Reliance Industries is holding its 48th Annual General Meeting (AGM) today, August 29, 2025, at 2:00 PM IST, via video conferencing. Investors and market participants are keenly awaiting key announcements from Chairman Mukesh Ambani, which are expected to shape the company's roadmap for its next phase of growth amid the current global geopolitical scenario.
Key Areas of Focus
Several key themes are expected to dominate this year's AGM, including the potential IPOs of Reliance Jio and Reliance Retail, advancements in AI, expansion of the retail sector, progress in green energy, and crude oil sourcing.
IPO Timelines for Jio and Retail
The market is particularly focused on any indications regarding the potential timelines or roadmap for the IPOs of Jio Platforms and Reliance Retail. In 2019, Reliance announced plans to list its telecom and retail arms within five years, making investors eager to see if there has been any progress. These IPOs are expected to be the largest in India's history.
UBS analysts suggest Jio could see value unlocking in 12-18 months as it reaches maturity with mid-teens growth and growing cash flows. However, they estimate that the retail business listing could be 2-3 years away as online businesses and the group's own house of consumer brands may need time to scale up.
AI Initiatives
Clarity on Reliance's AI initiatives through Jio is another key area of interest. Jio's AI strategy, particularly the JioBrain platform, is expected to be a long-term growth driver.
Retail Expansion
Updates on Reliance Retail's expansion are also anticipated. Reliance Retail's footprint remains the largest, and further details on its growth strategy are expected. In FY25, Reliance Retail's revenue reached ₹330943 crore.
Green Energy Business
Progress on Reliance's new energy business is another focal point. BofA highlighted that Reliance is transforming into a deep-tech and advanced manufacturing entity, with engineering work completed and equipment deliveries expected in 2025 for its Solar and Battery Giga-Factories.
Crude Oil Sourcing
Market participants will also be watching for comments on global energy and crude oil dynamics. Investors may be looking for updates on the impact of US tariffs and the company's approach to crude oil sourcing.
Financial Performance
In July, Reliance reported a 78% jump in quarterly profit to ₹30,783 crore, driven by the sale of its Asian Paints stake and strong growth in its telecom and retail verticals. Consolidated revenue climbed 6% to ₹2.73 trillion, while EBITDA jumped 36% to ₹58,024 crore.
Other Expectations
Other expectations include updates on the company's petchem expansion progress. UBS estimates Reliance's gross refining margins (GRMs) to improve from FY25 levels to around US$10/bbl in FY26-27E, with improvement in regional refined produce spreads.
How to Watch
The AGM will be streamed live via the 'JioEvents' platform and across Reliance's social media handles, including Facebook, Instagram, and X. Live video of Mukesh Ambani's speech will be available on multiple sources simultaneously.
