Reliance Industries shares jumped nearly 3% to ₹1,344.90 apiece on Monday, June 22, following the announcement that Jio Platforms filed its draft red herring prospectus with SEBI. The stock rose as much as 2.70% to ₹1,344.90 on the NSE, with market capitalisation standing at ₹18,12,412.91 crore. This development comes after Reliance Jio Infocomm was preparing to file draft papers for its $4 billion IPO within days, with the company preparing to raise about $4 billion, or nearly ₹37,758-40,000 crore, which would surpass Hyundai Motor India's ₹27,870-crore public issue to become the largest IPO in the country's history. Jio's subscriber base stood at 527 million at the end of April 2026, while Bharti Airtel's stood at 373 million, as reported by The Economic Times. The proposed IPO is a fresh issuance of 27 crore shares, according to preliminary papers, with the company leaning towards a fresh issue structure rather than the offer-for-sale route.
Chairman Mukesh Ambani announced an aggressive growth roadmap at the AGM, setting a target to double Reliance's consolidated EBITDA over the next five years, driven by growth across consumer and energy businesses. Reliance Consumer Products Ltd. (RCPL) is also targeting revenue of ₹1 lakh crore by 2030 as it expands its presence in India's fast-moving consumer goods market. Reliance Retail will deepen its manufacturing footprint by launching two new platforms focused on manufacturing and exports, with the retail business planning to manufacture beverages, daily essentials and fresh food while expanding apparel manufacturing operations through partnerships with 21 clusters across India. As part of its expansion strategy, Reliance Retail will build an Advanced Manufacturing Platform and expand JioMart's reach to 1,200 cities.
Reliance Jio's subscriber base crossed 524 million in FY26, while its profit after tax surpassed ₹30,000 crore for the first time, as reported by The Economic Times. Addressing shareholders, Ambani said Jio's 5G subscriber base has crossed 268 million, making it the largest single-country 5G operator outside China. He further said the telecom operator added 77 million 5G subscribers during the year. The total data traffic on Jio's network stood at 241 exabytes in FY26, registering a 30.8% year-on-year growth and placing the company among the largest data operators globally. Jio's immediate priorities include expanding its JioTrue5G network, accelerating broadband adoption through JioAirFiber, digitising Indian enterprises, democratising access to AI, and taking homegrown technology solutions to global markets. On the connectivity front, Ambani revealed that Jio is evaluating the development of a sovereign Low Earth Orbit (LEO) satellite constellation for India, with the company also partnering with global satellite operators and building ground-station infrastructure to create a comprehensive satellite broadband ecosystem that serves remote villages, border regions, and island communities.
Mukesh Ambani informed shareholders that Reliance Intelligence, which was announced last year has entered its execution phase, as reported by The Economic Times. As part of the execution phase of AI at scale, Reliance Industries has partnered with Google, Meta, and NVIDIA, as Ambani stated while addressing shareholders. "Our objective is to build a profitable AI infrastructure, platform, and services business serving consumers, enterprises, and governments at scale," Ambani said. Reliance Intelligence is building India's sovereign AI backbone in Jamnagar. "We set out with a clear vision, identified the focus areas, and began building the right partnerships with Google, Meta, and NVIDIA. Now, we are entering the next phase – execution," he emphasized. Reliance is also deploying advanced NVIDIA GB300 GPUs and has expanded strategic partnerships with Google and Meta to accelerate AI adoption across India. The first 120 megawatts of the cutting-edge infrastructure will be commissioned by the end of 2026, powered entirely by clean energy from Reliance's own solar generation from the Kutch renewable platform. In addition, the company is operationalising an initial fleet of advanced NVIDIA GB300 GPUs, with this next-generation compute capacity equivalent to more than 75,000 H100 GPUs on an AI-inference basis.
Reliance Intelligence is building India-first applications such as JioBharatIQ, AI Vyapar, JioHealthIQ, JioLearnIQ, and JioKrishiIQ, as confirmed by Akash Ambani, managing director of Jio Platforms. "This sovereign, green, secure compute backbone will power India-first applications such as JioBharatIQ, AI Vyapar, JioHealthIQ, JioLearnIQ, and JioKrishiIQ," Ambani stated. The company's objective is to build a profitable AI infrastructure, platform, and services business serving consumers, enterprises, and governments at scale. "What we are building is AI for India, AI by India, and AI that will one day serve the world," Ambani said, adding that the company's objective is to make advanced AI as accessible as mobile data became through Jio's telecom revolution. The broader vision is to create a trusted, affordable and sovereign AI ecosystem that can help India emerge as a global technology leader in the decades ahead. Unlike many global platforms, Jio is building AI natively in Indian languages, enabling users to interact seamlessly in their preferred language.
Isha Ambani detailed Reliance Retail's impressive FY26 performance at the company's 49th AGM, highlighting the scale of growth across multiple segments. Gross revenue stood at ₹3,70,026 crore, up 11.8% year-on-year, with EBITDA at ₹27,033 crore, which she said is 3.4 times that of the nearest competitor. Profit after tax came in at ₹13,838 crore, up 12%, while the registered customer base grew to 387 million, up 11%. The company processed 1.93 billion transactions, a 39% increase year-on-year, across 20,160 stores spanning 78 million square feet. Smart Bazaar crossed the 1,000-store mark, calling it one of the fastest large-scale retail rollouts in the world, with a significant portion of the network now serving Tier 2 and below markets. On AJIO, she said the platform has grown seven times in five years, with average bill value up 23% and average selling price up 17%, while its catalogue expanded to three million options, up 22% year-on-year. Ajio Rush, the four-hour delivery promise, now covers more than 600 towns.
On quick commerce, Isha Ambani said JioMart now operates India's largest network in the category, with over 3,100 stores across more than 1,200 cities and 5,100 pin codes. Average daily orders grew 3.6 times year-on-year, with repeat orders growing more than six-fold. The grocery business saw growth driven by higher footfalls and expansion across food and non-food categories, with Metro Cash & Carry maintaining momentum through its focus on kirana stores and hospitality customers. JioMart's hyperlocal network supported faster deliveries and customer acquisition, while the company continued scaling Milkbasket, its subscription-based daily essentials delivery platform. The company has strengthened its premium fashion portfolio through partnerships with international brands including Stella McCartney, Kurt Geiger, Max & Co. and Fabletics. Campa as a standout performer, with the brand crossing ₹4,700 crore in gross sales in FY26 and becoming India's fourth-largest carbonated soft-drinks brand with double-digit market share in key markets. Shein crossed 11 million app installs during the year.
Reliance Consumer Products Limited achieved gross revenue of ₹22,000 crore in FY26, doubling year-on-year, as highlighted by Isha Ambani. RCPL achieved in four years what took peer companies decades, with its products now present in more than 40 countries through exports and franchise sales. Looking ahead, she said RCPL's near-term ambition is to reach ₹1 lakh crore in revenue by FY30, with a longer-term goal of becoming one of India's largest FMCG companies with a global platform to match. The company flagged macroeconomic uncertainty, pressure on discretionary spending, geopolitical disruptions and supply-chain volatility as key risks facing the business going forward, according to the annual report presented at the AGM.
At the AGM, Reliance unveiled Jio Teleframe, a platform designed for AI agents, as part of the company's efforts to build AI-driven digital services and infrastructure, as reported by Business Standard. Akash Ambani announced that Jio Homes will offer next-generation broadband connectivity with speeds of up to 5 Gbps download and 1 Gbps upload, dedicated to individual households. Highlighting the scale of Reliance's digital ecosystem, Ambani said JioHotstar recorded an average of 451 million monthly active users during FY26, making it the largest streaming platform in India and among the largest globally. Meanwhile, microcontent platform Tadka has crossed 100 million users within just two months of its launch, reflecting strong user adoption across Reliance's digital platforms. The announcements underscore Reliance's growing focus on artificial intelligence, digital content and high-speed connectivity services.
