Reliance targets next growth orbit as Mukesh Ambani bets on doubling EBITDA in five years

THEBUSINESSBYTES BUREAU

MUMBAI, JUNE 19, 2026

Setting an ambitious vision for the future, Chairman Mukesh Ambani on Friday declared that Reliance Industries Ltd (RIL) is poised to more than double its consolidated EBITDA over the next five years, underscoring the company’s confidence in the strength of its diversified growth engines after delivering record financial results in FY26.

Addressing shareholders at the 49th Annual General Meeting (Post-IPO), Ambani said Reliance has entered a new phase of hyper-growth, driven by digital services, retail, artificial intelligence, energy transition and advanced manufacturing. “The foundations have been laid. The platforms have been built. The capabilities have been assembled. And the opportunities before us have never been greater,” he said.

Reliance reported its highest-ever financial performance despite a volatile global environment. Consolidated revenue rose 9.8 per cent year-on-year to ₹11.76 lakh crore, while EBITDA surged to a record ₹2.08 lakh crore. Net profit climbed 17.8 per cent to ₹95,754 crore. Significantly, the company’s retail and digital businesses together contributed nearly half of total EBITDA, highlighting the success of Reliance’s transformation from a traditional energy giant into a technology-driven consumer powerhouse.

The digital business emerged as one of the strongest growth drivers. Jio Platforms posted revenue of ₹1.47 lakh crore, up 14.6 per cent, while EBITDA increased 18.8 per cent to ₹76,255 crore. Profit after tax crossed ₹30,000 crore for the first time, reaching a record ₹30,271 crore. Jio’s subscriber base surpassed 524 million, with more than 268 million 5G users, making it one of the world’s largest digital platforms. Ambani also announced that the board of Jio Platforms had approved the Draft Red Herring Prospectus for filing with SEBI, marking the formal launch of the much-anticipated Jio IPO process.

The media and entertainment business also delivered a strong performance in its first full year under the JioStar structure. Revenue reached ₹34,917 crore, EBITDA stood at ₹5,842 crore and net profit touched ₹3,434 crore. JioHotstar continued to dominate India’s streaming market, while Jio Studios and Network18 strengthened the group’s leadership across entertainment, sports and news.

Reliance Retail maintained its position as India’s largest retailer and one of the world’s fastest-growing retail enterprises. Gross revenue increased 11.8 per cent to ₹3.70 lakh crore, EBITDA rose 7.9 per cent to ₹27,033 crore and profit after tax grew 12 per cent to ₹13,838 crore. The business crossed the landmark of 20,000 stores, reaching 20,160 outlets nationwide, while its registered customer base expanded to 387 million. Reliance Retail processed 1.93 billion transactions during the year, reflecting rapid growth in omnichannel commerce and quick-commerce operations.

Reliance Consumer Products Ltd (RCPL), which was demerged from Reliance Retail Ventures Ltd and became a direct subsidiary of RIL, delivered one of the most impressive growth stories within the group. Gross revenue doubled year-on-year to ₹22,000 crore, powered by strong momentum across beverages, daily essentials, foods and personal care products. Homegrown brands such as Campa, Independence and Campa Sure continued to gain market share, positioning RCPL as one of India’s fastest-growing FMCG companies.

The company’s energy businesses continued to provide a strong earnings backbone. The Oil-to-Chemicals (O2C) segment reported revenue of ₹6.62 lakh crore, up 5.7 per cent, while EBITDA grew 10.1 per cent to ₹60,546 crore despite global supply disruptions and volatility in crude markets. Ambani said Reliance is steadily transforming the business toward higher-value chemicals and materials, with major investments underway in PTA, carbon fibre and PVC capacities.

Reliance’s Exploration and Production (E&P) business, a key contributor to India’s energy security, generated revenue of ₹23,861 crore and EBITDA of ₹19,050 crore. The KG-D6 and CBM assets together accounted for nearly 30 per cent of India’s natural gas production, underscoring their strategic significance.

A major focus of the AGM was the group’s New Energy business, which Ambani described as Reliance’s most ambitious generational undertaking. The company has begun commissioning facilities at the Dhirubhai Ambani Green Energy Giga Complex in Jamnagar. Solar module production has already commenced, the battery giga factory is scheduled for commissioning this year, and Reliance has secured a landmark US$3 billion green ammonia supply agreement with Samsung C&T. Ambani said the New Energy business will begin contributing meaningfully to Reliance’s financial performance from FY27 onwards.

Beyond financial performance, Reliance remained India’s largest corporate investor with capital expenditure of ₹1.44 lakh crore in FY26 and cumulative investments of ₹6.48 lakh crore over the last five years. The company contributed ₹2.16 lakh crore to the national exchequer during the year and maintained its position as one of India’s largest exporters and employers.

As Reliance celebrates a decade of Jio and two decades of Reliance Retail, Ambani’s message to shareholders was one of confidence and scale. With leadership positions across digital services, retail, media, consumer products, energy and artificial intelligence, he said Reliance is entering its next growth cycle from a position of unprecedented strength. “Our strategy is clear, our foundations are strong, and our best chapters lie ahead,” he told shareholders, outlining a future in which technology, clean energy and consumer businesses collectively drive the next wave of value creation.