Reliance AGM 2026: RIL Accounted for Nearly 1/3 of the Capex by India's Top 50 Firms Over the Last 5 Years

At the company's 49th Annual General Meeting (AGM), Chairman and Managing Director Mukesh Ambani said Reliance accounted for nearly 1/3 of the total capital invested by India's top 50 corporates over the last 5 years, making it the country's largest capex spender during the period. Notably, Reliance Industries Limited (RIL) reported capital expenditure of ₹1,44,271 crore (US$15.2 billion) for FY26. 

Reliance Industries FY26 Capex Rises 10% to ₹1.44 Lakh Crore 

The capital expenditure of Reliance Industries stood at ₹1,44,271 crore for FY26, compared with ₹1,31,107 crore in the previous financial year. 

The company said capex requirements were funded through cash profits, and investments were primarily directed towards growth projects in the Oil-to-Chemicals (O2C) and New Energy businesses, along with continued expansion in Digital Services and Retail. 

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Reliance Invested ₹6.48 Lakh Crore Over the Last 5 Years 

Mukesh Ambani said Reliance's cumulative capital expenditure over the last 5 financial years reached ₹6,48,428 crore (over US$68.4 billion). 

According to Ambani, Reliance invested more on capital expenditure than any other company in India during the period and contributed nearly one-third of the total capital invested by India's top 50 corporates over the last 5 years. 

He added that Reliance has maintained its leading position in investing for India's economic growth and nation-building. 

How RIL's Capex Has Changed Over the Years 

The company spent ₹1,31,769 crore during FY24, with investments focused on digital network expansion, retail business scaling, oil and gas production capacity, and O2C projects. 

In FY25, capex amounted to ₹1,31,107 crore, with investments directed towards new O2C projects, retail store expansion, digital services infrastructure, and manufacturing assets for the New Energy business. 

FY26 capex increased to ₹1,44,271 crore as investments continued across O2C, New Energy, Digital Services and Retail businesses. 

 Capex Focus Across Businesses 

The company stated that FY26 investments were principally directed towards growth projects in its O2C and New Energy businesses while continuing investments in Digital Services and Retail. 

Additionally, Goldman Sachs report published in 2024 noted that Reliance had invested nearly US$30 billion between FY13 and FY18 to expand its O2C business and close to US$60 billion between FY13 and FY24 to build its 4G and 5G capabilities. 

Conclusion 

Reliance Industries, one of India's largest listed companies by market capitalisation, accounted for nearly 1/3 of the total capital invested by the country's top 50 corporates over the last 5 years. The company's sustained investment across multiple business segments highlights its continued focus on expanding its operational and infrastructure footprint. 

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