Mukesh Ambani is set to address shareholders at Reliance Industries' 49th annual general meeting (AGM) on June 19. The AGM is scheduled to be held virtually at 2 pm IST. Investors are watching for fresh details on the telecom arm's listing, progress on the new energy business and any update on the company's artificial intelligence (AI) plans.
The meeting comes at a critical time for India's largest company, with its stock down 17% from its 52-week high.
Here are the top five expectations investors are watching for:
1 June 2026
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1. Jio IPO Timeline
The biggest focus of this year's AGM will be an update on the IPO timeline for Reliance Jio. Ambani had earlier indicated a listing in the first half of 2026. According to a Financial Times report, Reliance could lodge a draft prospectus for a $4 billion offering with the Securities and Exchange Board of India (Sebi) ahead of the meeting. At $4 billion, Jio's IPO would surpass Hyundai Motor India's $3.3 billion share sale to become the largest listing in Indian history.
The Economic Times had earlier reported that Reliance has reworked the deal structure, shifting from an offer-for-sale to a fresh issue after pricing disagreements with existing investors.
2. AI Push and Data Centres
Reliance's AI strategy is expected to feature prominently at the AGM. The company has been ramping up digital infrastructure through partnerships and data centre investments, including a recent agreement with Meta for a 168 MW data centre project in Jamnagar. Meta is partnering with Reliance to build its first AI-enabled data centre in India as the social media giant looks to expand its computing capacity. Reliance will provide end-to-end services for the project, spanning design, construction, utility management, renewable power, network connectivity and managed services.
3. New Energy Progress
Investors will seek updates on Reliance's green energy plans across solar manufacturing, batteries, green hydrogen and electrolysers. The company has begun producing high-efficiency solar modules, while its battery gigafactory, with an initial capacity of 40 GWh, is nearing production ramp-up. The electrolyser facility is targeted to start production by the end of 2026, alongside continued development of the Kutch energy complex, according to multiple reports.
At Reliance's 48th AGM, Ambani said hydrocarbons will remain vital for India for several years and that the company's strategy is to excel in traditional energy while building the system of the future, according to a report by the Economic Times.
4. O2C and balance sheet outlook
Reliance's O2C and oil and gas businesses faced pressure in FY26, and investors will look for management commentary on margins, demand trends and profitability, reports said. The focus is increasingly shifting toward non-energy businesses as future growth drivers.
Markets will reportedly also watch for updates on dividends, telecom tariffs and debt reduction following years of heavy capital expenditure. Reliance has proposed a dividend of ₹6 per share for FY26, with June 5 fixed as the record date.
5. Reliance Retail IPO
Alongside Jio, investors are watching for signals on the timing of a Reliance Retail IPO. The retail business has emerged as a key growth engine, and any commentary on listing plans could be a major catalyst given its scale.
Reliance is reportedly planning to list Reliance Retail about two years after the Jio listing. According to an earlier report in the Economic Times, the company aims to list Reliance Retail by 2028. The report cited an unnamed executive who said the focus is currently on the telecom IPO, with the retail IPO to follow two years later.
Reliance Retail, India's largest retailer, operates 19,821 outlets across the country as of the September quarter. During the period, it reported gross revenue of ₹90,018 crore and a profit of ₹3,439 crore.
