Mukesh Ambani Sets Sights on Doubling Reliance Industries' Scale Every 4–5 Years

Reliance Industries Chairman Mukesh Ambani has laid out an ambitious growth blueprint for the conglomerate, expressing confidence in doubling the company’s size every four to five years, powered by its investments into RIL’s diversified engines spanning energy, telecom, retail and media.

The vision follows the company’s record-breaking performance in the first quarter of FY26. Consolidated Ebitda rose sharply year-on-year, despite what Ambani called ‘significant volatility in global macros,’ particularly in the energy market where crude prices swung sharply.

“Reliance has begun FY26 with a robust, all-round operational and financial performance,” Ambani said while addressing shareholders in a post-earnings announcement.

Growth in its core oil-to-chemicals (O2C) business came from rising domestic demand and improved downstream margins, although the Oil & Gas segment saw a slight Ebitda dip due to lower KGD6 gas output. But it's not just the company’s flagship oil business that’s fuelling the well oiled conglomerate.

Ambani put the focus on the company’s expanding retail footprint, revealing a customer base of 358 million and sharp gains across key operating metrics. “We are focusing on strengthening the portfolio of our own FMCG brands, which resonate with the tastes of Indian consumers,” he said, highlighting the company’s the push toward localised, scalable consumer offerings.

Digital services were another bright spot, one that is being eyed as a major growth driver for the conglomerate’s. Reliance Jio hit major milestones during the quarter, crossing 200 million 5G subscribers and 20 million home broadband users. Jio AirFiber, now the world’s largest FWA (Fixed Wireless Access) provider with 7.4 million subscribers, further strengthened the telecom arm’s clout. “Jio has positioned itself as the technology partner of choice for Indian consumers,” Ambani said, adding that the business was delivering strong financial and operational results.

Meanwhile, the company’s media venture is quietly shaping up to be a one-stop destination for entertainment, sports and news content, serving what Ambani described as the ‘discerning Indian audience.’ The company’s focus here according to Ambani, lies in inclusive growth and energy transformation, alongside technological innovation.

What ties these seemingly distinct narratives together is a single thread, long-term scalability. With that, the RIL chief also set the tone for the company’s growth trajectory in the times to come. “The performance of our businesses and growth initiatives gives me confidence that Reliance will continue its stellar track record of doubling every 4–5 years,” Ambani said.