“RIL WILL continue its stellar track record of doubling every 4-5 years,” chairman and MD Mukesh Ambani said following the Q1FY26 results. He has demonstrated this repeatedly in the past. The crude-to-cloud conglomerate doubled its operational revenue to ₹9.6 lakh crore over the past four financial years (FY21–25), while profit surged 51.3% to ₹81,309 crore, driven largely by the rapid expansion of Reliance Retail outlets and the nationwide rollout of 5G services.

To double the top line and cash flows, business houses need to unlock new revenue streams periodically. RIL previously proved it between FY06 and FY10, when it launched a second refinery, entered the retail space, and developed hydrocarbon assets in the Krishna-Godavari (KG) Basin. Post-Covid (FY21 onwards), new businesses — telecom and retail — propelled RIL’s top line. With 20,000 retail stores and 200 million 5G telecom users, RIL is a formidable force in both sectors.

Ambani’s fearless and relentless risk-taking puts him at the top of India’s billionaire rankings with a wealth of ₹9,49,688 crore ($110.74 billion) as on June 30, 2025, according to the 2025 Fortune India-Waterfield Advisors study of India’s Top 100 Billionaires.

In fact, building Jio was one of the most capital-intensive ventures that India had ever seen. RIL invested about ₹3 lakh crore to establish 4G and 5G networks and the digital services infrastructure for Jio, which will complete nine years of operations in September 2025. The bold investment in digital infrastructure was mirrored in Reliance’s retail ambitions as well. Although launched in 2006, the retail business matured in the past decade through store additions, portfolio expansion, and the creation of an omnichannel platform.

But then, FY25 was not an easy year for Ambani. “FY25 has been a challenging year for the global business environment, with weak macro-economic conditions and a shifting geopolitical landscape,” he had said in an earlier statement.

Opportunity hunting

The past decade presented more challenges than opportunities for Ambani, as India pivoted towards consumer-facing businesses, which commanded far higher valuations than traditional B2B ventures. At the same time, reducing reliance on fossil fuels became essential as the world accelerated its transition to green energy.

The 68-year-old billionaire held on to the four ‘Mantras of Excellence’ taught by his father, Dhirubhai Ambani — think big, challenge conventional wisdom, think differently, and think long-term. He built the telecom and digital services businesses from the ground up. Both acted as disruptors in their respective sectors, forcing many existing players to exit or go bankrupt.

His son Akash spearheads Jio Platforms Ltd (JPL), while daughter Isha serves as executive director of Reliance Retail Ventures Ltd (RRVL). Younger son Anant is deeply involved in the energy and materials segments.

JPL remains the crown jewel of RIL’s digital strategy, with over 498 million subscribers — 200 million on 5G. In FY25, the company reported a 17% rise in gross revenue to ₹1,50,270 crore, while net profit jumped 22% to ₹26,109 crore. With users consuming an average of 37 GB per month and an ARPU (average revenue per user) of ₹208.8, Jio’s foundation is strong and expanding. Tariff hikes, digital integrations, and enterprise partnerships — with Starlink, and Cisco — are adding multiple layers to its revenue stack.

Akash Ambani, chairman, JPL, hinted at a deeper transformation ahead: “We are now developing a telco-specific large language model and building AI-native solutions that will redefine network security, customer care, and personalised services.” The AI era may still be nascent, but Jio has already placed its bets. Citi Research assigns a sum-of-the-parts (SOTP) valuation of ₹7.7 lakh crore for RIL’s share in the digital services business.

RRVL, India’s largest retailer, closed FY25 with ₹3,30,870 crore in gross revenue, an 8% rise year-on-year. Profit after tax grew 12% to ₹12,392 crore, driven by margin-focussed strategies and digital efficiencies. The retail business scaled from 12,711 stores in March 2021 to 19,592 in Q1FY26. In fact, the online story is even more compelling. JioMart’s hyperlocal delivery now spans over 4,000 pin codes, and the company’s digital channels are processing more orders than ever.

The newly launched FMCG vertical clocked ₹11,450 crore in revenues in FY24. Brand launches such as Spinner (sports drinks) and Velvette (personal care) mark a bolder push for shelf space and consumer loyalty. “Our business model has become more agile, digitally integrated, and consumer-first,” Isha Ambani had said. Citi Research values RIL’s share in the retail business at ₹9.1 lakh crore.

The standout deal of the year was the merger of JioCinema and Disney+ Hotstar to create JioHotstar. It resulted in Reliance holding a 63.16% stake and Disney retaining 36.84%. In Q1FY26, JioStar posted a profit of ₹581 crore on revenues of ₹11,222 crore.

Building new ventures

As he built new assets, Ambani seeded the next cycle of growth, establishing dedicated subsidiaries for renewable energy, FMCG, and financial services.

“RIL is building an end-to-end energy ecosystem that includes round-the-clock power supply and green chemicals. It is expected to become fully operational within the next 4-6 quarters. The business is also likely to attract investments from strategic partners,” according to BofA Securities.

The company began rolling out solar photovoltaic (PV) modules four months ago from its facility in Jamnagar, Gujarat. The first phase of its integrated solar manufacturing plant — covering cells, glass, wafers, ingots, and polysilicon — is on track for completion in the coming quarters, and is targeting 10 GW of renewable energy output for internal use.

At the Dhirubhai Ambani Green Energy Giga Complex in Jamnagar, RIL is building five Giga factories focussed on solar PV panels, fuel cells, green hydrogen, batteries, and power electronics. An initial investment of ₹75,000 crore has been earmarked for this AI- and robotics-enabled ecosystem.

In Q1FY26, RIL reported record profit of ₹30,681 crore — bolstered by a ₹8,924-crore gain from its stake sale in Asian Paints. The company is also exploring value unlocking via public listings of its retail and telecom businesses. The management is targeting an annual net profit of ₹1 lakh crore before undertaking any demergers.

For Ambani, this is not an overwhelming challenge, but simply the next frontier of growth.