The next 12 months are expected to witness a clear ramp-up in Reliance’s solar and battery manufacturing capacities, along with generation projects and the electrolyser gigafactory that forms part of its wider new energy ecosystem. Analysts believe the segment could emerge as a significant growth driver over the medium term.
New energy investments under the spotlight
According to Reliance’s annual report, the company reported capital expenditure of ₹52,500 crore in FY26, a sharp 2.1-fold increase from the previous year. Of this, around ₹30,000 crore was directed towards the new energy business, with most of the spending now being undertaken directly through Reliance Industries.
Cumulative investment in the new energy business has reached about ₹70,000 crore, compared with around ₹40,000 crore up to FY25.
Brokerage CLSA said any fresh details on the new energy projects at the AGM would be closely watched. The solar gigafactory has become operational, while battery energy storage systems (BESS) production is expected to begin in 2026.
Jio Platforms listing timeline may get clarity
Another key area of interest will be Jio Platforms. During Reliance’s fourth-quarter earnings commentary, Chairman Mukesh Ambani said the company was “advancing steadily” towards the listing of Jio Platforms.
Investors will look for a clearer timeline and potential milestones for the public listing of the digital business, which houses telecom, digital services and technology operations.
Retail investments concentrated over the last five years
According to Kotak Institutional Equities, Reliance has spent around ₹1.9 trillion on its retail business over the past decade. Nearly ₹1.6 trillion, or 84%, of this investment has come in the last five years, underlining the group’s aggressive expansion strategy in organised retail.
Conventional energy capex slows
Capital expenditure in the traditional oil-to-chemicals (O2C) and exploration and production (E&P) businesses has moderated. Conventional energy accounted for only 21% of total capital expenditure, indicating a gradual shift in the group’s investment priorities.
Diversification strategy gathers pace
Reliance has also stepped up investments in newer businesses such as new energy, media and other ventures. Of the total ₹1.7 trillion capital expenditure incurred in these businesses, nearly ₹1 trillion, or 60%, has been invested in the last three years.
Earlier, speaking to CNBC-TV18, Deven Choksey, MD of DRChoksey Finserv Private Limited said investors will closely watch Reliance Industries’ AGM for updates on its artificial intelligence ambitions and the roadmap for a potential Jio Platforms listing. He also expects announcements around LEO satellite communications and the group’s expanding digital infrastructure capabilities.
“There are a few announcements that one would definitely like to hear in the AGM. One among them will be on the Reliance Intelligence side. They have been putting up data centres both to offer services to their own companies within the group network and also in partnership with companies like Meta, where they would be offering a captive facility by running the complete backend infrastructure, connected with the energy segment, and in a way becoming a more formidable force in this particular space, with even the LLMs that they are talking about, including different industry verticals that they will be serving. So, one would like to listen more about how exactly Reliance Intelligence is being positioned in the coming times. Their building blocks are in place. The second most important point that everybody wants to hear about would be Jio Platforms. Again, it is a large company, probably a ₹40,000-50,000 crore offering in the marketplace at some point in time, and that’s where one would like to hear what kind of preparations the company has made to roll out this programme. In fact, the LEO satellite-based communication that we are talking about is again going to be a big announcement that we are seeing. It could completely transform the business as far as Reliance is concerned, both in the customer-facing businesses and the industrial businesses. In my view, these are two or three main areas where one would like to hear more details from the company,” Choksey said.
The June 19 AGM is expected to provide investors with greater visibility on Reliance’s transformation strategy, particularly its new energy roadmap, digital ambitions and diversification plans, as the conglomerate seeks to build its next phase of growth.
Ahead of the AGM on Thursday, the stock of Reliance Industries Limited closed at ₹1,328.10 per share, down 0.35%. The Mumbai headquarter company currently has a market capitalization of ₹8,98,617.22 crore and has delivered negative returns of around 7% over the past one year.
