Mukesh Ambani Rings in Reliance’s 49th AGM with Jio IPO Filing, Record Profits & Vision for AI, Green Energy, Global Retail

Mumbai, June 19: Mukesh Ambani stood before Reliance Industries‘ shareholders on Friday for the 49th time, and delivered what may be his most consequential AGM address yet — a sweep across record financials, a landmark Jio IPO filing, a sovereign AI infrastructure buildout, a green energy ecosystem of global scale and a retail empire that has quietly become one of Asia’s largest. With his children Isha, Akash and Anant now leading each of the group’s major business verticals, the AGM underscored that Reliance’s next chapter is being written by a new generation — with Mukesh Ambani firmly in the chairman’s seat and firmly in command. 

He opened with the numbers. Consolidated revenue for FY26 stood at ₹11,75,919 crore, up 9.8% year-on-year. EBITDA has now doubled over five years, rising from ₹97,580 crore in FY21 to ₹2,07,911 crore in FY26 — a milestone Ambani had publicly committed to. Net profit for the year came in at ₹95,754 crore, up 17.8%. Capital expenditure over five years has totalled ₹6,48,428 crore, or over $68.4 billion — more than any other company in India, and nearly one-third of the total capital invested by India’s top 50 corporates over the same period. 

The Jio IPO: A Landmark Moment 

The defining announcement of the afternoon came when Ambani revealed that the board of Jio Platforms had approved the draft red herring prospectus earlier in the day and that it would be filed with SEBI on Friday itself. The listing, among the most anticipated in Indian capital market history, fulfils a pledge he had made to shareholders to list Jio in the first half of 2026. “This is a deeply emotional moment for me, for the entire Reliance family and for millions of its shareholders,” he said. Isha, Akash and Anant, he confirmed, are heading the IPO process and will lead the next generation of value creation opportunities. 

Akash Ambani: Jio at 524 mn, AI in Every Call 

Akash Ambani, Managing Director of Jio Platforms, reported a decade of extraordinary scale. Jio’s subscriber base has crossed 524 million, with 5G subscribers at 268 million — the largest for any single-country operator outside China, with 77 million net additions this year alone. Jio AirFibre, now the world’s largest fixed wireless broadband operator, has connected 13 million homes, growing at up to 60,000 per day. Total data traffic crossed 10,241 exabytes in FY26, up 30.8% year-on-year. Revenue for Jio Platforms reached ₹1,46,885 crore, growing 14.6%, with profit after tax crossing ₹30,000 crore for the first time. 

The most striking product reveal was Jio’s plan to embed AI directly into phone calls — available to all 500 million-plus subscribers in every Indian language, with no app to download. Akash also outlined Jio’s satellite ambitions, including a sovereign low-Earth orbit constellation and ground station infrastructure to connect the remotest villages, island communities and border outposts where the terrestrial network cannot reach. 

On Reliance Intelligence, the group’s AI infrastructure arm, Akash reported that India’s sovereign AI backbone is being built at Jamnagar, powered entirely by clean energy from the Kutch renewable platform. The first 120 MW will be commissioned by end-2026, deploying Nvidia GB300 GPUs equivalent to more than 75,000 H100s at launch and scaling to over 2 lakh H100 equivalents at full power. Google and Meta partnerships are already operational, with Gemini-powered AI accessible free to Jio users. 

Isha Ambani: 20,000 Stores, ₹3.70 L-Cr Revenue, RCPL Doubles 

Isha Ambani, Executive Director of Reliance Retail, reported that the business crossed 20,000 stores in Q4 FY26 — a scale no Asian retailer has achieved in comparable time — spanning 78 million square feet. Gross revenue reached ₹3,70,026 crore, up 11.8%, with 387 million registered customers and 1.93 billion transactions processed, the latter up 39% year-on-year. Smart Bazaar crossed 1,000 stores, JioMart became one of India’s largest quick commerce networks covering 1,200-plus cities and average daily orders grew 3.6 times year-on-year. 

Reliance Consumer Products Limited, now a direct subsidiary of RIL following its demerger from RRVL in December 2025, doubled revenue in a single year to ₹22,000 crore. Campa is now India’s fourth-largest carbonated soft drinks brand with a double-digit market share in key markets, Independence delivered ₹2,600 crore in revenue, and RCPL products now reach more than 40 countries through exports. Isha committed to scaling RCPL to ₹1 lakh crore in revenue by FY2030. 

Anant Ambani: Jamnagar Giga Complex, $3 Billion Samsung Deal, 200,000 Green Jobs 

Anant Ambani delivered the new energy update, anchored by the Dhirubhai Ambani Green Energy Giga Complex at Jamnagar, spread across 5,000 acres. Nearly 1 GW of HJT solar modules — the first Approved List of Models and Manufacturers (ALMM)-listed HJT technology in India — have been produced, delivering 2% higher energy yield and 25% lower degradation than conventional modules. The 40 GW annual battery gigafactory is on track for commissioning this year, with a commitment to scale to 120 GW of annual lithium iron phosphate battery capacity. The Kutch renewable hub, spanning 550,000 acres, is designed to generate over 40 billion units of green electricity annually, approximately 3% of India’s total requirement. 

The commercial highlight was a landmark $3 billion long-term green ammonia supply agreement signed with Samsung C&T — among the largest such offtake contracts in the world — with advanced discussions underway for similar commitments from Japan, Korea and Europe. Anant said new energy will begin contributing meaningfully to Reliance’s financials from FY27, and that the platform will create 200,000 green jobs through the Jamnagar complex and the Kutch solar farm combined. 

Nita Ambani: University, Hospital and Mumbai’s Coastal Gardens 

Nita Ambani, Chairperson of Reliance Foundation, announced three transformative social infrastructure projects: a world-class private university at Dronagiri spanning 410 acres with seven schools focused on AI, law, medicine, engineering, management, humanities and architecture; a 1,500-bed Seven Hills Hospital in Mumbai integrating AI-driven clinical systems; and a 130-acre coastal road garden for Mumbai — envisioned as what Central Park is to New York. The Foundation has now touched 97 million lives across 16 years in nearly one in six villages of India. 

Mukesh Ambani closed by reaffirming his confidence in more than doubling Reliance’s consolidated EBITDA over the next five years and introduced the group’s 5S vision for institutional perpetuity — Succession, Systems, Standards, Spirit and Sustainability — saying the generational transfer of day-to-day management at Reliance is almost complete. He ended as he began: with a conviction that has defined Reliance across three generations. What is good for India, he said, is good for Reliance. 

Source

• Reliance AGM Audio