RIL AGM 2026 highlights: Jio IPO, AI push, satellite plans, and more

RIL Chairman Mukesh Ambani outlined RIL's next phase of growth, with plans spanning sovereign artificial intelligence infrastructure, satellite broadband, 5G expansion and digital services

Reliance Industries Ltd (RIL) Chairman Mukesh Ambani chaired the company's 49th annual general meeting (AGM) on Friday, unveiling a series of major announcements, including the approval of the draft red herring prospectus (DRHP) for Reliance Jio's much-awaited initial public offering (IPO).

 

Ambani also outlined RIL’s next phase of growth, with plans spanning sovereign artificial intelligence infrastructure, satellite broadband, 5G expansion and digital services, while highlighting the conglomerate's record financial performance in FY26.

 

Here are the key highlights from Reliance Industries' 49th AGM:

 

Jio IPO gets green light

 

Ambani announced that the Board of Jio Platforms has cleared the IPO, and the DRHP will be submitted to the Securities and Exchange Board of India (Sebi) later today.

 

 

The proposed IPO will comprise a fresh issue of up to 270 million equity shares with a face value of ₹10 each, while the final issue price will be determined through the book-building process under Sebi regulations.

 

Ambani said at the AGM that the proposed listing would mark an important milestone for India’s technology ecosystem, adding that it “will demonstrate to the world that India can build technology companies of global scale, global capability, and global value".

 

Linking Jio's next phase of growth to Reliance's succession plans, Ambani said his children – Akash, Isha and Anant Ambani – are leading the IPO process and will drive the company's future value creation initiatives.

 

Expected to raise around $4 billion, Jio's public issue would likely be the largest public issue ever launched in India.

 

Reliance posts record FY26 numbers

 

Ambani also announced Reliance Industries' FY26 financial results, stating the company delivered its strongest-ever performance with record revenue, Ebitda and net profit for the year.

 

RIL’s consolidated revenue rose 9.8 per cent year-on-year (Y-o-Y) to ₹11.76 trillion, driven by robust growth across its consumer-facing businesses, including telecom and retail, alongside steady contributions from its energy operations.

 

Ambani also highlighted Reliance's aggressive investment strategy, saying the company spent ₹1.44 trillion in capital expenditure during FY26. He said that over the past five years, Reliance's cumulative capital expenditure has reached ₹6.48 trillion.

 

Meanwhile, Jio Platforms reported a net profit of ₹7,935 crore in the fourth quarter, up 4 per cent sequentially and 13 per cent Y-o-Y. Revenue from operations rose 2.7 per cent quarter-on-quarter and 12.6 per cent Y-o-Y to ₹38,259 crore, broadly matching market estimates.

 

Sovereign AI infrastructure

 

Addressing shareholders, Ambani also unveiled the company’s plan to build a sovereign artificial intelligence (AI) ecosystem in India through its newly launched Reliance Intelligence initiative.

 

He said RIL is building India's sovereign AI backbone in Jamnagar to tackle one of the country's biggest challenges in AI adoption: the scarcity and high cost of computing power.

 

The first phase of the project, comprising 120 megawatts of AI infrastructure, is expected to be commissioned by the end of 2026 and will be powered entirely by clean energy generated from Reliance's renewable energy platform in Kutch.

 

Furthermore, Reliance is deploying an initial fleet of advanced Nvidia GB300 graphics processing units (GPUs), with compute capacity equivalent to more than 75,000 H100 GPUs on an AI-inference basis. RIL expects the Jamnagar facility’s capacity to exceed 200,000 H100-equivalent GPUs, Ambani added.

 

Ambani said the infrastructure would place Reliance among the world's largest AI compute platforms and serve as the foundation for affordable, secure and multilingual AI services designed for India. 

 

Satellite broadband ambitions

 

Reliance Industries also outlined its ambitions in satellite communications, with Akash Ambani announcing that Jio is evaluating the development of a sovereign low-Earth-orbit (LEO) satellite constellation for India.

 

He said the proposed network aims to extend connectivity to remote villages, island communities and border regions that remain outside the reach of conventional terrestrial telecom infrastructure.

 

Alongside plans to develop an indigenous satellite network, Akash said Jio is partnering with leading global satellite constellation providers by leasing satellite capacity to accelerate service roll-out while building its own long-term capabilities.

 

To support these efforts, the company is building ground station infrastructure across India that will serve both partner constellations and Jio's future satellites, creating an end-to-end satellite broadband ecosystem. 

AI-led digital ecosystem and 5G expansion

 

Akash Ambani said Jio's next phase of growth will be anchored around five strategic priorities: expanding JioTrue5G, scaling JioAirFiber, digitising small businesses, making AI accessible to everyone, and taking India's homegrown technology stack to global markets.

 

The company aims to migrate all its subscribers to 5G by 2030 while advancing India's position in the development of 6G standards. Jio currently serves more than 524 million subscribers, including 268 million 5G users, while JioAirFiber connects around 13 million homes.

 

Jio’s home broadband adoption continues to accelerate, with up to 60,000 new connections being added every day. The company added that more than 90 per cent of JioAirFiber installations are completed within 24 hours.

 

As part of its AI strategy, Reliance announced deeper partnerships with Google and Meta. Google AI Pro, powered by Gemini, is already available free of cost to Jio users, while Jio's joint venture with Meta aims to deploy the open-source Llama models for Indian enterprises.

 

The company also unveiled a suite of India-focused AI applications, including JioBharatIQ, AI Vyapar, JioHealthIQ, JioLearnIQ and JioKrishiIQ, designed to deliver affordable AI services in 22 Indian languages.