RIL AGM 2026: Decoding Reliance's path to a 2x Ebitda target - 10 takeaways

Reliance Industries Limited has guided to more than double consolidated Ebitda over the next five years, with a $125-150 billion exports enablement target by 2032.

Jio IPO & subscriber base: The board has approved the DRHP for the Jio Platforms IPO, and it was filed with Sebi shortly. Jio Platforms delivered FY26 revenue of ₹1,46,885 crore (up 14.6 per cent Y-o-Y) and Ebitda of ₹76,255 crore at 51.9 per cent margin, with PAT crossing ₹30,000 crore for the first time. Subscriber base has crossed 524 million, with the entire base to be migrated to 5G by 2030.

 

5G & home broadband monetisation: 5G base has crossed 268 million with 77 million net additions in FY26. JioAirFiber is live in 13 million homes, adding up to 60,000 per day, with JioHome offering up to 5 Gbps download and 1 Gbps upload. Per capita usage is at 42.3 GB/month, with ARPU expected to expand on premium 5G, AI-bundled services, and enterprise solutions.

 

 

Reliance Intelligence & Sovereign AI stack: Reliance is building India's sovereign AI backbone in Jamnagar, with the first 120 MW of compute scheduled by end-2026. The initial NVIDIA GB300 fleet equals 75,000+ H100s, scalable to 2 lakh H100-equivalents. Monetisation will come through consumer, enterprise, and government AI services across 22 Indian languages via JioBharatIQ, AI Vyapar, JioHealthIQ, JioLearnIQ, and JioKrishiIQ.

 

Retail & quick commerce: Reliance Retail delivered FY26 gross revenue of ₹3,70,026 crore (up 11.8 per cent Y-o-Y) and Ebitda of ₹27,033 crore. Footprint is at 20,160 stores across 78 million sq ft, 387 million registered customers, and 1.93 billion transactions (up 39 per cent Y-o-Y). JioMart quick commerce serves 1,200+ cities and 5,100+ PIN codes through 3,100+ stores.  READ | RIL AGM 2026: Decoding Reliance's path to a 2x Ebitda target - 10 takeaways 

Reliance Consumer Products Ltd (RCPL): RCPL achieved FY26 gross revenue of ₹22,000 crore, doubling Y-o-Y, with products in 40+ countries. Campa crossed ₹4,700+ crore as India's fourth-largest carbonated soft-drinks brand. RCPL targets ₹1 lakh crore by FY30, backed by ₹30,000 crore of capex over three years for AI-driven, robotics-enabled food parks.

 

Media & entertainment: JioStar posted FY26 revenue of ₹34,917 crore, Ebitda of ₹5,842 crore, and PAT of ₹3,434 crore in its first full year. JioHotstar averaged 451 million MAUs and is on 99 per cent of connected TVs in India.

 

New Energy (solar, battery & Kutch hub): Solar capacity of 20 GW per annum is being built end-to-end, with ~1 GW of HJT modules produced. Battery phase-1 capacity is 40 GWh, scalable to 120 GWh. The 5,50,000-acre Kutch hub is expected to generate 40+ billion units of green electricity annually. Commercial revenues begin FY27, with New Energy guided to become one of Reliance's largest earnings engines.  READ | Jio, AI, New Energy & more: Multiple levers to fuel RIL's compounding story 

Chemicals, hydrogen & CBG (Compressed Bio Gas): Targeting 3 million MT of green hydrogen-equivalent green chemicals capacity over 10 years, supported by a USD 3 billion green ammonia pact with Samsung C&T. 55 CBG plants planned by FY27 (~1,100 TPD), scaling to 1 million tonnes annually over five years.

 

Oil-to-Chemicals (O2C): O2C revenue grew 5.7 per cent to ₹6,62,401 crore and Ebitda grew 10.1 per cent to ₹60,546 crore. Jio-bp volumes grew 29 per cent Y-o-Y, with 2,200 outlets and 400 under construction.

 

Financial guidance: FY26 consolidated revenue stood at ₹11,75,919 crore (up 9.8 per cent Y-o-Y), Ebitda at ₹2,07,911 crore, PAT at ₹95,754 crore (up 17.8 per cent Y-o-Y). RIL guides to more than double consolidated Ebitda over the next five years, with a $125-150 billion exports enablement target by 2032. 

======================================================  Disclaimer: This article is written by Gaurav Sharma, associate VP & head of research, Globe Capital. Views expressed are his own. Readers' discretion is advised.