[Visual Slide]: The slide titled: 48th Annual General Meeting of Reliance Industries Limited 

[Music] 

[Visual Slide]: The slide titled:  Shri Dhirubhai Ambani Image.  

[Visual]: Mukesh Ambani walks towards the image and Greets with folded hands, then walks to the podium 

[Mukesh Ambani]: Ladies and gentlemen, good afternoon, it is 2 PM and time to start the meeting. I welcome  all of you to the 48th annual general meeting of the company. This meeting is held through video conferencing in compliance with the circulars issued by the regulators. The company has taken all feasible steps to ensure that the shareholders are provided  an opportunity to participate in the annual general meeting, adequate video conferencing facility and live webcast of the proceedings of this meeting have also been provided. Requisite quorum is present and therefore I call the meeting to order. Register of directors and key managerial personnel and their shareholding, the register of contracts or arrangements in which directors are interested and certificates from the secretarial auditor on employees stock options scheme are available for inspection by the members. I wish to introduce for the benefit of new members, my colleagues on the board of our company, Dr. Shumeet Banerji.  

[Visual]: Dr. Shumeet Banerji greeting through folded hands.  

[Mukesh Ambani]: Shrimati Arundhati Bhattacharya  

[Visual]: Dr. Arundhati Bhattacharya greeting through folded hands.  

[Mukesh Ambani]: His Excellency Yasir Al Rumayyan  

[Visual]: His Excellency Yasir AI Rumayyan greeting through folded hands.  

[Mukesh Ambani]: Shri K. V. Chowdary  

[Visual]: Shri K. V. Chowdary greeting through folded hands 

[Mukesh Ambani]: Shri K. V. Kamath   

[Visual]: Shri K. V. Kamath greeting through folded hands 

[Mukesh Ambani]: Shri Haigreve Khaitan  

[Visual]: Shri Haigreve Khaitan greeting through folded hands 

[Mukesh Ambani]: Shri Dinesh Kanabar  

[Visual]: Shri Dinesh Kanabar greeting through folded hands 

[Mukesh Ambani]: Shri Nikhil Meswani  

[Visual]: Shri Nikhil Meswani greeting through folded hands 

[Mukesh Ambani]: Shri Hital Meswani  

[Visual]: Shri Hital Meswani greeting through folded hands 

[Mukesh Ambani]: Shri P. M. S. Prasad   

[Visual]: Shri P. M. S. Prasad greeting through folded hands 

[Mukesh Ambani]: Shri Anant Ambani  

[Visual]: Shri Anant Ambani greeting through folded hands 

[Mukesh Ambani]: Mrs. Isha Ambani Piramal  

[Visual]: Shri Isha Ambani Piramal greeting through folded hands 

[Mukesh Ambani]: Shri Akash Ambani  

[Visual]: Shri Akash Ambani greeting through folded hands 

[Mukesh Ambani]: All directors of  

[Visual]: Directors of the meeting greets with folded hands 

[Mukesh Ambani]: the company are present at this meeting, Shri V. Srikanth, Chief Financial Officer, Shrimati Savithri Parekh, our company secretary Shri K. Sethuraman and the representatives of our statutory auditors and the secretarial auditors of the company are also present at this meeting, ladies and gentlemen, notice dated August 6th, 2025, convening this annual general meeting and a copy of the annual report for the financial year ended March 31, 2025, have already been circulated electronically to the members of the company. With your permission, I shall take them as read. The auditors report on the stand alone and the consolidated financial statements and the secretarial audit report of the company for the financial year ended 31 March 2025, do not contain any qualification, reservation, adverse remark or disclaimer. Accordingly, these reports are not required to be read out as provided in the company's Act 2013. Now I will begin my formal address to the shareholders. My dear share owners, Namaste and a very warm welcome to the 48th annual general meeting of Reliance Industries Limited. We meet today on the most auspicious occasion of Ganesh Chaturthi.  

[Visual Slide]: The slide titled: Lord Ganesh Sitting Image 

[Mukesh Ambani]: Lord Ganesh has arrived in our homes and in pundalls on our streets. Let us begin this meeting by seeking the blessings of Bhagawan Ganesh for you, your families, the entire Reliance Parivaar and for all the people of India and the world, friends. The global economy today is navigating through an era of great uncertainty, geopolitical tensions are rising, volatility is persistent and predictability is scarce. The world is realizing that conflict produces no winners whereas cooperation ensures shared prosperity. When nations cooperate, trade flows freely, investments flourish and everyone wins. In today's interdependent world, the prosperity of each country is inseparably linked to the prosperity of all. Paradoxically, while uncertainty surrounds us, humanity also stands at the threshold of a golden age in the 21st century. An age defined no longer by scarcity but by superabundance and superaffordability for all the 8 billion people on this planet. This has become possible because of the convergence of three powerful technological transformations. Breakthroughs in clean energy are unlocking a future of abundance, sustainability and security raising hopes for overcoming the climate crisis. Breakthroughs in genomics promise dramatic improvements in cure of diseases, longevity and overall health. Breakthroughs in artificial intelligence and allied deep technologies have already begun to boost productivity, efficiency and human potential to unimaginable levels. Because of the miraculous power, A. I. can now be called the new kamdhenu, the divine wishful filling cow of our age. At reliance, we see these three convergent transformations not as distant possibilities but as immediate opportunities for India. Therefore, we are building the world's most advanced clean energy ecosystems. We are expanding into the frontiers of digital health, life sciences and genomics. And we are developing AI as a new growth engine besides embedding AI across all our businesses from retail to telecom, from energy to entertainment. India with its scale, talent and entrepreneurial spirit is uniquely positioned to lead in this new era of AI, clean energy and genomics and reliance has positioned itself confidently to lead our nation's mission to ensure that abundance and affordability become the birthright of every Indian. This is our solemn promise, friends. The possibilities created by these new technologies are staggering.  

[Visual Slide]: The slide titled: Global GDP and Earth 

[Mukesh Ambani]: The global GDP today is at $110 trillion, has the potential to reach $500 trillion within the next 25 to 30 years. Imagine, in our own lifetime, we can end poverty globally and ensure that every human being has access to all basic needs. For this vision to be realized, it is our hope that the world leaders choose cooperation over conflict, dialogue over discord and win-win agreements over zero-sum rivalries. Despite geopolitical uncertainty, one truth is crystal clear. India is on the rise and India's rise is unstoppable. Today, India already ranks among the world's top-four global economies. Under the determined leadership of a visionary prime minister, Shri Narendra Bhai Modi ji, India's GDP is growing faster than all major economies. With the right set of reforms, advanced manufacturing capabilities and a national priority on deep tech, our economy can grow at 10 percent annually. This will mean that the per capita income of Indians could rise 4 to 5 times within the next two decades, making India not just a prosperous nation, but also a more equal nation. And more importantly, India need not copy any foreign model. We have the ability and the responsibility to  

[Visual Slide]: The slide titled: INDIA- First Model of Development 

[Mukesh Ambani]: create an India-first model of development. This model will use deep tech to bring prosperity and security to India, improve the quality of life of each and every Indian and protect the environment. This model will also harmonize technology with democracy, economy, with culture, spirituality with science and national aspirations with friendship across all nations. This is the collective dream of nearly 1.5 billion Indians to build a nation that leads with both prosperity and compassion. This my dear shareholders is the Indian dream. Dear shareholders, as Reliance approaches the close of its golden decade, we re-dedicate ourselves to the rapid realization of this Indian dream, we are resolutely transforming our operating model to become a deep tech company with advanced manufacturing capabilities. We are making every one of our businesses 

[Visual Slide]: The slide titled: AI Native text with magnified view of chip 

[Mukesh Ambani]: AI native, positioning them for hyper growth, our corporate philosophy of "we care" compels us to continuously improve the quality of our products and services in ways that promote the well-being of both people and planet. Our operating model is now led more by innovation than capital intensity. That is why we are attracting and empowering super-talented young leaders who will drive the next wave of value creation with bold innovations. Reliance has never rested on its past laurels,  

[Visual Slide]: The slide titled: Shri Dhirubhai Ambani photo 

[Mukesh Ambani]: our founder and forever guide, Shri Dhirubhai Ambani, instilled in us a DNA of relentless reinvention and re-imagination. Again and again, we will re-imagine and re-engineer ourselves to create greater wealth for our nation and higher value for our society. This is my solemn commitment to you. Dear shareholders, I am happy to share with you the details of yet another stellar year of business and financial performance achieved despite multiple challenges. In the financial year 25, Reliance delivered  

[Visual Slide]: The slide titled: Record consolidated revenue  

[Mukesh Ambani]: a record-consolidated revenue of 10.71 lakh crores becoming India's first-ever company to cross $125 billion in annual revenues.  

[Visual Slide]: The slide titled: EBITDA and Net Profit  

[Mukesh Ambani]: Reliance's EBITDA stood at one lakh 83,422 crores, a net profit grew to 81,309 crores. Reliance's exports were a 2 lakh 83,719 crores contributing to 7.6% of India's total merchandise exports.  

[Visual Slide]: The slide titled: Cumulative investment in the last 3 years 

[Mukesh Ambani]: Reliance invested cumulatively, Rs. 5.6 lakh crores in the last three years. Reliance remains the single largest contributor to the national exchequer, contributing to Rs. 2 lakh 10,269 crores in the financial year 25. In the last six years, Reliance's contribution to the national exchequer, cross Rs. 10 lakh crores. I am also proud to report that 

[Visual Slide]: The slide titled: CSR Spending and people planting saplings 

[Mukesh Ambani]: Reliance's CSR spending in the financial year 25, rose to 2,156 crores. Reliance's cumulative CSR expenditure over the last three years crossed Rs. 5,000 crores. This is a clear reflection of our unwavering commitment to social impact. Friends, employment generation for India's talented youth is a national priority. It is also a priority for Reliance. Globally, the dynamics of employment are undergoing a shift towards flexibility driven mainly by AI and automation. Reliance has also adopted modern engagement formats that combine opportunities for upskilling, entrepreneurial drive, job satisfaction and higher earning potential. Today, our conventional and non-conventional workforce has grown to nearly 6.8 lakh people. I see this growing to more than 10 lakh people over the next few years. It gives me immense satisfaction to say that we continue to be amongst the most admired employers and rank among the largest job creators in India. Friends continues to lead across every key growth parameter, revenues, profitability, exports, market value, investments, contributions to the ex-checker and social impact. I am confident that Reliance will continue to break its own records in business performance next year and beyond. Dear Friends, let me begin by sharing with you the impressive performance of our digital business. Just a week from now, Jio will enter its 10th year of service to the nation. Looking back, these years have been the most glorious in India's digital history. Today, I am proud to share with you that the Jio family has crossed 500 million customers. The 500 million milestone is a symbol of your unwavering trust and support. I offer my heartfelt gratitude to each and every one of you. I have heard people say Jio changed my life and I love Jio, but I say from my heart actually each and every Indian with Jio by simply making it a part of their lives. Let me present a short video of our Jio journey how 500 million Indians make Jio. All of you make Jio.  

[Visual]: A wide shot of vast, lush green agricultural fields. Diverse people's lives getting improved by Jio services for eg, A teacher improving lives of under privilege students by teaching through live video mode.  

[Narrator]: Come Friends Let's travel across different parts of the country. And listen to the stories of how India made Jio. Let's meet Mumbai-based teacher, Abhishek Sathe. Who is doing something wonderful every day 

[Abhishek Sathe]: Come on kids, switch on your cameras.  

[Audience]: Good morning Sir 

[Abhishek Sathe]: I ensured no one was left behind. When I taught every single child. I made Jio 

[Narrator]: Thanks to dedicated teachers like him. India's future never got left behind. Yes Devi Ji 

[Devi]: When my daughter-in-law. What do you call it? UP. . .  

[Woman 1]: Mummy Ji UPI, UPI. When I ran my business using UPI. I made UPI 

[Narrator]: What a proud moment ! Today, 50 million small and big shopkeepers like her are expanding their businesses using UPI. Let's see what's happening here 

[Man 1]: When I made K-Dramas trend in my village. That's when I made Jio 

[Narrator]: Today 500 million people in the country are enjoying entertainment not cautiously, but whole heartedly 

[Soldier 1]: We have all returned safely to our base 

[Man 2]: Live long, my child 

[Soldier 1]: After the border operation I comforted my father. That's when I made Jio.  

[Narrator]: Now let's meet that mother whose journey of motherly love has just begun 

[Woman 2]: When I took care of motherhood along with my office work. I made Jio 

[Narrator]: While millions of women across the country stayed connected to their offices remotely. During the tough days of COVID millions of lives were also saved 

[Doctor 1]: When I was able to treat my patients through video calls. I made Jio 

[Farmer 1]: Ever since I made this phone my close buddy, that's when I made Jio. Tell me something. How can horticulture increase crop yield? 

[Narrator]: Today, 100 million farmers in remote villages are reaping the benefits of having the right information as their ally 

[Shopkeeper 1]: I took Indian craftsmanship to the world, I made Jio.  

[Narrator]: Millions of traders are increasing their order graph and proudly waving the flag of Make in India 

[Narrator]: When the people of India celebrate every six and every four like it's a grand festival. Then Jio 

[Multiple People]: I made it 

[Narrator]: They're absolutely right. Jio is made by 500 million countrymen together leading us all into a new era of Digital India. And this is just the beginning of the new Digital India 

[Visual]: To be continued . . . .  

[Mukesh Ambani]: Friends, Jio was conceived at a time.  when India's road to digital transformation was blocked. Prohibitive data prices, poor connectivity, and even poorer speeds had stifled the digital aspirations of Indians. That is when we said this must end and Jio ended India's digital poverty within a few years. Jio's bold, deep tech initiatives sparked India's technological revolution. And became the backbone of our Prime Minister's Digital India Mission. Let me mention only five major achievements of Jio 

[Visual Slide]: The slide titled: Five major achievements of Jio  

[Mukesh Ambani]: which were previously unimaginable. First, Jio made voice calls free from anywhere to everywhere in India. Second, Jio made it a habit for common Indians to watch videos on their mobile and do digital payments also on their mobile. Third, Jio laid the foundation for India's digital public infrastructure, such as Aadhar, UPI, Jandhan, direct bank transfer, and empowered a confident new generation. Fourth, Jio enabled the creation of the world's third largest startup ecosystem in India with over 100 plus unicorns. Fifth, Jio's nationwide 5G rollout, the fastest in the world, has laid the foundation for the AI revolution in India. Dear shareholders, as a result of these achievements, the financial performance of Jio is scaling new heights with every passing year.  

[Visual Slide]: The slide titled: Revenue and EBITDA  

[Mukesh Ambani]: Jio's revenue was 1,28,218 crores, a growth of 17% year-on-year, for the financial year 25 and our EBITDA was 64,170 crores. These figures are a testimony to the enormous value Jio has already created and the still greater value it is destined to create. Today, it is my proud privilege to announce that Jio is making all arrangements to file for its IPO.  

[Visual Slide]: Jio logo with arrow going upwards in a graph 

[Mukesh Ambani]: We are aiming to list Jio by the first half of 2026 subject to all necessary approvals. I assure you that this will demonstrate that Jio is capable of creating the same quantum of value as our global counterparts. I am sure that it will be a very attractive opportunity for all investors. Friends, Jio's plans for the future are even more ambitious. They rest on five assurances.  

[Visual Slide]: The slide titled: Five Assurances 

[Mukesh Ambani]: One, Jio will connect every Indian on mobile and home broadband. Two, Jio will empower every Indian home with digital services, like Jio Smart Home, Jio TV Plus, Jio TV OS, and Seamless Automation. Three, Jio will digitize every Indian business and enterprise with simple scalable and secure platforms. Four, Jio will herald the AI revolution in India. Our motto is AI everywhere for everyone. And five, Jio will expand its operations outside India with our own technology to people around the world. I am extremely confident that the path ahead for Jio is even brighter than its journey so far. I now invite Akash, who spearheads Jio to take you through what lies ahead in the company's exciting journey.  

[Visual]: People applauding 

[Akash Ambani]: Thank you, Chairman. Jio is where I began my professional journey. Faced challenges, learned lessons, and found my purpose.  

[Visual]: Akash sitting on chair 

[Akash Ambani]: I have grown with Jio.  

[Visual]: Akash standing and interacting with 2 other people 

[Akash Ambani]: And today, to see it come into its own as an 

[Visual]: Akash writing on board and explaining 

[Akash Ambani]: Independent company is both humbling and exhilarating. Jio is part of me. Chairman, so I want to thank you for your trust, your vision, and your guidance. I assure you that Jio is on the path to build on your vision with renewed energy and unwavering resolve to serve India's digital future. Dear friends, as we take this next step in Jio's journey,it gives me a great try to reflect on how far we've come. Today, Jio serves over 500 million happy customers. To put that into perspective,it's more than the combined population 

[Visual Slide]: The slide titled:  USA, UK, France map 

[Akash Ambani]: of the United States, the United Kingdom, and France.  

[Visual]: People smiling, then different people smiling, then, again different people in different settings smiling and so on. A student using a laptop with the Jio logo, a doctor watching surgery through video, a woman making payment using QR code at a clothes shop, and a college of multiple people using Jio services.  

[Akash Ambani]: This isn't just a milestone in terms of skill. It's a testament to the deep and widespread trust that Jio has won from every corner of India. Very few companies in the world have the privilege of serving half a billion people. Fewer still do it with the consistency,commitment, and care that Jio has demonstrated. This achievement therefore belongs not just to Jio,but to each and individual who believed in Jio and stood by. And with that belief comes responsibility. The responsibility to lead, to innovate, and to serve with purpose. Not to sell, but to truly serve the customer,putting their needs at the heart of every innovation. Today, Jio carries the largest wireless data traffic in the world. India's next digital leap and Jio's next growth engine will come from businesses large and small. Jio's building simple, scalable, and secure platforms  

[Visual Slide]: The slide titled: franchise management, AI powered solutions 

[Akash Ambani]: for MSMEs and enterprises alike. From franchisee management to AI-powered solutions across verticals,we're enabling every business to compete globally.  

[Visual]: Map of World 

[Akash Ambani]: This is not just digitization, it's democratization of enterprise-grade technology. Jio's transformation into a deep tech company is now unmistakable. We've done it  

[Visual Slide]:  Technology stack properties.  

[Akash Ambani]: on a technology stack that is designed, developed,and deployed entirely in India by Jio's own engineers.  

[Visual Slide]: The slide titled: Journey of becoming cemented in deep technology 

[Akash Ambani]: From developing our own 5G core to rolling out the fastest 5G services in the world. And now deploying our global first home-connect technology. We have cemented our place as a deep tech company. Our proprietary home-connect technology, UBR,  

[Visual]: a man and woman sitting on sofa and talking 

[Akash Ambani]: and industry-first innovation, has revolutionized home broadband. Offering gigabit speeds while avoiding cable-cut disruptions and supporting high-end applications.  

[Visual]: Smart TV showing multiple streaming channels and, afterwards, Jio Airfiber coverage across Indian map.  

[Akash Ambani]: Jio airfiber is now the largest fixed wireless provider in the world, adding over 1 million homes per month. And now with the integration of AI, we're building a stack that will power intelligent services across India. From gen AI enables customer journeys to AI powered diagnostics and automation. Jio's laying the foundation for India to become the world's first AI native digital economy. Building on this foundation Jio True 5G has redefined speed, reliability, and the reach of digital connectivity.  

[Visual]: Diverse people using diverse Jio services 

[Akash Ambani]: Today, more than 220 million users are benefiting from Jio's True 5G network. Friends, at the heart of all our offerings, is our customer. At Jio, customer service is not a department. It is a promise. We are redesigning every touch point to delight the user, not just serve them. Whether it's discovering, buying, using, or resolving issues, our systems are now event driven in API enabled with Gen AI at the forefront. This transformation is structurally-aligning architecture and feedback loops to deliver precision and delight at scale. This relentless focus on innovation has also driven our strongest financial performance. With record revenue, profitability, and customer engagement,as we look ahead, Jio's journey will be beyond India. Our innovative technologies are now ready to be deployed globally and solve global challenges.  

[Visual]: World map highlighting India 

[Akash Ambani]: With strategic partnerships and a clear roadmap, we will take JioServices International creating value for partners and shareholders alike. Behind every achievement is a mission to serve customers with heart, to connect the unconnected, uplift every citizen. As we move forward, Jio remains committed to this service, ensuring that our technology empowers all of you. To give you a glimpse of where the mission is headed next, I now inviteMichael Lee Kiran to join me to showcase some of Jio's latest innovations.  

[Kiran Thomas]: Thank you Akash. Today, Jio is the only operator that can activate gigabit speed internet in under 24 hours across India. In the past, getting broadband installed, even in our larger cities, meantwaiting, delays, and multiple site visitsbefore installation could even begin. It was frustrating for homes and small businesses that simply wanted to be connected. At Jio, we decided India deserves better, and we completely reimagined this using our deep tech platforms. 

[Visual Slide]: The slide titled: Different regions marked according to feasibility of providing Jio Airfiber 

[Kiran Thomas]: We built something no one else has attempted at this scale, a digital twin of India's physical infrastructure. This is a living breathing 3D model of our entire nation, 

 

[Visual]: India's map covered with network of Jio Airfiber then, journey of booking and installing Jio Airfiber service.  

[Kiran Thomas]: covering every terrain, every locality, and every single building. The moment a customer places an order, Jio's digital twin system allows our engineers to check the local network conditions for that specific customer, and precisely plan the entire installation, instantly right from their offices. And within 24 hours, the rooftop unit is installed, and the customer's premises is live with gigabit speeds.  

[Visual]: A man and woman watching cricket match 

[Kiran Thomas]: This homegrown capability puts India and Jio at the forefront of technology innovation, and sets a new benchmark in serving customers at scale. Now, last year in our AGM, we introduced Jio AI Cloud, with up to 100 gigabits of free cloud storage for all Jio users. More than 40 millionIndians have trusted Jio AI Cloud to back up their most important photographs, files, and videos all securely. Today, we unveiled the next generation of Jio AI Cloud, that is more than just storage, but an AI-powered memory companion. Imagine being able to find and relive your most precious moments, simply by speaking in your own language. You could, for example, say, Hello Jio, which is 

[Visual]: A man and a woman sitting on sofa, talking to each other and to the phone, phone then pops up last year's Ganpati Visarjan photos.  

[Hindi text to be inserted?] 

[Kiran Thomas]: And Jio AI Cloud will search your entire library, and instantly bring back vibrant images of your celebrations.  

[Visual]: taking photo of a receipt, then and Cloud automatically categorises it, similarly for Aadhar card.  

[Kiran Thomas]: Jio AI Cloud also makes everyday organization effortless. For example, when you scan a receipt, it categorizes it automatically under bills. Or when you upload a picture of your Aadhar card, it again automatically categorizes it under identity documents. And with a new AI create hub, Jio AI Cloud becomes not just a place to store memories, but also to create them. Anyone can turn simple photographs into shareable reels,collages, or promo videos, with no expert skills required at all.  

[Visual]: Shopkeeper creating a professional product reel from a product photo, A woman creating a family album from photos.  

[Kiran Thomas]: Imagine a small shopkeeper creating a professional product reel in minutes, or a parent compiling a family album with just one click. We are making Jio AI Cloud smarter and more human, and are excited for you to try these very soon-to-be release features. And now back to you, Akash.  

[Akash Ambani]: Thank you, Kiran. Jio's vision is to empower every  connected home and business with advanced digital services. Today, we are proud to announce another leap forward called Jio PC. Our world is being reshaped by AI, but for AI to be truly inclusive, it must be present in every Indian home and business.  

[Visual]: Using TV as a computer using Jio PC service, connecting keyboard to JioSetup box 

[Akash Ambani]: Jio PC is that revolutionary product that transforms your TV, or any other screen into a full feature, AI-ready computer. You can easily get started by connecting a keyboard to your JioSetUp Box. Instantly, you get a virtual computer powered from Jio's Cloud with no upfront investment. You simply pay for what you use. And because Jio PC lives in the Cloud, it's always up to date, secure, and you can  

[Visual]: Showing upgrading memory, RAM, etc. of Virtual PC,  A man using TV as a PC, also having preinstalled apps like chatgpt, google chrome, gemini. A young girl using computer to work.  

[Akash Ambani]: remotely upgrade your memory, storage, and computing power based on your growing needs. For the first time, anyone in India can tap into high-performance compute on demand. You can go from creating documents to running advanced simulations all on the same Jio PC. We are partnering with leading providers to bring a rich library of applications and powerful AI tools to boost your productivity and creativity. Jio PC is not just about giving people a computer. It's about giving every student, every professional, every entrepreneur in India, the same AI-ready power that only few have had so far. This is computing for India reimagined. Next up, we're proud to give you a first look at one of our most exciting upcoming products, JioFrames.  

[Visual]: Smartglasses JioFrames rotating in air 

[Akash Ambani]: JioFrames is an AI-powered variable platform, an ecosystem made for India. With support for multiple Indian languages at launch, you can simply speak to Jio's multi-lingual AI voice assistant. It is a hands-free AI-powered companion designed for the way India lives, works, and plays.  

[Visual]: A woman capturing photo using JioFrames of 2 woman in front of her. Then capturing a video and going live using JioFrames 

[Akash Ambani]: With JioFrames, you can capture your world like never before. Take HD photos, record videos, or go live. Every memory is instantly stored in Jio AI Cloud.  

[Visual]: A woman using JioFrames to get summary of a book she is holding 

[Akash Ambani]: JioFrames goes beyond capturing moments. Reading a book, just ask for a summary or an explanation.  

[Visual]: A man getting recipe using JioFrames 

[Akash Ambani]: Cooking a new dish, get a step-by-step guide while your hands are busy.   

[Visual]: A woman travelling and using JioFrames to get landmarks of a city. A man taking calls, a woman taking a meeting and another woman listening to music using JioFrames.  

[Akash Ambani]: Traveling to a new city, instantly learn about the landmarks around you. You can make calls, take meetings, listen to music, or enjoy podcasts. With built-in open-year speakers, you hear crystal clear audio while staying aware of the world around you. JioFrames brings the power of AI into your everyday life in the most natural way possible. Intelligence will not just be in your pocket, it will be right in front of your eyes. Dear shareholders, let me now talk about a media and entertainment business. The formation of JioStar marked defining moment for India's media ecosystem. In just a few months, we have created a revolution by strategically leveraging content, AI, and technology. To reshape how stories are told, delivered, and experienced.  

[Visual]: - Multiple Movies and Web Series in JioStar  

[Akash Ambani]: JioStar offers three lakhs, 20,000 hours of content, six times more than the next two OTT platforms combined. With 30,000 hours added every year. Our advanced AI tools and technology innovations are empowering viewers like never before. As a result, our media and entertainment business delivered a record-breaking performance. The launch of JioHotstar brought over 600 million users on board within three months. This included over 75 million connected TVs. With 300 million paying subscribers, JioHotstar is now the world's second largest streaming platform, achieved entirely in our country, India. This record shows the immense potential of Indian consumers. In addition, with a 34% TV market share, equal to the next three networks combined, we are well on our part to serve a billion screens across mobile, TV, and connected devices. JioStar will continue to expand across platforms and geographies. We have created an experience that combines the best of content, software, and AI through JioHotstar. We always want to push the boundaries and give our customers a more elevated experience. And now, let me give you a glimpse of what's coming to JioHotstar. Finding what to watch from thousands of hours of content can feel overwhelming. That's why we have built Riya. Your new voice-enabled search assistant  

[Visual]: 2 women resting and using Riya to access content,  2 men watching cricket excitedly. Riya curates content according to voice query. Afterwards, men watched cricket commentary.  

[Akash Ambani]: that makes discovering content effortless. Riya is built for the way you think and speak. Whether it's key movements from your favorite shows, highlight reels of your favorite players, or even a deep dive match analysis, Riya understands you. Just say what you want across your seasons and episodes, and Riya will curate it for you. No more scrolling, no more searching, just ask, and Riya delivers. Now introducing voice print, the next leap in immersive storytelling. For the first time on JioHotstar, you will be able to enjoy sports and entertainment in your favorite Indian language, without losing the magic of the original performance. With the power of AI voice cloning and lip sync technology, your favorite stars won't just get dubbed, they will actually speak in your language, in their own voice, with perfect lip sync on screen. Here's a closer look. Guys, let me talk you through how I would plan and over. I'm going to take a look at this game, and I'll show you a little bit. I'm going to tell you a little bit, and I'll show you a little bit. I'm going to talk a little bit, but I'll show you a little bit, and I'll show you a little bit. I'll show you a little bit, and I'll show you a little bit, and I'll show you a little bit. So whether it's a cricket match or a blockbuster movie, you can now watch it in your own language, in the most natural and authentic way. Paramount to our success has been the unmatched viewing experience we've delivered, and we are always pushing boundaries further. Today, we're excited to introduce JioLenZ.  

[Visual]: Changing view options in Jio App. An user viewing from multiple camera angles, scorecards, etc. through swiping in different ways on screen. View of different demos, features accessible in Ril. com and Jio. com.  

[Akash Ambani]: A breakthrough that lets you experience your favorite content like never before. With JioLenZ, you can explore multiple viewing options that adapt to your personal preferences in a single click. If your content on your screen exactly the way you want to see it. Next, let's look at MaxView, a global first innovation that transforms how cricket is watched on mobile. Now, we're taking it even further with MaxView 3.0, a revolutionary upgrade that puts all your favorite Jio-hot star features at your fingertips. Multiple camera angles, choices of language, instant highlights, and live scorecards. Everything right there on the same screen accessible with a simple swipe. This cricket viewing experience has been designed around the way you naturally hold your phone, making it more immersive, more intuitive, and closer to the action than ever before. Head over to Jio. com and RL. com to see even more exclusive demos about the exciting features we have planned to launch. With that, let me invite our chairman back on to stage.  

[Visual]: People applauding 

[Mukesh Ambani]: Thank you Akash and Kiran. We are proud of Akash and the entire Jio-leadership team for their achievements. I'm sure that you will surpass your successes in the future. Dear friends, Disney, which is amongst the largest entertainment companies globally, has partnered with Reliance to form JioStar. I would now like to invite my good friend, Bob Iger, the CEO of Disney, to share his views on our exciting partnership.  

[Visual Slide]: The slide titled: Bob Iger's Image 

[Bob Iger]: It's a privilege to address the Reliance  annual general meeting and to mark what is already proving to be an extraordinary partnership between the Walt Disney company and Reliance. And I especially want to thank Chairman Ambani for his leadership and for inviting me to speak to you today. India is one of the most important and exciting markets for Disney globally. It's scale, diversity, and deep love for storytelling present enormous opportunities. And through JioStar, we are delivering the very best in entertainment and sports, reaching audiences at an unprecedented scale. By bringing together Reliance's digital reach, execution, and understanding of the Indian consumer, combined with Disney's rich library of world-class storytelling and beloved IP, and of course India's strong passion for cricket. JioStar has quickly established itself as a global force in media and entertainment, with nearly 300 million paid subscribers. That is truly a remarkable accomplishment in such a short span of time. And we're incredibly proud of what we've achieved so far and even more excited about what lies ahead. So on behalf of all of us at Disney, thank you for your partnership and enjoy the meeting.  

[Mukesh Ambani]: Thank you, Bob, and we look forward to a very strong partnership with Disney. Dear shareholders, let me update you on our news and current affairs business. Network 18 is pioneering disruptive models with sharp focus on credible journalism, creative content, and innovation. Money control has consolidated its leadership as India's largest platform for business news, financial markets data, and investment analytics. With over 1 million paid subscribers, Money Control Pro ranks among the top 15 subscription platforms globally, alongside the Wall Street Journal and the New York Times. First post is growing rapidly as India's digital first global view of the world with a strong presence across platforms. In May this year, it recorded over 400 million video views becoming the most viewed Indian English news channel on YouTube globally. It is now India's first truly global news brand for geopolitics, strategic affairs, culture, and lifestyle. In the coming year, first post will expand further with new bureaus in key world capitalists. Network 18 continues to lead with CNN News 18, the number one general news channel for three consecutive years. CNBC TV 18 has retained its leadership in business news for more than two decades with an overwhelming market share. With CNBC TV 18 prime and CNBC TV 18 accessed its delivering premium content to see exos and decision makers nationwide. It is now looking beyond India for global mind share, market share, and revenue share delivering delight across screens and platforms. I am counting on the leadership team at Network 18 to carry the flag of Indian journalism around the world. Dear shareholders, I am proud that artificial intelligence is already at the heart of reliance transformation into a deep tech enterprise to bring even more focus and speak to this agenda. Today it is my great pleasure and privilege to announce the formation of a new wholly owned subsidiary of reliance called reliance intelligence. This new company is conceived with four clear missions,  

[Visual Slide]: The slide titled: Reliance Intelligence Mission   

[Mukesh Ambani]: one to house India's next generation AI infrastructure. Reliance intelligence will build gigawatt scale AI ready data centers powered by green energy and engineered for training and inference at national scale. Work has already begun on the gigawatt scale AI ready data centers in Jamnagar. These facilities will be delivered in phases aligned to India's growing needs powered by reliance's new energy ecosystem and purpose built for AI training and inference. Two, to house global partnerships reliance intelligence will bring the world's best tech companies and open source communities together with reliance is deep domain expertise and execution strength to deliver performance, leadership, resilient supply and India first compliance for AI. Three to build AI services for India reliance intelligence will deliver trusted easy to use AI services for consumers small businesses and enterprises and solutions for sectors of national importance such as education health care and agriculture reliable at scale and affordable for every Indian. And four to house talent for AI above all reliance intelligence will create a home for world class researchers engineers designers and product builders combining the speed of research with the rigor of engineering so that ideas become innovations and applications providing solutions to India and the world. Friends, today I am delighted to announce a deeper holistic partnership for AI with our long standing partner Google through this partnership we are marrying reliance is proven capability to build world class assets and execute at India scale with Google's leading cloud and AI technologies so that developers startups and enterprises can innovate faster operate more securely and reach every corner of India. Let me now invite my dear friend  

[Visual]: Sundar Pichai's Image 

[Mukesh Ambani]: Mr Sundar Pichai, CEO of Alphabet and Google to share a message.  

[Sundar Pichai]: Namaste and thank you, for the invitation to speak today Mukesh.  India is a special place it's home to some of the world's most dynamic businesses. The thriving startup ecosystem and incredible amounts of creativity and ambition. You've long been investing in India's digital future and our partnership with reliance and Jio has been an important part of how we do that. Our work together over the last decade has helped bring affordable internet access to millions helping to power India's digital revolution and now we are building on this to help shape the next leap with AI. The AI opportunity in India is immense. It will transform every industry and organization from the largest enterprises to the smallest kirana store. Google and reliance are partnering to help all of reliance businesses transform using AI from energy and retail to telecom and financial services. To support this AI adoption together we are establishing a Jamnagar cloud region built for and dedicated to reliance. It will bring world-class AI and compute from Google Cloud, powered by clean energy from reliance and connected by Jio's advanced network. As reliance largest public cloud partner Google cloud is not only powering the company's mission critical workloads. We are innovating with you on advanced AI initiatives and with reliance on the Jio ecosystem. We are excited to put AI into the hands of more people and businesses so they can do extraordinary things as well. This is only the beginning. Thank you and I look forward to building India's AI future together.  

[Mukesh Ambani]: Thank you Sundar, dear shareholders. Today I am also pleased to unveil a new India-focused AI joint venture with our close partner Meta. Together we want to pair the power of open source AI with reliance deep domain knowledge across industries.  

 That is why we are forming a dedicated joint venture with Meta to combine open models and tools with our execution in energy, retail, telecom, media and manufacturing and to deliver sovereign enterprise-ready AI for India. May I now welcome my dear friend Mr. Mark Zuckerberg, founder and CEO of Meta to share a message with us.  

[Visual]: Mark Zukerberg's Image 

[Mark Zuckerberg]: Hey everyone, great to be here  with Mukesh, the reliance team and all of you. We are at a really exciting moment in time right now, we are seeing glimpses of our AI systems starting to improve themselves. And it seems clear that soon super intelligence is going to greatly improve all of our existing systems and let us build things that we can't even imagine today. At Meta, we want to deliver personal super intelligence to everyone. We believe that this technology has the potential to bring a new era of personal empowerment to people so that they have greater agency to improve the world and all the directions that they choose. And that's why I am excited about this partnership. It is a key step forward towards ensuring that everyone has access to AI and eventually super intelligence. Meta and reliance are going to deliver our open source AI models to Indian businesses to help them fuel their work. With LAMA, we've seen how AI can amplify human potential, boosting productivity, inspiring creativity and accelerating innovation. And now with reliance's reach and scale, we can bring this to every corner of India. LAMA's open source foundation means that whether it's deployed in the cloud, on premises or through dedicated infrastructure, this technology can be tailored to fit the unique needs of every business. From small startups and remote towns to large enterprises in the biggest cities. With this partnership, we're beginning to build our vision for the future where every entrepreneur, creator and company has the tools that they need to succeed. I believe that this venture will become a model for how AI and one day super intelligence can be delivered to everyone. This is just the beginning. Thank you.  

[Mukesh Ambani]: Thank you, Mark. Our joint  venture with Meta is a game changer for Indian enterprises and for sectors of national importance. It will bring transparency, portability and community driven progress, enable sovereign hosting and governance within India and lower inference costs while raising safety and trust. So adoption accelerates from pilot to production across the Indian economy. Dear friends, another exciting frontier for AI is robotics, especially humanoid robotics. Astonishing advances are taking place in this field. Intelligent automation will transform factories into adaptive production systems, warehouses into autonomous supply chains and hospitals into centers, or precision care. We are investing to make India a leader in human-centric robotics, powered by AI, creating new types of industries and services, new types of agriculture, new types of jobs and attractive new opportunities for our youth. Dear shareholders, a decade ago, digital services became a new growth engine for reliance. The opportunity before us with AI is just as large if not larger. Jio-promised and delivered digital everywhere and for every Indian. Similarly, reliance intelligence promises to deliver AI everywhere and for every Indian. With reliance intelligence and our strong partnerships, green infrastructure and India first governance, we are building for the next decade with confidence and ambition. I am excited about what we will achieve and I look forward to keeping you updated on our progress in the coming years. Dear shareholders, it fills me with immense pride to stand before you today and speak about one of the most impactful growth journeys in modern India. The journey of reliance retail. We have today India's most advanced scalable and inclusive retail ecosystem delivering the highest quality and the widest choice at affordable prices across the country and it is amongst the fastest growing retailers globally with scale and depth that is unparalleled in the world. The reliance retail is now ready to write the next chapter of its super growth. Reliance consumer products had an outstanding growth in its very first year of operations. It has achieved a turnover of rupees 11,500 crores making it the fastest growing FMCG company ever. It is bringing some of India's most loud brands like Campa to the consumers in a new avatar making everyone love them once again. I will now ask Isha who heads our retail business to tell you about what she and her team have achieved in the past year and about their future plans. She will also share with you the achievements and the growth strategy of reliance consumer products which will become a direct subsidiary of reliance industries.  

[Visual]: People applauding 

[Isha Ambani]: Thank you Chairman, good afternoon  esteemed shareholders, reliance retail today is a national movement, a mission to benefit both consumers and producers, accelerate the economy, ignite aspirations and enhance the quality of life of all Indians. Our performance is here reflects not only scale but the underlying strength and resilience of our business model.  

[Visual]: Reliance Retail Gross Revenue and YoY Growth, Reliance Retail new Gross Revenue and YoY Growth.  

[Isha Ambani]: Growth revenues grew 8% to 3 lakh 30,943 crores. A bit there rose 8.6% to 25,094 crores. These are not just financial milestones. They are proof that ambition, discipline, innovation and execution can work hand in hand to create long term sustainable value. Looking ahead we are confident of delivering 20% plus CAGR in retail revenues over the next three years. This is not an aspirational slogan. It is a prediction grounded in the scale of our capabilities and the depth of opportunity ahead of us. Something that no other retailer in India possesses. It is anchored in the fact that every engine of our growth offline online and B2B is already proven profitable at scale and primed for acceleration.  

[Visual]: Structural Growth Tailwinds 

[Isha Ambani]: Each one of our large consumption baskets, grocery, fashion and lifestyle and consumer electronics has structural growth tail bins. This year we added 2,659 new stores taking our total to 19,340 stores covering 77 million square feet in over 7,000 towns. Stores remain the backbone of our retail revenues, contributing around 70% and will continue to grow through high single digit like for life gains plus steady expansion of 2,000 to 3,000 new stores annually. In many locations we have been the first modern trade retailer to enter, securing a first mover advantage and locking in consumer loyalty. When a reliance retail store opens in a small town it creates immense excitement and pride as people feel that entered India's urban mainstream. Our unmatched digital strength is another accelerator of our retail business. Our online channels currently contribute a high single digit share of retail revenues but will grow to over 20% within 3 years. We also lead in hyper-local quick commerce using our incomparable store networks strategically located dark stores and deep consumer data to offer faster, more reliable deliveries than any competitor.  

[Visual]: Registered customer base and YoY %age 

[Isha Ambani]: Our registered customer base has grown to 349 million up 15% here on year. We processed around 1.4 billion transactions in the year, nearly matching the population of India, a scale that only reinforces our ability to grow profitably. Besides these inherent strengths, our confidence in achieving 20% plus CAGR is grounded in 8 growth enablers, each with measurable proof of performance.  

[Visual]: 8 Growth Enablers 

[Isha Ambani]: First, we know the Indian consumer better than anyone. Our unmatched insights are drawn from scientific data mining from billions of real transactions across every state, every income segment and every lifestyle pattern. This is why formats like fresh signature and tier 2 cities and the introduction of exotic fruits into mainstream grocery have taken off so quickly. Second, our product development engine is creating powerful own brands such as independence in grocery, a avaasa in fashion and kelvinator in electronics. These brands deliver global quality at Indian prices. They not only expand our margins but also deepen consumer loyalty. Third, a superior sourcing ecosystem is a strategic advantage. From farm to fork in grocery to a 30-day mine-to-shelf cycle in fashion, we can move products from concept to consumer faster than our competitors, while enriching farmers, artisans, tribal communities, designers, small suppliers and logistics partners. It gives me special happiness to mention that we are sourcing more products from women-led enterprises. Fourth, our omnichannel architecture integrates the best of digital and physical retail, maximizing consumer delight. Whether through smart cards, self-checkout, AI kiosks and stores or the endless isle of JioMart online, we offer convenience, choice and consistency to customers across every touch point. Fifth, our unsurpassed marker reach of nearly 20,000 stores is supported by India's largest tech-enabled supply chain, which enables 10-minute quick commerce in metros and schedule deliveries in remote villages alike. This reach is a moat that is hard to replicate at scale. Sixth, we empower India's 42 lakh merchants, kiranas, traders and Horika businesses. through a B2B formats metro and JioMart digital, giving them access to products, technology and financing. kiranas have always been the backbone of India's local economy and an integral part of our neighbourhood communities. We ensure that kiranas and other merchants grow first, so that we grow along with them. Hence, ours is a growth model of partnership and shared prosperity. Seventh, our tech-led capabilities from AI-driven demand forecasting to robotics-enabled warehouses. This allows us to scale with precision and efficiency, ensuring profitability even in aggressive growth phases. Eighth, our people. Two and a half lakhs strong, our people are the sole of reliance retail, the trained, empowered, motivated and mandated to deliver. Last year, we invested over 45,000 an hours in their skill development across new competencies like AI, ensuring our talents stays ahead of market trends. For the fourth consecutive year, we have been certified as a great place to work, a recognition of the high-trust, high-performance culture that fuels our execution. All these trends translate directly into guaranteed and growing profitability across our segments. Dear friends, another factor that puts our retail business on a growth runway is that we are operating in categories where growth is continuous and non-cyclical. In grocery, we sold 18 crore litres of milk, 14 crore litres of cold beverages, 11 lakh metric tons of staples, and 3.8 lakh metric tons of fruits and vegetables last year. The category will grow through large format expansion, hyper-local quick commerce and subscription services. In fashion and lifestyle, Ajio has grown seven times in the last five years. New formats like Yousta resort are capturing younger audiences, and a sheen partnership brings global fashion to India at affordable prices. Tira is not just redefining beauty in India, it is inspiring confidence, creativity and self-expression for an entire generation. Swadesh connects thousands of artisans to mainstream retail, turning heritage into an opportunity. In consumer electronics, we grew three times faster than the market. Our rescue after sales service now operates in over 300 cities, acquiring the kelvinator IP's trendings are consumer durable range, and JioMart continues to expand across quick commerce, scheduled delivery and subscriptions, while JioMart digital helps small retailers mash the service levels of modern trade. As supply chain powered by automation, AI and robotics is designed to deliver reliability at any scale. Dear shareholders, reliance retail is not just participating in India's consumption boom, we are propelling it, and we are doing so with the discipline and confidence that comes from funding growth through strong internal cash flows. This is why 20 percent plus CAGR is not just achievable, it is a target we are going to surpass. We have the market, we have the model, we have the means and most importantly, we have the mindset to make it happen. With your trust and support, we will continue to fuel India's retail story and light the way to a brighter, more prosperous future for all our stakeholders. Dear shareholders, let me now turn to one of our most promising growth engines, a consumer products business. Reliance consumer products limited is set to become a direct subsidiary of reliance industries. This will consolidate our consumer brands into a single sharply focused company. Let me explain the benefits of this decision.  

[Visual Slide]: The slide titled: Benefits of Reliance consumer products limited becoming a direct subsidiary of Reliance Industries 

[Isha Ambani]: First, India's consumer market is a $2 trillion high growth opportunity expanding at over 8 percent annually. We need a strategic approach to seize this opportunity. Second, a 350 million middle class households have a combined purchasing power exceeding 100 lakh crores. They represent 600 million digitally native and increasingly brand-conscious consumers who seek premium experiences at affordable prices. Third, for the first time in India's history, rural markets consisting of 900 million consumers are driving 65 percent of FMCG growth. They are adopting global quality branded products faster than urban markets with penetration growing at 35 percent annually. This combination of a rising middle class and accelerating rural adoption marks an unmissable consumption opportunity. Fourth, our CPL is not just observing this transformation, we are shaping it by becoming a manufacturing company to deliver global quality products at Indian prices. Our CPL is a separate company will give this business the independence to focus exclusively on its markets, products and customers without competing for management bandwidth. It will provide the agility to respond quickly to changing consumer trends and competitive dynamics. It will also allow us to attract the best talent in the industry, offering them a clear mandate and an exciting growth platform. This structure will enable sharper execution, faster innovation cycles and deeper operational focus all critical to winning in consumer markets. Our performance already speaks volumes about our ability to capture this opportunity. In just three years, our CPL has achieved what took other company's decades. Last year alone, we had revenues of 11,500 crores making us the fastest growing FMCG player in India. Campacola now holds double-digit market share across many states, breaking a 30-year MNC Duopoly. Campa Energy gained 2 million social media followers in just 90 days, faster than established brands with decades of presence. Our daily essential brand independence has crossed 1,000 crore in revenue. We started in India, have entered West Asia, Sri Lanka and Nepal and are now also exporting to West Africa. Our target is to enter at least 25 countries in the next 12 months, building an Indian consumer brands powerhouse with global reach. We believe that brand India will shine bright globally on Indian consumers and tech brands conquer the global markets. Our competitive strength rests on 4 pillars.  

[Visual Slide]: The slide titled:  Four pillars of competitive strength 

[Isha Ambani]: The first is deep tech innovation. We have established a 1,50,000 square foot R&D hub with over 100 scientists and 15 patents filed. Its mandate is clear, better than market quality, first to India products and first to world innovations. The second is manufacturing scale. We have invested 3,000 crores in 12 state-of-the-art facilities equipped with industry 4.0 technologies, achieving the highest efficiency rates in Indian FMCG. Over the next 3 years, we will invest 40,000 crores to create Asia's largest integrated food parks with AI-driven automation, robotics and sustainable technologies, securing lasting cost leadership. The third is distribution reach. In just 18 months, we have reached 1.5 million outlets 5 times faster than any competitor in Indian FMCG history. Our omnichannel network will cover 95% of India's population through retail, digital and B2B channels. Our signature partner program offers higher retailer margins in rolling over 10,000 new partners every month. Our integrated marketing across cricket, entertainment and digital platforms reaches 800 million Indians, creating matchless brand visibility. And fourth, at the heart of this is our people. We are attracting the best talent across categories and functions. They are building brands that consumers love and trust, and this is only just the beginning. This FMCG business will also be the blueprint for expansion into apparel, electronics and other large and high value consumer categories. Built on deep consumer insight, design excellence, deep tech manufacturing scale and unmatched distribution. A near-term ambition is clear to be the fastest growing consumer brands company to reach a lac crore revenue within 5 years. A long-term ambition is to become India's largest FMCG company with a global presence. This will make our CPL a big new value-creating engine for reliance industries comparing it to our retail business in both size and profitability. Thank you. I now invite a chairman back onto the stage.  

[Visual]: People applauding 

[Mukesh Ambani]: Thank you, Isha. Dear shareholders,  let's applaud Isha and the entire retail team for their superlative achievements. Isha has presented a truly ambitious growth path for our retail and consumer products business. We will achieve these ambitious goals by riding India's growth wave powered by technology and driven by our passion to create products that inspire loyalty and love. Dear shareholders, now we turn to our energy business. Let me invite Anant to present the progress of our ENP oil to chemicals and new energy businesses. This is the first time he is addressing you at a Reliance AGM. I am as excited as all of you to see him make a debut on our AGM platform.  

[Visual]: People applauding 

[Anant Ambani]: Most esteemed shareholders, our respected chairman, my honorable seniors and friends, Aap sabko Mera pranam, Jayshri Krishna. My dear friends, it is my proud privilege to present our performance and plans of our energy and materials business. Our exploration and production business is a cornerstone of India's energy security. It contributes nearly 30% of the nation's natural gas output. As you know, natural gas is vital to India's clean and green energy transition. In the financial year, 25, exploration and production delivered a record EBITDA of 21,188 crore. This was driven by higher output from both Krishna Godavri basin and cold bed methane, KG-D6 production rose 4% to 28 million matrix standard cubic meters per day of gas and 21,000 barrels of oil per day. We plan to add more new wells in the next fiscal. In the KG basin, we are advancing infrastructure led exploration with fresh drilling scheduled for 2026. CBM output increased by 30% to 0.8 mm SCMD. This was powered by India's first 40 well multilateral drilling campaign. A second campaign is already underway. We are embracing deep tech in every part of E&P. Our digital operations control center, engineering twins and process twins set new benchmarks in safety, reliability and operational excellence. Dear shareholders, I am pleased to present the performance of our oil to chemicals business. This is not merely a legacy business. It is the backbone of reliance transformation into an integrated energy company positioned for the next decade of global energy evolution. The past year brought extraordinary complexity in global energy markets, supply chain disruptions, trade shifts and petrochemical over capacity posed major challenges. In this dynamic environment, reliance delivered industrial leading performance. This demonstrates the resilience of our integrated model, our success rests on advantages unique to us. Operational excellence, feedstock flexibility, supply chain agility, deep market reach, technology driven innovation. Our operational excellence is evident in 100% capacity utilization, far higher than the global average of 80%. This directly translates into superior capital returns and it validates the strength of our model. Dear friends, our refineries process record 72.2 million tons of crude in the year 25. Our petco gasification complex also delivered record output. Our diversified crude basket of over 250 grains gives unmatched flexibility. It allows us to adapt rapidly to market volatility and optimize processing margin.  

[Visual Slide]: The slide titled: Revenue and EBITDA 

[Anant Ambani]: These achievements, powered 11% revenue growth to 6,26,921 crore and EBITDA of 54,988 crore. These strong margins prove our ability to deliver returns even under the most volatile environment. Dear friends, our net carbon zero commitment by 2035 is not just a business pledge. It is our commitment to protect mother earth from the climate crisis. Our SCZ refinery has been recognized as the world's most energy efficient facility. Across facilities, we are shifting to clean fuels. Our efficiency programs have delivered 10 million giga joules of energy savings in three years. Our circular economy initiatives, waste plastic paralysis, biomass fuels, hydrogen, make reliance a leader in sustainable materials. This is a strong competitive advantage as sustainability drives value creation. Friends, hydrocarbons will remain vital for India for several years. Our strategy is clear, excel in traditional energy while building the system of the future. We are developing an integrated portfolio, spanning conventional fuels, biofuels. Green Hydrogen and Clean Solutions are 

[Visual Slide]: The slide titled: Integrated Portfolio 3 Pillar Strategy  

[Anant Ambani]: three pillar strategies firm. Deepened feedstock integration convert commodities into specialty chemicals. and accelerate green chemistry leadership. Our capital allocation is disciplined with growth aimed at superior returns. We are investing 75,000 crore in new projects as follows.  

[Visual Slide]: The slide titled: New Projects 

[Anant Ambani]: In Nagothan in Maharashtra, 1.2 million ton PVC plant in the Dahe j Gujarat, an expanded CPVC and 3 million ton PTA facility. In Palgar Maharashtra, a 1 million ton speciality polyester facility. These projects are positioned to meet India's rising demand. Our Hazira carbon fiber facility will be among the world's largest. It will serve the aerospace, defense and advanced materials industries. Friends, our autochemical strategy anticipated today's dynamics. With the convergence of energy and materials, the premiumization of petrochemicals and integrated feedstock optimization, we have created a resilient future ready platform for sustained value creation. We consistently outperform global peers across cycles. This proves the strength of our execution and positioning. Our integrated platform technology leadership and strategic partnerships uniquely positioned reliance. We are committed to delivering superior shareholder returns through every energy cycle. Dear friends, let me also update you on the progress of JioBp. Over the past year, JioBP has strengthened its position as one of India's 

[Visual Slide]: The slide titled: JioBP Petrol Pump Station  

[Anant Ambani]: fastest growing fuel and mobility players. We have expanded our retail network to serve customers across key highways, urban hubs and growth corridors. We have introduced differentiated fuels with active technology, delivering better mileage and engine performance. Our EV charging and swapping infrastructure has grown rapidly making  

[Visual Slide]: People filling fuel in vehicle from JioBP pulse petrol pump  

[Anant Ambani]: JioBp a trusted partner in India's pivot to electric mobility. We are working closely with fleet operators, last mile delivery companies and urban transport systems to offer integrated energy solutions.  

[Visual Slide]: The slide titled: Ongoing Initiatives for JioBP  

[Anant Ambani]: We will continue to expand our network, scale our EV infrastructure and introduce new green fuels, including biofuels and hydrogen. JioBP will play a vital role in powering India's mobility needs while driving the transition to a cleaner, most sustainable future. My dear shareholders, let me now turn to the most ambitious and transformational mission of reliance in this decade. Our new energy business. When our chairman unveiled this vision last year, he spoke about three convictions.  

[Visual Slide]: The slide titled: 3 Convictions spoken by Chairman last year 

[Anant Ambani]: First, that India must lead the new energy revolution. Second, that India must achieve true energy self-reliance and third that India must emerge as a global leader in new energy. I am happy to share with you in the past 12 months. This vision has moved from ambition to execution. We are making a tangible and rapid progress. We are building the world's most integrated new energy ecosystem from sand to electrons to green molecules at a scale unmatched anywhere in the world. Our AI-driven smart Giga factories are designed to be future proof. Keeping reliance ahead in technology, ahead in cost efficiency and ahead in reliability. Products from the Giga factories would be deployed for delivering round the clock renewable power and producing green chemicals, including green ammonia, e-metanol and sustainable aviation fuel. With immense pride, I can say that reliance will be the world's only fully integrated, self-sufficient company in new energy. Dear shareholders, at Jamnagar, work on the Dhirubhai Ambani Giga Energy Complex is progressing at a record pace. Here is the first glimpse of the construction on this site.  

[Visual]: Dhirubhai Ambani Giga Energy Complex, Largest solar manufacturing facility  

[Anant Ambani]: It will be unmatched globally in size, scale and integration. Five million man hours of engineering, forty-four million square feet of building area equivalent to four times the size of the Tesla Giga factory, 3.4 million cubic meters of concrete,  seven lakh tons of steel equal to hundred Eiffel towers, one lakh kilometers of cable, enough to reach the moon and back. Over 50,000 workers at peak supported by extensive construction automation. We have partnered with the world's leading engineering and construction companies to achieve best-in-class quality cost and schedule. Jamnagar will be the cradle of both the world's largest conventional energy complex and the world's largest new energy complex. Jamnagar is the face of new reliance and new India. My dear friends, our solar PV manufacturing platform is already operational. It is demonstrating industry-leading performance. We have successfully produced our first 200 megawatt of H. J. T. modules. These deliver 10% higher energy yield, 20% better temperature performance and 25% lower degradation. We are scaling rapidly in the coming quarters. We will expand to 10 Giga watt power per annum of fully integrated annual solar PV manufacturing capacity. Then we will scale further to 20 Giga watt power capacity. This will be the largest solar manufacturing facility and the most integrated single-site solar complex globally. In parallel, we are rapidly constructing our battery and electrolyzer Giga factories. Our battery Giga factory will start in 2026. It will begin with 40 Giga watt hours per year and expand modularly to 100 Giga watt hours per year. Our electrolyzer Giga factory will also be operational by end 2026 with the ability to scale up to 3 Giga watt per year. It will enable cost competitive green hydrogen production at a global scale backed by exclusive global technology partnerships and strength by our in-house capabilities. Together, these platforms will create a multi-pronged Giga watt scale, clean energy ecosystem, solar, battery storage, hydrogen, all under one roof. This integrated approach delivers scale.  

[Visual Slide]: The slide titled: Sustainable competitive moat areas 

[Anant Ambani]: It also builds a sustainable competitive mode in cost, in technology and in supply chain resilience. Positioning reliance to capture significant value as the global energy transition accelerates. My dear shareholders, in Kutch, Gujarat, we are developing  

[Visual Slide]: The slide titled: Solar panels in area in Kutch, Gujarat 

[Anant Ambani]: one of the world's largest single-site solar projects spanning 550,000 acres of arid land, three times the size of Singapore. At peak, we will deploy 55 Mega watt of solar modules every day and 150 Mega watt hour of battery containers every day. This will be among the fastest installations globally. This single-site could meet nearly 10 percent of India's electricity needs within the next decade. Our marine and land infrastructure at Jamnagar and Khandala will connect seamlessly with solar and hydrogen at Kutch. We will produce and export green ammonia, green methanol and sustainable aviation fuel. This will make India a global hub for cost competitive green hydrogen and its derivatives. While our initial focus will be to meet reliance's own large captive demand, we plan to scale up to 3 million metric tons per annum of green hydrogen by 2032. This will unlock a powerful growth engine for global markets. My dear shareholders, let me now share the progress of one of our new energy initiatives. Reliance entered the bioenergy business with a clear mission to help India achieve energy independence and empower millions of farmers 

[Anant Ambani]: [Hindi text to be inserted?]: Hamare Ann daata Ab banenge Ujjadata.  

[Anant Ambani]: This year we are building 55 CBG plants  with an annual capacity of 0.5 million tons Our target is to scale up to 500 plus CBG plants by 2027. At Jamnagar, we have set up the world's world's largest bioenergy technology and R&D centre. Here, we are developing advanced enzymes and high yield energy crops. We are also realizing our chairman's vision of growing energy plantations on wastelands. This includes building the world's first integrated energy hub, combining smart farms, modular CPG and green hydrogen plants, agri-voltics and batteries. I am specially proud of our agri-voltics business, where compressed biogas, CPG and solar PV are deployed on the same land. By capturing biogenic CO2 from CPG plants, these hubs will become platforms for green chemicals aiming at fossil parity. This module creates  

[Visual Slide]: The slide titled: Triple Value for Indian farmers  

[Anant Ambani]: Triple value for Indian farmers, green gas, green electricity and higher rural incomes. It will be a powerful growth engine for India's clean energy future. Hum hamare adarnaya chairman ke Sabi sapno ko sakar karenge. Thank you, let me now invite our chairman once again. Jai Shri Krishna 

[Visual]: People applauding 

[Mukesh Ambani]: Let me congratulate the entire leadership team of our energy business for their operational excellence in these challenging times I am sure that the leadership team at new  energy will set global benchmarks in executing all their projects, making new energy  a large growth engine for Reliance. May I now request Nita to tell all of us  about the amazing progress Reliance Foundation has made since our last AGM.  

[Visual]: Nita Ambani walks to podium 

[Nita Ambani]: Thank you Mukesh, dear members of the  Reliance family, our esteemed shareholders, Namaskar, I join Mukesh in sending Ganesh Chaturthi greetings to you and your families, may the blessings of Bapa, bring health, happiness and prosperity into every home. As I stand before you today, my heart is full. This year, marks a very special milestone for me personally and for all of us at Reliance Foundation. It has been 15 years since we began this journey of care and compassion. Today, I feel  

[Visual Slide]: The slide titled: Collection of images showing people's lives transformed by Reliance Foundation 

[Nita Ambani]: humbled and grateful to share that Reliance Foundation has reached out to over 87  billion Indians from the remotest towns to the largest metros. We work in every single state and in more than 91,500 villages. That is, one in every seven villages of India. Over these years, we have nurture children through world-class education, empowered women with more opportunities and livelihoods, healed families through affordable healthcare, provided relief in every natural calamity, inspired youth and athletes with training and global exposure, supported artisans by preserving the craft and dignity, and safeguarded our planet by protecting wildlife and embracing sustainability. Reliance Foundation is of a solemn commitment to shaping a new India, a viksit bharat as envisioned by our honorable Prime Minister, Shri Narendrabhai Modi. Let me take you through the work and key highlights of Reliance Foundation's impact. An atmanirbhar bharat begins with atmanirbhar gram. This year, our rural transformation initiatives 

[Visual Slide]: The slide titled: People gathered and working in Rural areas 

[Nita Ambani]: catch the lives of nearly 1.5 million people across 55,000 villages. We worked on strengthening rural India, not just at a community level, but within every single household, by enabling water security, empowering fishing communities, promoting resilient farming techniques, supporting women with opportunities, and children with education. One of the pillars of early childhood education in rural India are the aanganbadis. I am happy to share that Reliance Foundation, in partnership with the state governments of 

[Visual Slide]: Images of students gathered in Anganwadis  

[Nita Ambani]: Maharashtra and Telangana, has transformed over 1,100 aanganbadis into vibrant play-based learning centres. Our aim is to bring world-class early childhood education to over 10 million children in every corner of India. Dear shareholders, education empowers the mind, health strengthens the body. The key to a happy India lies in a healthy India.  

[Visual Slide]: The slide titled: Sir HN Reliance Foundation Hospital and team of doctors, medical staff 

[Nita Ambani]: Last year, our Sir HN Reliance Foundation Hospital, in Mumbai, completed a decade of service, recognized as a number 1 multi-specialty hospital in India. It has had the privilege of serving 3.3 million Indians so far, at the heart of this journey is our guiding philosophy, respect for life. For us, every life is precious. At Sir HN Reliance Foundation Hospital, we are also opening an entire new extension, 

[Visual Slide]: JEEVAN extension, place for chemotherapy, immunotherapy 

[Nita Ambani]: named Jeevan, a cutting edge ring dedicated to chemotherapy and immunotherapy, especially focusing on advanced pediatric chemotherapy, designed to heal our little ones with world-class care and a mother's warmth. I am happy to share that we are also developing a state-of-the-art 2000-bed medical city in the heart of Mumbai. This will not be just another hospital. It will be India's new beacon of healthcare innovation, where AI power diagnostics, cutting edge medical technology and some of the finest doctors from India and the world will come together to deliver care that will meet the best standards anywhere in the world. Today, some of the best doctors globally come from India and therefore, and delighted to share that this hospital will include a transformative medical college that we hope our country will be proud of and the world will look up to. We are determined to carry forward our mission to make world-class healthcare accessible and affordable to every Indian. Dear shareholders, another pillar of Reliance Foundation is education and sports,  

[Visual Slide]: The slide titled: Mumbai Indian fans cheering,  people running, playing football and other games, Tournament wins. Robert Minz batting and catching the ball, Mumbai Indians Women's Team tournament win.  

[Nita Ambani]: through our education and sports for all programs. We have now reached out to over 23 million children across India. Reliance Foundation is committed to scouting, nurturing and training young talent in multiple sports in the remotest corners of our country. From playgrounds to podiums, our resolve is to help young Indians run faster, leap higher and dream bigger. One of India's favorite sporting dreams is cricket. I'm happy to share that our Mumbai Indians family has now expanded with seven teams in four continents and our teams have won a tournament in every single continent that they have played in, adding up to a total of 13 titles globally. But the biggest wins in sports and not always the trophies or medals. They are in the quiet stories of the triumph of the human spirit. I would like to share one such heartwarming movement from this year's IPL. Robert Minz, a young boy from a tribal village in Jharkhand, became the first Adivasi cricketer ever to play in the IPL. He grew up with limited means, but his parents meet many sacrifices for their son's cricketing dream. From carving a bat from a chunk of wood to borrowing money to afford his first kids. Today, despite all odds, Robin is a proud member of the Mumbai Indian sport and is known for his fearless batting. His story tells every child in India that no dream is too far and no barrier too big. If you pursue your dreams with honesty, passion and determination. Talent can come from anywhere and reach the pinnacle of success. This is a transformational power of sport. Another great example of that are the women of Indian sport who are made the country proud on national and international platforms. Despite all the challenges in their path, here, I would like to acknowledge our Mumbai Indian women's team who have won the WPL in India twice in three years. More power to them and to all our young girls and boys. At Reliance Foundation, we also remain deeply committed to helping realize honorable Prime Minister's dream of hosting the 2036 Olympic and parallel Olympic Games in India. As a proud Indian and a member of the International Olympic Committee, I'm happy to share that we continue to make strong progress towards this mission as the fastest growing major economy with the largest youth population. India is not only ready, but destined to be the home of the Olympic Games. This is a dream shared by all of us 1.4 billion Indians, dear shareholders. The soul of a nation is measured not only in its achievement, but also in how it treats its most vulnerable, including the voiceless.  

[Visual Slide]: The slide titled: Different animals in Vantara 

[Nita Ambani]: Last year, we introduced you to Vantara, a global movement for wildlife conservation, founded by our youngest son Anant and supported by Reliance Foundation. At Vantara, more than 1.5 lakh animals, abused, injured, orphan and endangered, have found their home, a home where they are cared for and live with the dignity they deserve for the rest of their lives. In March this year, it was our greatest honour to have the honorable Prime Minister, Sri Narendra Bhai Modi, in our great Vantara and give his support and blessings to the sacred movement. I am humbled to share that Vantara has received the Prani Mitra award in India's highest honour in animal welfare. Guided by the wisdom of Vasudeva Kutumbukam, Vantara is the embodiment of our shared dream for a compassionate world where every being is protected, cherished and respected. Where humanity and nature thrive together in complete harmony, Dear shareholders, now, especially for all fellow Mumbai guys, I want to share something very close to our hearts. Reliance is proud and honoured to take up the responsibility of developing and caring for the new coastal road gardens,  

[Visual Slide]: Coastal Road Gardens  

[Nita Ambani]: a green lung for generations to come. Spanning 130 acres, the coastal road gardens and adjoining provena will be the first of its kind of big space, featuring walkways, cycling tracks and plazas with trees and flowers and abundance, taking people back to nature. We will nurture this space as a living, breathing and health promoting gift to Mumbai, a ribbon of green will now hug our city's edge, a space for every Mumbai girl to catch a breath of fresh air and enjoy magical sunsets by the sea. This is a deeply personal project for me. It's about giving back to the city that has given so much to all Mumbaikars and it is a responsibility we promise to fulfill with pride and purpose. The coastal road gardens will stand as a legacy of care for our Mumbai, a symbol of balance between development and environment, between progress and preservation, friends. Before I end, I would like to talk about a dream that came to life two years ago in the form of the Nita-Mukesh Ambani Cultural Centre,  

[Visual Slide]: Nita Mukesh Ambani Cultural Centre activities 

[Nita Ambani]: a space to honour the arts, the artists and the audience. Over the last two years we showcased the best of the world and India at NMACC, from award winning broadway shows to nostrils of Indian classical music. Earlier this year we opened Swadesha's flagship store in Mumbai's historic erospelly and soon we will be opening our first store in Delhi and once again this is only the beginning. Dear shareholders, in today's ever-changing world, Reliance Foundation stands for something eternal care, seva, dharma, parmaha, samartaha, service is remembered as the highest dharma. Care has always been a way of life at Reliance in the legacy and blessings of our founder chairman, my father-in-law, Sri Dhirubhai Ambani and my mother-in-law, Srimati Kokilabhain Ambani, on behalf of Mukesh and Me, our children, the entire Reliance family and the fantastic Reliance Foundation team. I thank each and every one of you for your trust, support and enthusiasm. By 2035, in the landmark year of our Silver Jubilee, Reliance Foundation is preparing to amplify our impact fivefold. Not in numbers alone but in the lives we touch, the futures we shape and the legacy we leave behind. During the next decade we aim to reach 400 million Indians, provide quality education to 300 million school-going children, transform the lives of 100 million women and empower 15 million rural households. This is not just about growth. This is about transformation in every city, every village, and the remotest corners of India. Let us imagine a new India, an India that shines not just through its economic might, but through the strength of its values and heritage and the compassion of its people. This is the India we believe in, an India of culture, spirituality, innovation, inspiration and progress, an India that will lead the world. Thank you, Dhanyavad Jai Hind.  

[Visual]: People applauding 

[Mukesh Ambani]: Hearty congratulations Nita. What Reliance Foundation  has achieved in the past 15 years is, of course, highly impressive but you have raised the bar far higher by aiming to amplify its impact fivefold by 2035 when Reliance Foundation celebrates its Silver Jubilee. More power to you and your highly motivated team. Dear Share owners, I shall now share with you our value creation roadmap for the coming year and beyond. It is with immense pride and with even greater humility and gratitude that I look back on our shared extraordinary journey of value creation of over past five decades. In just one generation, Reliance has transformed itself from a fortune thousand company to a fortune forty global powerhouse creating over 200 billion in value all within India. We have achieved this by staying true to the first principles I have often shared with you.  

[Visual Slide]: First Principles 

[Mukesh Ambani]: One, what is good for India is good for Reliance. Two, build businesses of the future. Three, build them world class and at mega scale the largest and the most competitive globally with the highest standards of governance. And four, invest in world class talent and cutting edge technologies. Faithful adherence to these principles has been our value creation Dharma. Dear Share holders, as I look to the future, I see our oil to chemicals business achieving substantial growth and delivering stable returns as geopolitical tensions subside. I also see rapid innovation driven growth in our materials business. We are well positioned to produce high value green fuels and chemicals which India and the world will need. A new and clean energy business is being built with a singular purpose to make India self-sufficient in energy and to resolve India's energy dilemma of security, affordability and sustainability.  

[Visual Slide]: The slide titled: India's energy trilemma 

[Mukesh Ambani]: Through world scale Giga manufacturing, through round the clock renewable electricity and through green fuels and chemicals at global scale, this goal may look impossible to achieve now. But we are laying a robust foundation for our country's energy transition so that freedom from imports can be achieved by the time India celebrates 100 years of independence in 2047. I am sure that our new energy business will be a major driver of growth for many decades with the potential to become as big as our oil to chemicals business in the next 5 to 7 years. In scale, ambition and impact, it will surpass everything reliance has done so far. It will create unprecedented perpetual value for both India and reliance. Dear Share holders, Jio today is the largest data company globally. Its multiple inherent strengths guarantee accelerated growth. All of Jio's 500 million and growing subscribers will move to 5G and eventually 6G by 2030. Jio's home and enterprise digital services businesses are growing at phenomenal speed. Friends, reliance retail now synonymous with the consumption basket of over 300 million Indians every month is another testament to our ability to create hyper value. In just 5 years, it has leapfrogged from top 100 to the top 25 global retailers, powered by an unbeatable physical digital B2B network that reaches every corner of India. Retail will continue to grow in both B2B and B2C spaces with our customer centric omni-channel strategy. I can clearly see its revenues grow multi-fold in the coming years. This year I announce the creation of  

[Visual Slide]: The slide titled: Two new large growth engines 

[Mukesh Ambani]: two new large growth engines, reliance consumer