on Friday placed and clean energy at the centre of its future growth strategy, unveiling plans for one of the world’s largest AI computing platforms, a sovereign satellite broadband network and a multi-billion-dollar green ammonia export business, while simultaneously setting the stage for the long-awaited Jio Platforms IPO. At the company’s 49th Annual General Meeting, Chairman Mukesh Ambani stated that the conglomerate’s transformation into a consumer, digital and new energy powerhouse has already delivered significant financial gains and will continue to drive expansion over the coming decade. Building on this momentum, Reliance has set a target to double its EBITDA once again over the next five years, aiming to surpass ₹4 lakh crore by 2031.
Ambani said Reliance was entering a new growth cycle driven by AI, digital services, consumer businesses and new energy, even as the conglomerate targets another doubling of earnings over the next five years after having doubled EBITDA to ₹2.08 lakh crore between FY21 and FY26.
Its consolidated EBITDA over the past five years rose from ₹97,580 crore in FY21 to ₹2,07,911 crore in FY26. This growth underscores the success of RIL’s diversification strategy away from its traditional energy business toward high-growth consumer-facing segments. Notably, its digital arm, Jio Platforms, and retail business now contribute nearly half of the group’s total EBITDA, reflecting their increasing importance in the company’s earnings mix.
Future growth
Ambani attributed future growth to continued investments in next-generation sectors such as artificial intelligence, fast-moving consumer goods (FMCG), and renewable energy. The group’s willingness to deploy capital at scale remains central to this strategy, with cumulative investments of ₹6.48 lakh crore over the past five years, including ₹1.44 lakh crore in FY26 alone.
Ambani also highlighted major strategic announcements aligned with this growth vision. Chief among them was the proposed listing of Jio Platforms, which could become India’s largest-ever IPO. With more than 524 million subscribers and a rapidly expanding 5G and broadband footprint, Jio’s listing is expected to unlock significant shareholder value. Market estimates peg the IPO size at around $4 billion.
In parallel, Reliance is expanding aggressively into FMCG through Reliance Consumer Products, targeting a Rs 1 lakh crore business by FY30. Investments in food parks, supply chains and manufacturing will help scale this segment. The company is also making a decisive push in deep technology and sustainability, including building sovereign AI infrastructure in Jamnagar and scaling battery manufacturing capacity to 120 GWh as part of its clean energy transition. The company also announced its entry into satellite communications, with plans to build a sovereign Low Earth Orbit (LEO) constellation.
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