors to ensure that the institutional culture of Reliance is upheld and the bar is continually raised. Even as I continue to provide hands-on leadership, the generational transfer of day-to-day management at Reliance is almost complete. In short, dear shareholders, the future of your company is not only in safe hands but in the hands that will take Reliance to far greater heights.

The second S is Systems. Reliance has institutionalized world-class systems for governance, risk management, capital allocation, talent development, and technological leadership. These systems make Reliance immune to internal risks and capable of handling external risks. The third S is Standards. All our systems are driven by very high standards of performance, excellence, integrity, transparency, innovation, and compliance. The fourth S is Spirit. The founding spirit of Reliance—to create wealth for the nation and to offer products and services of the highest quality and affordability that bring joy to the lives of Indians—forms the invisible architecture of Reliance culture. Technology can enhance productivity, but it is this spirit that will continue to drive Reliance's ambition and a sense of purpose. The fifth and final S is Sustainability. Sustainability is at the core of everything we do at Reliance. For us, economy and ecology are the two inseparable sides of the same coin.

Dear shareholders, as I stand before you today, I am reminded of the extraordinary privilege of serving this company and attending every Reliance AGM over the last forty-nine years. Over these forty-nine years, I have watched a single-product company evolve into a national institution spanning multiple industries with a global reputation. It was built by a man who did not inherit a silver spoon—Dhirubhai Ambani. All he possessed was an uncommon clarity of purpose and a determination to realize this purpose with diligent performance. He infused that purpose into the superlative team he built. The purpose was to make India prosperous and strong and to demonstrate to Indians and the world at large that we too can become an industrial powerhouse second to none. We did not deviate from his purpose during the generational transition twenty-five years ago. And there won't be the slightest deviation from the founder's purpose in future when a new generation of leaders takes full charge of Reliance and its offshoots.

My most esteemed co-owners of Reliance, we are proud of what Reliance has achieved so far. But it fills us with humility to realize that our motherland expects much more of us. Therefore, the next two decades of Amrit Kaal are crucial for Reliance and for all other Indian businesses. We must intensify our efforts many times to do much more and much better. The noble mission of Viksit Bharat by 2047 is beckoning all of us. It has mandated that all Indian businesses build a modern, holistic India—an India of equity, fairness, and harmony for all, and an attractive model for the rest of the world. To work for this patriotic mission is our duty and also our highest reward. As I keep reiterating, this mission can be achieved only through collaboration between the government, the industry, and the people. Every Indian institution, every Indian company, and every Indian citizen must raise their aspirations and align their energies. The holy Rigveda teaches us: may we march forward with a common goal. May we work together in harmony and empathy. May we share our thoughts for integrated wisdom. May we follow the example of our ancestors who achieved higher goals by virtue of being united. In this endeavor, Reliance recommits unreservedly to playing its fullest role.

Dear shareholders, I take this opportunity to convey my sincere gratitude to all our board of directors for their invaluable counsel and stewardship. I extend my heartfelt thanks to all our employees, our greatest strength, whose passion and perseverance have driven Reliance to new milestones. I am equally grateful to our business partners for their steadfast collaboration in delivering excellence. I also appreciate the continued support of government authorities and regulatory institutions. Most importantly, I offer my deepest appreciation to all our shareholders, India and its people, for their continued trust and confidence in Brand Reliance. Your support remains the foundation of our journey and success. Thank you. Jai Hind. Jai Shri Krishna.

Ladies and gentlemen, good afternoon. It is two p.m. and time to start the meeting. I welcome all of you to the forty-ninth Annual General Meeting of the company. This meeting is held through video conferencing in compliance with the circulars issued by the regulators. The company has taken all feasible steps to ensure that the shareholders are provided an opportunity to participate in the Annual General Meeting. Adequate video conferencing facility and live webcast of the proceedings of this meeting have also been provided. Requisite quorum is present, and therefore 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 employees' stock option scheme are available for inspection by the members. I wish to introduce for the benefit of new members my colleagues on the board of our company: Dr. Shumit Banerjee, Shrimati Arundhati Bhattacharya, His Excellency Yasir Al-Rumayyan, Sri K.V. Kamath, Sri Hafeez Ranchhodlal, Sri Dipak Jain, Sri Nikhil Meswani, Sri Hital Meswani, Sri P.M.S. Prasad, Sri Anant Ambani, Shrimati Isha Ambani Pamnani, Shri Akash Ambani. All directors of the company are present at this meeting. Sri V. Srikanth, Chief Financial Officer, Shrimati Savitri Parakh, Company Secretary, and Sri Ketto Raman and the representatives of our statutory auditors and secretarial auditors of the company are also present at this meeting. Notice dated May 27, 2026, convening this Annual General Meeting, and a copy of the Annual Report for the financial year ended March 31, 2026, have already been circulated electronically to the members of the company. A letter providing the web link of the Annual Report has been sent to those shareholders who have not registered their email address. With your permission, I shall take them as read. The auditor's report on the standalone and the consolidated financial statements and the secretarial audit report of the company for the financial year ended 31st March 2026 do not contain any qualifications, reservations, adverse remarks, or disclaimers. Accordingly, these reports are not required to be read out as provided in the Companies Act, 2013. Now I will begin my formal address to the shareholders.

My dear shareholders, namaste, and a very warm welcome to the forty-ninth Annual General Meeting of Reliance Industries Limited this afternoon. At the very outset, on behalf of the entire Reliance family including all our shareholders, let me congratulate our beloved Prime Minister Shri Narendra Bhai Modi ji on achieving the stupendous feat of becoming the longest-serving elected Prime Minister of India. Later this year, on the seventh of October, he will complete twenty-five uninterrupted years in public office—first as Chief Minister of Gujarat and then as Prime Minister of India. Over these years, the number of votes he has polled is by far the largest by any leader in the democratic world. We congratulate him on this historic milestone.

Remarkable milestone in public service. His vision for India's growth and the corresponding execution plan have been instrumental in the rapid all-around growth India has witnessed over the last decade. Dear friends, the past six years have been the most volatile and uncertain in several decades. COVID-19, increased geopolitical frictions, conflicts and wars, energy market disruptions, supply chain fragmentation, sharp swings in commodity prices and shifting capital market dynamics have combined to create a far more unpredictable global operating environment than before. The war in West Asia added to these problems. However, tough times never last. Tough nations do. And India is among the most resilient nations in the world. With unity, positivity and self-confidence, we have overcome the worst crisis in the past. Under the able, experienced and far-sighted leadership of Prime Minister Shri Modi ji, India has handled the situation with exemplary competence, commitment and wisdom. I can see India emerging much stronger in the fast-changing multipolar world. India will play the role of a balancer, a promoter of peace and a friend to all. This is not merely my hope. It is my confidence and my conviction.

Friends, the most important lesson for India from these volatile times is that we must intensify and speed up our efforts to make our country atmanirbhar in critical resources and technologies. Maximum energy self-sufficiency and AI self-sufficiency must become our national missions. The success of these missions is critical to the success of Viksit Bharat. Reliance is playing a leading role in both national imperatives. We have laid the foundation for Reliance to emerge as a leading deep tech and advanced manufacturing company. For this, we are investing an extraordinary amount in innovation and R&D effort. Here is proof that will make all of you proud. According to the latest report by the World Intellectual Property Organization, Jio Platforms has jumped from a rank of 340 to 20 in just one year in terms of the velocity of innovations through patents. This places Jio above several global tech giants and is the only Indian company in the top 20 in this elite league. Let us warmly congratulate our brilliant team of scientists, engineers and innovators. They have made India proud.

Friends, this is a landmark year for us for not one but two reasons. Jio completes 10 years of stellar success becoming the primary enabler of India's digital and AI revolution. Reliance Retail completes 20 years as a trailblazer becoming the catalyst of India's organized retail revolution. In both businesses, we remain the unbeatable number one. Two phenomenal anniversaries, two spectacular transformations, and they affirm one abiding truth. When a patriotic high-performance company consistently serves the aspiration of 1.5 billion Indians, there is no limit to what it can achieve. Dear friends, our founder chairman Sri Dhirubhai Ambani taught us that behind every obstacle is an opportunity. Through adaptability, reinvention, and strategic diversification, Reliance has consistently achieved long-term value creation at scale. As I address you today, I do so in the firm belief that Reliance's best chapters lie ahead. Our foundations are strong, our strategy is clear, and the opportunity for growth in India and with India and for India is immense.

Allow me to take you through the business and financial performance of Reliance. Dear shareholders, I am happy to share with you that Reliance posted a record high revenue, a record high EBITDA and a record high net profit for the financial year 26. Despite global challenges, the consolidated revenue stood at 11,75,919 crores, up 9.8% year-on-year. Despite the volatility, rapid scaling up of our retail and digital businesses played a key role in meeting our commitment to doubling RIL's EBITDA over 5 years. Our EBITDA for the financial year 21 was 97,580 crores which rose to 2,07,911 crores for the year 26. Retail and digital businesses contributed nearly half of the financial year 26 EBITDA. Together they are increasingly becoming the primary drivers of Reliance's future growth. The net profit for the financial year 26 stood at 95,754 crores up 17.8% over last year.

Friends, Reliance's contribution to India's inclusive economic growth and nation building remains unsurpassed. Reliance has maintained its top position in investing for India's growth. Reliance's capex stood at 1,44,271 crores for the year 26. Over the last five years, Reliance's capital expenditure has stood at a massive 6,48,428 crores or over 68.4 billion US dollars, more than any other company in India. Reliance contributed almost one-third of the total capital invested by India's top 50 corporates during the last 5 years. Reliance's exports were 2,78,888 crores which was 6.7% of India's total merchandise exports for the year. Reliance remained the largest contributor to the national exchequer contributing 2,16,472 crores. With that our cumulative contribution over the last 5 years to the national exchequer crossed rupees 9 lakh 78,000 crores or in excess of hundred billion dollars.

Reliance's commitment to inclusive growth remains unwavering. Our CSR expenditure in the financial year 26 stood at 2,248 crores, the highest by a single Indian company. Importantly, these achievements are supported by a prudent capital allocation framework, proactive risk management, and a strong balance sheet and growing cash flows. This is reflected in steady improvement in Reliance's global credit rating by S&P to A-minus and by Moody's to BAA1, both of which are two notches above India's sovereign credit rating. Reliance ranks amongst the largest employers in India. Every year we are consistently creating an increasing number of high-paying direct and indirect employment. Our digital and retail businesses have also catalyzed lakhs of micro-entrepreneurship opportunities.

My dear shareholders, with great delight, let me tell you that the board of Jio Platforms has approved the draft red herring prospectus earlier today and it will be filed with SEBI today. This is a deeply emotional moment for me, for the entire Reliance family and for millions of its shareholders. The relationship Reliance shares with its shareholders is a deep and sacred relationship founded on pride, trust, respect and shared growth. The commitment to shared growth was deeply personal to Dhirubhai. It is equally sacred to me. Imbued in the same spirit, Isha, Akash and Anant are heading the JIPO process and will lead the next generation of value creation opportunities in the future. The proposed listing of Jio will demonstrate to the world that India can build technology companies of global scale, global capability and global value. I assure you and all prospective new investors that a brighter future awaits Jio.

Friends, 10 years ago, Jio began its journey with an audacious dream to remove digital inequality from India. At that time, voice was costly, data was expensive, speeds were poor. Jio made voice free, made high-speed data affordable, and Jio made digital life possible for every Indian. Jio empowered students to learn, small businesses to grow, families to connect, entrepreneurs to dream and India to become the world's largest data market. Now Jio is preparing for its next big mission. Friends, in the past I have spoken to you about the revolutionary power of artificial intelligence. I firmly believe that India should not be a mere consumer of AI created elsewhere. It must become a creator, adopter and a global leader in AI. That is why we announced Reliance Intelligence last year as our newest growth engine. Our objective is to build a profitable AI infrastructure platform and services business serving consumers, enterprise and governments at scale.

We set out a clear vision, identified the focus areas and began building the right partnerships with Google, Meta and Nvidia. Now we are entering the next phase of execution, the details of which will be provided by Akash. A decade ago Jio promised broadband connectivity to everyone everywhere and we delivered on that promise. Today Reliance Intelligence promises AI to everyone everywhere and we shall deliver on this promise too. My dear shareholders, the Jio revolution is truly a result of courage, creativity and commitment of thousands of young Indian engineers. Before Jio, many believed that India could only import technology from the world. Our engineers proved otherwise. They built, tested, deployed and operated technologies at unprecedented scale. Today, Jio is not merely integrating technology. It is creating original technology. Reliance Intelligence offers an even bigger opportunity to our young engineers. They will get to work on problems of national scale and impact.

They will build and deploy technology for 1.5 billion Indians. They will create India-born innovation that the world can adopt. To them I say come build with us and build for India. Build AI that serves humanity. AI that is powerful, trusted yet affordable. AI that is fluent in every Indian language. AI that empowers farmers, students, doctors, shopkeepers, workers, creators and families. AI that improves efficiency while creating more opportunities to work and prosper for every Indian. AI that contributes to productivity and job creation. We will give you the scale, the resources, the freedom and the responsibility to solve some of the most important challenges of our age. I now invite Akash Ambani, managing director of Jio Platforms Limited. Akash leads Jio with passion, purpose and a deep commitment to India's digital future to tell you about the spectacular progress made and the even more spectacular future that will unfold.

A

Akash Ambani1:20:50

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 crores growing 14.6% year-on-year. EBITDA reached rupees 76,255 crores and 18.8% growth with an EBITDA margin improving by 190 basis points to 51.9%. For the first time in our history, profit after tax crossed rupees 30,000 crores growing at 15.1% year-on-year. These numbers are proof of the trust India has placed in Jio. More importantly, they demonstrate that Jio's growth remains both broad-based and profitable.

Dear friends, the next chapter of Jio's growth will be powered by five commitments. First, to make Jio True 5G the foundation of India's next big digital leap. Our dedicated network slicing will enable a new tier of high performance connectivity for consumers and enterprises. Our cyclic beam-formed cell design significantly enhances coverage and capacity at high footfall locations. Our target is to migrate all subscribers to 5G by 2030 whilst advancing India's leadership position in 6G standards.

Second is to take high-speed home broadband to every part of India through Jio AirFiber. 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 Jio AirFiber 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. This number will only grow as Jio migrates more Indians to 5G and as AI-enabled use cases proliferate.

Third is to digitize Indian enterprises and small businesses. The JioPC initiative which delivers cloud compute to small businesses through a simple setup box brings enterprise-grade technology within the reach of every micro, small and medium business in India.

Fourth is to ensure AI for everyone everywhere. Jio is already embedding AI in consumer technology to deliver a smoother, smarter, and more personalized user experience. AI will make our networks more efficient, our homes more intelligent, our customer service more responsive and our platforms more useful to every Indian.

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. The technology we built to solve for India's challenges will also serve the world and become a key pillar of our export strategy. As we launch more value-added services such as premium 5G, AI bundle services and enterprise solutions, our ARPU will grow significantly.

Dear friends, there's 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 the 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. These ground stations will support our partner constellations as well as our own future satellites, creating an end-to-end satellite broadband ecosystem from space to ground. With this initiative, Jio is strengthening India's Atmanirbhar in space, placing India firmly on the global satellite broadband services map. All of these initiatives show that the best of Jio is yet to come.

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 that allows 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-first applications such as JioBharatIQ, AI Vapar, Jio HealthIQ, JioLearnIQ and JioKrishiIQ. JioBharatIQ will make AI a companion for every Indian. AI Vapar will help small merchants and businesses improve productivity, serve customers better and compete with confidence. Jio HealthIQ 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. JioKrishiIQ 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. Together, these platforms will create a scalable foundation for consumer, enterprise, and government AI services. Friends, we are simultaneously building a world-class team of AI researchers and engineers, investing in India's AI startup ecosystem, and collaborating with leading Indian universities and research institutions. Within Reliance itself, the transformation is unmistakable. At Jio, AI-native network management is already driving efficiency and quality at scale. At Reliance Retail, AI-embedded merchandising and supply chain optimization is reducing waste and improving product availability for millions of customers. At JioStar, AI is powering multilingual content creation. In our oil-to-chemicals operations, AI-driven process optimization is improving yield and reducing energy consumption.

Dear shareholders, just as Jio made data extremely affordable for every Indian, Reliance Intelligence will disrupt AI economics by making it dramatically more affordable for every Indian by the end of this decade. The JioBharat platform has already proved that Jio can put capable smart devices in the hands of Indians at rupees 9999. 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. And so 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 just 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. For example, on a conference call, it can 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. Here's a quick demo.

[Demo of Jio AI Call Agent: Arjun is on a quarterly review call with five people when he realizes three colleagues who should be weighing in aren't on the line. He says 'Hey Jio, add Rohan, Pavan and three more participants' and they are dialed in. Within seconds, eight people are connected. The call is running long so he says 'Hey Jio, start transcribing this meeting.' Every participant gets a notification and it begins capturing in real time, identifying each of the eight speakers by voice. Walking to the lift, he says 'Hey Jio, summarize the call for me and create action items for all.' Summary being generated with clean minutes, decisions and action items tagged to each owner. His own two action items arrive as an SMS with a reminder already set. On the drive home, he calls his wife.]

I now invite my colleague Kiran to join me.

K

Kiran1:37:53

Thank you, Akash. 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 a place you go to to recharge or to 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 the screens. Just voice your intent and MyJio acts instantly. Here is a quick demo.

[Demo: Hey Vikram, how may I help you today? I'm moving to Pune next month. How can I transfer my JioFiber? Got it. Vikram, I can move your whole JioFiber setup with you. What's the new address in Pune? B-1204, Skyline Heights, Baner, Pune, 411045. Good news, that address is covered. Here's what I found. Pick an installation slot for the new place. 15th July morning works for me. Done. I've set everything in motion. Our agent Rajiv Sharma will contact you for transferring the JioFiber 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?]

[Demo: Traveling overseas. It finds the right roaming pack and sends real-time usage alerts. Hey Vikram, tell me what you need and I'll take care of it. I'm flying to Italy next week. That sounds exciting. Italy is a great destination to pick the right roaming pack. Could you share your departure and return dates? 25th June to 5th July. 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'll need. Recharge for 1551. Perfect. I have completed your recharge. Your plan will auto-activate when you land in Italy. Have a great trip.]

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. You can see all of the demos on our website.

Now let's move to Jio Home. Jio powered India's journey from voice to data to video. Pioneering gigabit broadband for every Indian. Today we take the next leap. Jio Home's next-generation offering delivers multi-gigabit capability up to 5 Gbps download and 1 Gbps upload dedicated to your home through our multi-gigabit-ready Jio AirFiber. But this is not about speeds. It is about what your family can do now. Look at your home today. Connected devices per home have grown multifold in 5 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 Jio 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.

[Demo of Jio Teleframe: 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 p.m., 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, 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 JioStar, 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.]

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 rupees 34,917 crores with an EBITDA of 5,842 crores and a net profit of 3,434 crores. JioStar remains India's leading television entertainment network with a 34.7% viewership share, nearly equal to the next three players combined. Every day 389 million viewers choose our content across genres and languages.

On digital, 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, Jio Hotstar recorded a world record 72.5 million concurrent viewers in India. Today, nine of the 10 highest global concurrency records belong to Jio. IPL 2026 reached over 700 million viewers on our platform demonstrating the unparalleled reach of our digital ecosystem. Jio Hotstar also became the first Indian paid OTT platform to cross 1 billion downloads and is now available on 99% of connected TVs in India.

These milestones reflect a simple reality. Whether on television or digital, JioStar and Jio Hotstar 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. JioStar micro-content hub TKA 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 and choice and control firmly in the hands of the consumer. This philosophy has earned us the loyalty and trust of 500 million users on Jio Hotstar.

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 Jio Hotstar 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.

[Demo of AI Snapshot: Mera's been meaning to rewatch Arya for months. Season 3 just dropped. She jumps straight in. 10 minutes into episode 1, Dholit 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, 'Why is Arya friends with Dholit? Didn't he kill her husband?' It builds the story for her. The early scenes, Dholit 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.]

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 JioStar. Here's a closer look on how you can move from screen to cart seamlessly without leaving your screen. 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 Jio Hotstar. 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.

At Jio Hotstar, 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.

[Demo of Multi-view: Vroom 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. Next up, Big Boss eliminations. And lastly, he adds another news channel in Bengali. Four things, one screen, silent, present, there when he needs to be.]

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 3,000 crores in worldwide box office gross making it the first Indian film duology in which each film crossed 1,000 crores. 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 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 subscriptions business with a fast-growing 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. This offering strengthens 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.

M

Mukesh Ambani1:56:20

Splendid, Akash. I can see the passion, dedication and hard work you and your team are putting into this mission. When work is done with such devotion, hard work becomes heart work. 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. 20 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 5 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 the financial year 26, 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 eyewear 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.

I

Isha Ambani2:02:11

Thank you respected chairman, esteemed shareholders. Financial year 26 was a year of strong execution and measurable acceleration. Gross revenue reached 3,70,026 crores growing 11.8% year-on-year. EBITDA grew 7.9% to 27,033 crores, 3.4 times that of our nearest competitor. Profit after tax rose 12% to 13,838 crores. Our registered customer base reached 387 million up 11% year-on-year. We processed 1.93 billion transactions up 39% year-on-year. That single number captures something significant. Quick-commerce coming of age adding a promising new layer to the growth of large basket shopping. We now operate 20,160 stores across 78 million square feet.

In grocery, our Smart Bazaar network crossed 1,000 stores, one of the fastest large-scale retail rollouts in the world. A large part of this network now serves tier 2 and below markets. In many of these towns, Smart Bazaar is the first organized modern retailer, transforming access for millions and creating livelihoods that did not previously exist. 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 the consumers and better returns to the farmers. We sold 12 lakh metric tons of staples.

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 these diverse categories arrive within hours, even in small towns. Repeat orders on quick commerce grew more than six-fold.

In fashion and lifestyle, we sold over eight 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 5 years. AJIO Rush, a 4-hour delivery promise, now covers 600 plus towns. Sheen has crossed 11 million app installs, adding a thousand new styles daily. Dear friends, global fashion at Indian prices is an idea whose moment has arrived. Our premium brand segment added exclusive long-term partnerships with Stella McCartney, Kurt Geiger, Max&Co, and Fabletics. 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 Pahari 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 jewels, 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 Longpo pottery and Naga weaving in the northeast to Dhokra metal work in Chhattisgarh, Banjara 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 financial year 26, RCPL achieved gross revenue of 22,000 crores, growing twice year. What took up years, 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 a consumer-first approach, we ensured our products remained accessible and affordable for every Indian household. RCPL is now a direct subsidiary of Reliance Industries, having completed its demerger 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 4,700 plus crores in gross sales in financial year 26. 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 kahaanat of independence. A daily essentials brand delivered 2,600 crores in revenue and was recognized as one of India's most trusted brands in financial year 26. In packaged drinking water, RCPL is now India's third largest branded water player, powered by Campashaw, 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 SIL 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 Odha 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 Nexpaar, Bison and Pace, co-created with cricketer Pat Cummins.

In personal care, we acquired global rights excluding select territories to heritage brands like Bioderma, 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 Campa and Sunrush to powerful consumer response. We dominated the IPL with campaigns building national momentum through high GRPs across India. We deepened our regional connect through Power Up in Andhra Pradesh and Telangana and Purple Energy in Tamil Nadu.

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. 10,000 crores of rupees invested to date with beverage production now spanning 12 states through high-speed bottling lines in multiple greenfield plants.

We are one of Asia's largest networks of such integrated food parks, AI-driven, robotics-enabled, and engineered for lasting cost leadership. Third, distribution depth. 3 million plus outlets reached through 5,000 plus distributors in 3 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.

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 crores 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. And let me now welcome back the chairman.

M

Mukesh Ambani2:15:15

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 the 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 bioenergy. The singular aim is that India must produce almost all the energy needs it has 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.

A

Anant Ambani2:18:15

Thank you, respected chairman. My esteemed shareholders, Reliance's exploration and production 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 crores and an EBITDA of 19,050 crores for the year 26. 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 the year 27 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 the year 26, 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 6,62,410 crores. EBITDA grew 10.1% to 60,546 crores.

Friends, let me take you back to March 2026 when the Strait of Hormuz was disrupted. Crude and product markets witnessed extraordinary volatility during the period. Yet our diversified sourcing and 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 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. 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. Our PVC and CPVC expansion including a 1.2 million ton PVC plant at Nagotan will significantly cut imports of materials that millions of Indian homes and industries depend on every day. These capacities will serve India's growing demand across infrastructure and consumer goods, boost value-added exports and capture the next leg of growth.

Friends, we continue to adopt digital technologies in innovative ways to enhance operational efficiency. Here are three specific examples of how we are digitizing operations. First, our proprietary AI-driven feedstock optimization tool now helps select the most efficient crude blends. Second, our digital logistics platform developed in-house streamlines chartering and supply chain operations. And third, the new-age smart contract execution tools improve speed and accuracy in customer transactions.

Building on these digital foundations, we are progressing towards operating Jamnagar as the world's first end-to-end autonomous refinery, an industrial milestone that will define the next era of global refining. Dear friends, our consumer energy business under GOBP grew strongly this year, maintaining adequate fuel availability in domestic markets despite costs soaring above market prices in the last few months. GOBP petrol and diesel volumes grew 29% year on year, significantly outpacing industry growth and gaining higher market share.

Our retail network grew to nearly 2,200 outlets with 400 under construction. We expanded EV charging to 80 cities and 45 highways and grew our CBG network making us the largest player in the country. Our CBG and CNG network covers 177 sites with volumes growing 68% year on year. GOBP remains India's most efficient and effective fuel retailing network. Dear shareholders, our O2C business is entering its next generational strategic evolution. Every barrel of crude we process will increasingly yield chemicals and high-value materials, not just fuels. More efficient, more export-driven, more valuable. This business financed our past. It is financing our future and it's the best chapter still ahead.

My dear shareholders, 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 designed to solve India's energy trilemma of security, affordability and sustainability simultaneously at a scale that has no parallel. In the year 26, this mission moved from construction to commissioning. The Dhirubhai Ambani Green Energy Giga Complex at Jamnagar spread over 5,000 acres is now one of the world's most integrated clean energy manufacturing ecosystem.

Our founding chairman Shri Dhirubhai Ambani always dreamed of making India self-sufficient in energy. This business is a manifestation of that dream. Dear shareholders, I am proud to report that our solar PV cell and module manufacturing lines have been commissioned and are now operational. Nearly 1 GW of HJT modules have been produced with around 2% higher energy yield, 15% better temperature performance and 25% lower degradation than conventional modules. We have achieved ALMM listing for HJT technology, the first in India for this advanced cell type.

This is a proud affirmation of Honorable Prime Minister Shri Narendra Modi's clarion call for Make in India. We are building towards 20 GW per annum of fully integrated capacity from polysilicon to ingot, wafers, cells, modules and glass. Every step in this chain is a step towards Atmanirbhar Bharat. Friends, the first phase of our 40 GWh annual battery cell gigafactory is on track to be commissioned this year. All the equipment has already been delivered at the site and we have now committed to scale this up to 120 GWh of annual capacity. When commissioned, this will make Reliance one of the world's largest manufacturers of lithium iron phosphate batteries.

Let me put that in perspective. In a world where supply chains are being contested and access to technology is being weaponized, building world-scale battery manufacturing capacity in India is not merely a business decision. It is a strategic imperative for national resilience. This is the holy grail of affordable, sustainable, and self-sufficient round-the-clock RTC power, and Reliance is making it real. Dear shareholders, let me now turn to where this ecosystem comes together in the Rann of Kutch region where we are developing a renewable energy hub across 550,000 acres. This hub is being built to deliver round-the-clock power at GW scale, combining solar and battery storage systems in a single unique integrated architecture.

This platform will become one of the lowest cost resources of round-the-clock green power anywhere in the world. Once fully operationalized, the integrated hub will generate over 40 billion units of green electricity every year, which is approximately 3% of India's annual electricity requirement. The dedicated Kutch to Jamnagar transmission corridor is under construction with EPC contracts awarded. Our peak installation rate target is 55 MWp of solar modules and 150 MWh of battery containers per day. I want you to pause and absorb that number. 55 megawatt peak of solar installations per day. 150 megawatt hour of storage per day. This is not just any project. We are gearing up for a world-scale deployment of clean energy infrastructure at a pace the world has never seen before.

Dear shareholders, green electricity is the foundation, but green molecules are the transformation. Our green chemicals program is advancing on plan. We are on track to commission our alkaline electrolyzer manufacturing gigafactory. We will unlock four powerful monetization streams through green molecules. One, green urea strengthening India's food security. Two, urea ammonium nitrate for our fertilizer needs. Three, green ammonia for co-firing and power generation displacing fossil fuel emissions in India and export markets. And four, bio-methanol, a clean transport fuel and chemical feedstock with sustainable aviation fuel applications and with a growing global demand.

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 which is among the largest green ammonia offtake contracts in the world. This validates the commercial competitiveness of our green hydrogen platform. We are in advanced discussions for more such exports to Japan, Korea, and Europe with long-term offtake commitments. Our target of 3 million metric tons of green hydrogen equivalent green chemicals capacity in the next 10 years remain firmly in our sight.

Friends, step back for a moment. Consider what we are truly building here. The world's first fully sovereign clean energy ecosystem. Sunlight converted directly into electricity and green molecules. No imported fuel, no foreign technology, no exposure to the disruptions that have shaken the world this past year. Few enterprises globally are attempting this level of integration and scale. This is not merely a business. This is Reliance's most enduring strategic asset both for our nation and for the world.

Dear shareholders, building this ecosystem from scratch in India with indigenized technology has been harder and more complex than any road map could fully anticipate. We own that. But the foundation is now built. Commercial revenues from solar modules start rolling in this year. The battery factory commissions this year. And the Samsung C&T agreement is not a promise. It is a signed contract. From the year 27 onward, New Energy will begin contributing meaningfully to Reliance's financial performance. We ask for your continued trust and we intend to earn it quarter by quarter.

Dear shareholders, Reliance now contributes over 40% of India's entire compressed bio gas production. We are on track for 55 plants producing approximately 1,100 tons per day by the end of year 27. Over the next 5 years, we target to establish integrated CBG hubs to achieve 1 million tons of annual CBG capacity. Friends, we are also advancing our work in underground coal gasification UCG which will convert India's uneconomic and low-quality coal reserves into clean syngas thereby substituting imported LNG and directly adding to our low-carbon energy pool.

Dear shareholders, before I close, I want to leave you with one number. A number that to me defines what this new energy mission is truly about. 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, engineers, technicians, operators, construction workers, farmers and entrepreneurs whose livelihoods will be built on clean energy.

The clean energy transition will be an engine of inclusive prosperity. It will create jobs, reduce import dependence, boost exports, lower energy costs for every Indian home and every Indian factory and fulfill our obligation to save Bhumata, Mother Earth from the climate crisis. The world built its old energy on Middle Eastern oil. The world will now build its new energy on Indian sunshine. Friends, for me, the new energy business is a third generation business at Reliance which we are building with the purpose and passion of first generation. It is our generation's contribution to India's energy story and our promise to every shareholder, every employee, every farmer and every citizen who depends on our motherland's energy future.

My beloved grandfather and father proved that Indians can build the impossible. We are proving it again and this time the whole world is watching. Let me end by proclaiming the motto of our new energy business: Harit Harit Vikas, Harit Bharat Sarvashreshth. Thank you. Jai Shri Krishna. Jai Hind.

M

Mukesh Ambani2:35:12

Well done, Anant. Dear shareholders, the O2C business remains the prime contributor to Reliance's financial performance. Reliance has demonstrated the resilience of this business time and again through every kind of challenge. The oil to chemicals business is on the path to achieve carbon neutral operations at least two decades before India's 2070 target. In the long run, we will convert all the oil we refine into chemicals and new materials. This transformation will fundamentally improve the quality, resilience, and the value of our earnings.

I'm confident that our new oil to chemicals and material business will become even more valuable than our current oil-to-chemical business. Our ambition is simple: to make Reliance the world's leading integrated energy and materials company for the age of sustainability and intelligence. Friends, Reliance has emerged a natural partner for global chemicals and materials majors in this volatile world. We are open to flexible partnerships and co-building integrated complexes in India and abroad anchored in our integrated feedstock, unmatched manufacturing scale and execution capability, the lowest cost base and a strong balance sheet.

India remains one of the most favorable geographies globally for expansion and Reliance offers our partners a single secure base to serve both India's large domestic market and the global demand. The upcoming fully integrated green ecosystem will not only transform our old energy business but also open up significant possibilities for our growth and India's future growth. Reliance with its five integrated engines of growth—UCG, bio energy, new energy, oil to chemicals and the materials business—is now ready to deliver exponentially more value. With the new energy and materials platform and an AI-native way of working, Reliance is transforming our oldest business into a unique first-generation growth platform, one that cannot be replicated on technology and scale.

Let me now invite Nita Ambani, chairperson of the Reliance Foundation, to share her exciting update on the Reliance Foundation.

N

Nita Ambani2:38:01

Thank you, Mukesh, and well done Isha, Akash and Anant. Dear members of the Reliance family, our esteemed shareholders. Namaskar. Congratulations on another pathbreaking year of achievements and growth. None of this would be possible without your trust, partnership, and support. As I stand before you today, my heart is full of gratitude, of humility, and of a hope that grows stronger with every passing year.

This year, Reliance Foundation enters its 16th year of dedicated service to India, of putting our philosophy of 'We Care' into action every single day. What began as a corporate commitment has grown into one of our nation's largest and most impactful institutions of social transformation. Today I'm honored to share that over the last 16 years, Reliance Foundation has touched the lives of over 97 million Indians across every single state of India.

We work in nearly 100,000 villages. That is almost one in every six villages of India, with a simple vision to help every village become more self-reliant, more climate resilient, more rejuvenated and full of opportunities and hope. In these villages, we run health camps, empower women, restore ecosystems, uplift Anganwadis, enhance learning spaces, train farmers to use digital and AI tools, offer relief after disaster, and rebuild lives and communities.

And in every village we enter, in every child we educate, in every woman we empower, I see the same thing. A nation that is not just growing, but awakening and rising with renewed confidence, dynamism, and determination. A nation whose time has truly come. Dear shareholders, over the past year, we have continued to deepen our work across rural transformation, health care, education, sports, women's empowerment, disaster response, art and culture, and environmental sustainability.

Today I would especially like to speak about three transformative initiatives that reflect our vision for a more prosperous shared future. First, a university that will raise India's global standing in higher education. Second, a garden for all of us, 20 million Mumbaikars to enjoy nature, breathe fresh air, build communities and make memories. And third, a medical city that will bring world-class healthcare to the heart of Mumbai.

Let me begin with education. As India marches towards joining the ranks of developed nations, we need more Indian universities that can be ranked amongst the best in the world. Our upcoming university will fulfill this ambition. Dear shareholders, I'm proud to share that we have received approval from the Government of Maharashtra to establish a state private university. Our interim campus at Ulwe is already a vibrant center for learning with modern academic, residential and sports facilities on par with global standards.

Our upcoming permanent campus at Donagiri spread across 410 acres will be truly world-class in size, design and most importantly excellence in academics and research. It will bring together an academic district, a research park, a sports district, a medical city, a residential district, a vibrant arts district with amphitheaters, performance halls and art houses, an innovation and incubation park where cutting-edge research supports the creation of unicorns.

This state-of-the-art university will host seven world-class schools with a focus on AI and emerging technologies. The School of Engineering and Computing, the School of Management and Entrepreneurship, the School of Law, Governance and Policy, the School of Humanities and Social Sciences, the School of Medical Science and Public Health, the School of Architecture and Urban Planning, and the School of Education. The university will offer undergraduate, post-graduate, doctoral and post-doctoral programs that support our shared vision for an India that excels in every field.

Combining the highest standards in academics and research, it will bring together a distinguished community of teachers, scientists, researchers, innovators and thought leaders from around the world. In line with the vision for Viksit Bharat, our university will help Mumbai transform into a knowledge city and Bharat into a Gyan Bhumi, a knowledge power. At our university, we will welcome international faculty, students, and scholars from around the world, creating a global academic community.

In an ever-evolving world where change is the only constant, educational institutions also need to change with the times and create future leaders who are agile, adaptable, and resilient. Our ethos is to nurture a culture of excellence, integrity, and lifelong learning. An institution that will inspire thinkers who question, builders who create, scientists who innovate, and leaders who serve, students who carry the confidence of India's heritage and the ambition of its future.

Respected shareholders, a truly compassionate society must care not only for its people but also for the voiceless. This year marks the first anniversary of Vantara. And this year we also laid the foundation stone of Vantara University, a global university dedicated to training the next generation of wildlife conservationists and veterinary scientists.

Respected shareholders, alongside education, sport remains a key focus area for us at Reliance Foundation. Through our Education and Sports for All program, we have reached more than 29 million young children and youths all over the country. When talent meets the right opportunity, extraordinary things happen. This year, our Reliance Foundation athletes won 386 national and international medals. We are now focused on Olympic sports where India has the highest potential to shine on the world stage. Archery, athletics, boxing, shooting, wrestling and badminton.

In partnership with the International Olympic Committee, we are also using sport to do what it does best. Teach values. Values of friendship, excellence, respect, discipline, resilience and teamwork. We start working with them as young as three years old. Friends, as an IOC member and a proud Indian, I carry a dream very close to my heart. A dream shared by over 1.4 billion Indians to bring the Olympic Games to India. A dream in which the sporting world comes together on Indian soil, our hearts filled with pride and our arenas with triumph. Not just triumph of talent but triumph of the human spirit. Truly an Olympics that the world will never forget.

Friends, a stronger India is built on the foundation of a healthier India. We are moving forward with a vision of a transformative medical city and medical college in Mumbai. Reliance's plan to modernize Seven Hills Hospital marks a significant milestone in this journey of strengthening India's healthcare infrastructure and expanding affordable world-class medical care with a planned capacity of 1,500 beds.

Seven Hills is envisioned to be one of Mumbai's largest hospitals leading in clinical research, cancer care, emergency and trauma services, organ transplantation, neurodegenerative disorders such as Alzheimer's and Parkinson's. The hospital will leverage advanced medical technologies, artificial intelligence, data-driven clinical systems, digital health platforms, and compassionate patient care. For us, this is much more than a hospital. It is the beginning of a truly integrated medical hub in the heart of Mumbai.

What makes this journey especially meaningful is our partnership with BMC. The hospital will also have more than 450 beds dedicated to serving the economically weaker sections of society. Dear shareholders, last year I shared with you a dream taking shape along Mumbai's coastline, the Coastal Road Gardens. We now have a world-class team of landscape architects, ecologists, planners and engineers who are working on the master plan design. One that brings global expertise while remaining uniquely and authentically Mumbai in spirit.

Initial work has commenced and 15,000 trees are already on site. In a city that never stops, the gardens will serve as a pocket of stillness, peace, and serenity, as an invitation to heal and soak in fresh air. Spread across 130 acres, these gardens will be a home to more than 60,000 trees, shaping a vast new green lung for Mumbai.

It will be a hub of flora and fauna with shaded walking and cycling paths, open maidans, public gyms, children's play areas, and vibrant spaces for arts and culture. It will also feature unique attractions for families like a tree museum and state-of-the-art facilities for sports including cricket, football, tennis, kabaddi, basketball, padel, pickleball and other sports. The Coastal Road Gardens will be a tribute to the spirit of Mumbai. A place for every Mumbaikar to reconnect with nature and an investment in the long-term health of our city.

Every great city has an iconic garden by which it is known. What Central Park is to New York, Hyde Park to London and the Botanic Gardens to Singapore, we hope the Coastal Road Gardens will be to Mumbai. Dear shareholders, while these landmark initiatives represent our vision for the future, our work on the ground continues to transform lives in meaningful ways. Behind every number in our annual report is a life changed, a family uplifted, a future transformed.

A woman who earns and now signs her own checks. A young man who got his first job and handed a salary to his aged parents. A child scouted from a small village who went on to wear the Indian jersey making not just his parents but his entire village community and country proud. Whether it is empowering 1 million women entrepreneurs, helping nearly two lakh young Indians gain employment, reaching over 23 million people for rural transformation or supporting our arts, artists and artisans as we carry Indian culture on the global stage with love, respect and pride.

My dear Reliance family, we are living through an incredible moment in our nation's journey, a moment when India's leadership is ever stronger, our aspirations bigger, our confidence higher and the possibilities before us greater than ever before. Guided by the vision of our Honorable Prime Minister Shri Narendra Modi Ji, we remain committed to playing our part in realizing these possibilities.

Reliance Foundation carries forward our founding conviction that what is good for India is good for Reliance. 16 years ago, we made a commitment to our nation. 97 million lives later, that commitment has only grown deeper, stronger, and more urgent. We carry that conviction not as a policy or a program, but as a purpose.

Friends, like I said at the beginning, India's time has truly come. We are a civilization reclaiming our destiny. India's rise today is not just an economic or cultural story. It is a human story. A nation of over 1.4 billion dreams finding a voice. One of the youngest, most energetic and most aspirational populations of the world, stepping into their full potential.

At Reliance Foundation, we consider it not just our corporate social responsibility but our moral and patriotic responsibility to stand in service of our nation. There's so much to be done and it can only be done by expanding the circle of cooperation and partnerships with governments, philanthropic organizations and other stakeholders. Rashtra seva motivated by rashtrabhaav should become a rashtriya abhiyan that is a calling of every single Indian. We remain grateful for your trust, support, partnership and shared belief in this path of desh seva and desh vikas. Thank you. Dhanyavaad. Jai Hind.

M

Mukesh Ambani2:56:15

Thank you, Nita. Reliance Foundation is truly a jewel in the crown of Reliance Industries. We are proud of your team's achievements under your passionate guidance. We wish the very best for Reliance Foundation's future plans. Dear shareholders, let me now share our value creation roadmap with you. Today we stand at the threshold of our next phase of hyper-growth. The foundations have been laid, the platforms have been built, the capabilities have been assembled and the opportunities before us have never been greater.

Throughout our journey, one principle has guided us. What is good for India is good for Reliance. This belief has always defined our priorities. It has also shaped how I view value creation from a long-term perspective. We have seen many temporary dips in shareholder value in the past. But when we develop our inherent strengths persistently and when we deliver growth consistently, value accretion happens inevitably. Our track record is impeccable.

Reliance now has diverse streams of cash flow which reduce earnings volatility and deliver earnings growth in the high teens over investment cycles. As a result, our performance has more than matched our promises always. We doubled our EBITDA in the last 5 years and as I look to the future I'm absolutely confident in our ability to double, indeed more than double, our consolidated EBITDA over the next 5 years. In other words, Reliance will rank among India's foremost wealth creators throughout Amrit Kaal.

My dear share owners, the most important value creation milestone this year of course is Jio's imminent IPO. I assure you that this will unlock great value for Reliance shareholders and offer an attractive investment opportunity to others. Dear friends, people often ask me how has Reliance managed to grow so big in such a short time? What is the secret? The answer is hidden in just two words: founder's mindset.

Every new generation has to believe it is the founder of Reliance and is the first generation. I followed this principle when I took to the helm of Reliance 25 years ago. Leaders of our generation reinvented Reliance by following a two-pronged strategy: innovating and expanding existing businesses and building new growth engines. I am happy to inform you that Isha, Akash and Anant are doing what I did 25 years ago but with greater ambition and a much larger financial and professional base.

Under my active guidance and mentorship of all our directors, they are aggressively expanding existing businesses while laying the foundation for new ventures. I envision each of these ventures growing as big as today's Reliance in the times ahead. Let me outline our five major value creation pathways. First, our oil to chemicals business, the mainstay of Reliance so far, will increase earnings as soon as the geopolitical situation improves. Simultaneously and more importantly, we are reinventing this business to create a new revenue stream less vulnerable to external volatility. We will convert all the crude oil we process into new materials, carbon fiber, specialty materials, green chemicals, and much more.

Second, our new energy business has entered the phase of accelerated commissioning and early revenues. The integrated solar manufacturing and our advanced battery platform will achieve one of the world's lowest cost of RTC green power. It will also enable the world's most competitive green hydrogen and green chemicals ecosystem. Our foray into underground coal gasification business has immense growth potential. Our CBG business is ready to be scaled up as the world's largest bioenergy business. Besides making India largely self-dependent in energy, all these initiatives will emerge as perpetually profitable investments.

Therefore, I am absolutely confident that soon the new energy has the potential to become one of the largest earnings engine for Reliance. Third, for India's self-reliant and accelerated prosperity, Reliance Intelligence is going to be as transformative and consequential as our new energy business. AI is becoming a multi-trillion dollar business globally. Reliance Intelligence will lead this business in India. The infrastructure for it is being built at breakneck speed and it will fully operationalize over the next couple of years. Reliance Intelligence will make AI integral to the daily lives of every Indian and every Indian enterprise.

The use cases for AI are growing by the day. Hence, I envision this business to become one of Reliance's most prolific growth platforms. Fourth, our FMCG business is a new multi-billion dollar growth engine. We plan to grow it into India's largest FMCG company and among the biggest in the world. It is already among the top few players in various categories and is expanding globally. It recently entered Europe and Africa and will enter many more global markets going forward.

Our FMCG growth path is neatly aligned to that of Reliance Retail. Both are anchored in our plan to create India's most advanced manufacturing platform and a distribution and export platform with tens of thousands of small, medium and large partners. All our product baskets and brands will get fast global access through the export platforms. On the other hand, our B2B platform is designed to empower millions of merchants and kiranas in India. In short, our integrated manufacturing, retail and exports vision will create unprecedented value for all stakeholders.

Fifth, our export vision goes far beyond our FMCG business. India has an urgent need to boost exports to establish and emphasize India's global competitiveness across manufacturing, gems and jewelry, agriculture, horticulture and other areas. Reliance has long been India's largest merchandise exporter with a proven globally competitive world-class platform for energy and materials export. Leveraging this experience, Reliance aims to become an anchor institution for developing a globally competitive multi-sector export hub with a target to enable $125 to $150 billion in exports by 2032.

In this way, we will enlarge global markets for Made in India brands. Hiring the best talent for this new venture has already begun. This scalable platform will strengthen India's export ecosystem and external economic resilience. This ambition is not only about creating a larger Reliance, it is about creating a stronger India. Taken together, these five pathways create a uniquely diversified growth architecture spanning energy, materials, digital infrastructure, artificial intelligence, consumer businesses, and global exports.

My dear shareholders, every generation is presented with a defining opportunity. Ours is the opportunity to participate in India's emergence as one of the world's leading economic and technological powers. Reliance is uniquely positioned to contribute to this transformation. We have the scale, we have the talent, we have the technology, we have the financial strength and above all we have the conviction and execution prowess to think long term and invest in the future. The businesses we built yesterday created tremendous value. The businesses we are building today will create even greater value tomorrow.

I have never been more confident about Reliance's future and I have never been more optimistic about India's future because the two are inseparable. My dear shareholders, I have always believed that great companies are defined not by the tenure of a single leader but by the strength, resilience and longevity of the institutions they build. This is how Reliance has emerged as India's proud and most prized national business institution. Our achievement itself heightens our responsibility towards the nation in the future.

Keeping this in mind, we are building Reliance for the ages. To this end, we are implementing a 5S vision for institutional perpetuity at Reliance. Let me explain each of these five elements. The first S is Succession. Isha, Akash and Anant have now completed three transformative years on the board of Reliance Industries. Isha leads consumer businesses, Akash leads technology businesses and Anant leads the energy businesses. By leading individual business verticals, they are simultaneously working towards the holistic growth of everything under the Reliance ecosystem.

They are three bodies, one soul. Their soul is Reliance. One single indivisible Reliance now and forever. Furthermore, to assist Isha, Akash and Anant, we have groomed as many as 500 young leaders in their 30s and 40s in various businesses. They bring top-notch domain expertise, technological fluency and first-generation passion to surpass expectations. They are being mentored by seniors to ensure that the institutional culture of Reliance is upheld and the bar is continually raised.

Even as I continue to provide hands-on leadership, the generational transfer of day-to-day management at Reliance is almost complete. In short, dear shareholders, the future of your company is not only in safe hands, but in the hands that will take Reliance to far greater heights. The second S is Systems. Reliance has institutionalized world-class systems for governance, risk management, capital allocation, talent development and technological leadership. These systems make Reliance immune to internal risks and capable of handling external risks.

The third S is Standards. All our systems are driven by very high standards of performance, excellence, integrity, transparency, innovation and compliance. The fourth S is Spirit. The founding spirit of Reliance to create wealth for the nation and to offer products and services of the highest quality and affordability that bring joy to the lives of Indians forms the invisible architecture of Reliance culture. Technology can enhance productivity but it is this spirit that will continue to drive Reliance's ambition and a sense of purpose.

The fifth and final S is Sustainability. Sustainability is at the core of everything we do at Reliance. For us, economy and ecology are the two inseparable sides of the same coin. Dear shareholders, as I stand before you today, I am reminded of the extraordinary privilege of serving this company and attending every Reliance AGM over the last 49 years. Over these 49 years, I have watched a single product company evolve into a national institution spanning multiple industries with a global reputation.

It was built by a man who did not inherit a silver spoon. Dhirubhai Ambani. All he possessed was an uncommon clarity of purpose and a determination to realize this purpose with diligent performance. He infused that purpose into the superlative team he built. The purpose was to make India prosperous and strong and to demonstrate to Indians and the world at large that we too can become an industrial powerhouse second to none. We did not deviate from his purpose during the generational transition 25 years ago. And there won't be the slightest deviation from the founder's purpose in future when a new generation of leaders takes full charge of Reliance and its offshoots.

My most esteemed co-owners of Reliance, we are proud of what Reliance has achieved so far. But it fills us with humility to realize that our motherland expects much more of us. Therefore, the next two decades of Amrit Kaal are crucial for Reliance and for all other Indian businesses. We must intensify our efforts many times to do much more and much better. The noble mission of Viksit Bharat by 2047 is beckoning all of us.

It is mandated that all Indian businesses build a modern, holistic India, an India of equity, fairness and harmony for all and an attractive model for the rest of the world. To work for this patriotic mission is our duty and also our highest reward. As I keep reiterating, this mission can be achieved only through collaboration between the government, the industry and the people. Every Indian institution, every Indian...

Company and every Indian citizen must raise their aspirations and align their energies. The Holy Rig Veda teaches us: may we march forward with a common goal. May we work together in harmony and empathy. May we share our thoughts for integrated wisdom. May we follow the example of our ancestors who achieved higher goals by virtue of being united. In this endeavor, Reliance recommits unreservedly to playing its fullest role. Dear shareholders, I take this opportunity to convey my sincere gratitude to all our board of directors for their invaluable counsel and stewardship. I extend my heartfelt thanks to all our employees, our greatest strength, whose passion and perseverance have driven Reliance to new milestones. I'm equally grateful to our business partners for their steadfast collaboration in delivering excellence. I also appreciate the continued support of government authorities and regulatory institutions. Most importantly, I offer my deepest appreciation to all our shareholders, India and its people for their continued trust and confidence in Brand Reliance. Your support remains the foundation of our journey and success. Thank you. Jai Shri Krishna.

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 the circulars issued by the regulators. The company has taken all feasible steps to ensure that the shareholders are provided an opportunity to participate in the annual general meeting. Adequate video conferencing facility and live webcast of the proceedings of this meeting have also been provided. Requisite quorum is present and therefore 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 employees stock option scheme are available for inspection by the members.

I wish to introduce for the benefit of new members my colleagues on the board of our company: Dr. Shoumitra Chatterjee, Shrimati Arundhati Bhattacharya, His Excellency Yasir Al-Rumayyan, Sri K.V. Kamath, Sri Ashwini Kumar, Sri Hital Meswani, Sri D.V. Nayak, Sri Nikhil Meswani, Sri P.M.S. Prasad, Sri Anant Ambani, Shrimati Isha Ambani Piramal, Shri Akash Ambani. All directors of the company are present at this meeting. Shri V. Srikanth, Chief Financial Officer, Shrimati Savithri Parekh, Company Secretary, and Shri Ketan Rathod, and the representatives of our statutory auditors and secretarial auditors of the company are also present at this meeting.

Notice dated May 27, 2026 convening this annual general meeting and a copy of the annual report for the financial year ended March 31, 2026 have already been circulated electronically to the members of the company. A letter providing the web link of the annual report has been sent to those shareholders who have not registered their email address. With your permission, I shall take them as read. The auditor's report on the standalone and the consolidated financial statements and the secretarial audit report of the company for the financial year ended 31st March 2026 do not contain any qualifications, reservations, adverse remark or disclaimer. Accordingly, these reports are not required to be read out as provided in the Companies Act 2013.

Now I will begin my formal address to the shareholders. My dear shareholders, namaste and a very warm welcome to the 49th Annual General Meeting of Reliance Industries Limited this afternoon.

At the very outset, on behalf of the entire Reliance family, including all our shareholders, let me congratulate our beloved Prime Minister Shri Narendra Bhai Modi ji on achieving the stupendous feat of becoming the longest-serving elected prime minister of India. Later this year on the 7th of October, he will complete 25 uninterrupted years in public office, first as Chief Minister of Gujarat and then as Prime Minister of India. Over these years, the number of votes he has polled is by far the largest by any leader in the democratic world. We congratulate him on this remarkable milestone in public service. His vision for India's growth and the corresponding execution plan have been instrumental in the rapid all-around growth India has witnessed over the last decade.

Dear friends, the past six years have been the most volatile and uncertain in several decades. COVID-19, increased geopolitical frictions, conflicts and wars, energy market disruptions, supply chain fragmentation, sharp swings in commodity prices and shifting capital market dynamics have combined to create a far more unpredictable global operating environment than before. The war in West Asia added to these problems. However, tough times never last. Tough nations do. And India is among the most resilient nations in the world. With unity, positivity and self-confidence, we have overcome the worst crisis in the past. Under the able, experienced and far-sighted leadership of Prime Minister Shri Modi ji, India has handled the situation with exemplary competence, commitment and wisdom. I can see India emerging much stronger in the fast-changing multipolar world. India will play the role of a balancer, a promoter of peace and a friend to all. This is not merely my hope. It is my confidence and my conviction.

Friends, the most important lesson for India from these volatile times is that we must intensify and speed up our efforts to make our country atmanirbhar in critical resources and technologies. Maximum energy self-sufficiency and AI self-sufficiency must become our national missions. The success of these missions is critical to the success of Viksit Bharat. Reliance is playing a leading role in both the national imperatives.

We have laid the foundation for Reliance to emerge as a leading deep tech and advanced manufacturing company. For this, we are investing an extraordinary amount in innovation and R&D effort. Here is proof that will make all of you proud. According to the latest report by the World Intellectual Property Organization, Jio Platforms has jumped from a rank of 340 to 20 in just one year in terms of the velocity of innovations through patents. This places Jio above several global tech giants and is the only Indian company in the top 20 in this elite league. Let us warmly congratulate our brilliant team of scientists, engineers and innovators. They have made India proud.

Friends, this is a landmark year for us for not one but two reasons. Jio completes 10 years of stellar success becoming the primary enabler of India's digital and AI revolution. Reliance Retail completes 20 years as a trailblazer becoming the catalyst of India's organized retail revolution. In both businesses, we remain the unbeatable number one. Two phenomenal anniversaries, two spectacular transformations, and they affirm one abiding truth. When a patriotic high-performance company consistently serves the aspiration of 1.5 billion Indians, there is no limit to what it can achieve.

Dear friends, our founder chairman Sri Dhirubhai Ambani taught us that behind every obstacle is an opportunity. Through adaptability, reinvention, and strategic diversification, Reliance has consistently achieved long-term value creation at scale. As I address you today, I do so in the firm belief that Reliance's best chapters lie ahead. Our foundations are strong, our strategy is clear, and the opportunity for growth in India and with India and for India is immense. Allow me to take you through the business and financial performance of Reliance.

Dear shareholders, I am happy to share with you that Reliance posted a record high revenue, a record high EBITDA and a record high net profit for the financial year 26 despite global challenges. The consolidated revenue stood at ₹11,75,919 crores, up 9.8% year-on-year. Despite the volatility, rapid scaling up of our retail and digital businesses played a key role in meeting our commitment to doubling RIL's EBITDA over 5 years. Our EBITDA for the financial year 21 was ₹97,580 crores which rose to ₹2,07,911 crores for the year 26. Retail and digital businesses contributed nearly half of the financial year 26 EBITDA. Together they are increasingly becoming the primary drivers of Reliance's future growth.

The net profit for the financial year 26 stood at ₹95,754 crores, up 17.8% over last year. Friends, Reliance's contribution to India's inclusive economic growth and nation building remains unsurpassed. Reliance has maintained its top position in investing for India's growth. Reliance's capex stood at ₹1,44,271 crores for the year 26. Over the last 5 years, Reliance's capital expenditure has stood at a massive ₹6,48,428 crores or over $68.4 billion, more than any other company in India. Reliance contributed almost one-third of the total capital invested by India's top 50 corporates during the last 5 years.

Reliance's exports were ₹2,78,800 crores which was 6.7% of India's total merchandise exports for the year. Reliance remained the largest contributor to the national exchequer contributing ₹2,16,472 crores. With that, our cumulative contribution over the last five years to the national exchequer crossed ₹9,78,000 crores or in excess of $100 billion. Reliance's commitment to inclusive growth remains unwavering. Our CSR expenditure in the financial year 26 stood at ₹2,248 crores, the highest by a single Indian company. Importantly, these achievements are supported by a prudent capital allocation framework, proactive risk management, and a strong balance sheet and growing cash flows. This is reflected in steady improvement in Reliance's global credit rating by S&P to A- and by Moody's to Baa1, both of which are two notches above India's sovereign credit rating. Reliance ranks amongst the largest employers in India. Every year we are consistently creating an increasing number of high-paying direct and indirect employment. Our digital and retail businesses have also catalyzed lakhs of micro-entrepreneurship opportunities.

My dear shareholders, with great delight, let me tell you that the board of Jio Platforms has approved the draft red herring prospectus earlier today and it will be filed with SEBI today. This is a deeply emotional moment for me, for the entire Reliance family and for millions of its shareholders. The relationship Reliance shares with its shareholders is a deep and sacred relationship founded on pride, trust, respect and shared growth. The commitment to shared growth was deeply personal to Dhirubhai. It is equally sacred to me. Embedded in the same spirit, Isha, Akash and Anant are heading the Jio IPO process and will lead the next generation of value creation opportunities in the future. The proposed listing of Jio will demonstrate to the world that India can build technology companies of global scale, global capability and global value. I assure you and all prospective new investors that a brighter future awaits Jio.

Friends, 10 years ago, Jio began its journey with an audacious dream to remove digital inequality from India. At that time, voice was costly, data was expensive, speeds were poor. Jio made voice free, made high-speed data affordable, and Jio made digital life possible for every Indian. Jio empowered students to learn, small businesses to grow, families to connect, entrepreneurs to dream, and India to become the world's largest data market. Now, Jio is preparing for its next big mission.

Friends, in the past, I have spoken to you about the revolutionary power of artificial intelligence. I firmly believe that India should not be a mere consumer of AI created elsewhere. It must become a creator, adopter and a global leader in AI. That is why we announced Reliance Intelligence last year as our newest growth engine. Our objective is to build a profitable AI infrastructure platform and services business serving consumers, enterprise and governments at scale. We set out a clear vision, identified the focus areas and began building the right partnerships with Google, Meta and Nvidia. Now we are entering the next phase — execution, the details of which will be provided by Akash. A decade ago we promised broadband connectivity to everyone everywhere and we delivered on that promise. Today Reliance Intelligence promises AI to everyone everywhere and we shall deliver on this promise too.

My dear shareholders, the Jio revolution is truly a result of courage, creativity and commitment of thousands of young Indian engineers. Before Jio, many believed that India could only import technology from the world. Our engineers proved otherwise. They built, tested, deployed and operated technologies at unprecedented scale. Today, Jio is not merely integrating technology. It is creating original technology. Reliance Intelligence offers an even bigger opportunity to our young engineers. They will get to work on problems of national scale and impact. They will build and deploy technology for 1.5 billion Indians. They will create India-born innovation that the world can adopt. To them I say: come build with us and build for India. Build AI that serves humanity. AI that is powerful, trusted yet affordable. AI that is fluent in every Indian language. AI that empowers farmers, students, doctors, shopkeepers, workers, creators and families. AI that improves efficiency while creating more opportunities to work and prosper for every Indian. AI that contributes to productivity and job creation. We will give you the scale, the resources, the freedom and the responsibility to solve some of the most important challenges of our age.

I now invite Akash Ambani, Managing Director of Jio Platforms Limited. Akash leads Jio with passion, purpose and a deep commitment to India's digital future to tell you about the spectacular progress made and the even more spectacular future that will unfold.

A

Akash Ambani3:34:34

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 crores growing 14.6% year-on-year. EBITDA reached ₹76,255 crores and 18.8% growth with an EBITDA margin improving by 190 basis points to 51.9%. For the first time in our history, profit after tax crossed ₹30,000 crores, growing at 15.1% year-on-year. These numbers are proof of the trust India has placed in Jio. More importantly, they demonstrate that Jio's growth remains both broad-based and profitable.

Dear friends, the next chapter of Jio's growth will be powered by five commitments.

First, to make Jio True 5G the foundation of India's next big digital leap. Our dedicated network slicing will enable a new tier of high-performance connectivity for consumers and enterprises. Our cyclic beam-formed cell design significantly enhances coverage and capacity at high footfall locations. Our target is to migrate all subscribers to 5G by 2030 whilst advancing India's leadership position in 6G standards.

Second is to take high-speed home broadband to every part of India through Jio AirFiber. 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 Jio AirFiber 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. This number will only grow as Jio migrates more Indians to 5G and as AI-enabled use cases proliferate.

Third is to digitize Indian enterprises and small businesses. The JioPC initiative which delivers cloud compute to small businesses through a simple setup box brings enterprise-grade technology within the reach of every micro, small and medium business in India.

Fourth is to ensure AI for everyone, everywhere. Jio is already embedding AI in consumer technology to deliver a smoother, smarter, and more personalized user experience. AI will make our networks more efficient, our homes more intelligent, our customer service more responsive and our platforms more useful to every Indian.

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. The technology we built to solve for India's challenges will also serve the world and become a key pillar of our export strategy. As we launch more value-added services such as premium 5G, AI bundle services and enterprise solutions, our ARPU will grow significantly.

Dear friends, there's 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 the 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. These ground stations will support our partner constellations as well as our own future satellites, creating an end-to-end satellite broadband ecosystem from space to ground. With this initiative, Jio is strengthening India's atmanirbharta in space, placing India firmly on the global satellite broadband services map.

All of these initiatives show that the best of Jio is yet to come. 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 green energy 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 that allows 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-first applications such as Jio Bharat IQ, AI Vyapar, Jio Health IQ, Jio Learn IQ and Jio Rishi IQ. Jio Bharat IQ will make AI a companion for every Indian. AI Vyapar will help small merchants and businesses improve productivity, serve customers better and compete with confidence. Jio Health IQ will bring intelligent healthcare support closer to every family. Jio Learn IQ will help students learn in their own language at their own pace and with confidence. Jio Rishi IQ 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. Together, these platforms will create a scalable foundation for consumer, enterprise, and government AI services.

Friends, we are simultaneously building a world-class team of AI researchers and engineers, investing in India's AI startup ecosystem, and collaborating with leading Indian universities and research institutions.

Within Reliance itself, the transformation is unmistakable. At Jio, AI-native network management is already driving efficiency and quality at scale. At Reliance Retail, AI-embedded merchandising and supply chain optimization is reducing waste and improving product availability for millions of customers. At JioStar, AI is powering multilingual content creation. In our oil-to-chemicals operations, AI-driven process optimization is improving yield and reducing energy consumption.

Dear shareholders, just as Jio made data extremely affordable for every Indian, Reliance Intelligence will disrupt AI economics by making it dramatically more affordable for every Indian by the end of this decade. The Jio Bharat 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.

N

Narrator3:47:50

Across the world, AI has meant one thing: an app on your phone. And through it all, the phone call, the most natural thing we do, has stayed unchanged for decades. Today, Jio is doing something fundamentally different. Every day, Jio carries 20 billion minutes of voice, making us one of the largest voice carriers in the world. This is where India truly lives, talks, works, and connects. So we asked: why should AI sit outside the very place Indians interact the most? And so we'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 just 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. For example, on a conference call, it can 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. Here's a quick demo.

Arjun Mhatre is deep into a quarterly review call with five people when he realizes three colleagues who should be weighing in aren't on the line. He just says:

"Hey Jio, add Priya, Rahul and Sam." Adding three more participants to the call, and they are dialed in. No fumbling for numbers, no separate conference bridge. Within seconds the three of them are connected. Now eight people, and the call is running long. Arjun can't take notes and stay in the discussion. So he says:

"Hey Jio, start transcribing this meeting." Transcribing the call now. Every participant gets a notification that the call is being recorded and transcribed with consent, and it begins capturing in real time, identifying each of the eight speakers by voice. Walking to the lift, tired, he says:

"Hey Jio, summarize the call for me and create action items for all." Summary being generated. Clean minutes. The decisions and the action items tagged to each owner. His own two action items arrive as an SMS with a reminder already set. On the drive home, he calls his wife.

"Hey Jio, call Ria." Calling Ria. "Hi." "Hi. Should I book a restaurant?" "Papa, it's Friday." "So sorry, my papa forgot it's Friday." On the same call, he says:

"Hey, order a margarita pizza." The AI call agent knows his usual outlet and saved address. Asks the right two questions: you want regular or medium-sized pizza? How about adding Campacola? "Yes, a medium-sized pizza with Campacola." And place the order. "Okay, your order has been booked and your total is 748 rupees." He confirms the price and places it. By the time he arrives home, the pizza has arrived and the family tradition continues.

A

Akash Ambani3:51:33

I now invite my colleague Kiran to join me.

K

Kiran3:51:37

Thank you, Akash. 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 a place you go to to recharge or to 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 the screens. Just voice your intent and MyJio acts instantly. Here is a quick demo.

N

Narrator3:52:31

"Hey Vikram, how may I help you today?" "I'm moving to Pune next month. How can I transfer my JioFiber?" "Got it, Vikram. I can move your whole JioFiber setup with you. What's the new address in Pune?" "B1204, Skyline Heights, Baner, Pune 411045." "Good news, that address is covered. Here's what I found." Pick an installation slot for the new place. "15th July morning works for me." "Done. I've set everything in motion. Our agent Rajiv Sharma will contact you for transferring the JioFiber 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?"

K

Kiran3:53:24

Traveling overseas. It finds the right roaming pack and sends real-time usage alerts. Here is a quick demo.

N

Narrator3:53:32

"Hey Vikram, tell me what you need and I'll take care of it." "I'm flying to Italy next week." "That sounds exciting. Italy is a great destination. To pick the right roaming pack, could you share your departure and return dates?" "25th June to 5th July." "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." "Recharge for 1551." "Perfect. I have completed your recharge. Your plan will auto-activate when you land in Italy. Have a great trip."

K

Kiran3:54:06

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. You can see all of the demos on our website.

Now let's move to JioFiber. Jio powered India's journey from voice to data to video, pioneering gigabit broadband for every Indian. Today we take the next leap. JioFiber'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 AirFiber. But this is not about speeds. It is about what your family can do now. Look at your home today. Connected devices per home have grown multifold in 5 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 callback 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 Jio 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.

N

Narrator3:58:31

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 p.m. 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.

"Hey Gio, did you get that?" 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 Jio Hotstar, sets light, fan, volume and keeps score updates visible.

K

Kiran3:59:28

Different agents, one home. A home that understands you and looks after the people in it.

Dear shareholders, let me now talk about our media and entertainment business. In FY26, JioStar completed a remarkable first year of full operations. Today, JioStar, JioStudios, and Network18 together constitute India's most powerful media ecosystem. The business posted a full-year revenue of ₹34,917 crores with an EBITDA of ₹5,842 crores and a net profit of ₹3,434 crores.

JioStar remains India's leading television entertainment network with a 34.7% viewership share, nearly equal to the next three players combined. Every day 389 million viewers choose our content across genres and languages. On digital, 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, Jio Hotstar recorded a world record 72.5 million concurrent viewers in India. Today, nine of the 10 highest global concurrency records belong to Jio Hotstar. IPL 2026 reached over 700 million viewers on our platform demonstrating the unparalleled reach of our digital ecosystem.

Jio Hotstar also became the first Indian paid OTT platform to cross 1 billion downloads and is now available on 99% of connected TVs in India. These milestones reflect a simple reality: whether on television or digital, JioStar and Jio Hotstar 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 microcontent hub TKA 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 and choice and control firmly in the hands of the consumer. This philosophy has earned us the loyalty and trust of 500 million users on Jio Hotstar.

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 Jio Hotstar 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.

N

Narrator4:04:16

Mera's been meaning to rewatch Arya for months. Season 3 just dropped. She jumps straight in. 10 minutes into episode 1, Dolith 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:

"Why is Arya friends with Dolith? Didn't he kill her husband?" It builds the story for her. The early scenes. Dolith 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 Dolith smiles at Arya, she knows exactly what that smile means.

K

Kiran4:05:27

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 Jio Hotstar. Here's a closer look on how you can move from screen to cart seamlessly without leaving your screen.

N

Narrator4:05:49

You are watching Dandar 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 Jio Hotstar. 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 Dandar. From inspiration to intent to purchase, all in a few minutes without leaving your screen.

K

Kiran4:06:44

At Jio Hotstar, 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.

N

Narrator4:07:05

Big 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 to be.

K

Kiran4:08:05

Dear shareholders, let me now speak about JioStudios. India's number one content studio by revenue, catalog size and box office share. The Dandar franchise crossed ₹3,000 crores in worldwide box office gross making it the first Indian film duology in which each film crossed ₹1,000 crores. With this, JioStudios 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 subscriptions business with a fast-growing feature-rich offering for investors seeking actionable insights. Firstpost remains the premier destination for audiences seeking an Indian view of the world. With the creator economy growing exponentially, the company launched Creator18. This offering strengthens its ability to deliver social media solutions for clients and develop new formats that resonate with the younger audience.

With that, let me invite our chairman back onto the stage.

M

Mukesh Ambani4:10:04

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 hart work. I am confident that this hard work will make Jio's second decade even more scintillating, more purposeful, and more transformational. As Jio enters its next decade, our aim is to build one of the world's leading digital infrastructure and AI platforms while creating enduring value for all shareholders.

Dear shareholders, when Dhirubhai Ambani took Reliance public in 1977, he made an unspoken promise to all Indians: the promise that Reliance will always build for the people, not merely for profit. 20 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 5 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 the financial year 26, 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 eyewear 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.

I

Isha Ambani4:15:55

Thank you, respected chairman, esteemed shareholders. Financial year 26 was a year of strong execution and measurable acceleration. Gross revenue reached ₹3,70,026 crores growing 11.8% year-on-year. EBITDA grew 7.9% to ₹27,033 crores — 3.4 times that of our nearest competitor. Profit after tax rose 12% to ₹13,838 crores. Our registered customer base reached 387 million, up 11% year-on-year. We processed 1.93 billion transactions, up 39% year-on-year.

That single number captures something significant. Quick commerce coming of age, adding a promising new layer to the growth of large basket shopping. We now operate 20,160 stores across 78 million square feet. In grocery, our Smart Bazaar network crossed 1,000 stores, one of the fastest large-scale retail rollouts in the world. A large part of this network now serves tier-two 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 farmers. We sold 12 lakh metric tons of staples.

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 these 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. Rush, our 4-hour delivery promise, now covers 600-plus towns.

Sheen has crossed 11 million app installs, adding 1,000 new styles daily. Dear friends, global fashion at Indian prices is an idea whose moment has arrived. Our premium brand segment added exclusive long-term partnerships with Stella McCartney, Kurt Geiger, Max Mara, 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 Gauri Kailash, 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 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 jewels, 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, Banjara 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 financial year 26, RCPL achieved gross revenue of 22,000 crores, growing twice year on year. What took years and 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 a 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 demerger 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, 4,700-plus crores in gross sales in financial year 26, having challenged decades-long market leadership, 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. Independence, our daily essentials brand, delivered 2,600 crores in revenue and was recognized as one of India's most trusted brands of financial year 26. In packaged drinking water, RCPL is now India's third-largest branded water player, powered by Campa Sure, 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 Twisty 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 Badia 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, excluding select territories, to heritage brands like Brylcreem, Tony and Guy, Badesse, 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 Campa and Sunrich to powerful consumer response. We dominated the IPL with campaigns building national momentum through high GRPs across India. We deepened our regional connect through Power Up in Andhra Pradesh and Telangana, and Purple Energy in Tamil Nadu.

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. 10,000 crores 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 30,000 crores of rupees 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 1 lakh crores 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. And let me now welcome back the chairman.

M

Mukesh Ambani4:29:21

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 the 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 supercycle, 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.

A

Anant Ambani4:32:20

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 23,861 crores and an EBITDA of 19,500 crores for the year 26. 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 the year 27 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 the year 26, 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 6,62,410 crores. EBITDA grew 10.1% to 60,546 crores. Friends, let me take you back to March 2026, when the Strait of Hormuz was disrupted. Crude and product markets witnessed extraordinary volatility during the period. Yet our diversified sourcing and 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. Our PVC and CPVC expansion, including a 1.2 million ton PVC plant at Nagothane, will significantly cut imports of materials that millions of Indians' homes and industries depend on every day.

These capacities will serve India's growing demand across infrastructure and consumer goods, boost value-added exports, and capture the next leg of growth. Friends, we continue to adopt digital technologies in innovative ways to enhance operational efficiency. Here are three specific examples of how we are digitizing operations.

First, our proprietary AI-driven feedstock optimization tool now helps select the most efficient crude blends. Second, our digital logistics platform, developed in-house, streamlines chartering and supply chain operations. And third, the new-age smart contract execution tools improve speed and accuracy in customer transactions.

Building on these digital foundations, we are progressing towards operating Jamnagar as the world's first end-to-end autonomous refinery, an industrial milestone that will define the next era of global refining.

Dear friends, our consumer energy business under Jio-bp grew strongly this year, maintaining adequate fuel availability in domestic markets despite costs soaring above market prices in the last few months. Jio-bp petrol and diesel volumes grew 29% year on year, significantly outpacing industry growth and gaining higher market share.

Our retail network grew to nearly 2,200 outlets with 400 under construction. We expanded EV charging to 80 cities and 45 highways, and grew our CBG network, making us the largest player in the country. Our CBG and CNG network covers 177 sites with volumes growing 68% year on year. Jio-bp remains India's most efficient and effective fuel retailing network.

Dear shareholders, our O2C business is entering its next generational strategic evolution. Every barrel of crude we process will increasingly yield chemicals and high-value materials, not just fuels. More efficient, more export-driven, more valuable. This business financed our past. It is financing our future. And the best chapter is still ahead.

My dear shareholders, 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, designed to solve India's energy trilemma of security, affordability, and sustainability simultaneously, at a scale that has no parallel.

In the year 26, this mission moved from construction to commissioning. The Dhirubhai Ambani Green Energy Giga Complex at Jamnagar, spread over 5,000 acres, is now one of the world's most integrated clean energy manufacturing ecosystems. Our founding chairman, Shri Dhirubhai Ambani, always dreamed of making India self-sufficient in energy. This business is a manifestation of that dream.

Dear shareholders, I am proud to report that our solar PV cell and module manufacturing lines have been commissioned and are now operational. Nearly 1 GW of HJT modules have been produced, with around 2% higher energy yield, 15% better temperature performance, and 25% lower degradation than conventional modules. We have achieved ALMM listing for HJT technology, the first in India for this advanced cell type. This is a proud affirmation of Honorable Prime Minister Shri Narendra Modi's clarion call for Make in India.

We are building towards 20 GW per annum of fully integrated capacity—from polysilicon to ingot, wafers, cells, modules, and glass. Every step in this chain is a step towards Atmanirbhar Bharat.

Friends, the first phase of our 40 GWh annual battery and cell gigafactory is on track to be commissioned this year. All the equipment has already been delivered at the site, and we have now committed to scale this up to 120 GWh of annual capacity. When commissioned, this will make Reliance one of the world's largest manufacturers of lithium iron phosphate batteries.

Let me put that in perspective. In a world where supply chains are being contested and access to technology is being weaponized, building world-scale battery manufacturing capacity in India is not merely a business decision. It is a strategic imperative for national resilience. This is the holy grail of affordable, sustainable, and self-sufficient round-the-clock power, and Reliance is making it real.

Dear shareholders, let me now turn to where this ecosystem comes together—in the Rann of Kutch region, where we are developing a renewable energy hub across 550,000 acres. This hub is being built to deliver round-the-clock power at gigawatt scale, combining solar and battery storage systems in a single unique integrated architecture. This platform will become one of the lowest-cost resources of round-the-clock green power anywhere in the world.

Once fully operationalized, the integrated hub will generate over 40 billion units of green electricity every year, which is approximately 3% of India's annual electricity requirement. The dedicated Kutch to Jamnagar transmission corridor is under construction with EPC contracts awarded. Our peak installation rate target is 55 megawatt peak of solar modules and 150 MWh of battery containers per day.

I want you to pause and absorb that number: 55 MW-peak of solar installations per day, 150 MWh of storage per day. This is not just any project. We are gearing up for a world-scale deployment of clean energy infrastructure at a pace the world has never seen before.

Dear shareholders, green electricity is the foundation, but green molecules are the transformation. Our green chemicals program is advancing on plan. We are on track to commission our alkaline electrolyzer manufacturing gigafactory. We will unlock four powerful monetization streams through green molecules.

One, green urea, strengthening India's food security. Two, urea ammonium nitrate (UAN) for our fertilizer needs. Three, green ammonia for co-firing and power generation, displacing fossil fuel emissions in India and export markets. And four, bio-methanol, a clean transport fuel and chemical feedstock with sustainable aviation fuel applications and growing global demand.

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, which is among the largest green ammonia contracts in the world. This validates the commercial competitiveness of our green hydrogen platform. We are in advanced discussions for more such exports to Japan, Korea, and Europe with long-term offtake commitments.

Our target of 3 million metric tons of green hydrogen equivalent green chemicals capacity in the next 10 years remains firmly in our sight. Friends, step back for a moment. Consider what we are truly building here: the world's first fully sovereign clean energy ecosystem. Sunlight converted directly into electricity and green molecules. No imported fuel, no foreign technology, no exposure to the disruptions that have shaken the world this past year.

Few enterprises globally are attempting this level of integration and scale. This is not merely a business. This is Reliance's most enduring strategic asset, both for our nation and for the world.

Dear shareholders, building this ecosystem from scratch in India with indigenized technology has been harder and more complex than any roadmap could fully anticipate. We own that. But the foundation is now built. Commercial revenues from solar modules start rolling in this year. The battery factory commissions this year. And the Samsung C&T agreement is not a promise—it is a signed contract.

From the year 27 onward, New Energy will begin contributing meaningfully to Reliance's financial performance. We ask for your continued trust, and we intend to earn it quarter by quarter. Dear shareholders, Reliance now contributes over 40% of India's entire compressed bio-gas production.

We are on track for 55 plants producing approximately 1,100 tons per day by the end of year 27. Over the next five years, we target to establish integrated CBG hubs to achieve 1 million tons of annual CBG capacity. Friends, we are also advancing our work in underground coal gasification (UCG), which will convert India's uneconomic and low-quality coal reserves into clean syngas, thereby substituting imported LNG and directly adding to our low-carbon energy pool.

Dear shareholders, before I close, I want to leave you with one number—a number that to me defines what this new energy mission is truly about: 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—engineers, technicians, operators, construction workers, farmers, and entrepreneurs—whose livelihoods will be built on clean energy. The clean energy transition will be an engine of inclusive prosperity. It will create jobs, reduce import dependence, boost exports, lower energy costs for every Indian home and every Indian factory, and fulfill our obligation to save Bhumata, Mother Earth, from the climate crisis.

The world built its old energy on Middle Eastern oil. The world will now build its new energy on Indian sunshine. Friends, for me, the new energy business is a third-generation business at Reliance, which we are building with the purpose and passion of first generation. It is our generation's contribution to India's energy story and our promise to every shareholder, every employee, every farmer, and every citizen who depends on our motherland's energy future.

My beloved grandfather and father proved that Indians can build the impossible. We are proving it again, and this time the whole world is watching. Let me end by proclaiming the motto of our new energy business: Harit Urja, Harit Vikas, Harit Bharat, Sashakt Bharat. Thank you. Jai Sri Krishna. Jai Hind.

M

Mukesh Ambani4:49:18

Well done, Anant. Dear shareholders, the O2C business remains the prime contributor to Reliance's financial performance. Reliance has demonstrated the resilience of this business time and again through every kind of challenge. The oil to chemicals business is on the path to achieve carbon-neutral operations at least two decades before India's 2070 target.

In the long run, we will convert all the oil we refine into chemicals and new materials. This transformation will fundamentally improve the quality, resilience, and the value of our earnings. I'm confident that our new oil to chemicals and material business will become even more valuable than our current oil-to-chemicals business. Our ambition is simple: to make Reliance the world's leading integrated energy and materials company for the age of sustainability and intelligence.

Friends, Reliance has emerged a natural partner for global chemicals and materials majors in this volatile world. We are open to flexible partnerships and co-building integrated complexes in India and abroad, anchored in our integrated feedstock, unmatched manufacturing scale and execution capability, the lowest-cost base, and a strong balance sheet. India remains one of the most favorable geographies globally for expansion, and Reliance offers our partners a single secure base to serve both India's large domestic market and the global demand.

The upcoming fully integrated green ecosystem will not only transform our old energy business, but also open up significant possibilities for our growth and India's future growth. Reliance, with its five integrated engines of growth—UCG, bio-energy, new energy, oil to chemicals, and the materials business—is now ready to deliver exponentially more value. With the new energy and materials platform and an AI-native way of working, Reliance is transforming our oldest business into a unique first-generation growth platform—one that cannot be replicated on technology and scale.

Let me now invite Nita Ambani, Chairperson of the Reliance Foundation, to share her exciting update on the Reliance Foundation.

N

Nita Ambani4:52:07

Thank you, Mukesh, and well done, Isha, Akash, and Anant. Dear members of the Reliance family, our esteemed shareholders, namaskar. Congratulations on another pathbreaking year of achievements and growth. None of this would be possible without your trust, partnership, and support.

As I stand before you today, my heart is full of gratitude, of humility, and of a hope that grows stronger with every passing year. This year, Reliance Foundation enters its 16th year of dedicated service to India, of putting our philosophy of 'We Care' into action every single day. What began as a corporate commitment has grown into one of our nation's largest and most impactful institutions of social transformation.

Today, I am honored to share that over the last 16 years, Reliance Foundation has touched the lives of over 97 million Indians across every single state of India. We work in nearly 100,000 villages—that is almost one in every six villages of India—with a simple vision to help every village become more self-reliant, more climate-resilient, more rejuvenated, and full of opportunities and hope.

In these villages, we run health camps, empower women, restore ecosystems, uplift Anganwadis, enhance learning spaces, train farmers to use digital and AI tools, offer relief after disaster, and rebuild lives and communities. And in every village we enter, in every child we educate, in every woman we empower, I see the same thing: a nation that is not just growing, but awakening and rising with renewed confidence, dynamism, and determination. A nation whose time has truly come.

Our dear shareholders, over the past year, we have continued to deepen our work across rural transformation, healthcare, education, sports, women's empowerment, disaster response, art and culture, and environmental sustainability. Today, I would especially like to speak about three transformative initiatives that reflect our vision for a more prosperous shared future.

First, a university that will raise India's global standing in higher education. Second, a garden for all of Mumbai to enjoy nature, breathe fresh air, build communities, and make memories. And third, a medical city that will bring world-class healthcare to the heart of Mumbai.

Let me begin with education. As India marches towards joining the ranks of developed nations, we need more Indian universities that can be ranked amongst the best in the world. Our upcoming university will fulfill this ambition.

Dear shareholders, I'm proud to share that we have received approval from the Government of Maharashtra to establish a state private university. Our interim campus at Ulwe is already a vibrant center for learning with modern academic, residential, and sports facilities on par with global standards. But what lies ahead is even more transformative.

Our upcoming permanent campus at Donagiri, spread across 410 acres, will be truly world-class in size, design, and most importantly, excellence in academics and research. It will bring together an academic district, a research park, a sports district, a medi-city, a residential district, a vibrant arts district with amphitheaters, performance halls, and art galleries, and an innovation and incubation park where cutting-edge research supports the creation of unicorns.

This state-of-the-art university will host seven world-class schools with a focus on AI and emerging technologies: the School of Engineering and Computing, the School of Management and Entrepreneurship, the School of Law, Governance and Policy, the School of Humanities and Social Sciences, the School of Medical Science and Public Health, the School of Architecture and Urban Planning, and the School of Education.

The university will offer undergraduate, postgraduate, doctoral, and post-doctoral programs that support our shared vision for an India that excels in every field. Combining the highest standards in academics and research, it will bring together a distinguished community of teachers, scientists, researchers, innovators, and thought leaders from around the world.

In line with the vision for Viksit Bharat, our university will help Mumbai transform into a knowledge city and Bharat into a Gyan Bhumi, a knowledge power. At our university, we will welcome international faculty, students, and scholars from around the world, creating a global academic community. In an ever-evolving world where change is the only constant, educational institutions also need to change with the times and create future leaders who are agile, adaptable, and resilient.

Our ethos is to nurture a culture of excellence, integrity, and lifelong learning—an institution that will inspire thinkers who question, builders who create, scientists who innovate, and leaders who serve. Students who carry the confidence of India's heritage and the ambition of its future, who are rooted in our values but at the same time are citizens of the world.

Respected shareholders, a truly compassionate society must care not only for its people but also for the voiceless. This year marks the first anniversary of Vantara. And this year, we also laid the foundation stone of Vantara University, a global university dedicated to training the next generation of wildlife conservationists and veterinary scientists.

Respected shareholders, alongside education, sport remains a key focus area for us at Reliance Foundation. Through our Education and Sports for All program, we have reached more than 29 million young children and youths all over the country. When talent meets the right opportunity, extraordinary things happen.

This year, our Reliance Foundation athletes won 86 national and international medals. We are now focused on Olympic sports where India has the highest potential to shine on the world stage: archery, athletics, boxing, shooting, wrestling, and badminton.

In partnership with the International Olympic Committee, we are also using sport to do what it does best: teach values—values of friendship, excellence, respect, discipline, resilience, and teamwork. We start working with them as young as three years old.

Friends, as an IOC member and a proud Indian, I carry a dream very close to my heart—a dream shared by over 1.4 billion Indians: to bring the Olympic Games to India. A dream in which the sporting world comes together on Indian soil, our hearts filled with pride and our arenas with triumph. Not just triumph of talent, but triumph of the human spirit. Truly an Olympics that the world will never forget.

Friends, a stronger India is built on the foundation of a healthier India. We are moving forward with a vision of a transformative medical city and medical college in Mumbai. Reliance's plan to modernize Seven Hills Hospital marks a significant milestone in this journey of strengthening India's healthcare infrastructure and expanding affordable world-class medical care, with a planned capacity of 1,500 beds.

Seven Hills is envisioned to be one of Mumbai's largest hospitals, leading in clinical research, cancer care, emergency and trauma services, organ transplantation, neurodegenerative disorders such as Alzheimer's and Parkinson's. The hospital will leverage advanced medical technologies, artificial intelligence, data-driven clinical systems, digital health platforms, and compassionate patient care. For us, this is much more than a hospital. It is the beginning of a truly integrated medical hub in the heart of Mumbai.

What makes this journey especially meaningful is our partnership with BMC. The hospital will also have more than 450 beds dedicated to serving the economically weaker sections of society. Dear shareholders, last year I shared with you a dream taking shape along Mumbai's coastline: the Coastal Road Gardens.

We now have a world-class team of landscape architects, ecologists, planners, and engineers who are working on the master plan design—one that brings global expertise while remaining uniquely and authentically Mumbai in spirit. Initial work has commenced and 15,000 trees are already on site.

In a city that never stops, the gardens will serve as a pocket of stillness, peace, and serenity—as an invitation to heal and soak in fresh air. Spread across 130 acres, these gardens will be home to more than 60,000 trees, shaping a vast new green lung for Mumbai. It will be a hub of flora and fauna with shaded walking and cycling paths, open maidans, public gyms, children's play areas, and vibrant spaces for arts and culture.

It will also feature unique attractions for families, like a tree museum and state-of-the-art facilities for sports including cricket, football, tennis, kabaddi, basketball, paddle, pickleball, and other sports. The Coastal Road Gardens will be a tribute to the spirit of Mumbai—a place for every Mumbaikar to reconnect with nature and an investment in the long-term health of our city.

Every great city has an iconic garden by which it is known: what Central Park is to New York, Hyde Park to London, and the Botanic Gardens to Singapore. We hope the Coastal Road Gardens will be to Mumbai. Dear shareholders, while these landmark initiatives represent our vision for the future, our work on the ground continues to transform lives in meaningful ways.

Behind every number in our annual report is a life changed, a family uplifted, a future transformed. A woman who earns and now signs her own checks. A young man who got his first job and handed a salary to his aged parents. A child scouted from a small village who went on to wear the Indian jersey, making not just his parents but his entire village community and country proud.

Whether it is empowering one million women entrepreneurs, helping nearly two lakh young Indians gain employment, reaching over 23 million people for rural transformation, or supporting our arts, artists, and artisans as we carry Indian culture on the global stage with love, respect, and pride. My dear Reliance family, we are living through an incredible moment in our nation's journey—a moment when India's leadership is ever stronger, our aspirations bigger, our confidence higher, and the possibilities before us greater than ever before.

Guided by the vision of our Honorable Prime Minister Shri Narendra Modi ji, we remain committed to playing our part in realizing these possibilities. Reliance Foundation carries forward our founding conviction that what is good for India is good for Reliance. Sixteen years ago, we made a commitment to our nation. 97 million lives later, that commitment has only grown deeper, stronger, and more urgent.

We carry that conviction not as a policy or a program, but as a purpose. Friends, like I said at the beginning, India's time has truly come. We are a civilization reclaiming our destiny. India's rise today is not just an economic or cultural story. It is a human story—a nation of over 1.4 billion dreams finding a voice. One of the youngest, most energetic, and most aspirational populations of the world, stepping into their full potential.

At Reliance Foundation, we consider it not just our corporate social responsibility but our moral and patriotic responsibility to stand in service of our nation. There's so much to be done, and it can only be done by expanding the circle of cooperation and partnerships with governments, philanthropic organizations, and other stakeholders.

Rashtra seva, motivated by rashtrabhakti, should become a rashtriya abhiyan—that is, a calling of every single Indian. We remain grateful for your trust, support, partnership, and shared belief in this path of desh seva and desh bhakti. Thank you. Dhanyavaad. Jai Hind.

M

Mukesh Ambani5:10:21

Thank you, Nita. Reliance Foundation is truly a jewel in the crown of Reliance Industries. We are proud of your team's achievements under your passionate guidance. We wish the very best for Reliance Foundation's future plans. Dear shareholders, let me now share our value creation roadmap with you.

Today we stand at the threshold of our next phase of hypergrowth. The foundations have been laid, the platforms have been built, the capabilities have been assembled, and the opportunities before us have never been greater. Throughout our journey, one principle has guided us: what is good for India is good for Reliance. This belief has always defined our priorities. It has also shaped how I view value creation from a long-term perspective.

We have seen many temporary dips in shareholder value in the past. But when we develop our inherent strengths persistently and when we deliver growth consistently, value accretion happens inevitably. Our track record is impeccable. Reliance now has diverse streams of cash flow which reduce earnings volatility and deliver earnings growth in the high teens over investment cycles. As a result, our performance has more than matched our promises, always.

We doubled our EBITDA in the last five years. And as I look to the future, I am absolutely confident in our ability to double—indeed, more than double—our consolidated EBITDA over the next five years. In other words, Reliance will rank among India's foremost wealth creators throughout Amrit Kaal.

My dear shareowners, the most important value creation milestone this year, of course, is Jio's imminent IPO. I assure you that this will unlock great value for Reliance shareholders and offer an attractive investment opportunity to others. Dear friends, people often ask me: how has Reliance managed to grow so big in such a short time? What is the secret? The answer is hidden in just two words: founder's mindset.

Every new generation has to believe it is the founder of Reliance and is the first generation. I followed this principle when I took to the helm of Reliance 25 years ago. Leaders of our generation and I reinvented Reliance by following a two-pronged strategy: innovating and expanding existing businesses, and building new growth engines.

I am happy to inform you that Isha, Akash, and Anant are doing what I did 25 years ago—but with greater ambition and a much larger financial and professional base. Under my active guidance and mentorship of all our directors, they are aggressively expanding existing businesses while laying the foundation for new ventures. I envision each of these ventures growing as big as today's Reliance in the times ahead.

Let me outline our five major value creation pathways. First, our oil to chemicals business, the mainstay of Reliance so far, will increase earnings as soon as the geopolitical situation improves. Simultaneously, and more importantly, we are reinventing this business to create a new revenue stream less vulnerable to external volatility. We will convert all the crude oil we process into new materials—carbon fiber, specialty materials, green chemicals, and much more. This new vision will drive margin expansion and lay the foundation for our oil to chemicals and new materials business.

Second, our new energy business has entered the phase of accelerated commissioning and early revenues. The integrated solar manufacturing and our advanced battery platform will achieve one of the world's lowest cost of RTC green power. It will also enable the world's most competitive green hydrogen and green chemicals ecosystem. Our foray into underground coal gasification business has immense growth potential. Our CBG business is ready to be scaled up as the world's largest bio-energy business. Besides making India largely self-dependent in energy, all these initiatives will emerge as perpetually profitable investments. Therefore, I am absolutely confident that soon the new energy has the potential to become one of the largest earnings engines for Reliance.

Third, for India's self-reliant and accelerated prosperity, Reliance Intelligence is going to be as transformative and consequential as our new energy business. AI is becoming a multi-trillion dollar business globally. Reliance Intelligence will lead this business in India. The infrastructure for it is being built at breakneck speed and it'll fully operationalize over the next couple of years. Reliance Intelligence will make AI integral to the daily lives of every Indian and every Indian enterprise. The use cases for AI are growing by the day. Hence, I envision this business to become one of Reliance's most prolific growth platforms.

Fourth, our FMCG business is a new multi-billion dollar growth engine. We plan to grow it into India's largest FMCG company and among the biggest in the world. It is already among the top few players in various categories and is expanding globally. It recently entered Europe and Africa and will enter many more global markets going forward. Our FMCG growth path is neatly aligned to that of Reliance Retail. Both are anchored in our plan to create India's most advanced manufacturing platform and a distribution and export platform with tens of thousands of small, medium, and large partners.

All our product baskets and brands will get fast global access through the export platforms. On the other hand, our B2B platform is designed to empower millions of merchants and kiranas in India. In short, our integrated manufacturing, retail, and exports vision will create unprecedented value for all stakeholders.

Fifth, our export vision goes far beyond our FMCG business. India has an urgent need to boost exports to establish and emphasize India's global competitiveness across manufacturing, gems and jewelry, agriculture, horticulture, and other areas. Reliance has long been India's largest merchandise exporter with a proven, globally competitive, world-class platform for energy and materials export. Leveraging this experience, Reliance aims to become an anchor institution for developing a globally competitive multi-sector export hub, with a target to enable $125 to $150 billion in exports by 2032.

In this way, we will enlarge global markets for Made in India brands. Hiring the best talent for this new venture has already begun. This scalable platform will strengthen India's export ecosystem and external economic resilience. This ambition is not only about creating a larger Reliance. It is about creating a stronger India. Taken together, these five pathways create a uniquely diversified growth architecture spanning energy, materials, digital infrastructure, artificial intelligence, consumer businesses, and global exports.

My dear shareholders, every generation is presented with a defining opportunity. Ours is the opportunity to participate in India's emergence as one of the world's leading economic and technological powers. Reliance is uniquely positioned to contribute to this transformation. We have the scale, we have the talent, we have the technology, we have the financial strength, and above all, we have the

Conviction and execution promise to think long term and invest in the future. The businesses we built yesterday created tremendous value. The businesses we are building today will create even greater value tomorrow. I have never been more confident about Reliance's future, and I have never been more optimistic about India's future, because the two are inseparable. My dear shareholders, I have always believed that great companies are defined not by the tenure of a single leader but by the strength, resilience and longevity of the institutions they build. This is how Reliance has emerged as India's proud and most prized national business institution. Our achievement itself heightens our responsibility towards the nation in the future. Keeping this in mind, we are building Reliance for the ages. To this end, we are implementing a 5S vision for institutional perpetuity at Reliance. Let me explain each of these five elements. The first S is succession. Isha, Akash and Anant have now completed three transformative years on the board of Reliance Industries. Isha leads consumer businesses, Akash leads technology businesses and Anant leads the energy businesses. By leading individual business verticals, they are simultaneously working towards the holistic growth of everything under the Reliance ecosystem. They are three bodies, one soul. Their soul is Reliance. One single indivisible Reliance now and forever. Furthermore, to assist Isha, Akash and Anant, we have groomed as many as 500 young leaders in their 30s and 40s in various businesses. They bring top-notch domain expertise, technological fluency and first-generation passion to surpass expectations. They are being mentored by seniors to ensure that the institutional culture of Reliance is upheld and the bar is continually raised. Even as I continue to provide hands-on leadership, the generational transfer of day-to-day management at Reliance is almost complete. In short, dear shareholders, the future of your company is not only in safe hands, but in the hands that will take Reliance to far greater heights. The second S is systems. Reliance has institutionalized world-class systems for governance, risk management, capital allocation, talent development and technological leadership. These systems make Reliance immune to internal risks and capable of handling external risks. The third S is standards. All our systems are driven by very high standards of performance, excellence, integrity, transparency, innovation and compliance. The fourth S is spirit. The founding spirit of Reliance to create wealth for the nation and to offer products and services of the highest quality and affordability that bring joy to the lives of Indians forms the invisible architecture of Reliance culture. Technology can enhance productivity. But it is this spirit that will continue to drive Reliance's ambition and a sense of purpose. The fifth and final S is sustainability. Sustainability is at the core of everything we do at Reliance. For us, economy and ecology are the two inseparable sides of the same coin. Dear shareholders, as I stand before you today, I am reminded of the extraordinary privilege of serving this company and attending every Reliance AGM over the last 49 years. Over these 49 years, I have watched a single product company evolve into a national institution spanning multiple industries with a global reputation. It was built by a man who did not inherit a silver spoon, Dhirubhai Ambani. All he possessed was an uncommon clarity of purpose and a determination to realize this purpose with diligent performance. He infused that purpose into the superlative team he built. The purpose was to make India prosperous and strong and to demonstrate to Indians and the world at large that we too can become an industrial powerhouse second to none. We did not deviate from his purpose during the generational transition 25 years ago. And there won't be the slightest deviation from the founder's purpose in future when a new generation of leaders takes full charge of Reliance and its offshoots. My most esteemed co-owners of Reliance. We are proud of what Reliance has achieved so far. But it fills us with humility to realize that our motherland expects much more of us. Therefore, the next two decades of Amrit Kaal are crucial for Reliance and for all other Indian businesses. We must intensify our efforts many times to do much more and much better. The noble mission of Viksit Bharat by 2047 is beckoning all of us. It has mandated that all Indian businesses build a modern holistic India, an India of equity, fairness and harmony for all and an attractive model for the rest of the world. To work for this patriotic mission is our duty and also our highest reward. As I keep reiterating, this mission can be achieved only through collaboration between the government, the industry and the people. Every Indian institution, every Indian company and every Indian citizen must raise their aspirations and align their energies. The Holy Rig Veda teaches us: May we march forward with a common goal. May we work together in harmony and empathy. May we share our thoughts for integrated wisdom. May we follow the example of our ancestors who achieved higher goals by virtue of being united. In this endeavor, Reliance recommits unreservedly to playing its fullest role. Dear shareholders, I take this opportunity to convey my sincere gratitude to all our board of directors for their invaluable counsel and stewardship. I extend my heartfelt thanks to all our employees, our greatest strength, whose passion and perseverance have driven Reliance to new milestones. I'm equally grateful to our business partners for their steadfast collaboration in delivering excellence. I also appreciate the continued support of government authorities and regulatory institutions. Most importantly, I offer my deepest appreciation to all our shareholders, India and its people for their continued trust and confidence in Brand Reliance. Your support remains the foundation of our journey and success. Thank you. Jai Hind, Jai Shri Krishna.

C

Chairperson5:30:30

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 the circulars issued by the regulators. The company has taken all feasible steps to ensure that the shareholders are provided an opportunity to participate in the annual general meeting. Adequate video conferencing facility and live webcast of the proceedings of this meeting have also been provided. Requisite quorum is present and therefore 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 employees stock option scheme are available for inspection by the members. I wish to introduce for the benefit of new members my colleagues on the board of our company: Dr. Sumit Banerjee, Shrimati Arunati Bhachara, His Excellency Yasir Al-Rayan, Shri K. Chadri, Sri K. Kamat, Shri Hay Kaitan, Sri Dhanabar, Sri Nikil Mewani, Sri Hal Mew, Sri PMS Prasad, Sri Anant Ambani, Shrimati Isha Ambani Piramal, Shri Akash Ambani. All directors of the company are present at this meeting. Shri V. Srikanth, Chief Financial Officer, Shrimati Savitri Parakh, Company Secretary, and Shri Ketu Raman and the representatives of our statutory auditors and secretarial auditors of the company are also present at this meeting. Notice dated May 27, 2026 convening this annual general meeting and a copy of the annual report for the financial year ended March 31, 2026 have already been circulated electronically to the members of the company. A letter providing the web link of the annual report has been sent to those shareholders who have not registered their email address. With your permission, I shall take them as read. The auditor's report on the standalone and the consolidated financial statements and the secretarial audit report of the company for the financial year ended 31st March 2026 do not contain any qualifications, reservations, adverse remark or disclaimer. Accordingly, these reports are not required to be read out as provided in the Companies Act 2013.

M

Mukesh Ambani5:34:06

Now I will begin my formal address to the shareholders. My dear shareholders, Namaste and a very warm welcome to the 49th annual general meeting of Reliance Industries Limited this afternoon. At the very outset, on behalf of the entire Reliance family, including all our shareholders, let me congratulate our beloved Prime Minister Shri Narendra Bhai Modi ji on achieving the stupendous feat of becoming the longest-serving elected Prime Minister of India. Later this year on the 7th of October, he will complete 25 uninterrupted years in public office, first as Chief Minister of Gujarat and then as Prime Minister of India. Over these years, the number of votes he has polled is by far the largest by any leader in the democratic world. We congratulate him on this remarkable milestone in public service. His vision for India's growth and the corresponding execution plan have been instrumental in the rapid all-around growth India has witnessed over the last decade. Dear friends, the past six years have been the most volatile and uncertain in several decades. COVID-19, increased geopolitical frictions, conflicts and wars, energy market disruptions, supply chain fragmentation, sharp swings in commodity prices and shifting capital market dynamics have combined to create a far more unpredictable global operating environment than before. The war in West Asia added to these problems. However, tough times never last. Tough nations do. And India is among the most resilient nations in the world. With unity, positivity and self-confidence, we have overcome the worst crisis in the past. Under the able, experienced and far-sighted leadership of Prime Minister Shri Modi ji, India has handled the situation with exemplary competence, commitment and wisdom. I can see India emerging much stronger in the fast-changing multipolar world. India will play the role of a balancer, a promoter of peace and a friend to all. This is not merely my hope. It is my confidence and my conviction. Friends, the most important lesson for India from these volatile times is that we must intensify and speed up our efforts to make our country atmanirbhar in critical resources and technologies. Maximum energy self-sufficiency and AI self-sufficiency must become our national missions. The success of these missions is critical to the success of Viksit Bharat. Reliance is playing a leading role in both these national imperatives. We have laid the foundation for Reliance to emerge as a leading deep tech and advanced manufacturing company. For this, we are investing an extraordinary amount in innovation and R&D effort. Here is proof that will make all of you proud. According to the latest report by the World Intellectual Property Organization, Jio Platforms has jumped from a rank of 340 to 20 in just one year in terms of the velocity of innovations through patents. This places Jio above several global tech giants and is the only Indian company in the top 20 in this elite league. Let us warmly congratulate our brilliant team of scientists, engineers and innovators. They have made India proud. Friends, this is a landmark year for us for not one but two reasons. Jio completes 10 years of stellar success becoming the primary enabler of India's digital and AI revolution. Reliance Retail completes 20 years as a trailblazer becoming the catalyst of India's organized retail revolution. In both businesses, we remain the unbeatable number one. Two phenomenal anniversaries, two spectacular transformations, and they affirm one abiding truth. When a patriotic high-performance company consistently serves the aspirations of 1.5 billion Indians, there is no limit to what it can achieve. Dear friends, our founder chairman Shri Dhirubhai Ambani taught us that behind every obstacle is an opportunity. Through adaptability, reinvention and strategic diversification, Reliance has consistently achieved long-term value creation at scale. As I address you today, I do so in the firm belief that Reliance's best chapters lie ahead. Our foundations are strong. Our strategy is clear and the opportunity for growth in India and with India and for India is immense. Allow me to take you through the business and financial performance of Reliance. Dear shareholders, I am happy to share with you that Reliance posted a record high revenue, a record high EBITDA and a record high net profit for the financial year 26 despite global challenges. The consolidated revenue stood at Rs 11,75,919 crores, up 9.8% year-on-year. Despite the volatility, rapid scaling up of our retail and digital businesses played a key role in meeting our commitment to doubling our EBITDA over 5 years. Our EBITDA for the financial year 21 was Rs 97,580 crores which rose to Rs 2,07,911 crores for the year 26. Retail and digital businesses contributed nearly half of the financial year 26 EBITDA. Together they are increasingly becoming the primary drivers of Reliance's future growth. The net profit for the financial year 26 stood at Rs 95,754 crores, up 17.8% over last year. Friends, Reliance's contribution to India's inclusive economic growth and nation building remains unsurpassed. Reliance has maintained its top position in investing for India's growth. Reliance's capex stood at Rs 1,44,271 crores for the year 26. Over the last 5 years, Reliance's capital expenditure has stood at a massive Rs 6,48,428 crores or over 68.4 billion US dollars, more than any other company in India. Reliance contributed almost one-third of the total capital invested by India's top 50 corporates during the last 5 years. Reliance's exports were Rs 2,78,088 crores which was 6.7% of India's total merchandise exports for the year. Reliance remained the largest contributor to the national exchequer, contributing Rs 2,16,472 crores. With that, our cumulative contribution over the last five years to the national exchequer crossed Rs 9,78,000 crores or in excess of a hundred billion dollars. Reliance's commitment to inclusive growth remains unwavering. Our CSR expenditure in the financial year 26 stood at Rs 2,248 crores, the highest by a single Indian company. Importantly, these achievements are supported by a prudent capital allocation framework, proactive risk management and a strong balance sheet and growing cash flows. This is reflected in steady improvement in Reliance's global credit rating by S&P to A- and by Moody's to BAA1, both of which are two notches above India's sovereign credit rating. Reliance ranks amongst the largest employers in India. Every year we are consistently creating an increasing number of high-paying direct and indirect employment. Our digital and retail businesses have also catalyzed lakhs of micro-entrepreneurship opportunities. My dear shareholders, with great delight, let me tell you that the board of Jio Platforms has approved the draft red herring prospectus earlier today and it will be filed with SEBI today. This is a deeply emotional moment for me, for the entire Reliance family and for millions of its shareholders. The relationship Reliance shares with its shareholders is a deep and sacred relationship founded on pride, trust, respect and shared growth. The commitment to shared growth was deeply personal to Dhirubhai. It is equally sacred to me. Imbued in the same spirit, Isha, Akash and Anant are heading the JIPO process and will lead the next generation of value creation opportunities in the future. The proposed listing of Jio will demonstrate to the world that India can build technology companies of global scale, global capability and global value. I assure you and all prospective new investors that a brighter future awaits Jio. Friends, 10 years ago, Jio began its journey with an audacious dream to remove digital inequality from India. At that time, voice was costly, data was expensive, speeds were poor. Jio made voice free, made high-speed data affordable. And Jio made digital life possible for every Indian. Jio empowered students to learn, small businesses to grow, families to connect, entrepreneurs to dream and India to become the world's largest data market. Now Jio is preparing for its next big mission. Friends, in the past, I have spoken to you about the revolutionary power of artificial intelligence. I firmly believe that India should not be a mere consumer of AI created elsewhere. It must become a creator, adopter and a global leader in AI. That is why we announced Reliance Intelligence last year as our newest growth engine. Our objective is to build a profitable AI infrastructure platform and services business serving consumers, enterprise and governments at scale. We set out a clear vision, identified the focus areas and began building the right partnerships with Google, Meta and Nvidia. Now we are entering the next phase of execution, the details of which will be provided by Akash. A decade ago Jio promised broadband connectivity to everyone everywhere and we delivered on that promise. Today Reliance Intelligence promises AI to everyone everywhere and we shall deliver on this promise too. My dear shareholders, the Jio revolution is truly a result of courage, creativity and commitment of thousands of young Indian engineers. Before Jio, many believed that India could only import technology from the world. Our engineers proved otherwise. They built, tested, deployed and operated technologies at unprecedented scale. Today, Jio is not merely integrating technology. It is creating original technology. Reliance Intelligence offers an even bigger opportunity to our young engineers. They will get to work on problems of national scale and impact. They will build and deploy technology for 1.5 billion Indians. They will create India-born innovation that the world can adopt. To them I say: come build with us and build for India. Build AI that serves humanity. AI that is powerful, trusted yet affordable. AI that is fluent in every Indian language. AI that empowers farmers, students, doctors, shopkeepers, workers, creators and families. AI that improves efficiency while creating more opportunities to work and prosper for every Indian. AI that contributes to productivity and job creation. We will give you the scale, the resources, the freedom and the responsibility to solve some of the most important challenges of our age. I now invite Akash Ambani, Managing Director of Jio Platforms Limited. Akash leads Jio with passion, purpose and a deep commitment to India's digital future to tell you about the spectacular progress made and the even more spectacular future that will unfold.

A

Akash Ambani5:48:40

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, JioAirFiber has continued to scale rapidly after becoming the world's largest fixed wireless broadband operator last year. With 13 million connected homes, JioAirFiber is making reliable home broadband available across the country at unprecedented scale and speed. Total data traffic on Jio's network in FY26 stood at 241 exabytes, growing 30.8% year-on-year, placing us amongst the largest data operators on the planet. The financial results of FY26 are a fitting tribute to this journey. Jio Platforms delivered revenue of Rs 1,46,885 crores, growing 14.6% year-on-year. EBITDA reached Rs 76,255 crores and 18.8% growth with an EBITDA margin improving by 190 basis points to 51.9%. For the first time in our history, profit after tax crossed Rs 30,000 crores, growing at 15.1% year-on-year. These numbers are proof of the trust India has placed in Jio. More importantly, they demonstrate that Jio's growth remains both broad-based and profitable. Dear friends, the next chapter of Jio's growth will be powered by five commitments. First, to make Jio True 5G the foundation of India's next big digital leap. Our dedicated network slicing will enable a new tier of high-performance connectivity for consumers and enterprises. Our cyclic beam-formed cell design significantly enhances coverage and capacity at high footfall locations. Our target is to migrate all subscribers to 5G by 2030 whilst advancing India's leadership position in 6G standards. Second is to take high-speed home broadband to every part of India through JioFiber. Our new non-line-of-sight capability has dramatically expanded the reach of home broadband to locations where fiber was never viable. Over 90% of JioAirFiber's 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. This number will only grow as Jio migrates more Indians to 5G and as AI-enabled use cases proliferate. Third is to digitize Indian enterprises and small businesses. The JioPC initiative which delivers cloud compute to small businesses through a simple setup box brings enterprise-grade technology within the reach of every micro, small and medium business in India. Fourth is to ensure AI for everyone everywhere. Jio is already embedding AI in consumer technology to deliver a smoother, smarter, and more personalized user experience. AI will make our networks more efficient, our homes more intelligent, our customer service more responsive and our platforms more useful to every Indian. 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. The technology we built to solve for India's challenges will also serve the world and become a key pillar of our export strategy. As we launch more value-added services such as premium 5G, AI bundle services and enterprise solutions, our ARPU will grow significantly. Dear friends, there's 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 the 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. These ground stations will support our partner constellations as well as our own future satellites, creating an end-to-end satellite broadband ecosystem from space to ground. With this initiative, Jio is strengthening India's Atmanirbhar in space, placing India firmly on the global satellite broadband services map. All of these initiatives show that the best of Jio is yet to come. 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 2,00,000 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 that allows 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-first applications such as JioBharat IQ, AI Vapar, JioHealth IQ, JioLearn IQ and JioKrishi IQ. JioBharat IQ will make AI a companion for every Indian. AI Vapar will help small merchants and businesses improve productivity, serve customers better and compete with confidence. JioHealth IQ will bring intelligent healthcare support closer to every family. JioLearn IQ will help students learn in their own language at their own pace and with confidence. JioKrishi IQ 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. Together, these platforms will create a scalable foundation for consumer, enterprise, and government AI services. Friends, we are simultaneously building a world-class team of AI researchers and engineers, investing in India's AI startup ecosystem, and collaborating with leading Indian universities and research institutions. Within Reliance itself, the transformation is unmistakable. At Jio, AI-native network management is already driving efficiency and quality at scale. At Reliance Retail, AI-embedded merchandising and supply chain optimization is reducing waste and improving product availability for millions of customers. At JioCinema, AI is powering multilingual content creation. In our oil-to-chemicals operations, AI-driven process optimization is improving yield and reducing energy consumption. Dear shareholders, just as Jio made data extremely affordable for every Indian, Reliance Intelligence will disrupt AI economics by making it dramatically more affordable for every Indian by the end of this decade. The JioBharat platform has already proved that Jio can put capable smart devices in the hands of Indians at Rs 999. Now with network-edge AI inference, we will bring advanced AI experiences to affordable devices. When AI becomes ubiquitous and easily accessible, India will not merely participate in the AI century, it will lead it. Unlike global AI platforms that build in English and translate later, Jio is building AI natively in Indian languages. So a farmer querying in Marathi or a student in Tamil gets an AI that thinks and replies in their language. 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? And so 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 just 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. For example, on a conference call, it can 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. Here's a quick demo.

D

Demo Narrator6:03:51

Arjun is deep into a quarterly review call with five people when he realizes three colleagues who should be weighing in aren't on the line. He just says, 'Hey Jio, Priya,' adding three more participants to the call, and they are dialed in. No fumbling for numbers, no separate conference bridge. Within seconds the three of them are connected. Now eight people and the call is running long. Arjun can't take notes and stay in the discussion. So he says, 'Hey Jio, start transcribing this meeting.' Every participant gets a notification that the call is being recorded and transcribed, with consent, and it begins capturing in real time, identifying each of the eight speakers by voice. Walking to the lift, tired, he says, 'Hey Jio, summarize the call for me and create action items for all.' Clean minutes. The decisions and the action items tagged to each owner. His own two action items arrive as an SMS with a reminder already set. On the drive home, he calls his wife. 'Hey Jio, call Ria.' Hi. Hi, should I book a restaurant? Papa, it's Friday. So sorry, Maru. Papa forgot it's Friday. On the same call, he says, 'Hey, order a margherita pizza.' The AI call agent knows his usual outlet and saved address. Asks the right two questions: You want regular or medium-sized pizza? How about adding Campa? Yes, a medium-sized pizza with Campa Cola, and place the order. Okay, your order has been booked and your total is Rs 748. He confirms the price and places it. By the time he arrives home, the pizza has arrived and the family tradition continues.

A

Akash Ambani6:05:39

I now invite my colleague Kiran to join me.

K

Kiran6:05:43

Thank you, Akash. 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 a place you go to recharge or to 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 the screens. Just voice your intent and MyJio acts instantly. Here is a quick demo. Hey Vikram, how may I help you today? I'm moving to Pune next month. How can I transfer my Jio Fiber? Got it, Vikram. I can move your whole Jio Fiber setup with you. What's the new address in Pune? B-1204 Skyline Heights, Baner, Pune 411045. Good news, that address is covered. Here's what I found. Pick an installation slot for the new place. 15th July morning works for me. Done. I've set everything in motion. Our agent Rajiv Sharma will contact you for transferring the Jio 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? Traveling overseas? It finds the right roaming pack and sends real-time usage alerts. Here is a quick demo. Hey VR, tell me what you need and I'll take care of it. I'm flying to Italy next week. That sounds exciting. Italy is a great destination. To pick the right roaming pack, could you share your departure and return dates? 25th June to 5th July. 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. Recharge for 1551. Perfect. I have completed your recharge. Your plan will auto-activate when you land in Italy. Have a great trip. 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. You can see all of the demos on our website.

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 is about what your family can do now. Look at your home today. Connected devices per home have grown multifold in 5 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 multiscreen 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 callback 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 JioHome 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 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. 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 p.m. 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. 'Hey Jio, did you get that?' 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 in. 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.

Dear shareholders, let me now talk about our media and entertainment business. In FY26, JioCinema completed a remarkable first year of full operations. Today, JioCinema, Jio Studios, and Network18 together constitute India's most powerful media ecosystem. The business posted a full-year revenue of Rs 34,917 crore with an EBITDA of Rs 5,842 crore and a net profit of Rs 3,434 crores. JioCinema 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 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. These milestones reflect a simple reality. Whether on television or digital, JioCinema 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 TKA 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 JioCinema's 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 and 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.

D

Demo Narrator6:18:22

Mera's been meaning to rewatch Arya for months. Season 3 just dropped. She jumps straight in. 10 minutes into episode 1, Dolith 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, 'Why is Arya friends with Dolith? Didn't he kill her husband?' It builds the story for her. The early scenes. Dolith 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 Dolith smiles at Arya, she knows exactly what that smile means.

K

Kiran6:19:33

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.

D

Demo Narrator6:19:55

You are watching Dandar 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 Dandar. From inspiration to intent to purchase, all in a few minutes without leaving your screen.

K

Kiran6:20:49

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 Multiview in action.

D

Demo Narrator6:21:11

Vroom 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.

K

Kiran6:22:11

Dear shareholders, let me now speak about Jio Studios. India's number one content studio by revenue, catalog size, and box office share. The Dhamaka 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 crores. 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 CNBCTV18, 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 subscriptions business with a fast-growing feature-rich offering for investors seeking actionable insights. Firstpost remains the premier destination for audiences seeking an Indian view of the world. With the creator economy growing exponentially, the company launched Creator18. This offering strengthens 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.

M

Mukesh Ambani6:24:10

Splendid, Akash. I can see the passion,

I want to acknowledge the dedication and hard work you and your team are putting into this mission. When work is done with such devotion, hard work becomes hard work. I am confident that this hard work will make Jio's second decade even more scintillating, more purposeful, and more transformational. As Jio enters its next decade, our aim is to build one of the world's leading digital infrastructure and AI platforms while creating enduring value for all shareholders. Dear shareholders, when Dhirubhai Ambani took Reliance public in 1977, he made an unspoken promise to all Indians — that Reliance will always build for the people, not merely for profit. Twenty years ago, we renewed that vow. We walked into the lives of every Indian family and said, 'You deserve products of better quality, better choice, better value with consistent innovation across offline and online channels every single day.' That was the founding philosophy of our retail business. In November 2006, we opened our first Reliance Fresh store in Hyderabad. What followed is one of the most extraordinary growth stories in the history of global retail. Within five years, we 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 financial year 26, 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 — 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, delivering better quality garments at the most competitive cost. We have created supplier partnerships across 21 pan-India clusters. We will do the same for affordable electronics — from wearables to televisions, smartphones, and connected devices. Second, an exports platform — a logical extension of our manufacturing capability. The rapid growth in our consumer brands business has given us the confidence to build a strong and scalable global FMCG business. Let me now invite Isha Ambani, Executive Director of Reliance Retail, to address us.

I

Isha Ambani6:30:01

Thank you, respected Chairman, esteemed shareholders. Financial year 26 was a year of strong execution and measurable acceleration. Gross revenue reached ₹3,70,026 crores, growing 11.8% year-on-year. EBITDA grew 7.9% to ₹27,033 crores — 3.4 times that of our nearest competitor. Profit after tax rose 12% to ₹13,838 crores. Our registered customer base reached 387 million, up 11% year-on-year. We processed 1.93 billion transactions, up 39% year-on-year. That single number captures something significant: quick commerce coming of age, adding a promising new layer to the growth of large-basket shopping. We now operate 20,160 stores across 78 million square feet. In grocery, our Smart Bazaar network crossed 1,000 stores — one of the fastest large-scale retail rollouts in the world. A large part of this network now serves tier-two 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 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 pods at nine times, and roll-ons and sunscreens at four times. 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+ stores serving 1,200+ cities across 5,100+ pin codes. Average daily orders grew 3.6 times year-on-year. From smartphones to last-minute outfit changes, thousands of products 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. Go Rush, our four-hour delivery promise, now covers 600+ 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, Kurt Geiger, Max & Co., and Fabletics. Tira is anchored in deep pride in India's rich heritage, placing traditional Indian products on mainstream consumer shelves. Tira recently introduced Purveda, its own Ayurveda-inspired beauty range, giving Indian rituals the global stage they deserve. Reliance Retail also welcomed Pahadi Local into its family, known for its pristine mountain-source ingredients and its iconic Ghutti Katel. 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 service network spans 1,621 locations, handling 6.5 million service volumes, 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 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+ craft forms — from Longpi pottery and Naga weaving in the northeast to Dhokra metal work in Chhattisgarh, Cheriyal embroidery in Telangana, and Tholu 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. What will separate us 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 financial year 26, RCPL achieved gross revenue of ₹22,000 crores, growing twofold year-on-year. What took our peers decades, we achieved in just four years — making us one of the fastest-growing FMCG platforms in India's history 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. This year, however, was not without its challenges. Geopolitical headwinds drove up raw material and packaging costs and disrupted global supply chains. We absorbed these shocks entirely within the business, staying true to a consumer-first approach. RCPL is now a direct subsidiary of Reliance Industries, having completed its demerger from RRVL in December 2025. Campa achieved ₹4,700+ crores in gross sales in financial year 26, and 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. Campashree, our daily essentials brand, delivered ₹2,600 crores in revenue and was recognized as one of India's most trusted brands. In packaged drinking water, RCPL is now India's third-largest branded water player, powered by Campashree, launched nationwide in October 2025. In beverages, we grew 3.2 times year-on-year. Daily essentials grew 1.6 times. Home and personal care grew 1.3 times. This year we made a series of focused acquisitions — majority stakes in Oragro Foods and Southern Health Foods, known by its key brand Mana. 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, Badedas, and Mate. Our competitive advantage rests on four pillars: deep-tech innovation, advanced manufacturing scale, distribution depth, and value proposition. 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. Our vision is simple: to be at the heart of every Indian home, not in one category but across the full arc of everyday Indian life. RCPL's near-term ambition is to reach ₹1 lakh crores 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. This is my assurance to our esteemed shareholders. Thank you. And let me now welcome back the Chairman.

M

Mukesh Ambani6:43:27

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 supercycle, 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 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.

A

Anant Ambani6:46:26

Thank you, respected Chairman, esteemed shareholders. Reliance's exploration and production 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 — 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 ₹19,500 crore for year 26. Our KG Basin fields performed in line with expectations — gas production was nearly 26 MMSCMD, about 30% of India's natural gas production. Oil production was about 18,000 barrels per day. We are executing a targeted well intervention program to sustain plateau production through year 27 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 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 year 26, our O2C business demonstrated that quality under perhaps the most extreme conditions. Revenue grew 5.7% to ₹6,62,041 crore. EBITDA grew 10.1% to ₹60,546 crore. Let me take you back to March 2026, 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 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 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. Decades of investment in feedstock diversity, gasifier infrastructure, and operational excellence delivered when it mattered the most. Our major investments are progressing well. Advanced execution is underway on the 3 million ton PTA facility at Dahej. Our carbon fiber facility at Hazira is poised to become one of the world's largest and most advanced facilities of its kind — providing a platform for diverse industries ranging from wind energy to hydrogen and from humanoids to defense. Our PVC and CPVC expansion, including a 1.2 million ton PVC plant at Nagathane, will significantly cut imports of materials that millions of Indian homes and industries depend on every day. We continue to adopt digital technologies in innovative ways — our proprietary AI-driven feedstock optimization tool, our digital logistics platform, and new-age smart contract execution tools. We are progressing towards operating Jamnagar as the world's first end-to-end autonomous refinery — an industrial milestone that will define the next era of global refining. Our consumer energy business under Jio-bp grew strongly this year. Jio-bp petrol and diesel volumes grew 29% year-on-year, significantly outpacing industry growth. Our retail network grew to nearly 2,200 outlets with 400 under construction. We expanded EV charging to 80 cities and 45 highways and grew our CBG network, making us the largest player in the country. Dear shareholders, our O2C business is entering its next generational strategic evolution. Every barrel of crude we process will increasingly yield chemicals and high-value materials, not just fuels. This business financed our past. It is financing our future. And the best chapter is still ahead. My dear shareholders, 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, designed to solve India's energy trilemma of security, affordability, and sustainability simultaneously at a scale that has no parallel. In year 26, this mission moved from construction to commissioning. The Dhirubhai Ambani Green Energy Giga Complex at Jamnagar, spread over 5,000 acres, is now one of the world's most integrated clean energy manufacturing ecosystems. Our founding chairman Shri Dhirubhai Ambani always dreamed of making India self-sufficient in energy. This business is a manifestation of that dream. I am proud to report that our solar PV cell and module manufacturing lines have been commissioned and are now operational. Nearly 1 GW of HJT modules have been produced with around 2% higher energy yield, 15% better temperature performance, and 25% lower degradation than conventional modules. We have achieved ALMM listing for HJT technology — the first in India for this advanced cell type. This is a proud affirmation of the Honorable Prime Minister Shri Narendra Modi's clarion call for Make in India. We are building towards 20 GW per annum of fully integrated capacity from polysilicon to ingot, wafers, cells, modules, and glass. Every step in this chain is a step towards Atmanirbhar Bharat. The first phase of our 40 GWh annual battery cell gigafactory is on track to be commissioned this year. All equipment has been delivered at the site, and we have committed to scale this up to 120 GWh of annual capacity. When commissioned, this will make Reliance one of the world's largest manufacturers of lithium iron phosphate batteries. In a world where supply chains are being contested and access to technology is being weaponized, building world-scale battery manufacturing capacity in India is not merely a business decision — it is a strategic imperative for national resilience. Let me now turn to where this ecosystem comes together — in the Kutch region, where we are developing a renewable energy hub across 550,000 acres, delivering round-the-clock power at gigawatt scale, combining solar and battery storage in a single unique integrated architecture. Once fully operationalized, this 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. This is not just any project — we are gearing up for a world-scale deployment of clean energy infrastructure at a pace the world has never seen before. Our green chemicals program is advancing on plan. We will unlock four powerful monetization streams: green urea, urea ammonium nitrate, green ammonia, and bio-methanol. 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 green ammonia uptake contracts in the world. This validates the commercial competitiveness of our green hydrogen platform. Our target of 3 million metric tons of green hydrogen-equivalent green chemicals capacity in the next 10 years remains firmly in our sight. Step back for a moment. Consider what we are truly building here — the world's first fully sovereign clean energy ecosystem. Sunlight converted directly into electricity and green molecules. No imported fuel, no foreign technology, no exposure to the disruptions that have shaken the world this past year. Few enterprises globally are attempting this level of integration and scale. This is not merely a business — this is Reliance's most enduring strategic asset, both for our nation and for the world. From year 27 onward, New Energy will begin contributing meaningfully to Reliance's financial performance. Reliance now contributes over 40% of India's entire compressed bio-gas production. We are on track for 55 plants producing approximately 1,100 tons per day by end of year 27. Over the next five years, we target to establish integrated CBG hubs to achieve 1 million tons of annual CBG capacity. We are also advancing our work in underground coal gasification, which will convert India's uneconomic and low-quality coal reserves into clean syngas, substituting imported LNG. 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 — engineers, technicians, operators, construction workers, farmers, and entrepreneurs — whose livelihoods will be built on clean energy. The clean energy transition will be an engine of inclusive prosperity. It will create jobs, reduce import dependence, boost exports, lower energy costs for every Indian home and every Indian factory, and fulfill our obligation to save Bhumata — Mother Earth — from the climate crisis. The world built its old energy on Middle Eastern oil. The world will now build its new energy on Indian sunshine. For me, the new energy business is a third-generation business at Reliance, which we are building with the purpose and passion of first generation. It is our generation's contribution to India's energy story and our promise to every shareholder, every employee, every farmer, and every citizen who depends on our motherland's energy future. My beloved grandfather and father proved that Indians can build the impossible. We are proving it again, and this time the whole world is watching. Let me end by proclaiming the motto of our new energy business: Haritha, Haritha Vikas, Haritha Bharat, Samriddha Bharat. Thank you. Jai Sri Krishna. Jai Hind.

M

Mukesh Ambani7:03:24

Well done, Anant. Dear shareholders, the O2C business remains the prime contributor to Reliance's financial performance. Reliance has demonstrated the resilience of this business time and again through every kind of challenge. The oil-to-chemicals business is on the path to achieve carbon-neutral operations at least two decades before India's 2070 target. In the long run, we will convert all the oil we refine into chemicals and new materials. This transformation will fundamentally improve the quality, resilience, and the value of our earnings. I am confident that our new oil-to-chemicals and materials business will become even more valuable than our current oil-to-chemicals business. Our ambition is simple: to make Reliance the world's leading integrated energy and materials company for the age of sustainability and intelligence. Friends, Reliance has emerged as a natural partner for global chemicals and materials majors in this volatile world. We are open to flexible partnerships and co-building integrated complexes in India and abroad, anchored in our integrated feedstock, unmatched manufacturing scale and execution capability, the lowest cost base, and a strong balance sheet. India remains one of the most favorable geographies globally for expansion, and Reliance offers our partners a single secure base to serve both India's large domestic market and global demand. The upcoming fully integrated green ecosystem will not only transform our old energy business but also open up significant possibilities for our growth and India's future growth. Reliance, with its five integrated engines of growth — UCG, bio-energy, new energy, oil-to-chemicals, and the materials business — is now ready to deliver exponentially more value. With the new energy and materials platform and an AI-native way of working, Reliance is transforming our oldest business into a unique first-generation growth platform, one that cannot be replicated on technology and scale. Let me now invite Nita Ambani, Chairperson of the Reliance Foundation, to share her exciting update on the Reliance Foundation.

N

Nita Ambani7:06:13

Thank you, Mukesh, and well done Isha, Akash, and Anant. Dear members of the Reliance family, esteemed shareholders — namaskar. Congratulations on another pathbreaking year of achievements and growth. None of this would be possible without your trust, partnership, and support. As I stand before you today, my heart is full of gratitude, of humility, and of a hope that grows stronger with every passing year. This year, Reliance Foundation enters its 16th year of dedicated service to India — putting our philosophy of 'We Care' into action every single day. What began as a corporate commitment has grown into one of our nation's largest and most impactful institutions of social transformation. 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, more rejuvenated, and full of opportunities and hope. In these villages, we run health camps, empower women, restore ecosystems, uplift Anganwadis, enhance learning spaces, train farmers to use digital and AI tools, offer relief after disasters, and rebuild lives and communities. And in every village we enter, in every child we educate, in every woman we empower, I see the same thing: a nation that is not just growing, but awakening and rising with renewed confidence, dynamism, and determination. A nation whose time has truly come. Over the past year, we have continued to deepen our work across rural transformation, healthcare, education, sports, women's empowerment, disaster response, art and culture, and environmental sustainability. Today I would especially like to speak about three transformative initiatives. First, a university that will raise India's global standing in higher education. Second, a garden for all of Mumbai to enjoy nature, breathe fresh air, build communities, and make memories. And third, a medical city that will bring world-class healthcare to the heart of Mumbai. Let me begin with education. As India marches towards joining the ranks of developed nations, we need more Indian universities that can be ranked amongst the best in the world. Our upcoming university will fulfill this ambition. We have received approval from the Government of Maharashtra to establish a state private university. Our interim campus at Ulwe is already a vibrant center for learning with modern academic, residential, and sports facilities on par with global standards. Our upcoming permanent campus at Dronagiri, spread across 410 acres, will be truly world-class in size, design, and most importantly, excellence in academics and research. It will bring together an academic district, a research park, a sports district, a medi-city, a residential district, a vibrant arts district with amphitheaters and performance halls, and an innovation and incubation park where cutting-edge research supports the creation of unicorns. This state-of-the-art university will host seven world-class schools with a focus on AI and emerging technologies — the School of Engineering and Computing, the School of Management and Entrepreneurship, the School of Law, Governance and Policy, the School of Humanities and Social Sciences, the School of Medical Science and Public Health, the School of Architecture and Urban Planning, and the School of Education. In line with the vision for Viksit Bharat, our university will help transform Mumbai into a knowledge city and India into a Gyan Bhumi — a knowledge power. A truly compassionate society must care not only for its people but also for the voiceless. This year marks the first anniversary of Vantara. And this year we also laid the foundation stone of Vantara University — a global university dedicated to training the next generation of wildlife conservationists and veterinary scientists. Alongside education, sport remains a key focus area. Through our Education and Sports for All program, we have reached more than 29 million young children and youth across the country. This year, our Reliance Foundation athletes won 386 national and international medals. We are now focused on Olympic sports where India has the highest potential to shine — archery, athletics, boxing, shooting, wrestling, and badminton. In partnership with the International Olympic Committee, we are using sport to teach values — values of friendship, excellence, respect, discipline, resilience, and teamwork. Friends, as an IOC member and a proud Indian, I carry a dream very close to my heart: a dream shared by over 1.4 billion Indians — to bring the Olympic Games to India. A dream in which the sporting world comes together on Indian soil, our hearts filled with pride and our arenas with triumph. Not just triumph of talent, but triumph of the human spirit. A stronger India is built on the foundation of a healthier India. We are moving forward with a vision of a transformative medical city and medical college in Mumbai. Reliance's plan to modernize Seven Hills Hospital marks a significant milestone — with a planned capacity of 1,500 beds, Seven Hills is envisioned to be one of Mumbai's largest hospitals, leading in clinical research, cancer care, emergency and trauma services, organ transplantation, and neurodegenerative disorders. The hospital will leverage advanced medical technologies, artificial intelligence, data-driven clinical systems, and compassionate patient care. The hospital will also have more than 450 beds dedicated to serving the economically weaker sections of society. Last year, I shared with you a dream taking shape along Mumbai's coastline — the Coastal Road Gardens. We now have a world-class team working on the master plan design. Initial work has commenced and 15,000 trees are already on site. Spread across 130 acres, these gardens will be home to more than 60,000 trees — a vast new green lung for Mumbai. It will be a hub of flora and fauna with shaded walking and cycling paths, open maidans, public gyms, children's play areas, and vibrant spaces for arts and culture. It will also feature unique attractions for families, including a tree museum, and state-of-the-art facilities for sports — cricket, football, tennis, kabaddi, basketball, pickleball, and more. Every great city has an iconic garden by which it is known — 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 that for Mumbai. Behind every number in our annual report is a life changed — a family uplifted, a future transformed, a woman who earns and now signs her own checks, a young man who got his first job and handed his salary to his aged parents, a child scouted from a small village who went on to wear the Indian jersey, making not just his parents but his entire village community and country proud. Whether it is empowering 1 million women entrepreneurs, helping nearly two lakh young Indians gain employment, reaching over 23 million people for rural transformation, or supporting our artists and artisans as we carry Indian culture on the global stage with love, respect, and pride — 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. Sixteen years ago, we made a commitment to our nation. 97 million lives later, that commitment has only grown deeper, stronger, and more urgent. We carry that conviction not as a policy or a program, but as a purpose. India's time has truly come. We are a civilization reclaiming our destiny. India's rise today is not just an economic or cultural story — it is a human story. A nation of over 1.4 billion dreams finding a voice. One of the youngest, most energetic, and most aspirational populations of the world, stepping into their full potential. At Reliance Foundation, we consider it not just our corporate social responsibility, but our moral and patriotic responsibility to stand in service of our nation. Rashtra Seva motivated by Rashtra Bhakti should become a Rashtra Abhiyan — a calling of every single Indian. We remain grateful for your trust, support, partnership, and shared belief in this path of Seva and Desh Bhakti. Thank you. Dhanyavaad. Jai Hind.

M

Mukesh Ambani7:24:27

Thank you, Nita. Reliance Foundation is truly a jewel in the crown of Reliance Industries. We are proud of your team's achievements under your passionate guidance. We wish the very best for Reliance Foundation's future plans. Dear shareholders, let me now share our value creation roadmap with you. Today we stand at the threshold of our next phase of hyper-growth. The foundations have been laid, the platforms have been built, the capabilities have been assembled, and the opportunities before us have never been greater. Throughout our journey, one principle has guided us: what is good for India is good for Reliance. This belief has always defined our priorities. It has also shaped how I view value creation from a long-term perspective. We have seen many temporary dips in shareholder value in the past, but when we develop our inherent strengths persistently and when we deliver growth consistently, value accretion happens inevitably. Our track record is impeccable. Reliance now has diverse streams of cash flow which reduce earnings volatility and deliver earnings growth in the high teens over investment cycles. As a result, our performance has more than matched our promises — always. We doubled our EBITDA in the last five years, and as I look to the future, I am absolutely confident in our ability to double — indeed, more than double — our consolidated EBITDA over the next five years. In other words, Reliance will rank among India's foremost wealth creators throughout Amrit Kaal. My dear shareowners, the most important value creation milestone this year, of course, is Jio's imminent IPO. I assure you that this will unlock great value for Reliance shareholders and offer an attractive investment opportunity to others. Dear friends, people often ask me: how has Reliance managed to grow so big in such a short time? What is the secret? The answer is hidden in just two words: founder's mindset. Every new generation has to believe it is the founder of Reliance and is the first generation. I followed this principle when I took to the helm of Reliance 25 years ago. Leaders of our generation reinvented Reliance by following a two-pronged strategy — innovating and expanding existing businesses and building new growth engines. I am happy to inform you that Isha, Akash, and Anant are doing what I did 25 years ago, but with greater ambition and a much larger canvas.

Financial and professional base under my active guidance and mentorship of all our directors. They are aggressively expanding existing businesses while laying the foundation for new ventures. I envision each of these ventures growing as big as today's Reliance in the times ahead. Let me outline our five major value creation pathways.

First, our oil to chemicals business, the mainstay of Reliance so far, will increase earnings as soon as the geopolitical situation improves. Simultaneously, and more importantly, we are reinventing this business to create a new revenue stream less vulnerable to external volatility. We will convert all the crude oil we process into new materials — carbon fiber, specialty materials, green chemicals and much more. This new vision will drive margin expansion and lay the foundation for our oil to chemicals and new materials business.

Second, our new energy business has entered the phase of accelerated commissioning and early revenues. The integrated solar manufacturing and our advanced battery platform will achieve one of the world's lowest cost of RTC green power. It will also enable the world's most competitive green hydrogen and green chemicals ecosystem. Our foray into underground coal gasification business has immense growth potential. Our CBG business is ready to be scaled up as the world's largest bioenergy business. Besides making India largely self-dependent in energy, all these initiatives will emerge as perpetually profitable investments. Therefore, I am absolutely confident that soon the new energy has the potential to become one of the largest earnings engine for Reliance.

Third, for India's self-reliant and accelerated prosperity, Reliance Intelligence is going to be as transformative and consequential as our new energy business. AI is becoming a multi-trillion dollar business globally. Reliance Intelligence will lead this business in India. The infrastructure for it is being built at breakneck speed and it'll fully operationalize over the next couple of years. Reliance Intelligence will make AI integral to the daily lives of every Indian and every Indian enterprise. The use cases for AI are growing by the day. Hence, I envision this business to become one of Reliance's most prolific growth platforms.

Fourth, our FMCG business is a new multi-billion dollar growth engine. We plan to grow it into India's largest FMCG company and among the biggest in the world. It is already among the top few players in various categories and is expanding globally. It recently entered Europe and Africa and will enter many more global markets going forward. Our FMCG growth path is neatly aligned to that of Reliance Retail. Both are anchored in our plan to create India's most advanced manufacturing platform and a distribution and export platform with tens of thousands of small, medium and large partners. All our product baskets and brands will get fast global access through the export platforms. On the other hand, our B2B platform is designed to empower millions of merchants and kiranas in India. In short, our integrated manufacturing, retail and exports vision will create unprecedented value for all stakeholders.

Fifth, our export vision goes far beyond our FMCG business. India has an urgent need to boost exports to establish and emphasize India's global competitiveness across manufacturing, gems and jewelry, agriculture, horticulture and other areas. Reliance has long been India's largest merchandise exporter with a proven globally competitive world-class platform for energy and materials export. Leveraging this experience, Reliance aims to become an anchor institution for developing a globally competitive multi-sector export hub with a target to enable 125 to 150 billion in exports by 2032. In this way, we will enlarge global markets for Made in India brands. Hiring the best talent for this new venture has already begun. This scalable platform will strengthen India's export ecosystem and external economic resilience. This ambition is not only about creating a larger Reliance. It is about creating a stronger India.

Taken together, these five pathways create a uniquely diversified growth architecture spanning energy, materials, digital infrastructure, artificial intelligence, consumer businesses, and global exports. My dear shareholders, every generation is presented with a defining opportunity. Ours is the opportunity to participate in India's emergence as one of the world's leading economic and technological powers. Reliance is uniquely positioned to contribute to this transformation. We have the scale, we have the talent, we have the technology, we have the financial strength, and above all, we have the conviction and execution prowess to think long term and invest in the future.

The businesses we built yesterday created tremendous value. The businesses we are building today will create even greater value tomorrow. I have never been more confident about Reliance's future and I have never been more optimistic about India's future because the two are inseparable. My dear shareholders, I have always believed that great companies are defined not by the tenure of a single leader but by the strength, resilience and longevity of the institutions they build. This is how Reliance has emerged as India's proud and most prized national business institution. Our achievement itself heightens our responsibility towards the nation in the future.

Keeping this in mind, we are building Reliance for the ages. To this end, we are implementing a 5S vision for institutional perpetuity at Reliance. Let me explain each of these five elements. The first S is succession. Isha, Akash and Anant have now completed three transformative years on the board of Reliance Industries. Isha leads consumer businesses, Akash leads technology businesses and Anant leads the energy businesses. By leading individual business verticals, they are simultaneously working towards the holistic growth of everything under the Reliance ecosystem. They are three bodies, one soul. Their soul is Reliance. One single indivisible Reliance now and forever.

Furthermore, to assist Isha, Akash and Anant, we have groomed as many as 500 young leaders in their 30s and 40s in various businesses. They bring top-notch domain expertise, technological fluency and first-generation's passion to surpass expectations. They are being mentored by seniors to ensure that the institutional culture of Reliance is upheld and the bar is continually raised. Even as I continue to provide hands-on leadership, the generational transfer of day-to-day management at Reliance is almost complete. In short, dear shareholders, the future of your company is not only in safe hands, but in the hands that will take Reliance to far greater heights.

The second S is systems. Reliance has institutionalized world-class systems for governance, risk management, capital allocation, talent development, and technological leadership. These systems make Reliance immune to internal risks and capable of handling external risks. The third S is standards. All our systems are driven by very high standards of performance, excellence, integrity, transparency, innovation and compliance.

The fourth S is spirit. The founding spirit of Reliance to create wealth for the nation and to offer products and services of the highest quality and affordability that bring joy to the lives of Indians forms the invisible architecture of Reliance culture. Technology can enhance productivity but it is this spirit that will continue to drive Reliance's ambition and a sense of purpose. The fifth and final S is sustainability. Sustainability is at the core of everything we do at Reliance. For us, economy and ecology are the two inseparable sides of the same coin.

Dear shareholders, as I stand before you today, I am reminded of the extraordinary privilege of serving this company and attending every Reliance AGM over the last 49 years. Over these 49 years, I have watched a single product company evolve into a national institution spanning multiple industries with a global reputation. It was built by a man who did not inherit a silver spoon — Dhirubhai Ambani. All he possessed was an uncommon clarity of purpose and a determination to realize this purpose with diligent performance. He infused that purpose into the superlative team he built. The purpose was to make India prosperous and strong and to demonstrate to Indians and the world at large that we too can become an industrial powerhouse second to none.

We did not deviate from his purpose during the generational transition 25 years ago. And there won't be the slightest deviation from the founder's purpose in future when a new generation of leaders takes full charge of Reliance and its offshoots. My most esteemed co-owners of Reliance. We are proud of what Reliance has achieved so far. But it fills us with humility to realize that our motherland expects much more of us. Therefore, the next two decades of Amrit Kaal are crucial for Reliance and for all other Indian businesses. We must intensify our efforts many times to do much more and much better.

The noble mission of Viksit Bharat by 2047 is beckoning all of us. It has mandated that all Indian businesses build a modern, holistic India — an India of equity, fairness and harmony for all and an attractive model for the rest of the world. To work for this patriotic mission is our duty and also our highest reward. As I keep reiterating, this mission can be achieved only through collaboration between the government, the industry and the people. Every Indian institution, every Indian company and every Indian citizen must raise their aspirations and align their energies. The holy Rigveda teaches us: may we march forward with a common goal. May we work together in harmony and empathy. May we share our thoughts for integrated wisdom. May we follow the example of our ancestors who achieved higher goals by virtue of being united. In this endeavor, Reliance recommits unreservedly to playing its fullest role.

Dear shareholders, I take this opportunity to convey my sincere gratitude to all our board of directors for their invaluable counsel and stewardship. I extend my heartfelt thanks to all our employees, our greatest strength, whose passion and perseverance have driven Reliance to new milestones. I'm equally grateful to our business partners for their steadfast collaboration in delivering excellence. I also appreciate the continued support of government authorities and regulatory institutions. Most importantly, I offer my deepest appreciation to all our shareholders, India and its people for their continued trust and confidence in Brand Reliance. Your support remains the foundation of our journey and success. Thank you. Jai Hind, Jai Shri Krishna.

M

Meeting Chair7:44:36

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 the circulars issued by the regulators. The company has taken all feasible steps to ensure that the shareholders are provided an opportunity to participate in the annual general meeting. Adequate video conferencing facility and live webcast of the proceedings of this meeting have also been provided. Requisite quorum is present and therefore 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 employees stock option scheme are available for inspection by the members. I wish to introduce for the benefit of new members my colleagues on the board of our company: Dr. Sumit Banerji, Shrimati Aruna Bhattacharya, His Excellency Yasir Al-Rumayyan, Sri K.V. Kamath, Sri Hital Meswani, Sri Dhananjay Munde, Sri Nikhil Meswani, Sri Hital Meswani, Sri P.M.S. Prasad, Sri Anant Ambani, Shrimati Isha Ambani Piramal, Shri Akash Ambani.

All directors of the company are present at this meeting. Shri V. Srikanth, Chief Financial Officer, Shrimati Savitri Parakh, Company Secretary and Shri Ketu Ramani, and the representatives of our statutory auditors and secretarial auditors of the company are also present at this meeting. Notice dated May 27, 2026 convening this annual general meeting and a copy of the annual report for the financial year ended March 31, 2026 have already been circulated electronically to the members of the company. A letter providing the web link of the annual report has been sent to those shareholders who have not registered their email address. With your permission, I shall take them as read.

The auditor's report on the standalone and the consolidated financial statements and the secretarial audit report of the company for the financial year ended 31st March 2026 do not contain any qualifications, reservations, adverse remark or disclaimer. Accordingly, these reports are not required to be read out as provided in the Companies Act, 2013. Now I will begin my formal address to the shareholders.

M

Mukesh Ambani7:48:16

My dear shareholders, Namaste and a very warm welcome to the 49th annual general meeting of Reliance Industries Limited this afternoon. At the very outset, on behalf of the entire Reliance family including all our shareholders, let me congratulate our beloved Prime Minister Shri Narendra Bhai Modi ji on achieving a stupendous milestone. Later this year on the 7th of October he will complete 25 uninterrupted years in public office — first as Chief Minister of Gujarat and then as Prime Minister of India. Over these years, the number of votes he has polled is by far the largest by any leader in the democratic world. We congratulate him on this remarkable milestone in public service.

His vision for India's growth and the corresponding execution plan have been instrumental in the rapid all-around growth India has witnessed over the last decade. Dear friends, the past six years have been the most volatile and uncertain in several decades. COVID-19, increased geopolitical frictions, conflicts and wars, energy market disruptions, supply chain fragmentation, sharp swings in commodity prices and shifting capital market dynamics have combined to create a far more unpredictable global operating environment than before. The war in West Asia added to these problems.

However, tough times never last. Tough nations do. And India is among the most resilient nations in the world. With unity, positivity and self-confidence, we have overcome the worst crisis in the past. Under the able, experienced and far-sighted leadership of Prime Minister Shri Modi ji, India has handled the situation with exemplary competence, commitment and wisdom. I can see India emerging much stronger in the fast-changing multipolar world. India will play the role of a balancer, a promoter of peace and a friend to all. This is not merely my hope. It is my confidence and my conviction.

Friends, the most important lesson for India from these volatile times is that we must intensify and speed up our efforts to make our country atmanirbhar in critical resources and technologies. Maximum energy self-sufficiency and AI self-sufficiency must become our national missions. The success of these missions is critical to the success of Viksit Bharat. Reliance is playing a leading role in both the national imperatives.

We have laid the foundation for Reliance to emerge as a leading deep tech and advanced manufacturing company. For this, we are investing an extraordinary amount in innovation and R&D effort. Here is proof that will make all of you proud. According to the latest report by the World Intellectual Property Organization, Jio Platforms has jumped from a rank of 340 to 20 in just one year in terms of the velocity of innovations through patents. This places Jio above several global tech giants and is the only Indian company in the top 20 in this elite league. Let us warmly congratulate our brilliant team of scientists, engineers and innovators. They have made India proud.

Friends, this is a landmark year for us for not one but two reasons. Jio completes 10 years of stellar success, becoming the primary enabler of India's digital and AI revolution. Reliance Retail completes 20 years as a trailblazer, becoming the catalyst of India's organized retail revolution. In both businesses, we remain the unbeatable number one. Two phenomenal anniversaries, two spectacular transformations, and they affirm one abiding truth. When a patriotic high-performance company consistently serves the aspiration of 1.5 billion Indians, there is no limit to what it can achieve.

Dear friends, our founder chairman Sri Dhirubhai Ambani taught us that behind every obstacle is an opportunity. Through adaptability, reinvention, and strategic diversification, Reliance has consistently achieved long-term value creation at scale. As I address you today, I do so in the firm belief that Reliance's best chapters lie ahead. Our foundations are strong, our strategy is clear, and the opportunity for growth in India and with India and for India is immense.

Allow me to take you through the business and financial performance of Reliance. Dear shareholders, I am happy to share with you that Reliance posted a record high revenue, a record high EBITDA, and a record high net profit for the financial year '26. Despite global challenges, the consolidated revenue stood at ₹11,75,919 crores, up 9.8% year-on-year. Despite the volatility, rapid scaling up of our retail and digital businesses played a key role in meeting our commitment to doubling our EBITDA over five years. Our EBITDA for the financial year '21 was ₹97,580 crores which rose to ₹2,07,911 crores for the year '26.

Retail and digital businesses contributed nearly half of the financial year '26 EBITDA. Together they are increasingly becoming the primary drivers of Reliance's future growth. The net profit for the financial year '26 stood at ₹55,754 crores, up 17.8% over last year.

Friends, Reliance's contribution to India's inclusive economic growth and nation building remains unsurpassed. Reliance has maintained its top position in investing for India's growth. Reliance's capex stood at ₹1,44,271 crores for the year '26. Over the last five years, Reliance's capital expenditure has stood at a massive ₹6,48,428 crores or over $68.4 billion — more than any other company in India. Reliance contributed almost one-third of the total capital invested by India's top 50 corporates during the last five years.

Reliance's exports were ₹2,78,088 crores which was 6.7% of India's total merchandise exports for the year. Reliance remained the largest contributor to the national exchequer, contributing ₹2,16,472 crores. With that, our cumulative contribution over the last five years to the national exchequer crossed ₹9,78,000 crores or in excess of hundred billion dollars. Reliance's commitment to inclusive growth remains unwavering. Our CSR expenditure in the financial year '26 stood at ₹2,248 crores, the highest by a single Indian company.

Importantly, these achievements are supported by a prudent capital allocation framework, proactive risk management, and a strong balance sheet and growing cash flows. This is reflected in steady improvement in Reliance's global credit rating by S&P to A- and by Moody's to BAA1, both of which are two notches above India's sovereign credit rating. Reliance ranks amongst the largest employers in India. Every year we are consistently creating an increasing number of high-paying direct and indirect employment. Our digital and retail businesses have also catalyzed lakhs of micro entrepreneurship opportunities.

My dear shareholders, with great delight let me tell you that the board of Jio Platforms has approved the draft red herring prospectus earlier today and it will be filed with SEBI today. This is a deeply emotional moment for me, for the entire Reliance family and for millions of its shareholders. The relationship Reliance shares with its shareholders is a deep and sacred relationship founded on pride, trust, respect and shared growth. The commitment to shared growth was deeply personal to Dhirubhai. It is equally sacred to me. Embodied in the same spirit, Isha, Akash and Anant are heading the JIPO process and will lead the next generation of value creation opportunities in the future. The proposed listing of Jio will demonstrate to the world that India can build technology companies of global scale, global capability and global value. I assure you and all prospective new investors that a brighter future awaits Jio.

Friends, 10 years ago, Jio began its journey with an audacious dream to remove digital inequality from India. At that time, voice was costly, data was expensive, speeds were poor. Jio made voice free, made high-speed data affordable, and Jio made digital life possible for every Indian. Jio empowered students to learn, small businesses to grow, families to connect, entrepreneurs to dream and India to become the world's largest data market. Now Jio is preparing for its next big mission.

Friends, in the past I have spoken to you about the revolutionary power of artificial intelligence. I firmly believe that India should not be a mere consumer of AI created elsewhere. It must become a creator, adopter and a global leader in AI. That is why we announced Reliance Intelligence last year as our newest growth engine. Our objective is to build a profitable AI infrastructure platform and services business serving consumers, enterprise and governments at scale. We set out a clear vision, identified the focus areas and began building the right partnerships with Google, Meta and Nvidia. Now we are entering the next phase of execution, the details of which will be provided by Akash.

A decade ago Jio promised broadband connectivity to everyone everywhere and we delivered on that promise. Today Reliance Intelligence promises AI to everyone everywhere and we shall deliver on this promise too. My dear shareholders, the Jio revolution is truly a result of courage, creativity and commitment of thousands of young Indian engineers. Before Jio, many believed that India could only import technology from the world. Our engineers proved otherwise. They built, tested, deployed and operated technologies at unprecedented scale. Today, Jio is not merely integrating technology. It is creating original technology. Reliance Intelligence offers an even bigger opportunity to our young engineers. They will get to work on problems of national scale and impact. They will build and deploy technology for 1.5 billion Indians. They will create India-born innovation that the world can adopt. To them I say: come build with us and build for India. Build AI that serves humanity. AI that is powerful, trusted yet affordable. AI that is fluent in every Indian language. AI that empowers farmers, students, doctors, shopkeepers, workers, creators and families. AI that improves efficiency while creating more opportunities to work and prosper for every Indian. AI that contributes to productivity and job creation. We will give you the scale, the resources, the freedom and the responsibility to solve some of the most important challenges of our age.

I now invite Akash Ambani, Managing Director of Jio Platforms Limited. Akash leads Jio with passion, purpose and a deep commitment to India's digital future to tell you about the spectacular progress made and the even more spectacular future that will unfold.

A

Akash Ambani8:02:41

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 crores, growing 14.6% year-on-year. EBITDA reached ₹76,255 crores — 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 crores, growing at 15.1% year-on-year. These numbers are proof of the trust India has placed in Jio. More importantly, they demonstrate that Jio's growth remains both broad-based and profitable.

Dear friends, the next chapter of Jio's growth will be powered by five commitments. First, to make Jio True 5G the foundation of India's next big digital leap. Our dedicated network slicing will enable a new tier of high-performance connectivity for consumers and enterprises. Our cyclic beamformed cell design significantly enhances coverage and capacity at high footfall locations. Our target is to migrate all subscribers to 5G by 2030 whilst advancing India's leadership position in 6G standards.

Second is to take high-speed home broadband to every part of India through JioFiber. 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 Jio AirFiber 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. This number will only grow as Jio migrates more Indians to 5G and as AI-enabled use cases proliferate.

Third is to digitize Indian enterprises and small businesses. The JPC initiative which delivers cloud compute to small businesses through a simple setup box brings enterprise-grade technology within the reach of every micro, small and medium business in India.

Fourth is to ensure AI for everyone, everywhere. Jio is already embedding AI in consumer technology to deliver a smoother, smarter, and more personalized user experience. AI will make our networks more efficient, our homes more intelligent, our customer service more responsive and our platforms more useful to every Indian.

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. The technology we built to solve for India's challenges will also serve the world and become a key pillar of our export strategy. As we launch more value-added services such as premium 5G, AI bundle services and enterprise solutions, our ARPU will grow significantly.

Dear friends, there's 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 the 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. These ground stations will support our partner constellations as well as our own future satellites, creating an end-to-end satellite broadband ecosystem from space to ground. With this initiative, Jio is strengthening India's Atmanirbhar in space, placing India firmly on the global satellite broadband services map.

All of these initiatives show that the best of Jio is yet to come. 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 Dhirubhai Ambani Green Energy Giga Complex. 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 that allows 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-first applications such as JioBharat IQ, AI Vapar, Jio Health IQ, Jio Learn IQ and Jio KrishIQ. JioBharat IQ will make AI a companion for every Indian. AI Vapar will help small merchants and businesses improve productivity, serve customers better and compete with confidence. Jio Health IQ will bring intelligent healthcare support closer to every family. Jio Learn IQ will help students learn in their own language at their own pace and with confidence. Jio KrishIQ 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.

Together, these platforms will create a scalable foundation for consumer, enterprise, and government AI services. Friends, we are simultaneously building a world-class team of AI researchers and engineers, investing in India's AI startup ecosystem, and collaborating with leading Indian universities and research institutions. Within Reliance itself, the transformation is unmistakable. At Jio, AI-native network management is already driving efficiency and quality at scale. At Reliance Retail, AI-embedded merchandising and supply chain optimization is reducing waste and improving product availability for millions of customers. At JioStar, AI is powering multilingual content creation. In our oil to chemicals operations, AI-driven process optimization is improving yield and reducing energy consumption.

Dear shareholders, just as Jio made data extremely affordable for every Indian, Reliance Intelligence will disrupt AI economics by making it dramatically more affordable for every Indian by the end of this decade. The JioBharat platform has already proved that Jio can put capable smart devices in the hands of Indians at ₹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.

N

Narrator8:15:57

Across the world, AI has meant one thing — an app on your phone. And through it all, the phone call, the most natural thing we do, has stayed unchanged for decades. Today, Jio is doing something fundamentally different. Every day, Jio carries 20 billion minutes of voice, making us one of the largest voice carriers in the world. This is where India truly lives, talks, works, and connects. So we asked: why should AI sit outside the very place Indians interact the most? And so we'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 just 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. For example, on a conference call, it can 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. Here's a quick demo.

D

Demo Narrator8:17:52

Arjun is deep into a quarterly review call with five people when he realizes three colleagues who should be weighing in aren't on the line. He just says 'Hey Jio, Han, Priya' — adding three more participants to the call — and they are dialed in. No fumbling for numbers, no separate conference bridge. Within seconds the three of them are connected. Now eight people and the call is running long. Arjun can't take notes and stay in the discussion. So he says, 'Hey Jio, start transcribing this meeting.' Transcribing the call now. Every participant gets a notification that the call is being recorded and transcribed with consent. It begins capturing in real time, identifying each of the eight speakers by voice. Walking to the lift, tired, he says, 'Hey Jio, summarize the call for me and create action items for all.' Summary being generated. Clean minutes. The decisions and the action items tagged to each owner. His own two action items arrive as an SMS with a reminder already set. On the drive home, he calls his wife. 'Hey Jio, call Ria.' Calling Ria. Hi. Hi. Should I book a restaurant? Papa, it's Friday. So sorry, my papa forgot it's Friday.' On the same call, he says, 'Hey, order a margarita pizza.' The AI call agent knows his usual outlet and saved address. Asks the right two questions: you want regular or medium-sized pizza? How about adding Campa? Yes, a medium-sized pizza with Campa and place the order. Okay, your order has been booked and your total is 748 rupees. He confirms the price and places it. By the time he arrives home, the pizza has arrived and the family tradition continues.

A

Akash Ambani8:19:40

I now invite my colleague Kiran to join me.

K

Kiran8:19:44

Thank you, Akash. 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 a place you go to to recharge or to 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 the screens. Just voice your intent and MyJio acts instantly. Here is a quick demo.

D

Demo Narrator8:20:38

Hey Vikram, how may I help you today? I'm moving to Pune next month. How can I transfer my JioFiber? Got it, Vikram. I can move your whole JioFiber setup with you. What's the new address in Pune? B1204, Skyline Heights, Baner, Pune 411045. Good news, that address is covered. Here's what I found. Pick an installation slot for the new place. 15th July morning works for me. Done. I've set everything in motion. Our agent Rajiv Sharma will contact you for transferring the JioFiber 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?

K

Kiran8:21:31

Traveling overseas? It finds the right roaming pack and sends real-time usage alerts. Here is a quick demo.

D

Demo Narrator8:21:39

Hey Vikram, tell me what you need and I'll take care of it. I'm flying to Italy next week. That sounds exciting. Italy is a great destination. To pick the right roaming pack, could you share your departure and return dates? 25th June to 5th July. 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'll need. Recharge for 1551. Perfect. I have completed your recharge. Your plan will auto-activate when you land in Italy. Have a great trip.

K

Kiran8:22:13

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. You can see all of the demos on our website. 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 Jio AirFiber.

But this is not about speeds. It is about what your family can do now. Look at your home today. 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 Jio 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.

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 p.m. So you remember to carry your umbrellas and raincoats, and the doctor's appointment at 5:30. Planning a festival lunch? The guest agent sees the plan taking shape. 'Hey Jio, did you get that?' 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.

A

Akash Ambani8:27:45

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 a full-year revenue of ₹34,917 crore with an EBITDA of ₹5,842 crore and a net profit of ₹3,434 crores.

JioStar remains India's leading television entertainment network with a 34.7% viewership share — nearly equal to the next three players combined. Every day 389 million viewers choose our content across genres and languages. On digital, JioHotstar has reached a scale that is amongst the largest in the world and the largest in India. The platform averaged 451 million monthly active users during the year. 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. These milestones reflect a simple reality. 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 TakaTak, launched in April this year, has already amassed more than 100 million users in under two months. The first-ever in-app commerce integration with Swiggy during IPL matches, 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.

N

Narrator32:08

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.

Mera's been meaning to rewatch Arya for months. Season 3 just dropped. She jumps straight in. 10 minutes into episode 1, Dothan 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, "Why is Arya friends with Dothan? Didn't he kill her husband?"

It builds the story for her. The early scenes. Dothan 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 Dothan smiles at Arya, she knows exactly what that smile means.

For the first time ever, a marketplace is created on an entertainment platform where you can shop while you watch without leaving your favorite content. Introducing content commerce on Jio Hotstar. Here's a closer look on how you can move from screen to cart seamlessly without leaving your screen.

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 Jio Hotstar. 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.

At Jio Hotstar, 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 have ensured you watch it all on one screen side by side. Here's a glimpse of multiview in action.

Vroom 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 to be.

A

Akash Ambani36:12

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 3,000 crore in worldwide box office gross, making it the first Indian film duology in which each film crossed 1,000 crores. 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 fast-growing, feature-rich offering for investors seeking actionable insights. Firstpost remains the premier destination for audiences seeking an Indian view of the world.

With the creator economy growing exponentially, the company launched Creator18. This offering strengthens 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.

M

Mukesh Ambani38:11

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 heartfelt. I'm 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. 20 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 5 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 financial year 2026, 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 omnichannel retail ecosystem. Through Geomart 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.

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 — extending from beverages and daily essentials to one of the most unorganized categories, fresh fruits and vegetables. We will modernize this by bringing our sourcing, cold chain, and distribution strength to fresh produce. 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 and affordable electronics from smart eyewear to televisions, smartphones, and connected wearables.

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 of Reliance Retail, to address us.

I

Isha Ambani44:03

Thank you, respected Chairman. Esteemed shareholders, financial year 2026 was a year of strong execution and measurable acceleration. Gross revenue reached 3,70,026 crores, growing 11.8% year-on-year. EBITDA grew 7.9% to 27,033 crores — 3.4 times that of our nearest competitor. Profit after tax rose 12% to 13,838 crores. Our registered customer base reached 387 million, up 11% year-on-year. We processed 1.93 billion transactions, up 39% year-on-year. That single number captures something significant — quick commerce coming of age, adding a promising new layer to the growth of large-basket shopping.

We now operate 20,160 stores across 78 million square feet. In grocery, our Smart Bazaar network crossed 1,000 stores — one of the fastest large-scale retail rollouts in the world. A large part of this network now serves tier-two 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.

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. We sold 12 lakh metric tons of staples.

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. Geomart 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. 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 four-hour delivery promise, now covers 600-plus towns. Tira has crossed 11 million app installs, adding a thousand new styles daily.

Dear friends, global fashion at Indian prices is an idea whose moment has arrived. Our premium brand segment added exclusive long-term partnerships with Stella McCartney, Kurt Geiger, Max & Co., and Fabletics. 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. 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 after-sales network spans 1,621 locations, handling 6.5 million service volumes this year, reaching nearly 19,000 pin codes. Geomart Digital is now India's largest mobile distributor with 1.2 lakh active retail partners reaching over 85% of the addressable retail universe.

In jewels, 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, Banjara 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 financial year 2026, RCPL achieved gross revenue of 22,000 crores, growing twofold year-on-year. What took our peers 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 a 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 demerger from RRVL in December 2025. Campa — 4,700-plus crores in gross sales in financial year 2026. 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 crores in revenue and was recognized as one of India's most trusted brands. In packaged drinking water, RCPL is now India's third-largest branded water player, powered by Campa Shot, 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 Sift 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 Badha 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.

We dominated the IPL with Campa Energy building national momentum through high GRPs across India. We deepened our regional connect through Power Up in Andhra Pradesh and Telangana and Purple Energy in Tamil Nadu. 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 — 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 crores of rupees invested to date with beverage production now spanning 12 states. We're building food parks across India — modern integrated facilities with multi-category production lines designed to drive scale efficiencies. Over the next three years, a further 30,000 crores 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. 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. 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. 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 crores 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. And let me now welcome back the chairman.

M

Mukesh Ambani57:29

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 the 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 bioenergy. 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.

A

Anant Ambani1:00:28

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 23,861 crore and an EBITDA of 19,500 crore for the year 2026. 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 the year 2027 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 the year 2026, 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 6,62,410 crore. EBITDA grew 10.1% to 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 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. 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 DAHej. 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 provides a platform for diverse industries ranging from wind energy to hydrogen and from humanoids to defense. Our PVC and CPVC expansion, including a 1.2-million-ton PVC plant at Nagothane, will significantly cut imports of materials that millions of Indian homes and industries depend on every day.

Friends, we continue to adopt digital technologies in innovative ways to enhance operational efficiency. First, our proprietary AI-driven feedstock optimization tool now helps select the most efficient crude blends. Second, our digital logistics platform developed in-house streamlines chartering and supply chain operations. And third, the new-age smart contract execution tools improve speed and accuracy in customer transactions. Building on these digital foundations, we are progressing towards operating Jamnagar as the world's first end-to-end autonomous refinery — an industrial milestone that will define the next era of global refining.

Dear friends, our consumer energy business under Jio-bp grew strongly this year, maintaining adequate fuel availability in domestic markets despite costs soaring above market prices. Jio-bp petrol and diesel volumes grew 29% year-on-year, significantly outpacing industry growth and gaining higher market share. Our retail network grew to nearly 2,200 outlets with 400 under construction. We expanded EV charging to 80 cities and 45 highways and grew our CBG network, making us the largest player in the country. Our CBG and CNG network covers 177 sites with volumes growing 68% year-on-year. Jio-bp remains India's most efficient and effective fuel retailing network.

Dear shareholders, our O2C business is entering its next generational strategic evolution. Every barrel of crude we process will increasingly yield chemicals and high-value materials, not just fuels — more efficient, more export-driven, more valuable. This business financed our past. It is financing our future. And the best chapter is still ahead.

My dear shareholders, 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, designed to solve India's energy trilemma of security, affordability, and sustainability simultaneously at a scale that has no parallel. In the year 2026, this mission moved from construction to commissioning. The Dhirubhai Ambani Green Energy Giga Complex at Jamnagar, spread over 5,000 acres, is now one of the world's most integrated clean energy manufacturing ecosystems.

Our founding chairman Shri Dhirubhai Ambani always dreamed of making India self-sufficient in energy. This business is a manifestation of that dream. Dear shareholders, I am proud to report that our solar PV cell and module manufacturing lines have been commissioned and are now operational. Nearly 1 GW of HJT modules have been produced with around 2% higher energy yield, 15% better temperature performance, and 25% lower degradation than conventional modules. We have achieved ALMM listing for HJT technology — the first in India for this advanced cell type. This is a proud affirmation of Honorable Prime Minister Shri Narendra Modi's clarion call for Make in India.

We are building towards 20 GW per annum of fully integrated capacity — from polysilicon to ingot, wafers, cells, modules, and glass. Every step in this chain is a step towards Atmanirbhar Bharat. Friends, the first phase of our 40 GWh annual battery cell gigafactory is on track to be commissioned this year. All the equipment has already been delivered at the site and we have now committed to scale this up to 120 GWh of annual capacity. When commissioned, this will make Reliance one of the world's largest manufacturers of lithium iron phosphate batteries.

Let me put that in perspective. In a world where supply chains are being contested and access to technology is being weaponized, building world-scale battery manufacturing capacity in India is not merely a business decision — it is a strategic imperative for national resilience. This is the holy grail of affordable, sustainable, and self-sufficient round-the-clock power, and Reliance is making it real.

Dear shareholders, let me now turn to where this ecosystem comes together — in the Rann of Kutch region, where we are developing a renewable energy hub across 550,000 acres. This hub is being built to deliver round-the-clock power at gigawatt scale. Combining solar and battery storage systems in a single unique integrated architecture, this platform will become one of the lowest-cost resources of round-the-clock green power anywhere in the world. Once fully operationalized, the integrated hub will generate over 40 billion units of green electricity every year, which is 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. I want you to pause and absorb that number — 55 MW-peak of solar installations per day, 150 MWh of storage per day. This is not just any project. We are gearing up for a world-scale deployment of clean energy infrastructure at a pace the world has never seen before.

Dear shareholders, green electricity is the foundation, but green molecules are the transformation. Our green chemicals program is advancing on plan. We are on track to commission our alkaline electrolyzer manufacturing gigafactory. We will unlock four powerful monetization streams through green molecules. One, green urea — strengthening India's food security. Two, urea ammonium nitrate for our fertilizer needs. Three, green ammonia for co-firing and power generation, displacing fossil fuel emissions in India and export markets. And four, bio-methanol — a clean transport fuel and chemical feedstock with sustainable aviation fuel applications and growing global demand.

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, which is among the largest green ammonia contracts in the world. This validates the commercial competitiveness of our green hydrogen platform. We are in advanced discussions for more such exports to Japan, Korea, and Europe with long-term offtake commitments. Our target of 3 million metric tons of green hydrogen-equivalent green chemicals capacity in the next 10 years remains firmly in our sight.

Friends, step back for a moment. Consider what we are truly building here — the world's first fully sovereign clean energy ecosystem. Sunlight converted directly into electricity and green molecules. No imported fuel, no foreign technology, no exposure to the disruptions that have shaken the world this past year. Few enterprises globally are attempting this level of integration and scale. This is not merely a business. This is Reliance's most enduring strategic asset, both for our nation and for the world.

Dear shareholders, building this ecosystem from scratch in India with indigenized technology has been harder and more complex than any roadmap could fully anticipate. We own that. But the foundation is now built. Commercial revenues from solar modules start rolling in this year. The battery factory commissions this year. And the Samsung C&T agreement is not a promise — it is a signed contract. From the year 2027 onward, New Energy will begin contributing meaningfully to Reliance's financial performance. We ask for your continued trust and we intend to earn it quarter by quarter.

Dear shareholders, Reliance now contributes over 40% of India's entire compressed bio gas production. We are on track for 55 plants producing approximately 1,100 tons per day by the end of year 2027. Over the next five years, we target to establish integrated CBG hubs to achieve 1 million tons of annual CBG capacity. Friends, we are also advancing our work in underground coal gasification, which will convert India's uneconomic and low-quality coal reserves into clean syngas, thereby substituting imported LNG and directly adding to our low-carbon energy pool.

Dear shareholders, before I close, I want to leave you with one number — a number that to me defines what this new energy mission is truly about: 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 — engineers, technicians, operators, construction workers, farmers, and entrepreneurs — whose livelihoods will be built on clean energy.

The clean energy transition will be an engine of inclusive prosperity. It will create jobs, reduce import dependence, boost exports, lower energy costs for every Indian home and every Indian factory, and fulfill our obligation to save Bhoomata, Mother Earth, from the climate crisis. The world built its old energy on Middle Eastern oil. The world will now build its new energy on Indian sunshine.

Friends, for me, the new energy business is a third-generation business at Reliance which we are building with the purpose and passion of first generation. It is our generation's contribution to India's energy story and our promise to every shareholder, every employee, every farmer, and every citizen who depends on our motherland's energy future. My beloved grandfather and father proved that Indians can build the impossible. We are proving it again, and this time the whole world is watching. Let me end by proclaiming the motto of our new energy business: Harit, Harit, Vikas, Harit Bharat Nirman. Thank you.

M

Mukesh Ambani1:17:25

Well done, Anant. Dear shareholders, the O2C business remains the prime contributor to Reliance's financial performance. Reliance has demonstrated the resilience of this business time and again through every kind of challenge. The oil-to-chemicals business is on the path to achieve carbon-neutral operations at least two decades before India's 2070 target.

In the long run, we will convert all the oil we refine into chemicals and new materials. This transformation will fundamentally improve the quality, resilience, and the value of our earnings. I'm confident that our new oil-to-chemicals and materials business will become even more valuable than our current oil-to-chemicals business. Our ambition is simple — to make Reliance the world's leading integrated energy and materials company for the age of sustainability and intelligence.

Friends, Reliance has emerged a natural partner for global chemicals and materials majors in this volatile world. We are open to flexible partnerships and co-building integrated complexes in India and abroad, anchored in our integrated feedstock, unmatched manufacturing scale and execution capability, the lowest cost base, and a strong balance sheet. India remains one of the most favorable geographies globally for expansion, and Reliance offers our partners a single secure base to serve both India's large domestic market and global demand.

Reliance, with its five integrated engines of growth — UCG, bioenergy, new energy, oil-to-chemicals, and the materials business — is now ready to deliver exponentially more value. With the new energy and materials platform and an AI-native way of working, Reliance is transforming our oldest business into a unique first-generation growth platform — one that cannot be replicated on technology and scale. Let me now invite Nita Ambani, Chairperson of the Reliance Foundation, to share her exciting update on the Reliance Foundation.

N

Nita Ambani1:20:14

Thank you, Mukesh, and well done, Isha, Akash, and Anant. Dear members of the Reliance family, our esteemed shareholders — namaskar. Congratulations on another pathbreaking year of achievements and growth. None of this would be possible without your trust, partnership, and support. As I stand before you today, my heart is full of gratitude, of humility, and of a hope that grows stronger with every passing year.

This year, Reliance Foundation enters its 16th year of dedicated service to India — of putting our philosophy of 'We Care' into action every single day. What began as a corporate commitment has grown into one of our nation's largest and most impactful institutions of social transformation. Today I am honored to share that over the last 16 years, Reliance Foundation has touched the lives of over 97 million Indians across every single state of India.

We work in nearly 100,000 villages — that is almost one in every six villages of India — with a simple vision: to help every village become more self-reliant, more climate-resilient, more rejuvenated, and full of opportunities and hope. In these villages, we run health camps, empower women, restore ecosystems, uplift Anganwadis, enhance learning spaces, train farmers to use digital and AI tools, offer relief after disaster, and rebuild lives and communities.

And in every village we enter, in every child we educate, in every woman we empower, I see the same thing — a nation that is not just growing, but awakening and rising with renewed confidence, dynamism, and determination. A nation whose time has truly come.

Dear shareholders, over the past year, we have continued to deepen our work across rural transformation, healthcare, education, sports, women's empowerment, disaster response, art and culture, and environmental sustainability. Today I would especially like to speak about three transformative initiatives that reflect our vision for a more prosperous shared future. First, a university that will raise India's global standing in higher education. Second, a garden for all of Mumbai — 20 million Mumbaikars to enjoy nature, breathe fresh air, build communities, and make memories. And third, a medical city that will bring world-class healthcare to the heart of Mumbai.

Let me begin with education. As India marches towards joining the ranks of developed nations, we need more Indian universities that can be ranked amongst the best in the world. Our upcoming university will fulfill this ambition. Dear shareholders, I'm proud to share that we have received approval from the Government of Maharashtra to establish a state private university. Our interim campus at Ulwe is already a vibrant center for learning with modern academic, residential, and sports facilities on par with global standards. But what lies ahead is even more transformative.

Our upcoming permanent campus at Donagiri, spread across 410 acres, will be truly world-class in size, design, and most importantly, excellence in academics and research. It will bring together an academic district, a research park, a sports district, a medical city, a residential district, a vibrant arts district with amphitheaters, performance halls, and art houses, an innovation and incubation park where cutting-edge research supports the creation of unicorns.

This state-of-the-art university will host seven world-class schools with a focus on AI and emerging technologies: the School of Engineering and Computing, the School of Management and Entrepreneurship, the School of Law, Governance and Policy, the School of Humanities and Social Sciences, the School of Medical Science and Public Health, the School of Architecture and Urban Planning, and the School of Education. The university will offer undergraduate, post-graduate, doctoral, and post-doctoral programs that support our shared vision for an India that excels in every field.

Combining the highest standards in academics and research, it will bring together a distinguished community of teachers, scientists, researchers, innovators, and thought leaders from around the world. In line with the vision for Viksit Bharat, our university will help Mumbai transform into a knowledge city and become a Gyan Bhumi — a knowledge power. At our university, we will welcome international faculty, students, and scholars from around the world, creating a global academic community.

In an ever-evolving world where change is the only constant, educational institutions also need to change with the times and create future leaders who are agile, adaptable, and resilient. Our ethos is to nurture a culture of excellence, integrity, and lifelong learning. An institution that will inspire thinkers who question, builders who create, scientists who innovate, and leaders who serve — students who carry the confidence of India's heritage and the ambition of its future, who are rooted in our values but at the same time are citizens of the world.

Respected shareholders, a truly compassionate society must care not only for its people but also for the voiceless. This year marks the first anniversary of Vantara. And this year we also laid the foundation stone of Vantara University — a global university dedicated to training the next generation of wildlife conservationists and veterinary scientists.

Respected shareholders, alongside education, sport remains a key focus area for us at Reliance Foundation. Through our Education and Sports for All program, we have reached more than 29 million young children and youths all over the country. When talent meets the right opportunity, extraordinary things happen. This year, our Reliance Foundation athletes won 386 national and international medals. We are now focused on Olympic sports where India has the highest potential to shine on the world stage — archery, athletics, boxing, shooting, wrestling, and badminton.

In partnership with the International Olympic Committee, we are also using sport to do what it does best — teach values. Values of friendship, excellence, respect, discipline, resilience, and teamwork. We start working with them as young as three years old.

Friends, as an IOC member and a proud Indian, I carry a dream very close to my heart — a dream shared by over 1.4 billion Indians — to bring the Olympic Games to India. A dream in which the sporting world comes together on Indian soil, our hearts filled with pride and our arenas with triumph. Not just triumph of talent but triumph of the human spirit. Truly an Olympics that the world will never forget.

Friends, a stronger India is built on the foundation of a healthier India. We are moving forward with a vision of a transformative medical city and medical college in Mumbai. Reliance's plan to modernize Seven Hills Hospital marks a significant milestone in this journey of strengthening India's healthcare infrastructure and expanding affordable world-class medical care.

With a planned capacity of 1,500 beds, Seven Hills is envisioned to be one of Mumbai's largest hospitals — leading in clinical research, cancer care, emergency and trauma services, organ transplantation, neurodegenerative disorders such as Alzheimer's and Parkinson's. The hospital will leverage advanced medical technologies, artificial intelligence, data-driven clinical systems, digital health platforms, and compassionate patient care. For us, this is much more than a hospital — it is the beginning of a truly integrated medical hub in the heart of Mumbai.

What makes this journey especially meaningful is our partnership with BMC. The hospital will also have more than 450 beds dedicated to serving the economically weaker sections of society. Dear shareholders, last year I shared with you a dream taking shape along Mumbai's coastline — the Coastal Road Gardens. We now have a world-class team of landscape architects, ecologists, planners, and engineers who are working on the master plan design — one that brings global expertise while remaining uniquely and authentically Mumbai in spirit.

Initial work has commenced and 15,000 trees are already on site. In a city that never stops, the gardens will serve as a pocket of stillness, peace, and serenity — an invitation to heal and soak in fresh air. Spread across 130 acres, these gardens will be home to more than 60,000 trees, shaping a vast new green lung for Mumbai.

It will be a hub of flora and fauna with shaded walking and cycling paths, open maidans, public gyms, children's play areas, and vibrant spaces for arts and culture. It will also feature unique attractions for families like a tree museum and state-of-the-art facilities for sports including cricket, football, tennis, kabaddi, basketball, padel, pickleball, and other sports. The Coastal Road Gardens will be a tribute to the spirit of Mumbai — a place for every Mumbaikar to reconnect with nature and an investment in the long-term health of our city.

Reliance AGM 2026 LIVE | Jio IPO, Retail IPO & AI Updates Expected | Mukesh Ambani Speech At RIL AGM

About Mukesh Ambani