Tomorrow at 2 p.m., when billionaire Mukesh Ambani rises to present his plans for Reliance Industries Ltd (RIL) at the Annual General Meeting (AGM), the shareholders will be watching closely to see whether he takes steps towards value unlocking through the long-awaited IPOs of Reliance Jio and Reliance Retail.

According to sources, Ambani may consider one IPO per financial year, given the scale of these businesses. The first in line is expected to be Jio.

“Jio has reached a size of nearly ₹8 lakh crore, with global strategic investors like Google and Meta on board. Their investment value has already doubled,” an executive told Fortune India on the condition of anonymity.

Another factor in favour of Jio’s listing is Bharti Airtel’s soaring valuation. Airtel’s share price has risen 268% in the past five years—almost tripling in value. Akash Ambani currently chairs Reliance Jio Infocomm Ltd (RJIL), a subsidiary of Jio Platforms Ltd (JPL).

Reliance Retail Ventures Ltd (RRVL), however, is still in the middle of what insiders call a “rationalisation phase.” In FY25, the company shut down 2,155 unprofitable stores while opening 2,659 new outlets with larger formats and stronger offerings. “This company will be IPO-ready by mid-2026,” says another source.

At the same time, RIL is building a fast-moving consumer goods business, New Reliance Consumer Products Ltd, through acquisitions and in-house creation brands.

Another move shareholders are anticipating is the possible elevation of Isha Ambani as Chairperson of Reliance Retail. She already leads the business as Executive Director. Her twin brother, Akash, was appointed chairman of Jio Infocomm in mid-2022, while younger brother Anant took charge of the company’s energy vertical in August 2022. This generational split of leadership signals a clearer division of roles within the Ambani family empire.

On the business front, investors will be eager to hear Ambani’s revival strategy for RIL’s refining and petrochemicals segments. The purchase of Russian crude at discounted rates has helped sustain margins, but new challenges loom. With the U.S. imposing a 50% tariff, global headwinds could pressure the business.

To counter this, the commissioning of new energy giga plants in Jamnagar is expected to serve as a cushion against volatility in refining. The company aims to ramp up its solar panel manufacturing capacity to 10 gigawatts.

Ambani is charting his green energy roadmap with the sequential rollout of five giga factories in Jamnagar, alongside solar production from Gujarat’s Kutch region. RIL began producing solar photovoltaic (PV) modules from its new facility in March. The first phase of its fully integrated solar manufacturing unit—which spans wafers, ingots, glass, cells, and polysilicon—is scheduled for completion in the coming quarters. The facility is expected to deliver 10 GW of renewable energy output, primarily for the company’s own consumption.