JIO, Retail, O2C, New Energy: What analysts expect from RIL AGM on Aug. 29

Business Standard

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At the AGM in 2024, Mukesh Ambani-controlled RIL guided for 2x growth in its business by 2030, with JIO and Retail envisaged to double over the next three-four years
Puneet Wadhwa New Delhi
Reliance Industries (RIL) is scheduled to hold its annual general meeting on Friday, August 29. There are expectations that the company will spell out details on its plans to double the overall business by 2030, roadmap for doubling of JIO and Retail business verticals in three–four years and game plan for the New Energy (NE) business vertical replicating earnings from the oil-to-chemicals (O2C) segment going ahead.
At the AGM in 2024, Mukesh Ambani-controlled RIL guided for 2x growth in its business by 2030, with JIO and Retail envisaged to double over the next three–four years.
Additionally, RIL had guided for a 'remarkable surge' in the NE business with prospective profitability potentially equalling current O2C profitability over the next five–seven years.
Currently, O2C is RIL's largest profit base, contributing two–fifths of EBITDA at Rs 686 billion of the consolidated EBITDA of Rs 1654 billion in fiscal year 2024-25 (FY25), and more than half of attributable profit after tax (PAT) for the company. RIL's net debt, analysts believe, remains modest at Rs 1.18 trillion and keeps weighted average cost of capital (WACC) in check.
At the bourses, meanwhile, the stock has been an outperformer, rallying nearly 14.5 per cent thus far in calendar year 2025 (CY25) as compared to 3.2 per cent rally in the BSE Oil & Gas index and a flat return by the BSE Sensex during this period, ACE Equity data shows.
RIL Annual Report 2025
On Thursday, RIL had cautioned that geopolitical tensions and tariff-related uncertainty have injected volatility into global markets, curbed energy demand, and squeezed both prices and margins. READ ABOUT IT HERE
Here's what analysts at Nuvama Institutional Equities expect from RIL's AGM on August 29 across business verticals.
New Energy: An update on its fully integrated polysilicon-tomodule, electrolyser and battery manufacturing facility is expected. RIL targets to operationalise the NE platform in four–six quarters, and expects it to become self-funded over the next few years.
"Progress on efficiency (over 30 per cent) improvement through next-generation Perovskite technology. Use of captive green power shall cut cost by 25 per cent and aid a 6.4 per cent rise in profit after tax (PAT)," wrote Jal Irani, Akshay Mane and Tanay Kotecha of Nuvama wrote in a recent report.
PAT from the New Energy segment, Nuvama believes, shall increase from Rs 3 billion in FY26E to Rs 114 billion by FY30E, soaring at a 140 per cent CAGR over FY26–30E. NE share in PAT shall hence rise to 9 per cent by FY30E, the report said.
RIL business forecast
JIO and Retail: While the market awaits indication of timelines for Reliance's JIO and Retail IPOs, Nuvama believes that JIO and Retail, if listed separately, shall attract higher values, but may not have material impact on RIL shareholders as it may be offset by a holdco discount.
That said, progress on doubling of JIO and Retail EBITDA in the next three–four years—as indicated at the last AGM—is keenly awaited, Nuvama said. "Upon streamlining, growth in its Retail business remains crucial for investors. An update on Jio Hotstar monetisation and FMCG expansion is awaited," the report said.
O2C and E&P: O2C – Petchem capacity expansion—polyester (5mtpa), vinyl (3.9mtpa), carbon fibre (20ktpa)—by FY27, analysts said, remains a key variable to monitor as RIL's focus shifts to O2C. "E&P – RIL plans to drill additional wells by H2CY28E to enhance gas production and offset the natural decline at KG-D6 basin," the note said.