Welcome to the 49th Annual General Meeting (Post IPO) of Reliance Industries Limited. #RILAGM

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 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 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 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 JioCloud 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 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 Jio Bharat IQ, Jio Vapar, Jio HealthIQ, Jio LearnIQ and Jio KishiIQ. Jio Bharat IQ will make AI a companion for every Indian. Jio 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. Jio LearnIQ will help students learn in their own language at their own pace and with confidence. Jio KishiIQ 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 GeoStar, 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.

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 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 Ma 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 says, 'Hey Jio, add Rohan, Priya.' Three more participants 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. 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 — should I book a restaurant? Papa, it's Friday. So sorry, Mayu. Papa forgot it's Friday. On the same call, he says, 'Hey Jio, 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. Order confirmed — ₹748. By the time he arrives home, the pizza has arrived and the family tradition continues.

I now invite my colleague Kiran to join me.

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's 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?' 'B1204, Skyline Heights, Baner, Pune 411045.' 'Good news — that address is covered. 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. 'Hey Vikram, tell me what you need and I'll take care of it.' 'I'm flying to Italy next week.' 'Italy is a great destination. To pick the right roaming pack, could you share your departure and return dates?' '25th June to 5th July.' '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 Jio AirFiber. But this is not about speeds. It is about what your family can do.

Connected devices per home have grown multi-fold 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 go-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 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?' It 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 you.

Dear shareholders, let me now talk about our media and entertainment business. In FY26, JioStar completed a remarkable first year of full operations. Today, JioStar, Jio Studios, and Network 18 together constitute India's most powerful media ecosystem. The business posted a full-year revenue of ₹34,917 crore with an EBITDA of ₹5,842 crore and a net profit of ₹3,434 crore. JioStar remains India's leading television entertainment network with a 34.7% viewership share—nearly equal to the next three players combined. Every day, 389 million viewers choose our content across genres and languages. On digital, 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 Taka launched in April this year has already amassed more than 100 million users in under two months. The first-ever in-app commerce integration with Swiggy during IPL matches 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 spanning the full journey from ideation and storytelling to image, audio, video, and final production workflows. Through JAMS, we aim to nurture a new generation of creative technologists who can combine storytelling with AI to produce premium-quality content for India and the world. Every product decision, every experience we build is designed to put power, choice, and control firmly in the hands of the consumer. This philosophy has earned us the loyalty and trust of 500 million users on JioHotstar. Today, we are proud to present an exciting pipeline of innovations that will redefine how consumers experience entertainment and sports in the future, seamlessly woven into how they shop and engage across the JioHotstar ecosystem. Let me take you through a feature that gives you your own personalized story engine. AI Snapshot builds you your own recap—every key moment stitched into a narrative right on your screen. Here's a demo to show you how it works.

Meera's been meaning to rewatch Arya for months. Season 3 just dropped. She jumps straight in. Ten minutes into episode 1, Dalit appears on screen and is talking friendly with Arya. She freezes. Wait, wasn't he the one who killed her husband? She remembers the shock of that moment, but the why—the full shape of it—has gone fuzzy. She doesn't open a browser to search. She doesn't rewind to season 1. She just asks: 'Why is Arya friends with Dalit? Didn't he kill her husband?' It builds the story for her. The early scenes—Dalit laughing at the serene dinner table. The small moments of tension she didn't notice the first time. The deaths, the deals, the slow unraveling of a loyalty that was never what it seemed. Not a summary of what happened, but the reason it happened. Assembled from across hours of storytelling in minutes. She hits play on the first scene. This time when Dalit smiles at Arya, she knows exactly what that smile means. 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. 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. At JioHotstar, we understand that you have diverse interests and want to watch multiple feeds all at once, but don't want to choose between entertainment, sports, or news. We've ensured you watch it all on one screen side by side. Here's a glimpse of multi-view in action. Vikram has a problem most people would envy. India are in a tense match. 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. He 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.

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

Thank you, respected Chairman. Esteemed shareholders, financial year 2026 was a year of strong execution and measurable acceleration. Gross revenue reached ₹3,70,026 crore, growing 11.8% year-on-year. EBITDA grew 7.9% to ₹27,033 crore—3.4 times that of our nearest competitor. Profit after tax rose 12% to ₹13,838 crore. Our registered customer base reached 387 million, up 11% year-on-year. We processed 1.93 billion transactions, up 39% year-on-year—that single number captures something significant: quick commerce coming of age. 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, where Smart Bazaar is often the first organized modern retailer, transforming access for millions. In home and personal care, our portfolio is growing three times faster than the industry. Quick commerce is fast becoming a daily habit for millions of Indian households. JioMart has become one of India's largest quick commerce networks with 3,100-plus stores serving 1,200-plus cities across 5,100-plus pin codes. Average daily orders grew 3.6 times year-on-year, and repeat orders grew more than sixfold. In fashion and lifestyle, we sold over 8 lakh garments every day. Ajio has grown seven times in five years. Rush, a four-hour delivery promise, now covers 600-plus towns. 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. We also welcomed Pahari Local into its family, representing the best of authentic Indian wellness. In consumer electronics, we sold over 2,500 phones every hour, along with more than 4,000 televisions, 8,000 large appliances, and 1,600 laptops every single day. JioMart Digital is now India's largest mobile distributor with 1.2 lakh active retail partners 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-plus craft forms, with over 3,000 individuals from tribal communities finding 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, 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. 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. RCPL achieved gross revenue of ₹22,000 crore, growing twice year-on-year. What took our peers decades, we achieved in just four years. RCPL products are now present in more than 40 countries. Campa achieved ₹4,700-plus crore in gross sales and is now India's fourth-largest carbonated soft drinks brand with double-digit market share in key markets. Campa is not merely a brand—it is India's. Independence delivered ₹2,600 crore in revenue. In packaged drinking water, RCPL is now India's third-largest branded water player. In beverages, we grew 3.2 times year-on-year. This year we made focused acquisitions—majority stakes in Odisha's Magro Foods and Southern Health Foods (Mana), Goodness Group Global in beverages, and global rights to heritage personal care brands including Brylcreem. Our competitive advantage rests on four pillars: deep tech innovation with 125-plus scientists and 100-plus products developed; advanced manufacturing scale with ₹10,000 crore invested and ₹30,000 crore more planned for integrated food parks; distribution depth reaching 3 million-plus outlets through 5,000-plus distributors; and a value proposition of global quality at Indian prices. We're embedding AI across all our functions—from understanding consumer demand to planning production to distribution. Our vision is to be at the heart of every Indian home, across the full arc of everyday Indian life. RCPL's near-term ambition is to reach ₹1 lakh crore in revenue by financial year 2030, and our long-term ambition is to become one of India's largest FMCG companies with a global platform to match. 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. Let me now welcome back the Chairman.

Thank you, respected Chairman. 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—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 ₹19,050 crore for the year 2026. Gas production was nearly 26 MMSCMD, about 30% of India's natural gas production. On CBM, we report impressive momentum with 23 of 40 multilateral wells completed—the first of their kind in India. Given E&P's vital role in India's energy independence, Reliance will continue to actively pursue new opportunities. 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 O2C business demonstrated that quality under perhaps the most extreme conditions. Revenue grew 5.7% to ₹6,62,410 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. We increased LPG supply four-fold to help the nation tide over the import disruption. This is the structural advantage of building the world's most integrated, most flexible, most resilient refining and chemicals complex. Our major investments are progressing well. Advanced execution is underway on the 3 million ton PTA facility at Hazira. Our carbon fiber facility at Hazira is poised to become one of the world's largest and most advanced, providing a platform for industries 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. We continue to adopt digital technologies to enhance operational efficiency—our proprietary AI-driven feedstock optimization tool, our in-house digital logistics platform, and 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. Dear friends, 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, with volumes growing 68% year-on-year. 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—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. 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, 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. This is the holy grail of affordable, sustainable, and self-sufficient round-the-clock power, and Reliance is making it real. In the Kutch region, we are developing a renewable energy hub across 550,000 acres to deliver round-the-clock power at gigawatt scale. Combining solar and battery storage in a single integrated architecture, this will become one of the lowest-cost resources of green power anywhere in the world. The hub will generate over 40 billion units of green electricity annually, approximately 3% of India's requirement. Our peak installation target is 55 megawatt-peak of solar modules and 150 megawatt-hours of battery containers per day. I want you to pause and absorb that number. This is not just any project. We are gearing up for world-scale deployment of clean energy infrastructure at a pace the world has never seen before. Green electricity is the foundation, but green molecules are the transformation. We will unlock four monetization streams: green urea strengthening India's food security, urea ammonium nitrate for fertilizer needs, green ammonia for co-firing and power generation, and bio-methanol as a clean transport fuel with sustainable aviation fuel applications. 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 offtake contracts in the world. This validates the commercial competitiveness of our green hydrogen platform. We are in advanced discussions for more exports to Japan, Korea, and Europe. Friends, step back for a moment. Consider what we are truly building: 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 is not merely a business. This is Reliance's most enduring strategic asset, both for our nation and for the world. Building this ecosystem from scratch in India with indigenized technology has been harder than any roadmap could fully anticipate. 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 a signed contract. From 2027 onward, New Energy will begin contributing meaningfully to financial performance. We expect to create 200,000 green jobs through the Giga Complex and the Kutch Solar Farm. The clean energy transition will be an engine of inclusive prosperity. The world built its old energy on Middle Eastern oil. The world will now build its new energy on Indian sunshine. The new energy business is a third-generation business at Reliance, built with the purpose and passion of first generation. My beloved grandfather and father proved that Indians can build the impossible. We are proving it again, and this time the whole world is watching. Harit Uja, Harit Vikas, Harit Bharat, Sashakt Bharat. Thank you. Jai Shri Krishna, Jai Hind.

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. This year, Reliance Foundation enters its 16th year of dedicated service to India, putting our philosophy of 'We Care' into action every single day. Over the past 16 years, Reliance Foundation has touched the lives of over 97 million Indians across every single state. We work in nearly 100,000 villages — almost one in every six villages of India — with a simple vision to help every village become more self-reliant, more climate resilient, and full of opportunities and hope. Today I would especially like to speak about three transformative initiatives. First, a university that will raise India's global standing in higher education. We have received approval from the government of Maharashtra to establish a state private university. Our permanent campus at Dronagiri, spread across 410 acres, will be truly world-class in size, design, and excellence in academics and research. It will host seven world-class schools with a focus on AI and emerging technologies. Second, the Coastal Road Gardens — a world-class garden for 20 million Mumbaikars to enjoy nature and breathe fresh air. Spread across 130 acres with more than 60,000 trees, it will be a vast new green lung for Mumbai with walking and cycling paths, open maidans, public gyms, children's play areas, and sports facilities. We hope it will become to Mumbai what Central Park is to New York and Hyde Park is to London. Third, a medical city bringing world-class healthcare to the heart of Mumbai. Reliance's plan to modernize Seven Hills Hospital, with a planned capacity of 1,500 beds, marks a significant milestone in strengthening India's healthcare infrastructure. This year marks the first anniversary of Vantara, and we also laid the foundation stone of Vantara University, a global university dedicated to wildlife conservation. Through our Education and Sports for All program, we have reached more than 29 million young people. Our athletes won 386 national and international medals. As an IOC member and a proud Indian, I carry a dream close to my heart — to bring the Olympic Games to India. A stronger India is built on a healthier India. We consider it not just our corporate social responsibility but our moral and patriotic responsibility to stand in service of our nation. India's time has truly come. We are a civilization reclaiming our destiny. Thank you.