Reliance Industries Ltd (RIL) is set to host its 49th annual general meeting (AGM) on June 19, 2026, at 2 pm IST. The proceedings will be conducted virtually through video conferencing and other audio-visual means, continuing the company's recent approach to this closely watched corporate event.
Anticipation for Jio Platforms IPO
The AGM is a critical platform for major announcements from Reliance and its subsidiaries. This year, the address by Chairman Mukesh Ambani is expected to be a central focus, alongside updates from senior leadership across the group's telecom, retail, and new energy ventures.
Foremost among investor interests is Jio Platforms, as Reliance progresses with plans for what could become India's largest-ever public offering. Reports suggest the company is re-evaluating the IPO's structure, potentially opting for a larger fresh issue rather than relying heavily on the offer-for-sale route. Any announcements regarding the Jio Platforms IPO filing timelines, issue structure, and digital growth strategies will be closely monitored.
Jio's Strong Performance and Future Growth
Jio is projected to achieve sustained growth through Average Revenue Per User (ARPU) expansion and deeper 5G monetization. For fiscal year 2026 (FY26), Jio reported revenues of Rs 1.76 lakh crore and an EBITDA of Rs 76,600 crore, marking a 14.3% year-over-year increase. The subscriber base expanded to 52.44 crore, with ARPU improving to Rs 214 per month, driven by tariff hikes and premiumization initiatives.
Data consumption reached 241 GB, significantly bolstered by rapid 5G adoption, which now accounts for 26.8 crore users. Beyond connectivity, Jio's broadband, enterprise solutions, content, and fintech initiatives continue to fortify its broader digital ecosystem.
Analyst Valuations and Outlook
YES Securities, in its Sum-of-the-Parts (SOTP) valuation for RIL, has assigned a valuation for Jio ranging from Rs 434 (bear case) to Rs 450 (base case) and Rs 467 (bull case). The brokerage anticipates ARPU for Jio's telecom units to be between Rs 220-240 in these scenarios. YES Securities maintains a 'buy' rating on Reliance with a target price of Rs 1,651.
Elara Capital noted that Reliance Jio is transitioning from a scale-led telecom operator to a monetization-driven digital platform, supported by an integrated technology stack and a scalable digital infrastructure ecosystem. Elara values Jio at an enterprise value of approximately Rs 12-13 lakh crore and Jio Platforms at about Rs 13-14 lakh crore, both based on 13 times FY28E EV/EBITDA.
Investors will be seeking specific indications on the timeline for filing draft papers, detailed valuation expectations, and the long-term growth strategy for Jio's diverse digital services. Jio remains a global leader in telecom and digital platforms, encompassing mobile connectivity, broadband, cloud services, enterprise solutions, and artificial intelligence initiatives.
How to Watch the AGM
Shareholders and investors can watch the RIL AGM live on Reliance Industries' official digital platforms. The company is expected to stream the meeting via its investor relations portal, and proceedings are also likely to be available on Reliance's social media and other digital channels, consistent with previous years' practices.