Reliance Capex Reaches Rs 1.44 Lakh Crore in FY26

At the 49th Annual General Meeting (AGM), Chairman Mukesh Ambani detailed the company’s financial blueprint, revealing that Reliance capex reached ₹1,44,271 crore ($15.2 billion) for the fiscal year ended March 31, 2026 (FY26). The capital expenditure underpinned a record year across the conglomerate’s digital, retail and energy arms.

This massive capital deployment anchors a broader 5-year investment surge that has reached ₹6,48,428 crore ($68.4 billion). According to Ambani, this investment pool represents roughly one-third of the total capital deployed by India’s top 50 listed companies over the same period, making Reliance the largest corporate investor in the nation’s growth.

The capital intensive rollout ran alongside a record-breaking financial performance across the conglomerate’s business divisions, and it sets the stage for the company’s ₹4 lakh crore EBITDA target by 2031.

1. The Macro Financial Performance

The heavy front-loading of capital investments over trailing cycles is actively translating into strong top-line and bottom-line earnings. The headline FY26 results were:

• Consolidated Revenue: Hit an unprecedented ₹11,75,919 crore, representing a 9.8% year-on-year expansion.
• Consolidated EBITDA: Climbed to a record ₹2,07,911 crore—successfully hitting management’s explicit 5-year strategic target to completely double its absolute operational EBITDA from the ₹97,580 crore baseline recorded in FY21.
• Net Profit: Surged 17.8% year-on-year to hit ₹95,754 crore ($10.1 billion).
• Global Credit Upgrades: Reflecting the underlying balance sheet health, global rating agencies upgraded RIL’s credit standings during the cycle, with S&P moving the company to A- and Moody’s adjusting it to Baa1—positioning the conglomerate two notches above India’s sovereign credit ceiling.

2. Where the Capex is Going

While the investment map cuts across multiple sectors, the current financial cycle marks a structural pivot toward consumer platforms, next-generation infrastructure, and clean energy. Here is the segment-by-segment breakdown of where the Reliance capex is being directed:

• Consumer Digital & Telecom Expansion: Funding the imminent rollout of Jio’s sovereign low-earth orbit (LEO) satellite constellation, domestic satellite broadband ecosystem, and localized AI computing infrastructure alongside the ongoing 5G network deep-fiber monetization.
• Reliance Retail Scale: Supporting the expansion of its physical retail network (which crossed 20,160 storefronts in FY26) and driving its transition into automated quick commerce integration via JioMart fulfillment layouts—part of JioMart’s quick commerce push.
• Downstream Autonomy & Green Energy: Financing the physical conversion of the Jamnagar refining complex into the autonomous Jamnagar refinery while simultaneously rolling out integrated solar panels, advanced energy storage giga-factories, and green hydrogen supply channels.
• Manufacturing Platforms: Establishing fresh domestic supply arrangements across 21 localized manufacturing clusters to launch vertical lines in beverages, fresh agricultural logistics, and future-ready apparel ecosystems, with plans to expand the blueprint into affordable consumer electronics.

3. Broader Macroeconomic Impact

Beyond internal metrics, the operational scale funded by this capex program positions Reliance as a key engine of the broader Indian economy:

Economic Contribution (FY26)	Absolute Figure	Share of National Metrics
Merchandise Exports	₹2,78,808 crore	6.7% of India’s total merchandise exports
National Exchequer Contribution	₹2,16,472 crore	Taxes, custom duties, and regulatory levies
Social Investments (CSR)	₹2,248 crore	Highest single-corporate social spend in India

By combining aggressive, long-term capital expenditure with strong risk management and organic cash generation, Reliance is actively executing a transition from a legacy industrial entity into an automated, technology-focused platform conglomerate.

Frequently Asked Questions

How much did Reliance spend on capex in FY26?

Reliance Industries spent ₹1,44,271 crore ($15.2 billion) on capital expenditure in FY26, the fiscal year ended March 31, 2026. That single-year outlay is part of a broader 5-year investment surge of ₹6,48,428 crore ($68.4 billion), which Mukesh Ambani described as roughly one-third of all capital deployed by India’s top 50 listed companies over the same period.

Where is Reliance’s FY26 capex being invested?

The capex is concentrated in four areas: consumer digital and telecom (Jio’s satellite broadband, AI computing and 5G monetization), Reliance Retail and JioMart quick commerce, downstream autonomy and green energy at Jamnagar, and new manufacturing platforms across 21 localized clusters. The spending helped lift FY26 consolidated revenue to ₹11,75,919 crore and EBITDA to a record ₹2,07,911 crore.

What were the key Reliance results for FY26?

The FY26 Reliance results showed consolidated revenue of ₹11,75,919 crore (up 9.8% year-on-year), record EBITDA of ₹2,07,911 crore, and net profit of ₹95,754 crore ($10.1 billion), a 17.8% rise. Global agencies also upgraded RIL’s credit, with S&P at A- and Moody’s at Baa1, two notches above India’s sovereign ceiling.

What was Reliance’s net profit in FY26?

Reliance reported a FY26 net profit of ₹95,754 crore ($10.1 billion), up 17.8% year-on-year. The growth was driven by the record ₹2,07,911 crore EBITDA and the returns beginning to flow from the company’s heavy FY26 capex of ₹1,44,271 crore.

What did Reliance announce about capex at its AGM?

At its 49th AGM, Reliance disclosed FY26 capex of ₹1,44,271 crore and a cumulative 5-year investment of ₹6,48,428 crore. Mukesh Ambani positioned this Reliance investment program as the foundation for the group’s next phase, including its ₹4 lakh crore EBITDA target for 2031.