Ambani sets Jio IPO timetable; Reliance posts record FY26 results

Reliance Industries plans to list Jio Platforms and will file a draft red herring prospectus with the Securities and Exchange Board of India on Friday, targeting about ₹360 billion by issuing up to 270 million new shares. The company said the proposed offer would represent roughly 2.9% of Jio Platforms’ post-issue equity.

Chairman Mukesh Ambani opened the annual general meeting with Reliance’s FY26 results. Consolidated EBITDA reached ₹2,07,911 crore and net profit was ₹95,754 crore. The company reported capital expenditure of ₹6,48,428 crore over the last five years.

Jio Platforms recorded revenue of ₹1,46,885 crore for the year, up 14.6%, and profit after tax exceeded ₹30,000 crore for the first time. The telecom arm’s user base rose to more than 524 million subscribers, including 268 million on 5G. Jio AirFibre has connected 13 million homes.

Akash Ambani outlined technology plans for the Jio business, including integrating artificial intelligence into voice calls across Indian languages without requiring a separate app. He also presented plans for a sovereign low-Earth orbit satellite constellation and related ground infrastructure to extend connectivity to remote villages, islands and border areas.

On compute and AI infrastructure, Reliance Intelligence is building an AI backbone in Jamnagar that will run on renewable energy from the Kutch platform. The first 120-megawatt phase is expected to be commissioned by the end of 2026. Ambani noted partnerships with Google and Meta and said Gemini-powered AI services are being offered free to Jio users.

Reliance Retail expanded to more than 20,000 stores by the fourth quarter of FY26, covering 78 million square feet, and said its consumer products are sold in over 40 countries. Isha Ambani presented retail performance at the meeting.

Anant Ambani reported progress at the Dhirubhai Ambani Green Energy Giga Complex in Jamnagar. The group has produced about 1 gigawatt of heterojunction technology solar modules. A 40-gigawatt battery gigafactory is on track for commissioning this year, with plans to expand annual lithium iron phosphate capacity to 120 gigawatts. The Kutch renewable energy hub spans roughly 550,000 acres and is designed to generate more than 40 billion units of green electricity annually.

A commercial agreement signed during the period includes a $3 billion long-term green ammonia supply deal with Samsung C&T. Reliance said it is in discussions with potential customers in Japan, South Korea and Europe. The company expects the new energy business to start contributing to group earnings from FY27 and estimated it could create about 200,000 green jobs through projects in Jamnagar and Kutch.

Reliance Foundation chairperson Nita Ambani announced three social projects: a 410-acre private university at Dronagiri, a 1,500-bed hospital in Mumbai and a 130-acre coastal road garden in the city.

Mukesh Ambani introduced a “5S” framework for the group-Succession, Systems, Standards, Spirit and Sustainability-and said the transfer of daily management responsibilities to Isha, Akash and Anant is nearly complete while he remains chairman. “The Jio IPO is the most important value creation milestone this year,” he said, adding the transition was “a deeply emotional moment” for him and the Reliance family.