[Concall]

“Jio has successfully transitioned a significant portion of its user base to 5G, with 45% of its total wireless traffic now on the new network. The company has observed that 5G users consume significantly more data, indicating a "sticky" usage pattern. However, this increased consumption is currently being offered for free.”

“We have really not started monetizing 5G. So effectively, 45% of data that people today are consuming is being offered to them free of cost...they are getting into the habit of consuming content, consuming data, consuming 5G services, and we believe that is a very big opportunity for us in the same way that LTE was a big opportunity for us in 2016.”

— Anshuman Thakur, Jio Platforms Segment

Reliance's Oil-to-Chemicals (O2C) and energy segments have demonstrated robust performance, largely driven by strong domestic demand for gas, oil, gasoline, ATF, polymers, and polyester. Management highlights this domestic focus as a key advantage, especially when global markets are experiencing margin pressures.

“I think the other point I would definitely flag is when you look at the O2C or energy performance in the context of how other global refineries have performed or standalone petrochemical manufacturers or even actually integrated players. If you see the numbers, it is absolutely standout in terms of our performance.”

— V. Srikanth, CFO

Reliance's new energy division is making significant strides, having commissioned its first gigawatt-scale solar module manufacturing facility. The company is focusing on end-to-end integration, from polysilicon to solar panels, and has already developed one of the largest panels available at 720 watt-peak.

“...we have commissioned the first gigawatt scale solar module started. So we started, it is BIS certified already and I would say, the largest from a size point of view at 720 watt peak. It is possibly the largest panel that we have.”

— V. Srikanth, New Energy Segment

After a period of significant streamlining and rationalization, Reliance Retail is showing signs of a strong comeback. The company has indicated that the restructuring phase is largely complete, with a net addition of 500 stores and double-digit growth in key operating metrics like transactions and registered customers.

“We are also pretty much done with the streamlining that we had started during the year. So our net addition is about 500 stores and we are pretty much more or less done with the streamlining now.”

— Dinesh Taluja, Reliance Retail

Management makes a pointed claim that RIL’s New Energy vertical is reaching a strategic inflection point, with multi-decade growth potential, through scale and vertical integration unmatched outside China.

“I do not think it has been attempted in any other place in terms of building the giga factories... It is not about giga factories, it is the integration with Kutch, where we have access to 700,000 acres of land, which means that technically you are in a position to have 125 gigawatts of production.”

— V Srikanth, CFO

UBR- A wireless technology that uses unlicensed spectrum bands (like Wi-Fi frequencies) to transmit data without needing fiber or licensed telecom spectrum.

“The OSS, BSS that we deployed is completely now in-house, and it is ready to be deployed in other places... We are the first to deploy UBR for UBR-based connectivity at scale. This is a technology that operators worldwide have tried to work on and have not had much success. We have now demonstrated this on the ground with several million homes connected...”

— Anshuman Thakur, Head of Strategy

This subtle but concrete datapoint reveals a structural shift in Indian consumer behavior towards e-grocery, with greater order frequency and deeper basket penetration, led by fresh segments. It suggests that Reliance’s omnichannel investments are working and that retention metrics are strengthening.

“Our number of orders which include FNV (fruits & vegetables) is a key metric that we measure. 21% of the orders now had FNV compared to 9% six months ago. So, there is a lot of stickiness which is coming in, a lot of repeat behavior which is coming in, which is driving traffic onto the platform.”

— Dinesh Taluja , CFO, Reliance Retail

Amid market obsession with startup quick commerce models, Reliance’s answer reveals a hidden but pivotal competitive edge: it will flex its pan-India physical store network as the default fulfillment backbone, deploying dark stores only as a targeted supplement, not a core.

“See, we are already building dark stores. Now the logic of dark stores is not that if I have an existing store, if it is within the right radius, you can meet that SLA,(delivery time) right. A lot of our orders actually get delivered within 10 to 15 minutes. 30 minutes is the outer limit...So the dark stores will come. Our own stores will continue to be the backbone of our model and dark stores will basically supplement the model and help me fill the gaps. That is the strategy that we are following.”

— Dinesh Taluja , CFO, Reliance Retail

Potential windfalls may accrue to refining, while the nimble trading and portfolio mix reduce downside vs. global competitors tethered to more rigid supply chains.

“If there were to be a loss of distillate for Europe, one would expect that the cracks would significantly rise. Actually, that may be disproportionately higher is the experience of what it suggests.”

— Srinivas Tuttagunta, COO, Refining & Marketing

Detailing cost savings from in-house stack and opening the door to a new B2B/IP revenue stream materially differentiates Jio’s margin expansion potential from peers. It also teases a new SOTP leg for valuation: global technology licensing.

“So, on the cost side that is a big advantage. ... This kind of tech stack and we are increasingly getting that confidence with our conversations with global operators. They all want to use this. ... So, several advantages and we are seeing that. ... On the margin front, again, we have the cost completely in our control.”

— Anshuman Thakur, Head of Strategy