Reliance hits record revenue, cuts Kutch output 87%
Mukesh Ambani guided EBITDA to more than double again, but the Kutch renewable hub's projected annual output was slashed by 86.7% from 300bn to 40bn units.
— 2 earlier stories on Reliance Industries Ltd. →What's new
- Record FY26 revenue ₹11,75,919 cr, up 9.8%; net profit ₹95,754 cr, up 17.8%.
- EBITDA doubled in 5 years to ₹2,07,911 cr; Ambani guided to more than double again in 5 years.
- Kutch renewable hub output slashed from 300bn to 40bn units, now just 3% of India's need.
- Jio Platforms board approved DRHP for IPO; new Energy Giga Complex commissioned.
Why this matters
Reliance delivered stellar numbers, but the Kutch output downgrade — from 300bn to 40bn units — raises questions about the green pivot. The 86.7% cut dwarfs the positive noise and tempers the narrative around the otherwise strong earnings and ambitious EBITDA guidance.
What we're watching
- How Reliance bridges the Kutch output gap to meet prior commitments.
- Jio IPO timeline and valuation after DRHP approval.
- Scaling of 2 lakh H100-equivalent GPU capacity via NVIDIA, Google, Meta partnerships.
The full read
Reliance Industries posted record numbers: revenue of ₹11,75,919 crore (up 9.8%) and net profit of ₹95,754 crore (up 17.8%), and Ambani guided EBITDA to more than double again over five years. But the headline strength was undercut by a massive revision: the Kutch renewable hub's projected annual output was cut 86.7% from 300 billion to over 40 billion units, now just 3% of India's annual need. That hub spans 550,000 acres and was a centerpiece of Reliance's green pivot. Jio Platforms got board approval for its IPO DRHP, and new energy milestones like the Jamnagar Giga Complex commissioning and a $3 billion green ammonia deal with Samsung C&T were announced. The Kutch downgrade changes the story, turning a clean beat into a mixed bag.
Questions answered
- What were Reliance's FY26 revenue and profit?
- Consolidated revenue was ₹11,75,919 crore, up 9.8%, and net profit was ₹95,754 crore, up 17.8%.
- How big is the Kutch renewable hub output revision?
- Projected annual output was slashed from 300 billion units to over 40 billion units, an 86.7% reduction. That is now only 3% of India's annual requirement.
- What is the EBITDA guidance?
- Ambani said consolidated EBITDA, which doubled to ₹2,07,911 crore in the last five years, should more than double again over the next five years.
- What is the status of Jio IPO?
- Jio Platforms board approved the draft red herring prospectus. The IPO size and timeline were not specified in the AGM summary.
Reliance Industries Ltd.
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All notes on RELIANCE →- 19 Jun 2026 · 4:35 PM IST Reliance hits record revenue, cuts Kutch output 87%
- 17d ago Jio Platforms board approves DRHP for IPO of up to 27 crore shares
- 26d ago Reliance lands Meta's first custom data centre in India