MUMBAI: Reliance Industries will more than double its Ebitda or operating profit by 2027, chairman Mukesh Ambani said, outlining the group’s value creation roadmap that focuses on building new growth engines while strengthening existing businesses to ensure sustained, long-term value creation.
Addressing shareholders at the company’s 48th annual general meeting here Friday, he said 2027 will mark the ‘golden decade’ of the company when it turns 50. Ambani said that Reliance has already transformed from a Fortune 1000 company into a Fortune 40 global powerhouse within a generation, creating over $200 billion in value entirely in India. He attributed this achievement to the group’s four guiding principles --aligning its growth with the national interest, building businesses of the future, scaling them up to world-class standards, and investing heavily in talent and cutting-edge technologies.
“The best of Reliance is yet to come. In 2022, I made a promise that we will double Reliance by the end of our golden decade. At that time, our Ebitda was about Rs 1.25 trillion ($14.6 billion). I reiterate that Reliance will more than double its Ebitda by the end of its golden decade in 2027,” said Ambani.
Looking ahead, he projected stable returns from the oil-to-chemicals (O2C) business and strong growth in the materials segment, driven by high-value green fuels and chemicals.
The new energy business, which aims to make the country self-sufficient in energy by 2047, is expected to become as large as O2C within the next five to seven years, he said.
“In scale, ambition, and impact, it will surpass everything Reliance has done so far,” Ambani said.
The consumer-facing engines will also accelerate, he said, adding that Jio, with over 500 million subscribers, is targeting complete 5G migration and a move to 6G by 2030. Reliance Retail, already serving over 300 million customers every month, is expected to multiply revenue through its omni-channel, physical-digital-B2B model.
Ambani said the two new businesses -- Reliance Consumer Products, which is set to emerge as the country’s largest FMCG company, and Reliance Intelligence, which will spearhead AI-driven deep-tech growth -- are the future growth engines for the group.
“Both have the potential to grow larger than our existing businesses,” he said, adding that RIL’s new intelligence business will drive the AI revolution in the country. “This will enable each one of us to adopt AI at scale and make our country a global force in AI.”
Stating that Reliance Retail is eyeing 20% compounded annual revenue in the next three years, Ambani said the company has added 2,659 new stores to a total of 19,340 outlets across 7,000 towns.
Ambani described the retail business as one of the most impactful growth journeys in modern India and emphasised the company’s readiness for its "next chapter of super growth."
Reliance Retail has reported an 8% rise in gross revenue, reaching Rs 3,30,943 crore, and an 8.6% increase in operating profit to Rs 25,094 crore for the fiscal year 2025.
Ambani highlighted key growth drivers, such as the scaling of quick commerce, omni-channel integration, and empowering over 42 lakh kiranas and small merchants via B2B platforms. Currently, about 70% of its revenues come from physical stores and the online segment contributes a high single-digit percentage now, which is expected to exceed 20% within three years.
Additionally, Reliance Consumer Products, an arm of Reliance Retail, has achieved a turnover of Rs 11,500 crore in its inaugural year, marking it as the fastest-growing FMCG company. The retail giant processed 1.4 billion transactions last year, serving a customer base of 349 million.