FY26 Performance of RIL
Reliance Industries reported FY26 consolidated revenue of ₹11,75,919 crore, a 9.8% rise. Consolidated EBITDA grew 13.4% to ₹2,07,911 crore. PAT rose 17.8% to ₹95,754 crore.
The stock, however, has not kept pace with these numbers. Reliance Industries share price has fallen nearly 15% YTD, a steeper drop compared to the Nifty 50's approximately 8% decline and the Nifty Oil and Gas index's 7.7% fall.
Jio IPO: The Headline Watch
Management had previously indicated a listing target for Jio Platforms in the first half of the calendar year 2026. With that window arriving, the street is watching closely for a Jio IPO. The AGM is the natural venue for management to formalise the timeline, the listing structure, the indicative valuation framework, and any pre-listing reorganisation.
AI and Data Centres: A Multi-Year Commitment
Reliance's AI ambitions have been building steadily. At the 2025 AGM, Mukesh Ambani announced the launch of Reliance Intelligence, a dedicated AI subsidiary set up to build large-scale AI infrastructure, data centres, and AI-powered services across telecom, retail, energy and financial services.
More recently, Ambani unveiled the group's ₹10 lakh crore plan to build AI computing infrastructure across India over the next seven years. This covers gigawatt-scale data centres, a nationwide edge computing network, and new AI services integrated with the Jio telecom platform. Construction of multi-gigawatt data centres in Jamnagar, Gujarat, is already underway, with over 120 megawatts of capacity expected to come online in the second half of 2026.
New Energy: From Capex to Commercialisation
Reliance has been putting capital into its new energy business over the last four to five years. While this segment has historically been a drag on overall cash flow and the balance sheet, it is now approaching commercial operations.
Shareholders were expecting further context on new energy plans, as the company has a multi-year capital expenditure plan in place for battery storage capacity and green hydrogen. Investors were tracking timelines for the Jamnagar giga complex, solar modules, and electrolyser capacity additions.
Reliance Retail: Growth Trajectory and Listing Prospects
Reliance Retail closed FY26 with 387 million registered customers and 20,160 stores across formats. Full-year retail EBITDA stood at ₹27,033 crore.
At the last AGM, management had guided that Reliance Retail Ventures Limited, along with Jio Platforms, could double in size over five years. The retail business slowed in FY26 due to macroeconomic headwinds. As consumer sentiment picks up and Reliance expands across product lines, investors will be monitoring the growth outlook for the segment closely.
O2C Business and Dividend
RIL's traditional Oil-to-Chemicals (O2C) business faced a difficult FY26. Going into FY27, the chemicals business is expected to benefit from advantaged feedstocks through US ethane and captive naphtha.
On capital returns, a proposed dividend of ₹6 per share for FY26 was put to shareholders at the AGM. Dividend policy, debt reduction following the recent capex cycle, telecom tariff direction, and clarity on next-generation leadership structure are all expected to shape the medium-term governance outlook.
Conclusion
This AGM arrives at a critical point. The stock price has relatively underperformed the broader market in 2026, and investors are expected to get more clarity with respect to the timeline of the Jio IPO and other key developments. The key question is whether the AGM can provide the much-needed impetus to Reliance’s share price.
