The FMCG vertical, a recent addition, has already crossed ₹11,450 crore in revenue, with the introduction of brands such as Spinner (sports drinks) and Velvette (personal care). Digital platforms such as JioMart now span over 4,000 pin codes, driving hyperlocal delivery and online sales.

The oil-to-chemicals (O2C) business posted a resilient performance despite considerable volatility in energy markets during the last fiscal. Significant demand-supply imbalances in downstream chemical markets led to multi-year low margins. “Our business teams ensured optimisation of integrated operations and feedstock costs to enhance margin capture across value chains,” said Ambani in the FY25 results statement. The oil and gas business recorded its highest-ever annual Ebitda last fiscal, led by higher production from KG-D6 and CBM (coal bed methane) blocks.

Global macroeconomic headwinds and volatility in energy markets affected RIL’s refining and petrochemical margins, dragging its share price. Despite these hurdles, the company’s consumer-facing businesses cushioned the impact, reaffirming its strategic pivot from fossil fuel dependency.

GREEN AND DIGITAL DRIVE

Ambani’s growth plan has always been audacious, yet calculated — doubling the size every four to five years. RIL is not just scaling existing businesses; it is also seeding new growth engines in renewables, FMCG, and financial services.

In Jamnagar, RIL is constructing five Giga factories focussed on solar PV modules, fuel cells, green hydrogen, batteries, and power electronics. A ₹75,000-crore investment backs this AI- and robotics-enabled ecosystem.

The merger of JioCinema and Disney+Hotstar into JioHotstar — where Reliance holds a 63.16% stake — marks a decisive play in India’s OTT space. In the first half of FY26, the platform posted ₹18,454 crore in revenue and ₹1,903 crore in net profit, underscoring the monetisation potential of digital entertainment.

CAPEX ACCELERATION

Ambani plans to channel vast capital into the next wave of structural growth drivers — renewables, FMCG, and AI. In Q2FY26 alone, the company invested ₹40,000 crore, compared with ₹29,875 crore in the previous quarter, backed by a strong balance sheet, robust operating cash flows, and substantial cash and cash equivalents.

RIL’s net debt stood at ₹1.19 lakh crore as of September 30, 2025, translating into a conservative leverage ratio comfortably serviced by the group’s steady operational profits. Gross debt was around ₹3.48 lakh crore, offset by high cash and cash equivalents of ₹2.30 lakh crore, resulting in a healthy net debt position.

This financial discipline has aided capital spend. In the first half of FY26, RIL posted an Ebitda of ₹1.08 lakh crore and a net profit of ₹52,827 crore. The numbers fuel Ambani’s ambition to cross ₹1 lakh crore in net profit in FY26.

The most capital-intensive component of the capex cycle is the Dhirubhai Ambani Green Energy Giga Complex in Jamnagar — the heart of RIL’s net-zero emission strategy. The company has already commissioned four PV module lines, with the first cell line expected to go live soon. Work on the battery energy storage Giga factory is progressing rapidly, with significant on-site progress for a 40-GWh manufacturing capacity and production line equipment installation already underway.

Solar project development across the 550,000-acre site in Kutch is also advancing steadily, with engineering, feasibility studies, and land development in progress. RIL expects to begin commissioning solar power generation during the first half of next year, primarily for captive use and green fuel production. It is building an end-to-end energy ecosystem encompassing round-the-clock power supply and green chemicals, which is expected to be fully operational within the next four to five quarters.

The conglomerate began rolling out PV modules seven months ago from its new facility in Jamnagar, Gujarat. The first phase of its integrated solar manufacturing plant is on track for completion in the coming quarters, targeting 10 GW of renewable energy output for internal use. Within the Jamnagar complex, RIL is also developing facilities for green hydrogen and power electronics. The solar initiative forms part of RIL’s renewable strategy that includes energy storage and green hydrogen. It is also constructing a 30-GWh battery plant in Jamnagar.

The company is also developing an AI ecosystem under Reliance Intelligence, which will create AI products and services for consumers, enterprises, and small- and medium-sized businesses. The FMCG portfolio is expected to grow on the back of new product launches and acquisitions.

Ambani’s strategy rests on four timeless principles inherited from his father, Dhirubhai Ambani: think big, challenge norms, innovate relentlessly, and play the long game. From hydrocarbons to hyperconnectivity, and now from retail dominance to renewable leadership, RIL’s journey mirrors India’s economic transformation.

Green and digital drive

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