Mukesh Ambani to detail Jio IPO and overall investments in AGM speech
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Billionaire Mukesh Ambani is expected to spend considerable time in his June 19 AGM speech explaining how he sees the future of Reliance Industries (RIL) unfolding, as his businesses turned into multiple engines of cash creation, firing in unison.
The digital services giant, Jio Platforms Ltd (JPL), valued at over $100 billion, emerged as India's largest telecom services company in a short span of time. JPL, which will complete 10 years of operations in September, aims to file its draft red herring prospectus (DRHP) any time now to secure approval from stock market regulator Sebi and complete its initial public offering (IPO) in 2026, say sources in the know.
JPL posted operational revenue of ₹1.47 lakh crore in FY26 and registered a profit of ₹30,053 crore. The profit increased by 15% in FY26. The customer base stood at 524.4 million in March. Of this, more than half are 5G subscribers—268 million. The 5G engagement accounts for around 55% of total wireless traffic.
JPL’s recent enterprise value (EV), as estimated by analysts at major brokerages, ranges from ₹8 lakh crore to ₹15 lakh crore. This implies a sizeable market valuation for JPL post-listing and a reduction in the market value weight of parent entity Reliance Industries Ltd (RIL). Over the last six months, RIL's share price has fallen by nearly 14%.
The conglomerate has a market capitalisation of ₹18 lakh crore at present, the highest among listed entities in India. Following the IPO of JPL, RIL will continue to serve as the umbrella organisation for businesses such as refining and petrochemicals, retail, new energy, and media.
Sources say that Akash Ambani will brief shareholders on JPL's future plans, including expansion of its portfolio and network services, as he did the last time. He is the chairman of telecom services firm Reliance Jio Infocomm, which is the mainstay business under JPL.
At the last AGM, Mukesh Ambani announced that Jio was 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," he said. However, the IPO got delayed because of the war in Iran and related economic turbulences, besides foreign investment outflow from the Indian market, say sources.
Sebi approves IPOs within a 90-day time frame, and companies have 12 months to complete the listing. "JPL is expected to complete the listing much earlier and within 2026 if market conditions remain favourable," said a source close to the developments.
The senior Ambani assured shareholders at the last AGM that Jio would demonstrate that it is capable of creating the same quantum of value as its global counterparts. "I am sure that it will be a very attractive opportunity for all investors," he added.
In addition to JPL's plans, Ambani is likely to talk about the business performance of Reliance Retail, which recently crossed the milestone of 20,000 stores. The retailer is widely seen as the next company likely to consider a public issue of shares. However, it is not clear whether Ambani will dwell on the matter. His daughter Isha Ambani is in charge of the business.
Renewable energy and storage, the most exciting new business in the RIL portfolio that is beginning to gather momentum, will be another area where Ambani is likely to provide growth guidance. His younger son Anant is in charge of the business and is expected to update shareholders on project progress in solar, battery storage and the Giga factory in Jamnagar. Anant presented his maiden progress report on E&P, Oil-to-Chemicals and new energy businesses at the last AGM.
"Mukesh Ambani is expected to detail the overall investments made in recent years and the future capital outlay," said sources. However, the main attraction will be when the JPL IPO finally hits the market.