Reliance AGM 2025: Focus on IPOs, green energy, and growth outlook

At its 48th AGM, Reliance is expected to offer clarity on Jio and Retail IPOs, lay out clean energy roadmaps, and share updates on growth targets

Reliance Industries Ltd (RIL), India’s largest company by market capitalisation, will hold its 48th annual general meeting (AGM) on Friday, August 29. 

 

When and where to watch the Reliance AGM 2025

The virtual event will begin at 2:00 pm IST and will be streamed live via the ‘JioEvents’ platform and across Reliance’s social media handles, including Facebook, Instagram, and X.

 

Why the AGM matters

Chairman and Managing Director Mukesh Ambani has often used the AGM to unveil significant business pivots—from launching Reliance Jio in 2016 to announcing aggressive new energy investments. This year, analysts and shareholders are expected to closely track:

 

• Timeline clarity on Jio and Retail IPOs
• Progress on the clean energy platform
• Updates on FMCG and consumer goods expansion
• Comments, if any, on global energy and crude oil dynamics

  

Financial performance ahead of the AGM

In July, Reliance reported a 78 per cent jump in quarterly profit to ₹30,783 crore, driven by the sale of its Asian Paints stake and strong growth in its telecom and retail verticals. Recurring profit (excluding exceptional gains) rose 25 per cent year-on-year.

 

Consolidated revenue climbed 6 per cent to ₹2.73 trillion, while Ebitda jumped 36 per cent to ₹58,024 crore. Although its oil-to-chemicals business remains a strong foundation, the standout performance came from consumer-facing segments.

 

What to expect from Mukesh Ambani’s speech

As previously reported by Business Standard, analysts expect the AGM to address three key strategic themes:

 

1. IPO roadmap for Jio and Reliance Retail

Brokerages anticipate that Ambani will provide updates on the long-awaited initial public offerings of Jio Platforms and Reliance Retail. These two verticals together account for more than half of the group’s Ebitda. Listing them separately could unlock significant shareholder value.

 

2. Renewed growth targets

At the 2024 AGM, Ambani announced an ambition to double RIL’s business by 2030. With Jio and Retail expected to double in size within 3–4 years, investors will look for specific roadmaps and milestones.

 

3. Clean energy progress

Reliance has committed to building India’s largest clean energy ecosystem. Updates are expected on capacity targets in solar, batteries, and hydrogen, along with new partnerships and project timelines.

 

What analysts are forecasting

CLSA expects telecom tariff hikes and leaner retail operations to drive consolidated Ebitda growth.

 

JP Morgan noted that retail and telecom accounted for 54 per cent of FY25 Ebitda and will likely contribute most to future growth.

 

Jefferies flagged RIL’s FY25 capex at ₹13.11 trillion, focused heavily on retail and media, with rising free cash flow in Jio seen as a key positive.

 

UBS anticipates “value unlocking” in Jio over the next 12–18 months, along with rising retail margins and clean energy contributions from FY27. 

 

Stock performance ahead of AGM

RIL shares have gained 16.5 per cent so far in 2025, outperforming the broader market. The rally reflects investor optimism over potential IPOs and business restructuring. Historically, however, RIL stock has seen mixed trends post-AGM, sometimes correcting in subsequent weeks.

 

Russian oil, US tariffs cast a shadow

This year’s AGM comes soon after the US doubled tariffs on Indian imports to 50 per cent, citing India’s continued purchase of discounted Russian crude oil. Reliance, one of India’s largest importers of Russian oil, has benefited from the price differential but now faces risks of trade sanctions and geopolitical volatility.

 

While Ambani is not expected to address Russia directly, global energy headwinds may shape how Reliance positions its oil-to-chemicals and new energy businesses in the near term.