Mukesh Ambani To Address 44 Lakh Shareholders As Reliance Eyes Strategic Shifts In Its AGM

Eye on Reliance Before AGM – What To Expect?

This week after two days of trading Reliance Industry stays in spotlight. The Reliance Industries Ltd. (RIL) is also in the limelight as it is going to conduct its 48th Annual General Meeting (AGM), scheduled to occur on 29th August 2024. The company has nearly 44 lakh shareholders, and one person eagerly awaiting what Chairman Mukesh Ambani has to say during the meeting is the man himself. Mukesh Ambani is set to address the shareholder and speak on global geopolitical tensions and the recent US tariffs on India.

Will there be any major news?

Apparently, analysts admit there may be a touch of skepticism. This is due to rising global tensions, and a recent move by the U.S. that directly affects RIL.

U.S. President Donald Trump has placed an additional 25% tariff on India for importing crude oil from Russia. This has a serious impact on Reliance, as the company is one of the largest importers of Russian crude oil.

What Investors Are Watching Ahead Of Reliance AGM

• Crude Oil Sourcing Strategy
  Investors are keen to hear Ambani’s stance on crude sourcing, especially after the new US tariff on Russian oil imports.
• Jio IPO Update
  Markets are eagerly awaiting any news on the long-delayed Initial Public Offering (IPO) of Reliance’s telecom arm, Jio.
• AI Strategy Across Businesses
  Mukesh Ambani may share plans on how Reliance aims to use artificial intelligence (AI) to enhance operations across Jio, Retail, and other units.

Reliance Stock Performance In 2025

• Strong Share Price Growth
  Reliance shares are up nearly 14% in 2025, outperforming the Nifty 50’s 4.5% rise.

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• Valuation Still Attractive
  Despite the rally, analysts believe Reliance stock is still reasonably valued, maintaining a positive outlook.

Reliance Business Performance And Financial Highlights

• Capex Overview
  • Capitalized costs rose 48% YoY to $5.7 billion.
  • Total consolidated capex held steady at $16.6 billion.
    • Jio: $5.4 billion
    • Standalone businesses: $4.4 billion
• Operating Cash Flow (OCF)
  • OCF rose 10% YoY to $20.9 billion.
  • High conversion efficiency: OCF/EBITDA ratio at 108%.
• Free Cash Flow (FCF)
  • Jio: $1.8 billion
  • Retail: $0.66 billion
• Valuations and Target Prices
  • Valuation Multiples by Jefferies
    • O2C: 8x EV/EBITDA
    • India Mobile: 13x
    • Core Offline Retail: 28x
• Target Price: ₹1,670 (‘Buy’ rating)
  • CLSA Outlook
  • Factored in one-time gain from Asian Paints stake sale.
  • Raised FY26/FY27 EPS by 10%/1%.
  • Maintains ‘Outperform’ rating.
  • Target Price: ₹1,650

Stock Market On Tuesday

On Tuesday, August 26, Indian markets took a hit, with Nifty slipping 250+ points to close at 24,712.05. Reliance shares fell 1.95% to ₹1,385.30, contributing 30 points to the Nifty’s drop. Global worries, FII selling, and tariff fears fueled the broad-based selloff ahead of F&O expiry.

(With Inputs)

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