Jio IPO, AI, green energy: 5 big questions Mukesh Ambani may answer at Reliance AGM

Mukesh Ambani is set to face shareholder questions on Jio's IPO timeline, AI plans and green energy projects at Reliance's 49th AGM. With key deadlines nearing, investors are seeking proof that earlier commitments are moving into execution.

In Short

• Mukesh Ambani to address Reliance's 49th AGM
• Focus on Jio IPO timeline as June 30 deadline nears
• Progress report on green energy projects and battery production

Reliance Industries Chairman Mukesh Ambani is set to address shareholders at the company's 49th Annual General Meeting (AGM) on Thursday, and investors will be watching closely for answers to some of the biggest questions surrounding the conglomerate's future.

This year's AGM comes at a crucial time for Reliance. Several ambitious commitments made by the company over the past few years are approaching key milestones, including the much-awaited Jio IPO, large-scale investments in artificial intelligence, green energy projects and aggressive growth targets.

Unlike previous AGMs that were packed with fresh announcements, this year's event is likely to be more about execution.

"Overall, this AGM is less about announcing new plans and more about proving progress on earlier commitments, especially the Jio IPO and FY27 growth targets," said Abhinav Tiwari, Research Analyst at Bonanza.

Here are five key questions investors will be looking for answers to.

WILL RELIANCE FINALLY GIVE A JIO IPO TIMELINE?

The biggest focus of the AGM is expected to be Reliance Jio's long-awaited stock market debut.

At last year's AGM, Ambani had said Jio would be listed in the first half of 2026. With that deadline ending on June 30, investors are now seeking clarity on whether the company remains on track or whether the listing will be delayed.

Recent reports have suggested that Reliance Jio could file draft IPO papers soon, potentially paving the way for what could become one of India's largest-ever public offerings.

According to estimates cited by analysts, Jio is valued at around Rs 5.62 lakh crore (about $67 billion). The telecom giant currently serves more than 524 million subscribers and continues to be one of the biggest contributors to Reliance's valuation.

"The biggest focus will be the Jio IPO. As last year, Reliance said it aimed to list Jio by the first half of 2026, and that deadline ends on June 30. Therefore, we will be looking for a firm IPO timeline or a delay announcement," Tiwari said.

WHAT IS THE ROADMAP FOR AI AND DATA CENTRES?

Artificial intelligence is expected to be another major talking point.

Reliance has been positioning itself as a significant player in India's AI and digital infrastructure ecosystem. Analysts are keen to hear more about the company's plans for AI data centres, cloud infrastructure and potential monetisation opportunities.

Morgan Stanley recently estimated that Reliance could invest as much as $110 billion in AI and data centre infrastructure over the next seven years.

The market is also looking for updates on the company's planned data centre projects, including developments at Jamnagar, where global technology firms are expected to play a role.

Investors will want to understand not only how much Reliance plans to invest, but also how it intends to generate returns from these investments.

IS THE GREEN ENERGY BET ON TRACK?

Reliance's new energy business has been one of Ambani's biggest strategic bets.

Over the past few years, the company has announced plans spanning solar manufacturing, battery production, green hydrogen, electrolyser manufacturing and biogas projects.

Investors are now seeking updates on execution.

Reliance has already delivered its first batch of solar modules and is advancing work on a large battery manufacturing facility. The company is also targeting electrolyser production by the end of 2026 as part of its broader green hydrogen ambitions.

Tiwari said the AGM should provide updates on battery production plans, solar manufacturing capacity, biogas projects and progress at Reliance's massive energy complex in Kutch.

CAN RELIANCE STILL MEET ITS FY27 GROWTH TARGET?

Another closely watched issue is Reliance's financial growth roadmap.

The company had previously outlined an ambition to more than double its EBITDA by FY27 compared to FY22 levels.

However, with FY26 EBITDA estimated at around Rs 2.08 lakh crore, investors are keen to understand whether Reliance remains on track to achieve that goal.

Meeting the target would require strong growth across businesses, including telecom, retail, digital services and new energy.

"FY26 EBITDA was around Rs 2.08 lakh crore, meaning the company would need over 20% growth in FY27 to meet the target. Whether management maintains or revises this goal will also be watched," Tiwari said.

Any update from management on growth expectations could influence investor sentiment.

WHAT'S NEXT FOR RETAIL AND CONSUMER BUSINESSES?

Reliance Retail remains one of the company's biggest growth engines, and investors will be eager for updates on expansion plans and any potential listing timeline.

Analysts expect Reliance Retail to generate revenue of around Rs 3.71 lakh crore in FY26, making it one of India's largest retail businesses.

Apart from retail, investors are also looking for commentary on Reliance Consumer Products, the group's fast-growing consumer goods business that has been taking on established FMCG players across multiple categories.

The market will want to know how Reliance plans to scale these businesses and whether they could eventually be unlocked through separate listings.

WHY THIS RIL AGM MATTERS

Reliance's AGM has traditionally been one of the most closely watched corporate events in India, often setting the tone for the company's future direction.

This year, however, the focus is different.

Investors are not just looking for new promises. They are looking for evidence that previous commitments are translating into tangible progress.

Whether it is the Jio IPO, AI investments, green energy ambitions or financial targets, shareholders will be listening carefully for signs that Reliance's next phase of growth is taking shape.

And with several major deadlines approaching, Thursday's AGM could provide some of the clearest answers yet.

- Ends