The owner of Royal Mail is expected to show a return to annual earnings on Monday in the firm’s first set of results since the completion of its £3.6 billion takeover by Czech billionaire Daniel Kretinsky.

International Distribution Services (IDS) will post figures for the 12 months to March 31 after a milestone year for the group, which saw Royal Mail taken into foreign ownership for the first time in its more than 500-year history.

The year has also seen regulator Ofcom rubber stamp reforms allowing Royal Mail to ditch second class letter deliveries on Saturdays and change the service to every other weekday, which the group can start rolling out from July 28.

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IDS said in January that it was on course to return to annual adjusted operating profit, before voluntary redundancy costs, in 2024-25, “despite the difficult market environment”.

Its third quarter update showed group revenues lifted 0.8% to £3.6 billion thanks in part to a parcel boost over Christmas.

Royal Mail parcel revenues rose 2.5% to £1.02 billion in the quarter as prices rose, while the division was also helped by a better performance internationally, where revenues jumped 6.6% to £227 million.

But the group warned in November that it was facing a £120 million hit from the incoming national insurance tax hike and that it could not rule out job cuts or price hikes to offset the blow.

It also saw an investigation launched in May after it only delivered just over three-quarters of first-class post on time last year, following hefty fines for missing targets in previous years.

Parent group IDS formally left the London Stock Exchange on June 2 after being taken over by Mr Kretinsky’s EP Group following clearance by the Government at the end of 2024 and approval by shareholders in April.

Royal Mail’s new owner also issued a £1 so-called golden share to the UK Government, as agreed under the deal.

Mr Kretinsky – appointed as the new chairman of Royal Mail – has pledged to stick to the Universal Service Obligation (USO) after the takeover.

Royal Mail also announced in recent days that it will be the first international postal operator to launch new services so people can continue sending goods to the United States as new customs requirements take effect from August 29.

Royal Mail customers now can use the company’s new postal delivery duties paid (PDDP) services, which follows a US executive order last month that goods valued at 800 dollars or less will no longer be exempt from import duties and taxes from August 29.

The Institute of Directors (IoD) has warned around 30% of its member firms that export to the US will be hit by the new rules, with smaller companies predominantly impacted.

The share prices of leading UK banks have tumbled following calls for the government to introduce a new tax on banking profits.

Traders and investors have reacted to the Institute for Public Policy Research (IPPR) saying a windfall tax could raise up to £8bn a year for the government.

The think tank said the policy would compensate taxpayers for losses on the Bank of England’s cash printing drive.

While the Treasury has not commented on any policy, concerns led to NatWest, Lloyds and Barclays being the biggest fallers on the main index of the London Stock Exchange early on Friday.

NatWest and Lloyds share prices were down by more than 4%, and Barclays had dropped by more than 3% in early trading.

Charlie Nunn, the chief executive of Lloyds bank, has previously spoken out against any potential tax rises for banks in the Budget.

He said efforts to boost the UK economy and foster a strong financial services sector “wouldn’t be consistent with tax rises”.

The Treasury has been contacted for comment.

The IPPR, a left-leaning think tank, said a levy on the profits of banks was needed as the Bank of England’s quantitative easing (QE) drive was costing taxpayers £22bn a year.

The Bank of England buys bonds – essentially long term IOUs – from the UK government and corporations to increase bond prices and reduce longer term interest rates.

The Bank is selling off some of these bonds, and the IPPR said it is now making huge losses from both selling the government bonds below their purchase value and through interest rate losses.

The IPPR described those interest rate losses as “a government subsidy to commercial banks”, and highlighted commercial bank profits compared to before the pandemic were up by $22bn.

The tax suggestion comes as Chancellor Rachel Reeves faces the difficult task of maintaining her fiscal rules while finding room for spending promises in the upcoming autumn Budget.

Carsten Jung, associate director for economic policy at IPPR and former Bank of England economist, said the Bank and Treasury had “bungled the implementation of quantitative easing”.

“Public money is flowing straight into commercial banks’ coffers because of a flawed policy design,” he said.

“While families struggle with rising costs, the government is effectively writing multi-billion-pound cheques to bank shareholders.”

Speaking on BBC’s Today programme, Mr Jung said the £22bn taxpayer loss was roughly equivalent to “the entire budget of the Home Office every year”.

“So we’re suggesting to fix this leak of taxpayer money, and the first step would be a targeted levy on commercial banks that claws back some of these losses,” he said.

A tax targeting the windfall profits linked to QE would still leave the banks with “substantially higher profits”, the IPPR report said, while saving the government up to £8bn a year over the term of parliament.

But financial services body UK Finance said that a further tax on banks would make Britain less internationally competitive.

“Banks based here already pay both a corporation tax surcharge and a bank levy,” the trade association said.

The association said a new tax on banking would also “run counter to the government’s aim of supporting the financial services sector”.

Russ Mould, AJ Bell investment director, said the UK stock market had soured following the suggestion, with investors wondering “if the era of bumper profits, dividends and buybacks is now under threat”.

“The timing of the tax debate, fuelled by a report from think-tank IPPR, is unfortunate given it coincides with a new poll from Lloyds suggesting a rise in business confidence, despite cost pressures,” he said.

The Chancellor has worked hard since Labour won power to woo the City. In her Mansion House speech in November last year, Reeves said that banking regulation after the 2008 financial crisis had “gone too far”.

But she faces difficult fiscal decisions in the run-up to her budget, after the government watered down its planned welfare savings and largely reversed winter fuel allowance cuts – decisions which narrowed her budget headroom.

Last Updated:August 29, 2025, 17:50 IST

Here’s Reliance Chairman Mukesh Ambani’s Full Address To Shareholders During 48th RIL AGM.

Mukesh Ambani speaks at 48th RIL AGM.

Mukesh Ambani’s Full Speech At RIL AGM 2025: Reliance Industries Chairman Mukesh Ambani on Friday announced key growth initiatives at the company’s 48th AGM, including a timeline for Jio’s IPO, the launch of a new AI-focused subsidiary ‘Reliance Intelligence’, and partnerships with Google and Meta to accelerate India’s artificial intelligence ecosystem.

Here’s Mukesh Ambani’s Full Address To Shareholders During 48th RIL AGM.

“My Dear Shareowners,

Namaste, and a very warm welcome to the 48th Annual General Meeting of Reliance Industries Limited.

We meet today on the most auspicious occasion of Ganesh Chaturthi. Lord Ganesh has arrived in our homes and in pandals on our streets. Let us begin this meeting by seeking the blessings of Bhagwan Ganesh – for you, your families, the entire Reliance Parivar, and for all the people of India and the world.

Friends,

The global economy today is navigating through an era of great uncertainty. Geopolitical tensions are rising, volatility is persistent, and predictability is scarce.

The world is realising that conflict produces no winners, whereas co-operation ensures shared prosperity. When nations co-operate, trade flows freely, investments flourish and everyone wins.

In today’s inter-dependent world, the prosperity of each country is inseparably linked to the prosperity of all. Paradoxically, while uncertainty surrounds us, humanity also stands at the threshold of a golden age in the 21 century – an age defined no longer by scarcity, but by super-abundance and super-affordability for all eight billion people on this planet.

This has become possible because of the convergence of three powerful technological transformations:

· Breakthroughs in Clean Energy are unlocking a future of abundance, sustainability, and security, raising hopes for overcoming the climate crisis.

· Breakthroughs in Genomics promise dramatic improvements in cure of diseases, longevity, and overall health.

· Breakthroughs in Artificial Intelligence and allied Deep Technologies have already begun to boost productivity, efficiency and human potential to unimaginable levels.

Owing to its miraculous power, AI can now be called the new Kamdhenu – the divine wish-fulfilling cow of our age.

At Reliance, we see these three convergent transformations not as distant possibilities, but as immediate opportunities for India. Therefore, we are building the world’s most advanced Clean Energy ecosystems. We are expanding into the frontiers of Digital Health, Life Sciences and Genomics. And we are developing AI as a new growth engine, besides embedding AI across all our businesses – from retail to telecom, from energy to entertainment.

India, with its scale, talent, and entrepreneurial spirit, is uniquely positioned to lead in this new era of AI, Clean Energy, and Genomics. And Reliance has positioned itself confidently to lead our nation’s mission to ensure that abundance and affordability become the birthright of every Indian.

This is our solemn promise.

Friends,

The possibilities created by these new technologies are staggering. The global GDP, at $110 trillion today, has the potential to reach $500 trillion within the next 25-30 years.

Imagine, in our own lifetime, we can end poverty globally and ensure that every human being has access to all basic needs. For this vision to be realised, it is our hope that the world leaders choose co-operation over conflict, dialogue over discord, and win-win agreements over zero-sum rivalries.

Despite geopolitical uncertainty, one truth is crystal clear. India is on the rise, and India’s rise is unstoppable. Today, India already ranks among the world’s top four global economies.

Under the determined leadership of our visionary Prime Minister, Shri Narendrabhai Modiji, India’s GDP is growing faster than all major economies. With the right set of reforms, advanced manufacturing capabilities, and a national priority on Deep Tech, our economy can grow at 10% annually.

This will mean that the per capita income of Indians could rise 4-5 times within the next two decades, making India not just a prosperous nation but also a more equal nation.

More importantly, India need not copy any foreign model. We have the ability, and the responsibility, to create an India-first model of development.

This model will use Deep Tech to bring prosperity and security to India, improve the quality of life of each and every Indian, and protect the environment. This model will also harmonise technology with democracy, economy with culture, spirituality with science, and national aspirations with friendship across all nations.

This is the collective dream of nearly 1.5 billion Indians – to build a nation that leads with both prosperity and compassion. This, my dear shareholders, is the Indian Dream.

Dear Shareholders,

As Reliance approaches the close of its Golden Decade, we rededicate ourselves to the rapid realisation of this Indian Dream. We are resolutely transforming our operating model to become a Deep-Tech company with advanced manufacturing capabilities. We are making every one of our businesses AI-native, positioning them for hyper-growth.

Our corporate philosophy of “We Care” compels us to continuously improve the quality of our products and services in ways that promote the wellbeing of both People and Planet. Our operating model is now led more by innovation than capital intensity. That is why we are attracting and empowering super-talented young leaders who will drive the next wave of value creation with bold innovations.

Reliance has never rested on its past laurels. Our Founder and Forever Guide, Shri Dhirubhai Ambani, instilled in us a DNA of relentless reinvention and reimagination. Again and again, we will reimagine and re-engineer ourselves to create greater wealth for our nation and higher value for society.

This is my solemn commitment to you.

Business & Financial Performance

Dear Shareholders,

I am happy to share with you the details of yet another stellar year of business and financial performance, achieved in spite of multiple challenges.

In FY-25, Reliance delivered record consolidated revenue of Rs 10,71,174 crore ($125.3 billion), becoming India’s first-ever company to cross $125 billion in annual revenues.

Reliance’s EBITDA stood at Rs 1,83,422 crore ($21.5 billion) and net profit grew to ₹81,309 crore ($9.5 billion).

Reliance’s exports were ₹2,83,719 crore ($33.2 billion), contributing 7.6% of India’s total merchandise exports.

Your company invested cumulatively ₹5.6 lakh crore ($65.5 billion) over the last three years.

And it remains the single largest contributor to the national exchequer, contributing Rs 2,10,269 crore ($24.6 billion) in FY-25. In the last six years, Reliance’s contribution to national exchequer has crossed Rs 10 lakh crore ($117.0 billion).

I am also proud to report that Reliance’s CSR spending in FY-25 rose to ₹2,156 crore ($252 million). Our cumulative CSR expenditure over the last three years has crossed ₹5,000 crore ($585 million).

This is a clear reflection of our unwavering commitment towards creating a societal impact.

Friends,

Employment generation for India’s talented youth is a national priority. It is also a priority for Reliance.

Globally, the dynamics of employment are undergoing a shift towards flexibility, driven mainly by AI and automation. Reliance has also adopted modern engagement formats that combine opportunities for upskilling, entrepreneurial drive, job satisfaction, and higher earning potential.

Today, our conventional and non-conventional workforce has grown to nearly 6.8 lakh people. I see this growing to more than 10 lakh people over the next few years. It gives me immense satisfaction to say that we rank among the most admired employers and largest job creators in India.

Reliance continues to lead across every key growth parameter – revenues, profitability, exports, market value, investments, contribution to the exchequer, and societal impact. I am confident that Reliance will keep breaking its own records in business performance next year and beyond.

Digital Services

Dear Friends,

Let me begin by sharing with you the impressive performance of our digital business. Just a week from now, Jio will enter its 10th year of service to the nation. Looking back, these years have been the most glorious in India’s digital history.

Today, I am proud to share with you that the Jio family has crossed 500 million customers. The 500-million milestone is a symbol of your unwavering trust and support. I offer my heartfelt gratitude to each and every one of you.

I have heard people say: “Jio changed my life”, and “I love Jio”. But I say from my heart: “Actually, each and every Indian built Jio by simply making it a part of their lives.”

Let me present a short video of our Jio journey – how 500 million Indians made Jio.

Friends,

Jio was conceived at a time when India’s road to digital transformation was blocked. Prohibitive data prices, poor connectivity, and poorer speeds had stifled the digital aspirations of Indians. That is when we said, “This must end.” And Jio ended India’s digital poverty within a few years.

Jio’s bold Deep-Tech initiatives sparked India’s technological revolution and became the backbone of our Prime Minister’s Digital India Mission. Let me mention only five major achievements of Jio, which were previously unimaginable:

· First, Jio made voice calls free from anywhere to everywhere in India.

· Second, Jio made it a habit for common Indians to watch videos on their mobile and do digital payments, also through mobiles.

· Third, Jio laid the foundation for India’s Digital Public Infrastructure such as Aadhaar, UPI, Jan Dhan, Direct Bank Transfer, and empowered a confident new generation.

· Fourth, Jio enabled creation of the world’s third-largest startup ecosystem in India comprising over 100 unicorns.

· Fifth, Jio’s nationwide 5G rollout, the fastest in the world, has laid the foundation for the AI revolution in India.

Dear Shareholders,

As a result of these achievements, the financial performance of Jio is scaling new heights with every passing year.

Jio’s revenue was Rs 1,28,218 crore ($15.0 billion), a growth of 17% YoY in FY-25; and EBITDA was Rs 64,170 crore ($7.5 billion). These figures are a testimony to the enormous value Jio has already created, and even greater value it is destined to create.

Today, it is my proud privilege to announce that Jio is making all arrangements to file for its IPO. We are aiming to list Jio by the first-half of 2026, subject to all necessary approvals.

I assure you that this will demonstrate that Jio is capable of creating the same quantum of value like our global counterparts. I am sure that it will be a very attractive opportunity for all investors.

Friends,

Jio’s plans for the future are even more ambitious. They rest on five assurances:

· One: Jio will connect every Indian on mobile and home broadband.

· Two: Jio will equip every Indian home with digital services such as Jio Smart Home, JioTV+, Jio TV OS, and seamless automation.

· Three: Jio will digitise every Indian business and enterprise with simple, scalable, and secure platforms.

· Four: Jio will herald the AI revolution in India. Our motto is AI Everywhere for Everyone.

· Five: Jio will expand its operations outside India, taking our home-grown technology to people around the world.

I am extremely confident that the path ahead for Jio is even brighter than its journey so far…

We are proud of Akash and the entire Jio leadership team for their achievements. I am sure that you will surpass your successes in the future.

Dear Friends,

Disney, which is amongst the largest entertainment companies globally, has partnered with Reliance to form JioStar…

We look forward to a very strong partnership with Disney.

Dear Shareholders,

Let me update you on our news and current affairs business.

Network18 is pioneering disruptive models with a sharp focus on credible journalism, creative content, and innovation.

Moneycontrol has consolidated its leadership as India’s largest platform for business news, financial markets data, and investment analytics.

With over one million paid subscribers, Moneycontrol Pro ranks among the top 15 subscription platforms globally, alongside The Wall Street Journal and The New York Times.

Firstpost is growing rapidly as India’s digital-first global view of the world, with a strong presence across platforms. In May this year, it recorded over 400 million video views, becoming the most-viewed Indian English news channel on YouTube globally. It is now India’s first truly global news brand for geopolitics, strategic affairs, culture, and lifestyle. In the coming year, Firstpost will expand further with new bureaus in key world capitals.

Network18 continues to lead with CNN-News18, the No. 1 general news channel for three consecutive years.

CNBC-TV18 has retained its leadership in business news for more than two decades, with an overwhelming market share. With CNBC-TV18 Prime and CNBC-TV18 Access, it is delivering premium content to CXOs and decisionmakers nationwide. It is now looking beyond India for global mindshare, market share, and revenue share, delivering delight across screens and platforms.

I am counting on the leadership team at Network18 to carry the flag of Indian journalism around the world.

Reliance Intelligence

Dear Shareholders,

I am proud that Artificial Intelligence is already at the heart of Reliance’s transformation into a Deep-Tech enterprise. To bring even more focus and speed to this agenda, today, it is my great pleasure and privilege to announce the formation of a new wholly-owned subsidiary called Reliance Intelligence.

This new company is conceived with four clear missions:

· First, to house India’s next-generation AI infrastructure. Reliance Intelligence will build gigawatt-scale, AI-ready data centres, powered by green energy and engineered for training and inference at national scale. Work has already begun on the gigawatt-scale, AI-ready data centres in Jamnagar. These facilities will be delivered in phases aligned to India’s growing needs, powered by Reliance’s new-energy ecosystem, and custom-made for AI training and inference.

· Second, to house global partnerships. Reliance Intelligence will bring the world’s best tech-companies and open-source communities together with Reliance’s deep-domain expertise and execution strength, to deliver performance leadership, resilient supply, and India-first compliance for AI.

· Third, to build AI services for India. Reliance Intelligence will deliver trusted, easy-to-use AI services for consumers, small businesses, and enterprises, and solutions for sectors of national importance such as Education, Healthcare, and Agriculture. The services will be reliable at scale and affordable for every Indian.

· Fourth, to house talent for AI. Reliance Intelligence will create a home for world-class researchers, engineers, designers, and product builders, combining the speed of research with the rigour of engineering, so that ideas become innovations and applications, providing solutions to India and the world.

Friends,

Today, I am delighted to announce a deeper, holistic partnership for AI with our long-standing partner, Google. Through this partnership, we are marrying Reliance’s proven capability to build world-class assets and execute at India’s scale with Google’s leading cloud and AI technologies, so that developers, start-ups, and enterprises can innovate faster, operate more securely, and reach every corner of India…

Dear Shareholders,

Today, I am also pleased to unveil a new, India-focused AI joint venture with our close partner, Meta. Together, we want to pair the power of open-source AI with Reliance’s deep domain knowledge across industries.

That is why, we are forming a dedicated joint venture with Meta to combine open models and tools with our execution in Energy, Retail, Telecom, Media, and Manufacturing, and to deliver sovereign, enterprise-ready AI for India…

Our joint venture with Meta is a game-changer for Indian enterprises and for sectors of national importance. It will bring transparency, portability, and community-driven progress; enable sovereign hosting and governance within India; and lower inference costs while raising safety and trust, so that adoption accelerates from pilot to production across the economy.

Dear Friends,

Another exciting frontier for AI is Robotics, especially Humanoid Robotics. Astonishing advances are taking place in this field. Intelligent automation will transform factories into adaptive production systems, warehouses into autonomous supply chains, and hospitals into centres of precision care.

We are investing to make India a leader in human-centric robotics powered by AI, creating new types of industries and services, new types of agriculture, new types of jobs, and attractive new opportunities for our youth.

Dear Shareholders,

A decade ago, digital services became a new growth engine for Reliance. Now, the opportunity before us with AI is just as large, if not larger.

Jio promised and delivered digital everywhere and for every Indian. Similarly, Reliance Intelligence promises to deliver AI everywhere for every Indian.

With Reliance Intelligence and our strong partnerships, green infrastructure, and India-first governance, we are building for the next decade with confidence and ambition. I am excited about what we will achieve, and I look forward to keeping you updated on our progress in the coming years.

Retail Business

Dear Shareholders,

It fills me with immense pride to stand before you today and speak about one of the most impactful growth journeys in modern India – the journey of Reliance Retail.

We have today, India’s most advanced, scalable, and inclusive retail ecosystem, delivering the highest quality and widest choice at affordable prices across the country. And it is amongst the fastest growing retailers globally, with scale and depth that is unparalleled in the world. Reliance Retail is now ready to write the next chapter of super growth

Reliance Consumer Products Limited (RCPL) had an outstanding growth in just the first year of operations. It has achieved a turnover of Rs 11,500 crore ($1.4 billion), making it the fastest-growing FMCG company ever. It is bringing some of India’s most loved brands like Campa to the consumers in a new avatar, making everyone love them once again…

Dear Shareholders,

Let us applaud Isha and the entire Retail Team for their superlative achievements. Isha has presented a truly ambitious growth path for our Retail and Consumer Products businesses. We will achieve these ambitious goals by riding India’s growth wave, powered by technology, and driven by our passion to create products that inspire loyalty and love.

Dear Shareholders,

Now we turn to our energy business…

Let me congratulate the entire leadership team of Energy Business for their operational excellence in challenging times. I am sure that they will set global benchmarks in executing all their projects, making New Energy a large growth engine for Reliance…

Reliance Foundation

What Reliance Foundation has achieved in the past 15 years is, of course, highly impressive. But you have raised the bar higher by aiming to amplify its impact five-fold by 2035, when Reliance Foundation celebrates its Silver Jubilee. More power to you and your highly motivated team.

Value Creation Roadmap

Dear Shareowners,

I shall now share with you our Value Creation Roadmap for the coming year and beyond.

It is with immense pride – and even greater humility and gratitude – that I look back on our shared extraordinary journey of value creation over the past five decades. In just one generation, Reliance has transformed itself from a Fortune 1000 company to a Fortune 40 global powerhouse, creating over $200 billion in value – all within India.

We have achieved this by staying true to the First Principles I have often shared with you:

· One, what is good for India is good for Reliance.

· Two, build businesses of the future.

· Three, build them world-class, and at mega scale – the largest and most competitive globally, with the highest standards of governance.

· Four, invest in world-class talent and cutting-edge technologies.

Faithful adherence to these principles has been our value-creation dharma.

Dear Shareholders,

As I look to the future, I see our O2C business achieving substantial growth and delivering stable returns as geopolitical tensions subside. I also see rapid, innovation-driven growth in our materials business. We are well-positioned to produce high-value green fuels and chemicals which India and the world will need.

Our New and Clean Energy business is being built with a singular purpose: to make India self-sufficient in energy, and to resolve India’s energy trilemma of security, affordability, and sustainability through world-scale giga manufacturing, through round-the-clock renewable electricity, and through green fuels and chemicals at global scale.

This goal may look impossible to achieve now. But we are laying a robust foundation for our country’s energy transition so that freedom from imports can be achieved by the time India celebrates 100 years of independence in 2047.

I am sure that our New Energy business will be a major driver of growth for many decades, with the potential to become as big as our Oil-to-Chemicals business within the next 5-7 years. In scale, ambition, and impact, it will surpass everything Reliance has done so far. It will create unprecedented, perpetual value for both India and Reliance.

Dear Shareholders,

Jio today is the largest data company globally. Its multiple inherent strengths guarantee accelerated growth. All of Jio’s 500 million – and growing – subscribers will move to 5G and eventually 6G by 2030. Jio’s home and enterprise digital services businesses are growing at phenomenal speed.

Reliance Retail, now synonymous with the consumption basket of over 300 million Indians every month, is another testament to our ability to create hyper-value. In just five years, it has leap-frogged from the Top-100 to the Top-25 global retailers – powered by an unbeatable physical-digital-B2B network that reaches every corner of India.

Retail will continue to grow in both B2B and B2C spaces with our customer-centric, omni-channel strategy. I can clearly see its revenues grow multifold in the coming years.

This year, I announced the creation of two new large growth engines –RCPL and Reliance Intelligence. Each of them has the potential to grow larger than our existing business segments.

RCPL, as a subsidiary of RIL, is a strategic move to create India’s largest FMCG company. RCPL’s phenomenal growth is guaranteed by the consumption boom in India, our world-class supply chain, and advanced manufacturing capabilities.

Our new Intelligence business will drive the AI revolution in India. This will enable Indians to adopt AI at scale and make our country a global force in AI.

Recognising these strengths, Gartner, the globally reputed technology research and advisory firm, has ranked Reliance Industries alongside Microsoft, Amazon, Google, Meta, and Alibaba, stating that these entities are the new superpowers, and are “setting the terms for the next global economy”.

Dear Shareholders,

Our value creation philosophy is deeply rooted in our work culture. The work culture of Reliance is guided by a wise principle Mahatma Gandhi propagated nearly a century ago: “A customer is the most important visitor on our premises. He is not dependent on us. We are dependent on him.”

With this principle, we have fundamentally changed the operating model of all our consumer-facing businesses – we do not sell, we serve. Our engagement with customers, suppliers, and partners is not transaction-based – it is trust-based, and therefore enduring.

The national wealth, employment, and societal impact created by our businesses and philanthropic initiatives are already so huge that they make me both humble and proud.

But the best of Reliance is yet to come. In 2022, I made a promise that we will double Reliance by the end of our Golden Decade in 2028. At that time, our EBITDA was about Rs 1.25 lakh crore ($14.6 billion). I reiterate that Reliance will more than double its EBITDAby the end of its Golden Decade.

Thank you for your trust, your partnership, and your belief in our shared vision.

Institutional Strengthening

Dear Friends,

At Reliance, we believe that institutional longevity and perpetual growth are guaranteed only by constant self-renewal.

This demands four elements:

· A deep bench of capable leadership at all levels

· Unshakable core values

· A resilient work culture

· A never-changing commitment to the original purpose of the organisation

We are strengthening all four – deliberately and decisively.

A major milestone in this journey has been the evolution of our next-generation leaders – Isha, Akash, and Anant – who have now completed two transformative years on the Board of Reliance Industries.

Fully embedded in operations and decision-making, they are shaping our businesses with energy, conviction, and clarity of purpose. Under the mentorship of senior leaders and independent directors, they are becoming the kind of leaders this era demands – agile, accountable, ambitious, empathetic, and consultative. They are supported by hundreds of young leaders in their 30s and 40s, with domain expertise and the same passion and ambition that built Reliance.

Friends,

Leadership development at Reliance is not a programme, but a foundational strategy. We have institutionalised systems to identify high-potential talent across businesses, empowering them with responsibilities, global exposure, and AI tools to lead boldly in the complex world of today.

We are also constantly perfecting our HR practices to enrich our People Capital. I want everyone at Reliance to feel the pride of being part of the Reliance Parivar, united by a commitment to serve India and the larger humanity.

As Reliance, what sets us apart – and grounds us – are the virtues of Purpose, Philosophy, Passion, and Pioneering Spirit of our Founding Chairman, Shri Dhirubhai Ambani. His legacy continues to guide us as we innovate and grow, ensuring we stay rooted in our Indian identity and values.

As India accelerates into her next horizon, so must Reliance. Expectations are rising from all quarters – our people, partners, our country, as well as the international community. We are not just preparing for that future. We are shaping it.

Conclusion

Dear Shareholders,

It has been my privilege to serve your company since its inception and to attend every single AGM of Reliance for the past 48 years. This has given me the opportunity to watch, and participate in, every phase of Reliance’s evolution.

I have also witnessed India’s incredible journey in these five decades ─ from a “Third World” country to one now on the threshold of becoming a First World Power.

The most important lesson this journey has taught us is that there is no substitute for economic strength. This lesson is reinforced by recent geopolitical developments. India must gain greater economic strength ─ and do so with a sense of urgency.

Our Prime Minister, Shri Narendra Modi ji, rightly exhorted us in his Independence Day speech that the yardstick of aatma samman – self-respect is atma nirbharata – self-reliance. India must become self-reliant to the maximum extent in key technologies, critical industries, and other vital sectors of the global economy.

Throughout our history, Reliance has contributed to this mission of building a strong India, a Balwaan Bharat. I assure our respected Prime Minister that Reliance will follow his command with redoubled efforts.

However, the magnitude of the challenge is so large that all Indian businesses must work together with unity as a grand coalition – in the spirit of cooperation, mutual learning, and mutual support.

I had made this suggestion in last year’s AGM, and I repeat it today. There is strength in unity and collective endeavour. And this is what the nation today expects from its business community.

Acknowledgements

On behalf of all our shareholders, I extend my heartfelt thanks to our Board of Directors for their guidance and oversight.

My deepest appreciation goes to all our employees – our greatest asset – whose dedication and commitment have enabled the company to reach new heights.

I also thank our business partners for their unwavering support in delivering quality solutions.

Above all, I remain profoundly grateful to India and all Indians for their enduring faith in Brand Reliance.

Thank you, Jai Hind, and Jai Shri Krishna!”

Mohammad Haris

Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h…Read More

Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h… Read More

Read More