Reliance AGM 2026 LIVE | Mukesh Ambani | Annual General Meeting | RIL AGM | मुकेश अंबानींचं संबोधन

[00:00:00]statements and the secretarial audit report of the company for the financial year ended 31st March 2026 do not contain any qualifications, reservations, adverse remark, or disclaimer. Accordingly, these reports are not required to be read out as provided in the Companies Act 2013. Now, I will begin my formal address to the shareholders.

[00:00:27]My dear share owners, Namaste.

[00:00:31]And a very warm welcome to the 49th annual general meeting of Reliance Industries Limited this afternoon.

[00:00:38]At the very outset, on behalf of the entire Reliance family, including all our shareholders, let me congratulate our beloved Prime Minister, Shri Narendra Bhai Modi Ji, on achieving the stupendous feat of becoming the longest-serving elected Prime Minister of India.

[00:00:58]Later this year, on the 7th of October, he will complete 25 uninterrupted years in public office, first as Chief Minister of Gujarat and then as Prime Minister of India.

[00:01:12]Over these years, the number of votes he has polled is by far the largest by any leader in the democratic world.

[00:01:21]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-around growth India has witnessed over the last decade. Dear friends, the past 6 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.

[00:02:12]The war in West Asia added to these problems.

[00:02:16]However, tough times never last. Tough nations do.

[00:02:21]And India is among the most resilient nations in the world.

[00:02:26]With unity, positivity, and self-confidence, we have overcome the worst crisis in the past.

[00:02:34]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 multipolar world.

[00:02:54]India will play the role of a balancer, a promoter of peace, and a friend to all.

[00:02:59]This is not merely my hope, it is my confidence and my conviction.

[00:03:05]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 Atmanirbhar in critical resources and technologies.

[00:03:22]Maximum energy self-sufficiency and AI self-sufficiency must become our national missions. The success of these missions is critical to the success of Viksit Bharat.

[00:03:36]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 in innovation and R&D effort.

[00:03:54]Here is proof that will make all of you proud. According to the latest report by the World Intellectual Property Organization, Jio Platforms has jumped from a rank of 340 to 20 in just 1 year in terms of the velocity of innovations through patents.

[00:04:15]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.

[00:04:39]Jio completes 10 years of stellar success becoming the primary enabler of India's digital and AI revolution.

[00:04:49]Reliance Retail completes 20 years as a trailblazer becoming the catalyst of India's organized retail revolution.

[00:04:58]In both businesses, we remain the unbeatable number one.

[00:05:03]Two phenomenal anniversaries, two spectacular transformations, and they affirm one abiding truth.

[00:05:11]When a patriotic, high-performance company consistently serves the aspiration of 1.5 billion Indians, there is no limit to what it can achieve.

[00:05:23]Dear friends, our founder chairman, Shri Dhirubhai Ambani, taught us that behind every obstacle is an opportunity.

[00:05:32]Through adaptability, reinvention, and strategic diversification, Reliance has consistently achieved long-term value creation at scale.

[00:05:43]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 and with India and for India is immense.

[00:06:02]Allow me to take you through the business and financial performance of Reliance. 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 the financial year 26 despite global challenges.

[00:06:22]The consolidated revenue stood at 11 lakh 75,919 crores, up 9.8% year on year.

[00:06:31]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 5 years.

[00:06:43]Our EBITDA for the financial year 21 was 97,580 crores, which rose to 2 lakh 7,900 and 11 crores for the year 26.

[00:06:57]Retail and digital businesses contributed nearly half of the financial year 26 EBITDA.

[00:07:05]Together, they are increasingly becoming the primary drivers of Reliance's future growth. The net profit for the financial year 26 stood at 95,754 crores, 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 lakh 44,271 crores for the year 26.

[00:07:42]Over the last 5 years, Reliance's capital expenditure has stood at a massive 6 lakh 48,428 crores or over 68.4 billion US dollars, more than any other company in India.

[00:07:59]Reliance contributed almost 1/3 of the total capital invested by India's top 50 corporates during the last 5 years.

[00:08:09]Reliance's exports were 2 lakh 78,808 crores, which was 6.7% of India's total merchandise exports for the year.

[00:08:21]Reliance remained the largest contributor to the national exchequer, contributing 2 lakh 16,472 crores. With that, our cumulative contribution over the last 5 years to the national exchequer crossed rupees 9 lakh 78,000 crores or in excess of 100 billion dollars.

[00:08:46]Reliance's commitment to inclusive growth remains unwavering. Our CSR expenditure in the financial year 26 stood at 2,248 crores, the highest by a single Indian company. Importantly, these achievements are supported by a prudent capital allocation framework, proactive risk management, and 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.

[00:09:31]Every year, we are consistently creating an increasing number of high-paying direct and indirect employment. Our digital and retail businesses have also catalyzed lakhs of micro-entrepreneurship opportunities. 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.

[00:10:03]This is a deeply emotional moment for me, for the entire Reliance family, and for millions of its shareholders.

[00:10:10]The relationship Reliance shares with its shareholders is a deep and sacred relationship founded on pride, trust, respect, and shared growth.

[00:10:21]The commitment to shared growth was deeply personal to Dhirubhai.

[00:10:26]It is equally sacred to me.

[00:10:29]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.

[00:10:42]The proposed listing of Jio will demonstrate to the world that India can build technology companies of global scale, global capability, and global value.

[00:10:52]I assure you and all prospective new investors that a brighter future awaits Jio.

[00:10:59]Friends, 10 years ago, Jio began its journey with an audacious dream to remove digital inequality from India.

[00:11:08]At that time, voice was costly, data was expensive, speeds were poor.

[00:11:14]Jio made voice free, made high-speed data affordable, and Jio made digital life possible for every Indian.

[00:11:24]Jio empowered students to learn, small businesses to grow, families to connect, entrepreneurs to dream, and India to become the world's largest data market.

[00:11:37]Now Jio is preparing for its next big mission.

[00:11:41]Friends, in the past I have spoken to you about the revolutionary power of artificial intelligence.

[00:11:50]I firmly believe that India should not be a mere consumer of AI created elsewhere.

[00:11:57]It must become a creator, adopter, and a global leader in AI.

[00:12:03]That is why we announced Reliance Intelligence last year as our newest growth engine.

[00:12:11]Our objective is to build a profitable AI infrastructure, platform, and services business serving consumers, enterprise, and governments at scale.

[00:12:24]We set out a clear vision, identified the focus areas, and began building the right partnerships with Google, Meta, and Nvidia.

[00:12:35]Now we are entering the next phase, execution, the details of which will be provided by Akash. A decade ago, Jio promised broadband connectivity to everyone, everywhere. And we delivered on that promise. Today Reliance Intelligence promises AI to everyone, everywhere. And we shall deliver on this promise, too.

[00:12:59]My dear shareholders, the Jio revolution is truly a result of courage, creativity, and commitment of thousands of young Indian engineers.

[00:13:12]Before Jio, many believed that India could only import technology from the world.

[00:13:19]Our engineers proved otherwise. They built, tested, deployed, and operated technologies at unprecedented scale.

[00:13:28]Today, Jio is not merely integrating technology. It is creating original technology.

[00:13:36]Reliance intelligence offers an even bigger opportunity to our young engineers.

[00:13:44]They will get to work on problems of national scale and impact. They will build and deploy technology for 1.5 billion Indians. They will create India-born innovation that the world can adopt. To them I say, come, build with us, and build for India. Build AI that serves humanity. AI that is powerful, trusted, yet affordable. AI that is fluent in every Indian language. AI that empowers farmers, students, doctors, shopkeepers, workers, creators, and families. AI that improves efficiency while creating more opportunities to work and prosper for every Indian. AI that contributes to the productivity and job creation.

[00:14:33]We will give you the scale, the resources, the freedom, and the responsibility to solve some of the most important challenges of our age.

[00:14:43]I now invite Akash Ambani, managing director of Jio Platforms Limited.

[00:14:50]Akash leads Jio with passion, purpose, and a deep commitment to India's digital future to tell you about the spectacular progress made and the even more spectacular future that will unfold.