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The CY26 RIL AGM’s highlight was the Chairman announcing board approval of the much-awaited big-ticket Jio Platforms IPO DRHP (later filed with SEBI). It will be a fresh issue of up to 270mn shares (~3% stake). Reliance Intelligence has entered the execution phase, with 120 MW of compute capacity to be commissioned in Jamnagar by end-CY26, powered entirely by solar energy from its Kutch asset. New Energy business targets were reiterated, with commercialization of the PV segment and a meaningful contribution to RIL’s financial performance from FY27. BESS capacity will be scaled up to 120 GWh, while green chemicals will take center-stage in the hydrogen chain. However, the 3mmtpa target has been pushed to CY36 from CY32 earlier, and Kutch generation of 40 BU pa also appears lower, given the previously stated 150 GWp+ capacity target base. RCPL is targeting Rs1trn revenue by FY30 with a Rs300bn capex plan over three years. RIL aims to more than double consolidated EBITDA over the next five years. We retain BUY and TP of Rs1,680.

O2C business to transform into a high-value chemicals-materials platform

The 3mmtpa Dahej PTA project is progressing well, while the Hazira carbon fiber facility will be among the world’s largest and most advanced. The 1.2mmtpa PVC project at Nagothane is expected to significantly reduce India's import dependence. Digitalization and AI are becoming increasingly central to O2C operations to improve economics.

New Energy business commercialized to meaningfully contribute from FY27

The New Energy business is no longer purely in the investment phase, with commercial revenues from solar module sales commencing in FY26. Battery facilities are scheduled for commissioning in FY27. The electrolyzer giga-factory remains on track for commissioning, while green molecules will include urea, ammonium nitrate, ammonia, and bio-methanol.

Consumer revenue to jump 4x by FY30; alongside a push into export platforms

RCPL is targeting Rs1trn revenue by FY30 (Rs220bn in FY26) and plans to invest Rs300bn over the next three years (~Rs100bn invested to date) to build one of Asia's largest and most cost-effective AI-enabled, robotics-driven food manufacturing networks. Retail and RCPL are also adding two new platforms for manufacturing and exports.

Intelligence: Vertical compute infra, AI integration across the application layer

With the deployment of an initial fleet of advanced NVIDIA GB300 GPUs, R-Intelligence signals its intent to move vertically beyond standard data center colocation into a dedicated GPU-as-a-service and sovereign hosting framework. This layer is reinforced by a strategic joint venture with Meta, allowing JPL to host open-source LLaMA models and offer customized fine-tuning services to external enterprises. Jio’s forward-looking priorities focus on migrating its entire base to 5G by FY30, commercializing network slicing for enterprise and consumer segments, and evaluating a Low Earth Orbit satellite constellation.

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