Reliance Inds: AGM takeaways: Multiple levers in place for sustained growth

Research evidence excerpt

Reliance Inds: AGM takeaways: Multiple levers in place for sustained growth

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Reliance Inds

AGM takeaways: Multiple levers in place

for sustained growth

Maintain Rating: BUY | PO: 1,650 INR | Price: 1,310 INR

AI taking the center-stage; Targeting to double EBITDA 22 June 2026

The key major announcement in 2026 AGM was Reliance’s focus on positioning AI and Equity

Reliance Intelligence as new growth engines for the company. The chairman stated an

objective to build a profitable AI infrastructure, platform and services business for Sachin Salgaonkar >>

consumers, enterprises and governments at scale. They highlighted partnerships with Research Analyst

BofAS India

Google, Meta and NVIDIA now focusing on building infrastructure and products needed +91 22 6632 8667

to deliver AI to everyone and everywhere. The scale of planned AI compute platform is sachin.salgaonkar@bofa.com

significant, with the first 120MW expected to be commissioned by end-2026 and an Pankaj Mehendiratta >>

Research Analyst

initial NVIDIA GB300 GPU fleet equivalent to 75K+ H100 GPUs on AI-inference basis. BofAS India

They further stated that once first 120MW is fully operational, capacity can scale to +91 22 6632 8684 pankaj.mehendiratta@bofa.com

200K+ H100-equivalent GPUs, placing Reliance among the largest AI infrastructure Kaushik Gurumurthy, CFA >>

platforms being built globally. Management reiterated confidence in more than doubling Research Analyst

consol. EBITDA over the next 5 years, supported by diversified cashflows/value-creation BofAS+91 22India6632 8357

pathways: O2C/new materials, New Energy, Reliance Intelligence, FMCG/Retail and exports. kaushik.gurumurthy@bofa.com

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