Reliance Industries AGM 2025: 5 key things to watch

Reliance Industries Limited (RIL) is gearing up for its Annual General Meeting (AGM) on 29th August 2025. The AGM is expected to unveil crucial insights into the company's strategic directions and future plans. 

Nuvama Institutional Equities has highlighted key areas to watch. First is RIL’s target to double its business by 2030, focusing on JIO and Retail in the next three to four years, and expanding the New Energy (NE) sector to replicate Oil to Chemicals (O2C) earnings. Nuvama said a commentary on that would be followed keenly.

Updates on NE ecosystem, Reliance Retail and Reliance Jio IPOs, growth in Retail post-reshuffle and Jio Hotstar; and progress on petchem expansion will also be keenly watched.

A major area of interest is the NE ecosystem. This includes advancements from polysilicon-to-modules, GH2 production, and electrolyser and battery manufacturing. Reliance plans to use captive green power to reduce costs by 25%. RIL is targets to operationalise the NE platform in four–six quarters, and expects it to become self-funded over the next few years, Nuvama noted. 

Investors also await announcements on the timelines for JIO and Retail IPOs. Although these IPOs are expected to attract high valuations, Nuvama suggests any benefits might be offset by a holding company discount.

"While the market awaits indication of timelines for Reliance’s JIO and Retail IPOs, we believe the JIO and Retail IPOs, 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. 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.

The growth trajectory of RIL’s Retail sector post-reshuffle is another focus. Updates on Jio Hotstar monetisation and the expansion of its Fast-Moving Consumer Goods (FMCG) segment are anticipated.

Nuvama said RIL's petrochemical expansion plans would also be watched keenly. The company intends to expand its polyester, vinyl, and carbon fibre capacities significantly by FY27.

Nuvama has reiterated its 'Buy' recommendation for RIL shares, emphasising the potential growth in the NE sector, which could match the profitability of the current O2C segment.

The NE segment rollout aims to be operational in the next four to six quarters, becoming self-funded over time. RIL's efficiency improvements through Perovskite technology are expected to enhance profitability further.

In the O2C segment, RIL is focusing on significant petchem capacity expansion. Enhanced gas production from the KG-D6 basin, with additional wells planned by the second half of CY28, is a part of this strategy.

RIL’s financial outlook remains robust, with modest net debt and a balanced Weighted Average Cost of Capital (WACC), supporting its expansion plans. The NE business is projected to significantly bolster RIL’s profits and re-rate its valuation.

The expectation is that RIL's NE initiatives could add over 50% to its Profit After Tax (PAT), enhancing valuation and aligning with its net-zero carbon target by 2035.

Analysts are keen on any progress reports regarding the doubling of JIO and Retail EBITDA, initially outlined at the last AGM.

As the AGM approaches, stakeholders are closely monitoring RIL's announcements for signals of sustained growth and strategic resilience across its diversified business segments.