Reliance AGM 2026: Key Takeaways

Research evidence excerpt

Reliance AGM 2026: Key Takeaways

India | Integrated Oil

Reliance Industries EquityJuneResearch19, 2026

TARGET | ESTIMATE CHANGEReliance AGM 2026: Key Takeaways

Reliance reiterated objectives outlined in its 2025 AGM. It is building RATING BUY

India's sovereign AI backbone with Phase 1 comm by end-CY26. Retail PRICE INR1,309.00^

is expanding integrated mfg and export platform. FMCG investments are PRICE TARGET | % TO PT INR1,675 (INR1,695) |

accelerating to propel revenues to Rs 1tn by 2030. New energy is nearing +28%

52W HIGH-LOW INR1,611.20 - INR1,253.65

monetization with solar module and ESS production in FY27. Recovery in

FLOAT (%) | ADV MM (USD) 48.6% | 258.81

Retail growth could rerate the stock from (-) 1 SD level it is trading currently.

MARKET CAP INR17.7T | $187.8B

Maintain Buy; PT Rs1,675.

TICKER RELIANCE IN

^Prior trading day's closing price unless otherwise

Reiterates AI aspirations: Reliance Intelligence - under Reliance Industries parent is noted.

steadfastly building India's sovereign AI backbone that will be fully operational in 2 years.

Reliance is building MW-scale AI-ready data centres for Google and Meta. Reliance's access

to capital, fibre connectivity and cheap captive renewable-energy positions it favourably to be FY (Mar) CHANGE TO JEFe JEF vs CONS

a key player in the Indian data centre market. The first 120MW AI data center capacity will 2027 2028 2027 2028

commission by end-CY2026. Intelligence is building multiple Indian local language applications REV NA NA NA NA

for AI use cases in education, healthcare, SME and agriculture. EPS NM -1% +2% -2%

Retail & FMCG - Manufacturing backward integration and export growth: Reliance is laying 2027 (INR) Q1 Q2 Q3 Q4 FY

out two new growth engines viz. integrated manufacturing platform & exports engine.