Dear Shareholders,
We are living through a once-in-a-generation transformation—where the boundaries between industries, technologies, and nations are being fundamentally redrawn. Global supply chains are being reconfigured. The energy transition is accelerating. The exponential rise of data and artificial intelligence is reshaping the architecture of the modern world.
In such moments, history is not inherited—it is created.
India stands at the forefront of this transformation. With its scale, demographic strength, digital depth, and entrepreneurial energy, India is not merely participating in the global economy—it is increasingly shaping it. Our aspiration of Atmanirbharta is now evolving into global leadership.
Reliance was built for moments like these. We do not follow change—we build for it, ahead of it.
We see this period not as one of disruption, but of possibility—an opportunity to reimagine industries, create new engines of growth, and contribute to India’s emergence as a developed nation.
This is India’s decade—not by chance, but by choice and conviction.
Reliance was built on this belief. Reliance was built to serve India— and to scale with its aspirations.
From its inception, our institution has not just grown with India—we have grown by anticipating India’s needs, by investing ahead of the curve, and by creating capabilities that enable national progress. Today, as India prepares to enter a new era of growth and global relevance, Reliance is once again preparing to play a defining role.
At Reliance, we are not merely building businesses—we are building the foundational pillars of India’s future.
In the age of intelligence, we have initiated Reliance Intelligence with a singular vision: to ensure that the power of artificial intelligence is not concentrated, but democratised. We aspire to create sovereign AI capabilities that are designed in India, scaled in India, and made accessible to every Indian—empowering individuals, enterprises, and institutions alike.
In energy, we are undertaking one of the most ambitious transformations of our time. The Dhirubhai Ambani Green Energy Giga Complex is not just an industrial project—it is a statement of intent. It represents our commitment to enable India’s transition towards clean, secure, and affordable energy at scale. We are building integrated capabilities across Solar PV manufacturing, energy storage, and green energy infrastructure to help India achieve energy independence.
Through our consumer businesses, we are participating in—and shaping—the rise of a new India. With RCPL and Reliance Retail, we are strengthening domestic manufacturing, empowering Indian brands, and redefining how India consumes. Our ambition is to build platforms that serve not just markets, but aspirations.
Reliance has always been defined by its ability to reinvent itself in alignment with India’s evolving needs.
Our Oil-to-Chemicals (O2C) business, built over decades, continues to demonstrate resilience and relevance even in a rapidly changing global energy landscape. We are transforming this business towards higher-value materials and future-ready applications—ensuring it remains competitive in a world that is transitioning to new forms of energy.
As we expand across energy, digital, and consumer platforms, we remain anchored in a simple truth: Our vision is global, but our purpose remains deeply Indian.
Our Exploration & Production business remains a vital contributor to India’s energy security. With a focus on maximising recovery, deploying advanced technologies, and exercising disciplined capital allocation, we are committed to responsibly unlocking the value of India’s natural resources.
Our consumer businesses are shaping the contours of India’s consumption story. Reliance Retail is not just scaling—it is redefining how India buys, consumes, and experiences products and services. Our hyperlocal commerce platforms are setting new benchmarks in speed, reach, and customer engagement.
Our media platform, JioHotstar, is reimagining storytelling for a Billion voices—bringing together technology, creativity, and cultural relevance to shape how India experiences content.
Our financial performance reflects not just growth, but the strength and discipline that underpin it.
In FY 2025–26, we delivered consolidated revenues of ` 11,75,919 crore, EBITDA of ` 2,07,911 crore, and net profit of ` 95,754 crore. These results are a testament to our ability to execute consistently in the face of global uncertainty.
RIL has become the first Indian company to cross $10 billion in annual net profit.
We continue to invest with a long-term perspective—funding our ambitions through strong internal accruals while maintaining a robust balance sheet. The confidence reposed in us by global rating agencies reinforces the credibility of our strategy and the resilience of our business model.
Jio represents one of the most significant transformations in India’s corporate history—and its journey is still unfolding.
As Jio evolves into a global technology leader, we are taking deliberate steps to strengthen its institutional framework, enhance transparency, and prepare it for the opportunities ahead. We will continue to evaluate strategic pathways that can broaden stakeholder participation and support Jio’s long-term growth, always guided by the principle of sustainable value creation.
Our vision is clear: to position Jio at the forefront of the global digital revolution—driving innovation across connectivity, artificial intelligence, cloud, and digital services. From connecting India to empowering India, Jio is now poised to help lead India into the digital future.
As we look ahead, we are deeply conscious that moments of great opportunity also carry great responsibility.
The energy transition and the rise of artificial intelligence will define the future of our planet. They will determine not only economic outcomes, but also the quality of life for generations to come.
Reliance is committed to leading this transformation responsibly—by building sustainable businesses, creating inclusive opportunities, and ensuring that growth is aligned with the well-being of society and the environment.
As we move forward, we are guided by a deeper understanding of leadership in a changing world: True leadership is measured not just by growth, but by impact.
Our journey is made possible by the trust of our stakeholders. I extend my deepest gratitude to our shareholders for their unwavering confidence, to our employees for their relentless pursuit of excellence, and to our partners for their enduring collaboration.
Reliance has always believed that business must serve a larger purpose.
Our purpose is not merely to be among the world’s leading companies—it is to contribute meaningfully to India’s rise. To create capabilities that endure. To build platforms that empower. To generate prosperity that is inclusive and sustainable.
We are inspired by a simple yet powerful conviction: What is good for India is good for Reliance. The story of India’s rise will be written in this decade—and we intend to contribute significantly towards its most defining chapters.
With warm regards,
Mukesh D. Ambani
Chairman and Managing Director
May 27, 2026
