Reliance Industries annual report 2026: Key insights, growth outlook, and what investors should watch

RIL commissions first solar modules

Reliance Industries delivered the first 200 megawatt-peak (MWp) batch of premium, high-efficiency solar modules from its green energy manufacturing complex in Jamnagar in Gujarat, marking the operational rollout of its New Energy business during FY 2025-26.

The Dhirubhai Ambani Green Energy Giga Complex, spread across 5,000 acres in Jamnagar, Gujarat, is being developed as an integrated clean energy manufacturing ecosystem covering solar modules, batteries, green hydrogen, and bio-energy infrastructure.

In its latest annual report, Reliance said the first batch of 720-watt-peak BIS-certified high-efficiency heterojunction technology (HJT) solar panels demonstrated about 10 per cent higher energy yield and 25% lower degradation compared with prevailing industry benchmarks.

The company is progressively commissioning cell and module manufacturing lines and remains on track to scale solar manufacturing capacity to 10 gigawatt-peak (GWp) annually, with plans to expand to 20 GWp. Manufacturing integration for polysilicon, glass, ingots, and wafers is being rolled out in phases.

Reliance also said its battery energy storage system (BESS) giga-factory has entered advanced commissioning, with an initial operational target of 40 gigawatt-hours (GWh) of annual capacity and a longer-term roadmap of 100 GWh.

RIL secures record Japan financing after S&P upgrade to A-

The company executed the largest-ever Samurai loan raised by an Indian corporate and completed three first-of-their-kind global financing deals in FY 2025-26, as the conglomerate strengthened its access to international capital markets following a credit rating upgrade by S&P Global Ratings.

S&P upgraded Reliance's international debt rating to A- from BBB+ in December 2025, placing the company two notches above India's sovereign rating, citing the growing contribution of its consumer-facing businesses and improved earnings stability.

The upgrade is expected to widen Reliance's access to overseas capital pools and lower borrowing costs. Moody's Ratings rates the company at Baa2, one notch above sovereign, while domestic agencies CRISIL, CARE Ratings, ICRA Limited, and India Ratings and Research maintain AAA (Stable) ratings.

According to the company's latest annual report, Reliance raised JPY 91.9 billion, or about $625 million, through a Samurai loan involving 10 Japanese and Taiwanese banks, marking the largest such financing by an Indian corporate and the third-largest by an Asian corporate overall. The proceeds were used to refinance maturing yen-denominated debt.

The company also secured about $500 million equivalent in untied financing backed by Korea's export credit agency KSURE, becoming the first corporate globally to access the product.

Separately, Reliance tied up about $600 million equivalent in untied facilities backed by Japan's export credit agency NEXI to finance its solar photovoltaic and battery gigafactory projects. The transaction marked NEXI's first untied corporate facility globally and carried what the company described as the longest average tenor for an export credit agency-backed financing.

The three transactions underscore Reliance's growing ability to tap diversified global funding sources despite volatile market conditions driven by geopolitical tensions, tariff uncertainty, interest rate shifts, and the rupee's sharp depreciation against the dollar during FY2025-26.

RIL bets big on AI to drive next phase of growth

Billionaire Mukesh Ambani-led Reliance Industries is embedding artificial intelligence (AI) at the core of its media and entertainment empire as it seeks to position itself as the primary entertainment destination for every Indian, the company said in its latest annual report.

"AI will define the next era of entertainment and, as India's largest media & entertainment platform, Reliance has the responsibility to lead this transformation -- reimagining everything from script to screen and from idea to experience," it said.

Reliance Media & Entertainment vertical, which includes JioStar, Jio Studios, and Network18, delivered record-breaking metrics in viewership, engagement, and monetisation in FY26.

The revenue from operations of Reliance's media and entertainment vertical was at ₹34,917 crore, up almost twofold in FY26. This was at ₹17,762 crore a year before.

Discussing the outlook for the segment, RIL said AI will define the next era of entertainment and will be leveraged not merely as a business efficiency tool, but as a core capability to transform content creation, consumer experience, and audience engagement.

RCPL revenues expected to grow multifold by 2030

Reliance Consumer Products Ltd's revenue is expected to grow manifold by 2030, driven by macroeconomic and demographic tailwinds, according to the annual report of its parent, Reliance Industries Ltd.

RCPL has crossed the ₹22,000 crore revenue mark in 2025-26, recording over two-fold growth, which has been “fuelled by Staples and Beverages” categories.

“RCPL will continue its accelerated growth trajectory, with revenues expected to grow multifold by 2030, while aspiring to emerge as one of the leading global branded consumer products companies,” said RIL's annual report.

According to Reliance, India’s FMCG industry is set for explosive growth in the next five years, largely driven by macroeconomic and demographic tailwinds.

The company, which has made several acquisitions to ramp up its portfolio right from Campa, Sosyo, RasKik, SIL Foods, Velvette, among others, will continue to pursue its inorganic growth to chase its growth ambitions.

It “intends to outpace industry growth through accelerated organic expansion, supplemented by targeted strategic partnerships and acquisitions,” it said.

RCPL has also widened its global footprint by acquiring international company Goodness Group and global brands like Brylcreem, Toni & Guy, Matey, and Badedas.

Mukesh Ambani draws no salary for sixth year in row

Asia's second richest man, Mukesh Ambani, drew nil salary from his oil-to-telecom-and-retail conglomerate Reliance Industries for the sixth year in a row, and dividends remain his main source of earnings.

Ambani, 69, had capped his annual remuneration at ₹15 crore from the financial year 2008-09 (April 2008 to March 2009) to 2019-20 (FY20); and since FY21, he opted to forego his salary, due to the COVID-19 pandemic, until the company and all its businesses were fully back to their earnings potential.

In 2025-26 (FY26), he got 'nil' as salary, allowances, and perquisites as well as retirement benefits, according to the latest annual report of the company.

This voluntary foregoing of remuneration began in June 2020, when Ambani decided to give up his entire pay in light of the COVID-19 pandemic's devastating impact on the nation's social, economic, and industrial health.

He continued this decision - entirely voluntarily - in FY 2021-22, FY 2022-23, FY 2023-24, FY 2024-25, and now FY 2025-26.

RIL to seek shareholders' nod for ₹16.64 lakh crore transactions

Reliance Industries will seek shareholders' nod for approval of internal transactions of over ₹16.64 lakh crore spread over the next five fiscal years involving digital services subsidiaries Jio Platforms and Reliance Jio Infocomm, according to the notice for the 49th AGM filed by the company on Friday.

The meeting is scheduled to be held on June 19, 2026.

The biggest pie of over ₹13 lakh crore in the overall transaction will go to Reliance Jio from Reliance Retail in lieu of telecom services sold through its retail network.

"The monetary value for transactions... for FY 2027-28 is estimated to be ₹2,20,000 crore; and... in each of the subsequent financial years from FY 2028-29 to FY 2031-32 is estimated to be up to ₹2,80,000 crore" for the sale of Reliance Jio's recharge vouchers, Jio Fibre, etc. by Reliance Retail.

The total estimate includes a payment of ₹76,800 crore by Reliance Jio to RIL for the rollout of its telecom network on an EPC (engineering, procurement, and construction) basis between FY28 and FY32.