'What is good for India is good for Reliance': Full text of Mukesh Ambani's letter to shareholders

Today, Reliance is not just a company. It is a national institution that powers opportunity, progress, and prosperity for 1.45 billion Indians. Our journey has been extraordinary — transforming traditional industries, building global scale capabilities, creating entirely new markets, and touching the everyday lives of our fellow citizens. But we have never paused to celebrate the past. Instead, each milestone has inspired us to aim higher, work harder, and lead with purpose.

Adapting Boldly, Evolving Relentlessly

The world is changing at breakneck speed — reshaped by digital disruption, global shifts, and technological breakthroughs. At Reliance, we see this not as a challenge but as an opportunity. We are reimagining our future and reshaping our businesses to become a new-age deep-tech enterprise.

From energy to entertainment, from retail to digital services, we are integrating next-generation technologies across every business vertical. Over 1,000 of our in-house scientists are leading cutting-edge research in areas like AI, renewable energy, advanced materials, and digital platforms.

Our manufacturing infrastructure is being future-proofed to support India’s aspiration to become a global manufacturing powerhouse. This evolution mirrors the journey of our great nation as it steps confidently into the Amrit Kaal — a transformative era on the path to becoming a fully developed ‘Viksit Bharat.’

India’s Moment. Reliance’s Resolve

Today, India is standing tall on the global stage. Despite global uncertainties and geopolitical turbulence, our economy continues to demonstrate unmatched resilience and momentum. In FY25, India’s GDP growth remained nearly double the global average — propelled by robust domestic consumption, infrastructure development, thriving exports, and a dynamic digital ecosystem.

More importantly, India is no longer just following trends — it is setting them. From UPI’s global success to the India AI Mission, from green energy to space tech, India is shaping the future. This is India’s moment. And Reliance is proud to walk shoulder-to-shoulder with the nation — as a committed partner, a responsible value-creator, and a technology-driven enabler of inclusive growth.

Strong and Resilient Performance

Even amidst external volatility, Reliance delivered a year of solid and balanced growth. Our results speak to the strength of our diversified model and our deep-rooted execution discipline:

• Revenue: Rs 10,71,174crore (+7.1%Y-o-Y)
• EBITDA: Rs 1,83,422 crore (+2.9% Y-o-Y)
• Net Profit: Rs 81,309 crore (+2.9% Y-o-Y)

Each business played a vital role in this performance:

• Retail: Crossed Rs 3,30,000 crore in turnover and expanded its footprint to 19,340 stores, strengthening its leadership in Indian Retail industry.

• Digital Services: Jio emerged as the world’s largest data network with 488 million users, including 191 million on 5G.

• Media: Built a large and distinctive media institution, in partnership with Disney, across genres, marking the beginning of a new era in India’s entertainment landscape. Delivered record viewership and engagement metrics within the first few months of commencing operations.

• Oil to Chemicals (O2C): Demonstrated resilience through disciplined cost management and strong domestic placement.

• Oil & Gas: Delivered record EBITDA, with increased output from KG-D6 and CBM blocks, enhancing India’s energy independence.

• New Energy: Transitioned from vision to execution — operationalising giga-scale solar and battery energy projects.

Creating the Future — Four New Engines of Growth

As Reliance approaches its Golden Jubilee, we have built high-powered growth engines: Retail, Digital Services, Media and Entertainment, and New Energy. Each of these platforms is technology-first, innovation-led, and positioned to disrupt industries while delivering massive value to Indian consumers and the global market.

Our O2C and Oil and Gas businesses will continue to grow while catering to India’s rising energy and materials demand.

We are not just scaling businesses — we are building platforms that empower people, reduce inequality, drive sustainability, and elevate India’s position in the global economy. Whether it’s transforming the way Indians shop, consume data, watch content, or power their homes and businesses — Reliance is shaping the future with purpose and conviction.

Our Foundation — Values, People, Vision

At the heart of Reliance’s success is a foundation built on values, trust, and talent. Our strong balance sheet, relentless focus on productivity, and unwavering commitment to excellence give us the confidence to embrace bold ambitions.

Our people — across every function and business — bring passion, ingenuity, and integrity to their work every day. Our Board provides the stewardship and wisdom that guides our long-term decisions. Our partners and vendors align closely with our purpose. And above all, our customers and shareholders place their trust in us — time and again — and that is our greatest strength.

Thank You for Believing in Us

To each of you — our valued shareholders — I express my deepest gratitude. Your unwavering belief in Reliance’s vision gives us the courage to keep pushing boundaries and building for the future.

The journey ahead is full of promise. With unwavering faith in India and steadfast commitment to innovation, sustainability and inclusion, Reliance is poised to rise to even greater heights. For India and for Reliance - the future shines bright!

With warm regards,
Mukesh D. Ambani
Chairman and Managing Director
August 6, 2025

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