Mukesh Ambani Says Reliance Industries Will More Than Double Its EBITDA by 2027

Introduction

At the 48th Annual General Meeting (AGM) of Reliance Industries Limited (RIL) on August 29, 2025, Chairman Mukesh Ambani announced an ambitious goal to more than double the company’s EBITDA ( Earnings Before Interest, Taxes, Depreciation, and Amortization) by the end of its “Golden Decade” in 2027. This bold vision, reiterated from a promise made in 2022 when RIL’s EBITDA was ₹1.25 lakh crore ($14.6 billion), underscores Reliance’s strategy to scale its five key growth engines—Oil-to-Chemicals (O2C), Retail, Jio, Media, and New Energy—while introducing new pillars like Reliance Consumer Products (RCPL) and Reliance Intelligence (AI-driven deep-tech). This blog explores Ambani’s roadmap for achieving this target, the key growth drivers, and the implications for Reliance’s position as a global powerhouse.

The Golden Decade: A Vision for Exponential Growth

Mukesh Ambani, Asia’s richest billionaire, emphasized that Reliance is on track to more than double its EBITDA by 2027, marking the company’s 50th anniversary. This target builds on RIL’s transformation from a Fortune 1000 company to a Fortune 40 global powerhouse, creating over $200 billion in value within India. At the 2025 AGM, Ambani highlighted that Reliance’s consolidated revenue for FY25 reached ₹10.71 lakh crore ($125 billion), with a net profit of ₹81,309 crore ($9.5 billion) and an EBITDA of ₹1.75 lakh crore ($20.4 billion), reflecting an 8.6% year-on-year growth.

The EBITDA doubling goal is rooted in Reliance’s “Value Creation Roadmap,” which focuses on strengthening existing businesses while building new growth engines. Ambani attributed this ambition to four guiding principles: aligning growth with India’s national interests, building future-ready businesses, scaling them to global standards, and investing in talent and cutting-edge technologies.

Key Growth Engines Driving the EBITDA Target

Reliance’s strategy to achieve this doubling of EBITDA by 2027 hinges on its five established growth engines and two emerging ones, each poised for significant expansion. Below are the key contributors:

1. Oil-to-Chemicals (O2C): Stable Returns with Strategic Expansion

The O2C segment, accounting for approximately 57% of RIL’s revenue, remains a cornerstone of its financial stability. In FY25, it recorded revenues of ₹6.26 lakh crore ($73.2 billion), up 11% year-on-year, driven by high-value green fuels and chemicals. Ambani projected stable returns from this segment, with expansions like an integrated vinyl chain facility at Dahej and Nagothane (1.5 million tonnes of vinyl, 1 million tonnes of polyester, and 3 million tonnes of PTA by 2027) enhancing profitability.

2. Reliance Jio: Telecom and Digital Innovation

Reliance Jio, with over 500 million subscribers, is a major growth driver. In FY25, Jio’s revenue grew 17% to ₹1.28 lakh crore ($15 billion), with an EBITDA of ₹64,170 crore ($7.5 billion). The company completed the world’s fastest 5G rollout and is targeting 6G by 2030. Ambani announced Jio’s IPO, slated for the first half of 2026, with an estimated valuation of ₹7–8 lakh crore ($85–95 billion), potentially unlocking significant shareholder value. New digital products like JioPC and JioFrames, an AI-powered smart glasses wearable, further bolster Jio’s growth. Jio’s revenue and EBITDA are expected to double within 3–4 years, contributing significantly to the EBITDA target.

3. Reliance Retail: A Global Retail Powerhouse

Reliance Retail, among the top five global retailers by store count, reported a gross revenue of ₹3.31 lakh crore ($38.7 billion) in FY25, up 7.9%, with an EBITDA of ₹25,094 crore ($2.9 billion). With 19,340 stores across 7,000+ towns and 1.4 billion transactions, the retail arm is targeting a 20%+ compounded annual growth rate (CAGR) over the next three years. Initiatives like quick commerce, omni-channel integration, and empowering 42 lakh kirana stores via B2B platforms are driving this growth. Ambani noted that online sales, currently in the high single digits, are expected to exceed 20% of revenue within three years.

4. New Energy: The Future Jewel

The New Energy business is poised to become as significant as O2C within 5–7 years, with ambitions to make India energy self-sufficient by 2047. RIL is investing ₹75,000 crore to establish a 10 GW solar PV module production facility by the end of 2025, with plans to scale to 20 GW. A 30 GWh battery manufacturing facility will commence by mid-2026, and a multi-GW electrolyzer facility for green hydrogen production is set for 2026. Reliance has leased 2,000 acres in Kutch to generate 150 billion units of electricity over the next decade, meeting 10% of India’s energy needs. This segment’s rapid scale-up is expected to be a major EBITDA driver by 2027.

5. Media and Entertainment

The media business, bolstered by the merger with Disney India, recorded ₹10,000 crore in revenue with 49% growth in FY25. JioHotstar, with 280 million paying subscribers during IPL Season 18, reached 503 million monthly active users in March 2025. This segment’s growth, driven by affordable content across platforms, will contribute to RIL’s EBITDA target.

6. Reliance Consumer Products (RCPL): Emerging FMCG Giant

Reliance Consumer Products, including brands like Campa Cola and Independence, achieved a turnover of ₹11,500 crore ($1.4 billion) in its first year, making it India’s fastest-growing FMCG company. Ambani aims for RCPL to reach ₹1 lakh crore ($11.7 billion) in revenue within five years, positioning it as India’s largest FMCG company and a key EBITDA contributor.

7. Reliance Intelligence: AI-Driven Growth

Reliance Intelligence, a new AI-focused subsidiary, will drive India’s AI revolution by building gigawatt-scale, AI-ready data centers in Jamnagar and delivering AI services across education, health, and agriculture. Partnerships with Google Cloud and Meta (a ₹855 crore joint venture) will enhance AI infrastructure, aiming for the world’s lowest AI inferencing costs. Ambani described AI as the “Kamdhenu of the new age,” with potential to surpass existing businesses in scale and impact.

Strategic Initiatives and Financial Prudence

Ambani emphasized that Reliance will maintain a prudent financial framework, allocating resources to high-return projects while ensuring a robust balance sheet. The company’s workforce, currently at 6.8 lakh, is projected to exceed 10 lakh in the coming years, reinforcing RIL’s role as one of India’s largest job creators. Strategic moves like the Jio IPO, partnerships with global tech giants like Google and Meta, and investments in green energy and AI position Reliance for sustainable growth. The planned listing of Jio in 2026, estimated at ₹50,000 crore ($6.5 billion), is expected to unlock significant shareholder value.

Analysts are optimistic, with CLSA rating RIL as “outperform” (target price ₹1,650), Goldman Sachs at ₹1,695, and HSBC upgrading to “Buy” at ₹1,630, citing catalysts in retail, new energy, and digital growth. The stock, despite a 2%