1.  Introduction

My Dear Shareowners,

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 Modi ji, on achieving the stupendous feat of becoming the longest-serving elected Prime Minister of India. Later this year, on 7th 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-round 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 worse crises in the past.

Under the able, experienced, and far-sighted leadership of Prime Minister Shri Modi ji, India has handled the situation with exemplary competence, commitment, and wisdom. I can see India emerging much stronger in the fast-changing multi-polar 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 atma nirbhar in critical resources and technologies. Maximum energy self-sufficiency and AI self-sufficiency must become our national missions. The success of these missions is crucial to the success of Viksit Bharat.

Reliance is playing a leading role in both the 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 on innovation and R&D effort.

Here is a proof that will make all of you proud. According to the latest report by the World Intellectual Property Organisation, Jio Platforms has jumped from a rank of 340 to 20 in just one year in terms of the velocity of innovation through patents. This places Jio above several global tech giants and is the only Indian company in the Top 20 in this elite league. Let us warmly congratulate our brilliant team of scientists, engineers, and innovators. They have made India proud.

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 organised 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 aspirations 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, with India, and for India – is immense.

Allow me now to take you through the business and financial performance of Reliance.

2.         Business & Financial Performance

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 FY26 despite global challenges. The consolidated revenues stood at ₹11,75,919 crore ($124.0 billion), 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 FY21 EBITDA of ₹97,580 crore rose to ₹2,07,911 crore ($21.9 billion) in FY26.

Retail and Digital businesses contributed nearly half of the FY26 EBITDA. Together, they are increasingly becoming the primary drivers of Reliance’s future growth.

The net profit for FY26 stood at ₹95,754 crore ($10.1 billion), 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 ₹1,44,271 crore ($15.2 billion) for FY26. Over the last five years, Reliance’s capex has stood at a massive ₹6,48,428 crore or over $68.4 billion – more than any 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 ₹2,78,808 crore ($29.4 billion), which was 6.7% of India’s total merchandise exports for the year. Reliance remained the largest contributor to the national exchequer, contributing ₹2,16,472 crore ($22.8 billion). With that, our cumulative contribution to the national exchequer over the last five years crossed ₹9.78 lakh crore, or in excess of $100 billion.

Reliance’s commitment to inclusive growth remains unwavering. Our CSR expenditure in FY26 stood at ₹2,248 crore ($237 million) ─ the highest by a single Indian company.

Importantly, these achievements are supported by our prudent capital allocation framework, proactive risk management, 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 catalysed lakhs of micro-entrepreneurship opportunities.

3.         Digital Services

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 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.