Moody's Ratings has upgraded Reliance Industries Limited's (RIL) long-term local currency issuer rating and foreign currency senior unsecured ratings to Baa1 from Baa2, following an update to its methodology on how sovereign credit quality influences corporate ratings. With the latest upgrade, Reliance Industries is now rated two notches above India's sovereign rating by both Moody's and S&P Global Ratings, reflecting the company's strong credit profile and diversified business operations. According to Moody's, the upgrade reflects its fundamentally strong and resilient credit profile, supported by its large scale, diversified operations, and leading market positions across oil-to-chemicals, digital, and retail sectors. The ratings agency noted that Reliance benefits from counter-cyclical business segments, significant international exposure (with over one-third of revenues derived from exports), and limited reliance on government-linked revenues, which support its ability to generate stable earnings across business cycles.
Reliance Industries has launched the initial phase of its clean energy operations by commissioning solar module manufacturing and beginning advanced work on a battery storage giga-factory. The company delivered the first 200 MWp batch of high-efficiency solar modules from its green energy manufacturing complex in Jamnagar, Gujarat, marking the operational rollout of its New Energy business in FY26. According to the company's latest annual report, the Dhirubhai Ambani Green Energy Giga Complex, spread across 5,000 acres in Jamnagar, is being developed as an integrated clean energy manufacturing ecosystem covering solar modules, batteries, green hydrogen, and bio-energy infrastructure. The newly delivered 720 Wp solar panels achieved Bureau of Indian Standards certification, demonstrating a 10 per cent higher energy yield and 25 per cent lower degradation compared to standard industry parameters. Reliance is progressively commissioning cell and module manufacturing lines and remains on track to scale solar manufacturing capacity to 10 GW annually, with plans to expand to 20 GW.
Concurrently, Reliance commenced the advanced commissioning of its battery energy storage system giga-factory, which features an initial annual capacity target of 40 GWh. As per the annual report, civil construction reached completion and equipment installation progressed to support a production ramp-up scheduled through the second half of 2026, utilizing lithium iron phosphate chemistry. The company has also begun work on its electrolyser giga-factory after securing technology licensing rights from Norway-based Nel ASA for alkaline electrolysers. The company aims to build 3 million metric tonnes of green hydrogen capacity annually by 2032 and has committed around ₹75,000 crore toward its clean energy initiatives.
Reliance Industries expanded its total contribution to the national exchequer to ₹2,16,472 crore in FY26, up 2.95 per cent from ₹2,10,269 crore in the previous period. According to the annual report, of the ₹4,63,448 crore Total Value Added in FY26 by Reliance, the government received the largest share at ₹2,16,472 crore (46.7% of total value added), followed by reinvestment in the group at ₹1,63,815 crore (35.3%). The company channeled a significant portion of its financial operations directly into public finances during the year, demonstrating its commitment to supporting India's economic development through substantial tax contributions.
Total research and development expenditures across the conglomerate grew 11.9 per cent to reach ₹4,682 crore, supporting a specialized workforce of over 1,000 scientists, engineers, and specialists. On the technological front, Jio Platforms accelerated its research and development operations, particularly through its telecom and digital arm, with the subsidiary filing approximately 3,476 new patents in FY 2025-26. As per the annual report, this represents a significant increase from the cumulative tally of 6,817 as of March 31, 2026 compared to 3,341 as of March 31, 2025. Chairman Mukesh Ambani emphasized that "As we expand across energy, digital, and consumer platforms, we remain anchored in a simple truth: Our vision is global, but our purpose remains deeply Indian."
Mukesh Ambani, chairman and managing director of Reliance Industries, stated that "The Dhirubhai Ambani Green Energy Giga Complex is not just an industrial project - it is a statement of intent. It represents our commitment to enable India's transition towards clean, secure, and affordable energy at scale." He emphasized that "We are building integrated capabilities across Solar PV manufacturing, energy storage, and green energy infrastructure to help India achieve energy independence." On the digital front, Ambani highlighted that "Our vision is clear: to position Jio at the forefront of the global digital revolution-driving innovation across connectivity, artificial intelligence, cloud, and digital services." The company continues to position itself as a key enabler of India's energy and digital future through its integrated approach across multiple technology platforms.
