Investors will be watching for clarity on Jio and Retail IPO timelines, long promised but yet to materialise.
AI strategy via JioBrain and updates on the new energy platform could signal Reliance’s next phase of growth.
Retail expansion and O2C stability remain crucial, as the group pushes towards its goal of doubling business by 2030.
Oil-to-chemicals conglomerate Reliance Industries is all set to host its 48th Annual General Meeting (AGM) on August 29, an event that investors and analysts will closely track. The AGM comes at a time when the company is balancing robust earnings while pivoting towards new growth engines in digital, retail and energy.
In its latest quarterly results, RIL reported a 77% jump in net profit to ₹30,783 crore, aided by the sale of its stake in Asian Paints and strong shows in its consumer-facing businesses. Excluding the one-off gain, recurring profit was up 25% year-on-year, while consolidated revenue grew 6% to ₹2.73 lakh crore and Ebitda rose 36% to ₹58,024 crore. Against this backdrop, the Street will be closely looking for the company’s commentary on its future direction.
IPO Timelines in Focus
The market’s biggest question remains whether RIL will finally set the clock on initial public offerings for Jio Platforms and Reliance Retail. At the 2019 AGM, Chairman Mukesh Ambani had said the company would look to list both businesses within five years, but no firm update has since emerged. Brokerages believe separate listings could unlock value, though some caution that any benefit for RIL shareholders may be tempered by a holding company discount.
AI Upskilling
Moving with the times, AI is expected to be a central talking point of the upcoming AGM. BofA has highlighted the development of “JioBrain”, a suite of tools designed to accelerate adoption of AI services across Reliance’s digital platforms. With CLSA pointing towards the company’s push to connect 100 million homes through fibre and AirFiber, investors will be keen to know RIL’s plans to use AI for monetizing its growing user base.
New Energy as the Next Growth Engine
The company’s green energy ambitions will also take centre stage. The management has often touted its new energy platform, spanning solar modules, batteries, electrolysers and green hydrogen, as the ‘next jewel in the crown,’ one that could rival the profitability of its flagship oil-to-chemicals (O2C) business over the next five to seven years.
BofA noted that work on the solar and battery giga-factories was largely complete, with equipment deliveries expected in 2025 and the first giga-watt scale solar PV line already operational. Nuvama, meanwhile, highlighted Reliance’s target to operationalise its fully integrated new energy facilities in four to six quarters. Updates on perovskite solar technology, which could boost efficiency above 30%, and cost savings from captive renewable power will be watched closely.
Retail Momentum and Digital Monetisation
Reliance Retail is another pillar in focus. Investors will look for progress on FMCG expansion, quick commerce and JioHotstar monetisation. Last year, Mukesh Ambani had set a target of doubling retail earnings within three to four years, and commentary on this target will be important in assessing growth momentum.
Traditional Strengths Remain Key
Even as new businesses dominate headlines, the O2C division continues to be Reliance’s largest profit driver. Capacity expansion in polyester, vinyl and carbon fibre is underway, while drilling at the KG-D6 basin is set to continue through 2028.
Road Towards 2030
At last year’s AGM, Mukesh Ambani had outlined a broader goal of doubling Reliance’s overall business by 2030, with Jio and Retail doubling in the shorter term. The 2025 AGM will be an opportunity for investors to gauge progress against those ambitious milestones and assess whether green fuels and AI can truly stand alongside the conglomerate’s traditional profit engines.
