Highlights from RIL AGM: ‘Aiming to list Jio by H1 2026’ – Mukesh Ambani; RIL shares fall 1.5%

Reliance Jio has crossed 500 million users in its 10th year of operation. It is planning to file for its IPO by the first half of 2026.

Addressing the company’s annual shareholder meeting, Mukesh Ambani said, “Jio is making all arrangements to file for its IPO. We are aiming to list Jio by the first half of 2026, subject to all necessary approvals.”

Reliance Industries is forming a joint venture with Meta to develop enterprise AI solutions in India, with an initial investment of about Rs 855 crore ($100 million) split 70:30 between the two companies. The partnership will leverage Meta’s open-source Llama models and Reliance’s reach across thousands of Indian enterprises and SMBs to deliver sector-specific, ready-to-deploy AI platforms and tools.

Reliance Retail is targeting a growth rate of over 20 per cent CAGR over the next three years. The company has expanded its footprint to 19,340 stores spread across 7,000 towns, strengthening its presence across the country.

Reliance’s exports were Rs 2,83,719 crore, contributing 7.7% of India’s total merchandise exports.

“Reliance remains the single largest contributor to the national exchequer, contributing Rs 2.10 lakh crore,” highlighted Mukesh Ambani while addressing the annual general meeting.

"India can grow its GDP at 10% annually, raising per-capita income 4–5 times in two decades," says RIL chairman Mukesh Ambani.

While addressing the 48th Annual General Meeting (AGM), CMD Mukesh Ambani said, "While uncertainty surrounds us, breakthroughs in clean energy, genomics, and artificial intelligence will drive growth going forward."

In FY25, Reliance Industries built a large media institution in partnership with Disney during the year. The media and entertainment vertical saw revenues jump 74.3 per cent to Rs 20,696 crore and EBITDA surge 139.6% to Rs 1,833 crore.

The oil-to-chemicals (O2C) business demonstrated resilience despite weaker global margins, supported by strong domestic demand and feedstock flexibility.

Meanwhile, the oil and gas segment delivered record EBITDA, led by higher output from the KG-D6 and CBM blocks, boosting India’s energy independence.

Digital services of Reliance Industries also delivered robust growth. Jio strengthened its leadership with 488 million subscribers, including 191 million on 5G. The segment reported a 14.7 per cent rise in EBITDA to Rs 65,001 crore, aided by strong adoption of 5G and broadband services.

The brokerage CLSA believes Reliance’s upcoming AGM will be a critical event for investors.

“The annual report emphasised the scale-up of AI services with connectivity offerings, the expansion of media presence, and the integration of new energy value chains as key focus areas for Reliance,” CLSA noted. “Any indications on the Jio IPO at the upcoming AGM will be a key catalyst, along with its FMCG expansion plan and clarity on its AI strategy.”

In its annual report for 2024-25, Reliance Industries’ capex stood at Rs 1.3 lakh crore. Out of this about Rs 33,700 crore was allocated to retail, while telecom remained free cash flow positive after years of heavy investment.

JP Morgan noted, “RIL’s FY25 cash flow was supported by a large Rs 384bn increase in trade and other payables. Even if this does not recur, growing EBITDA and stable capex mean Reliance’s leverage should fall near-term.”

In 2019, Reliance had announced plans to list its telecom and retail arms within five years. If launched, the IPO is expected to be India’s largest to date. Investors will be eager to see if there has been any progress on that front.

Greetings!
Mukesh Ambani-led Reliance Industries (RIL) is going to hold its Annual General Meeting (AGM) at 2:00 PM today. The meeting will be conducted through Video Conferencing (VC) and Other Audio-Visual Means (OAVM). Stay tuned to this space for all updates and major announcements.