Reliance Industries Ltd (RIL) will host its 48th annual general meeting (AGM) today at 2:00 PM, with investors keenly watching for announcements across its new energy, retail, and telecom businesses. The AGM has historically served as a platform for big-ticket disclosures, and expectations are running high this year as well.
New Energy segment in spotlight
A major area of focus will be RIL’s new energy (NE) platform, where the company is targeting an operational launch in the next four–six quarters. Reliance’s plans span the full value chain—from polysilicon-to-modules, green hydrogen production, to electrolyser and battery manufacturing. Importantly, RIL intends to use captive green power to cut costs by nearly 25 per cent. Analysts at Nuvama noted that the NE business could become self-funded over the next few years, eventually replicating the scale of the group’s Oil-to-Chemicals (O2C) vertical. Progress on petrochemicals expansion, alongside this transition, will also be closely tracked.
IPO timelines for Jio & Retail
The Street is awaiting clarity on the much-anticipated IPOs of Reliance Retail and Jio Platforms. While both businesses are expected to command hefty valuations, analysts caution that holding company discounts could temper immediate shareholder gains. Still, any timeline announcements would be a key value-unlocking trigger.
Jio: AirFiber & AI Push
Brokerages have turned bullish on Jio ahead of the AGM. CLSA highlighted that Reliance’s FY25 annual report pointed to accelerated home broadband adoption driven by AirFiber, with the company confident of reaching 10 crore homes via Fiber and AirFiber. Commentary on Jio’s artificial intelligence (AI) strategy is also expected, as the platform looks to scale its digital offerings. The recent tariff hikes in telecom and momentum in broadband subscribers are seen as further earnings tailwinds.
Retail growth revival
Reliance Retail, another crown jewel in the group’s portfolio, will on radar for growth momentum. Analysts expect updates on store expansion, omni-channel integration, and partnerships that could cement its leadership in India’s consumption story.
Brokerage views ahead of AGM
CLSA sees Jio AirFiber and tariff hikes driving earnings as it set 12-month target price of Rs 1,650 for RIL. JPMorgan maintained overweight with a Rs 1,695 target, saying holding company discount on Jio and Retail remains elevated. Jefferies said its base case target is Rs 1,670 and that the upside of Rs 1,900 is possible on Jio IPO, petchem recovery, and retail market share gains. UBS has resumed coverage with a ‘Buy’ and target price of Rs 1,750, citing earnings transformation and scope for value unlocking.
With RIL targeting to double its business by 2030, today’s AGM could offer a clearer roadmap on how Jio, Retail, and New Energy will drive the next leg of growth. IPO timelines, green energy execution, and digital expansion are set to be the biggest swing factors for investor sentiment.
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