Mukesh Ambani Speech LIVE | Reliance Board Approves DRHP for Jio IPO | AI To Everyone Everywhere

The audit reports 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 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 Modiji, 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 a national mission. 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. 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.

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, 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 11 lakh 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 five years. Our EBITDA for the financial year 21 was 97,580 crores, which rose to 2 lakh 7,911 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 lakh 44,271 crores for the year 26. Over the last five years, Reliance's capital expenditure has stood at a massive 648,428 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 five years. Reliance's exports were 278,808 crores, which was 6.7% of India's total merchandise exports for the year. Reliance remained the largest contributor to the national exchequer, contributing 216,472 crores. Our cumulative contribution over the last five years to the national exchequer crossed rupees 978,000 crores, or in excess of 100 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. Imbibed in the same spirit, Isha, Akash, and Anant are heading the Jio IPO process and will lead the next generation of value creation opportunities 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, 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.

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'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 share owners, when Dhirubhai Ambani took Reliance public in 1977, he made an unspoken promise to all Indians: Reliance will always build for the people, not merely for profit. 20 years ago, we renewed that vow by walking into every Indian family and promising products of better quality, choice, and value. That was the founding philosophy of our retail business. We opened our first Reliance Fresh store in Hyderabad in November 2006, and within 5 years, crossed 1,000 stores and a billion dollars in sales. Within 8 years, we became India's largest retailer. Looking back, I see three chapters: the launch era, the expansion era integrating physical and digital, and now the deep tech intelligence era. Our unmatched capabilities coupled with digital reach have accelerated our retail business. We leverage AI and deep tech to offer the best products and services. Reliance Retail is now poised for another great leap forward with advanced manufacturing and exports platforms. Let me now invite Isha Ambani, executive director, Reliance Retail, to address us.

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 biogas 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 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.

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 major 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, 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.

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. Dear shareholders, let me share our value creation roadmap. Today we stand at the threshold of our next phase of hyper growth. What is good for India is good for Reliance — this belief has always defined our priorities. We doubled our EBITDA in the last 5 years, and I am absolutely confident we will more than double our consolidated EBITDA over the next 5 years. The most important value creation milestone this year is Jio's imminent IPO, which will unlock great value for shareholders. People often ask me how Reliance has managed to grow so big. The answer is hidden in two words: founder's mindset. Every new generation has to believe it is the founder of Reliance. Isha, Akash, and Anant are doing what I did 25 years ago, but with greater ambition and a much larger base. Under my active guidance and mentorship of all our directors, they are aggressively expanding existing businesses while laying the foundation for new ventures. Let me outline our five major value creation pathways. First, our oil to chemicals business will increase earnings and is being reinvented to create new materials — carbon fiber, specialty materials, green chemicals. Second, our new energy business has entered accelerated commissioning, with integrated solar manufacturing and advanced batteries achieving one of the world's lowest costs of green power and enabling the most competitive green hydrogen ecosystem. Third, Reliance Intelligence will make AI integral to every Indian life — the infrastructure is being built at breakneck speed. Fourth, our FMCG business is a new multi-billion dollar growth engine, planned to become India's largest FMCG company. Fifth, our export vision aims to enable 125 to 150 billion dollars in exports by 2032. To this end, we are implementing a five-S vision for institutional perpetuity: Succession — Isha leads consumer businesses, Akash leads technology, Anant leads energy. They are three bodies, one soul. Their soul is Reliance. We have groomed 500 young leaders in their 30s and 40s. Systems — world-class governance, risk management, capital allocation. Standards — high performance, excellence, integrity, transparency. Spirit — the founding spirit to create wealth for the nation. Sustainability — economy and ecology as inseparable sides of the same coin. Ladies and gentlemen, good afternoon. I welcome all of you to the 49th annual general meeting. I congratulate our beloved Prime Minister Shri Narendra Bhai Modi ji on becoming the longest-serving elected Prime Minister of India. His vision for India's growth has been instrumental in the rapid all-around growth India has witnessed. The past 6 years have been the most volatile in several decades. However, tough times never last — tough nations do. Under Prime Minister Modi ji's leadership, India has handled the situation with exemplary competence. India will play the role of a balancer, a promoter of peace, and a friend to all. I am happy to share that Reliance posted record high revenue, EBITDA, and net profit for FY26. Consolidated revenue stood at ₹11,75,919 crores, up 9.8%. EBITDA rose from ₹97,580 crores in FY21 to ₹2,07,911 crores in FY26. Net profit stood at ₹95,754 crores, up 17.8%. Capital expenditure over 5 years was ₹6,48,428 crores — more than any other company in India. With great delight, I share that the board of Jio Platforms has approved the draft red herring prospectus today, to be filed with SEBI. This is a deeply emotional moment. The proposed listing will demonstrate to the world that India can build technology companies of global scale and value. Jio began its journey 10 years ago with an audacious dream to remove digital inequality. Jio made voice free, made high-speed data affordable, and made digital life possible for every Indian. Now Jio is preparing for its next big mission. I firmly believe India must become a creator, adopter, and global leader in AI. That is why we announced Reliance Intelligence. A decade ago, Jio promised broadband to everyone and delivered. Today, Reliance Intelligence promises AI to everyone, everywhere, and we shall deliver on this promise too. I now invite Akash Ambani, managing director of Jio Platforms Limited, who leads Jio with passion, purpose, and a deep commitment to India's digital future.

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'm confident that this heart 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 share owners, when Dhirubhai Ambani took Reliance public in 1977, he made an unspoken promise to all Indians: the promise that Reliance will always build for the people, not merely for profit. Twenty years ago, we renewed that vow in the most direct and personal way possible. We walked into the lives of every Indian family and said, 'You deserve products of better quality, better choice, better value, with consistent innovation across offline and online channels every single day.' And that was the founding philosophy of our retail business.

In November 2006, we opened our first Reliance Fresh store in Hyderabad. What followed is one of the most extraordinary growth stories in the history of global retail. Within five years, we had crossed 1,000 stores and a billion dollars in annual sales. Within eight years, we became India's largest retailer. And in the fourth quarter of 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 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, with supplier partnerships in 21 pan-India clusters. We will also do the same for 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. Let me now invite Isha Ambani, Executive Director, Reliance Retail, to address us.

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 biogas 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.

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 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, 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.

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'm 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 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'm happy to inform you that Isha, Akash, and Anant are doing what I did 25 years ago, but with greater ambition and a much larger financial and professional base. Under my active guidance and the mentorship of all our directors, they are aggressively expanding existing businesses while laying the foundation for new ventures. I envision each of these ventures growing as big as today's Reliance in the times ahead. Let me outline our five major value creation pathways. First, our oil-to-chemicals business, the mainstay of Reliance so far, will increase earnings as soon as the geopolitical situation improves. Simultaneously 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 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 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 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 B2B2C 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 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 share owners, 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 five-S 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'm 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 Amritkal 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 achieve 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.