Reliance Industries Ltd. (RIL) will more than double its earnings before interest, tax, depreciation and amortisation (EBITDA) by the end of its “Golden Decade” in 2027, Chairman Mukesh Ambani told shareholders at the company’s 48th Annual General Meeting (AGM) on August 29.
Unveiling the group’s “Value Creation Roadmap”, Ambani said Reliance will focus on strengthening core businesses while building new growth engines to ensure long-term, sustainable value creation.
“Back in 2022, I promised that we would double Reliance by the end of our Golden Decade. At that time, our EBITDA stood at about ₹1.25 lakh crore ($14.6 billion). I reiterate today that Reliance will more than double this by 2027,” Ambani said.
From Fortune 1000 to Fortune 40
Ambani highlighted Reliance’s journey from a Fortune 1000 company to a Fortune 40 global powerhouse, creating more than $200 billion in value within India. He credited this success to the group’s four guiding principles:
- Aligning growth with India’s national interest
- Building future-ready businesses
- Scaling to world-class standards
- Investing in talent and technology
Stable O2C, Big Bets on New Energy
Ambani projected stable returns from the Oil-to-Chemicals (O2C) business while eyeing strong growth in materials through high-value green fuels and chemicals. Reliance’s New Energy business—aimed at making India energy self-sufficient by 2047—is expected to match the scale of O2C within five to seven years. “In scale, ambition, and impact, it will surpass everything Reliance has done so far,” he noted.
Consumer Engines: Jio and Retail
Ambani said Reliance’s consumer-facing businesses will see rapid acceleration:
- Jio: With over 500 million subscribers, the company is working towards complete 5G migration and a shift to 6G by 2030.
- Reliance Retail: Serving more than 300 million Indians monthly, the unit aims to multiply revenues through its omni-channel physical, digital, and B2B model.
Two New Growth Drivers: RCPL & AI
Ambani also unveiled two next-gen businesses:
- Reliance Consumer Products (RCPL), positioned to become India’s largest FMCG player
- Reliance Intelligence, an AI-driven deep-tech arm that will spearhead India’s artificial intelligence revolution
“Both these businesses have the potential to grow larger than our existing businesses,” Ambani said, adding that Reliance Intelligence will help India adopt AI at scale and become a global force in the sector.
Upcoming Milestones
- Jio IPO: Expected in the first half of 2026
- AI push & retail growth: Identified as major engines for the next decade
