Reliance Industries (RIL) share price opened bearish on the September 1st trading session, falling by over 1%, despite strong growth-driving announcements in its 48th annual general meeting (AGM) last week. Major announcements such as Jio IPO launch date, the partnership with Meta and Google for AI boost, and the expansion plans in retail and consumer business were part of the AGM. Reliance is also going to pay a Rs 5.5 per share dividend this week.
Reliance Industries Share Price:
At the time of writing, RIL shares dropped by Rs 0.5% to Rs 1351 apiece on BSE, with a market cap of Rs 18,27,763.42 crore. In the opening bell, the stock dropped by over 1.1% to hit an intraday low of Rs 1341.70 apiece.
Reliance Industries AGM Key Highlights:
Analysts at JM Financial highlight the key major announcement by Reliance Industries in the 48th AGM:
1. Jio IPO:
Reliance's chief, Mukesh Ambani, declared that they will file the IPO draft for their telecom giant, Jio, soon. They expect the listing on BSE and NSE to be in the first half of 2026, after necessary approvals. The JIO IPO is a key positive for Reliance.
2. AI Boost:
RIL's management declared a new AI company called "Reliance Intelligence", which is expected to drive AI in India via: a) building GW-scale AI-ready data centres in Jamnagar - will deliver in phases; b) housing global partnerships with the world's best tech-companies; c) building AI services for India; d) housing talent for AI. Further, the company announced India-focused AI Joint Venture (JV) with Meta to deliver sovereign, enterprise-ready AI for India, which will combine Meta's open models and tools with RIL's execution in Energy, Retail, Telecom, Media, and Manufacturing.
3. Driving Retail Growth:
RIL is confident of delivering over 20% CAGR in Retail business revenue over the next 3 years (vs. 8% growth in FY25), led by omni-channel growth, kirana partnerships and quick commerce leadership. It added that stores remain the backbone of Retail business revenue with ~70% contribution and will continue to grow through high single-digit like-for-like (LFL) growth, plus a steady expansion of 2,000-3,000 new stores annually (on base of 19,340 stores at end-FY25).
4. Consumer Business Huge Value Creator:
According to JM, RCPL registered revenue of INR 115 billion in FY25 and aims for revenue of INR 1,000 billion within 5 years to become India's largest FMCG company with a global presence. It also shared that RCPL has been made a direct subsidiary of RIL to ensure shaper execution/focus and improved agility. It further shared that: a) Campa Cola now holds double-digit market share across multiple states; b) revenue of daily essential brand "Independence" has crossed INR 10 billion and is being exported to multiple countries; aim is to expand presence to 25 countries in the next 12 months.
RIL believes the consumer business is huge value creator.
5. O2C expansion plans:
RIL maintained its INR 750 billion capex plans to expand capacity of its existing and new petchem chains: a) 1.2mmtpa PVC plant at Nagothane; b) Expanded CPVC and 3mmtpa PTA facility; and c) 1mmtpa specialty polyester facility - earlier announced completion for all these projects by FY27.
6. New Energy business:
RIL believes that its New Energy business would be a major driver of growth for many decades, with the potential to become as big as the O2C business within the next 5-7 years. Further, it reiterated that work at Green Energy Giga Complex (in Jamnagar) is progressing at record pace and shared that a) solar PV giga-factory (operational already) will expand to 10GWp annual capacity in the coming quarters and scale further to 20GWp; b) battery giga-factory will start in 2026 with 40GWh annum capacity and scale modularly to 100 GWh annual capacity; and c) electrolyser giga factory will be operational by end2026 with ability to scale upto 3GW per year.
BUY BlueChip RIL Stock?
"We reiterate BUY (unchanged TP of INR 1,700) as we believe RIL has industry leading capabilities across businesses to drive robust 15-20% EPS CAGR over the next 3-5 years, particularly driven by both consumer businesses with Jio's ARPU expected to rise at 13% CAGR over FY25-28 with ARPU being on a structural uptrend given the industry structure, future investment needs, and the need to avoid a duopoly market," said analysts at JM.
Further, these analysts added that the key risks for RIL stock could be: a) sharp jump in capex in New Energy business, resulting in rising net debt with limited earnings visibility from new projects; b) weak subs addition and limited ARPU hike; c) muted growth in the retail business; and d) subdued O2C margins due to macro concerns.
Reliance Industries Dividend:
Apart from growth driving plans, Reliance is also set to pay dividend of Rs 5.5 per share for FY25 anytime soon this week. As per the regulatory filing, Thursday, August 14, 2025 was the "Record Date" for the purpose of determining the members eligible to receive dividend for the financial year 2024-25. Dividend, if declared at the AGM, will be paid within a week from the conclusion of the AGM.
RIL concluded its AGM last week on August 29th, hence, dividend payout is expected this week.
Notably, this will be first dividend payout after Reliance shares adjusted to its mega 1:1 bonus issue ratio in Diwali last year.
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