Shares of Reliance Industries are likely to remain in focus on Friday as Chairman Mukesh Ambani gears up to address the company's 49th annual general meeting (AGM), where investors will be looking for clear signals on the group's next phase of value creation.
The meeting comes at a time when the stock has come under pressure. Shares are currently about 17% below their 52-week high, with volatility in the Gulf region weighing on sentiment around Reliance's key refining business. Here are the key announcements investors will be watching for at the AGM.
Jio’s $4 billion IPO
The biggest point of interest is likely to be the proposed listing of Reliance Jio Infocomm. At last year's AGM, Ambani had indicated that India's largest telecom operator would be listed in the first half of 2026. While that timeline now appears unlikely to be met, expectations for a major public offering remain high.
Earlier this week, the Financial Times reported that Reliance may file draft IPO papers with market regulator Sebi ahead of Friday's AGM for a roughly $4 billion share sale.
Read more: RIL AGM strategy: How to trade Reliance shares amid big-bang announcements by Mukesh Ambani?
According to Morgan Stanley, Reliance could invest as much as $110 billion in artificial intelligence over the next seven years, matching the scale of the group's consumer business expansion between 2014 and 2021.
Reliance and Meta Platforms have already disclosed plans under which Meta will lease 168 megawatts of capacity in the first phase of Reliance's 1 gigawatt data centre project at Jamnagar, with scope for future expansion.
Investors are also awaiting greater clarity on the timeline for the Reliance Retail IPO. The retail business has emerged as one of the group's largest growth engines, with Equirus estimating FY26 revenue of Rs 3.71 lakh crore ($44.5 billion).
Beyond consumer-facing businesses and clean energy initiatives, the market will closely track management's outlook on the oil-to-chemicals (O2C) segment. Once the primary driver of Reliance's valuation, the business now accounts for around 22% of the conglomerate's enterprise value and remains an important earnings contributor.
Reliance Industries reported a consolidated net profit of Rs 16,971 crore for the fourth quarter of FY26, down 13% from Rs 19,407 crore recorded in the corresponding period a year ago. Revenue from operations rose 13% year-on-year to Rs 2.98 lakh crore. Compared with the December quarter, net profit declined 8% from Rs 18,645 crore.
