Reliance Jio IPO: Reliance Industries Ltd (RIL) has scheduled its 49th annual general meeting for June 19, 2026, at 2 pm IST, with the proceedings to be held through video conferencing and other audio-visual means. The virtual format continues the approach adopted by the company in recent years for what remains one of India’s most closely watched corporate events.

The AGM is closely tracked because it often becomes the stage for major announcements from Reliance and its subsidiaries. This year too, the address by chairman Mukesh Ambani is expected to be the central focus, alongside updates from senior leadership across the group’s telecom, retail and new energy businesses.

The biggest area of investor interest is likely to be Jio Platforms, as Reliance continues work on plans for what could become India’s largest-ever public offering. Reports have suggested that is reviewing the IPO structure and may opt for a larger fresh issue instead of relying heavily on the offer-for-sale route. Any announcement around Jio IPO's filing timelines, issue structure and digital growth plans, shall be keenly tracked.

Jio is expected to deliver sustained growth through ARPU expansion, deeper 5G monetization. RIL offers both stability (cash-generating legacy businesses) and growth upside (Jio monetization, retail expansion, renewable energy). They continue to invest aggressively in telecom, retail and new energy while leveraging its core businesses to drive long-term growth, said YES Securities. 

Jio’s FY26 reported revenue and EBITDA of Rs 1.76 lakh crore and Rs 76,600 crore, up 14.3 per cent YoY. Subscriber base expanded to 52.44 crore, while ARPU improved to Rs 214 per month on tariff hikes and premiumization. Data consumption reached 241 gb, supported by rapid 5G adoption with 26.8 crore users. 

Broadband, enterprise solutions, content and fintech initiatives continue to strengthen the broader digital ecosystem, it said. In its SOTP valuation for RIL, YES Securities has ascribed a valuation of Rs 434 in bear case, Rs 450 in base case and Rs 467 in bull case for Jio. It has penciled APRU of Rs 220-240 for the telecom units in these cases. YES Securities has a 'buy' on Reliance with a target price of Rs 1,651.

Investors will be looking for any indication on the timeline for filing draft papers, valuation expectations and the long-term growth strategy in digital services. Jio remains one of the largest telecom and digital platforms globally, with businesses spanning mobile connectivity, broadband, cloud services, enterprise solutions and artificial intelligence initiatives.

Elara Capital said Reliance Jio is moving from a scale-led telecom operator to a monetisation-driven digital platform, backed by an integrated technology stack and a scalable digital infrastructure ecosystem. The brokerage said Jio, India’s largest telecom operator, had 524 million subscribers as of FY26 and had reshaped the market with some of the world’s most affordable tariffs.

Elara said that Jio to benefit from higher tariffs and sustained data consumption. Elara said ARPU growth should be supported by value-added digital services across the Jio Platforms ecosystem, while Jio’s technology leadership and network design had helped it add subscribers without a proportionate rise in recurring investment.

It valued Jio at an enterprise value of about Rs 12-13 lakh crore and Jio Platforms at about Rs 13-14 lakh crore, both based on 13 times FY28E EV/EBITDA.
 

Where to watch RIL AGM?
Shareholders and investors will be able to watch the AGM live on Reliance Industries’ official digital platforms. The company is expected to stream the meeting through its investor relations portal, while the proceedings are also likely to be available on Reliance’s social media and other digital channels, in line with the practice followed in previous years.