• Like a combined Amazon, Verizon, and ExxonMobil, but focused on the Indian market.
• Imagine India's Walmart (retail), AT&T (telecom), and Shell (energy) merged into one company.

• Petrochemicals & Refining: Produces a wide range of petroleum products and chemicals like polymers, fibers, and aromatics from crude oil.
• Digital Services (Jio Platforms): Provides telecommunications (mobile, broadband), digital content, and technology solutions across India.
• Retail (Reliance Retail): Operates an extensive network of physical stores and e-commerce platforms covering groceries, electronics, fashion, and consumer brands.
• Oil & Gas Exploration & Production: Engages in the exploration, development, and production of crude oil and natural gas.
• New Energy: Focuses on developing and deploying renewable energy solutions including solar power, green hydrogen, and battery storage.
• Media & Entertainment: Operates television channels, streaming platforms like JioCinema, and produces diverse content.
• Financial Services (Jio Financial Services): Offers consumer finance, merchant acquiring, and asset management services.

For Reliance Steel & Aluminum Co. (symbol: RS), the company primarily sells its products to other businesses (B2B).

Due to the highly fragmented nature of its customer base and competitive considerations, Reliance Steel & Aluminum Co. does not publicly disclose the names of its specific customer companies. Its customer base consists of approximately 125,000 customers across a wide range of industries. Therefore, its "major customers" are best described by the industries in which these customer companies operate.

The primary industries served by Reliance Steel & Aluminum Co.'s customers include:

• Non-residential Construction: This includes companies involved in various building and infrastructure projects, such as structural steel fabricators, HVAC manufacturers, and general contractors who require processed metal products.
• Manufacturing: A diverse category encompassing companies that produce heavy equipment (e.g., agricultural, mining, construction), general fabrication shops, appliance manufacturers, and other industrial manufacturers requiring specific metal components.
• Transportation: Businesses operating in the aerospace industry (for specialized alloys and components), automotive sector (including aftermarket parts and trailer manufacturing), and shipbuilding for various metal requirements.

Karla R. Lewis, President and Chief Executive Officer

Karla R. Lewis was named President and Chief Executive Officer of Reliance, Inc. effective January 1, 2023. She joined Reliance in 1992 as the company's first controller, after beginning her career as a public accountant with Ernst & Young (Ernst & Whinney). She steadily rose through the ranks, becoming Vice President in 1995, Chief Financial Officer in 1999, Executive Vice President in 2002, and Senior Executive Vice President & Chief Financial Officer in 2015. In 2017, Ms. Lewis took on operational responsibility for a number of Reliance subsidiaries, and in January 2021, she was promoted to President and appointed a director. She served as a director of the Metals Service Center Institute from 2009 to 2020 and has been a director of Goodyear Tire & Rubber Co. since 2021.

Arthur Ajemyan, Senior Vice President, Chief Financial Officer

Arthur Ajemyan became Senior Vice President, Chief Financial Officer in February 2022, after being promoted from Vice President, Chief Financial Officer, a position he held since January 2021. He previously served as Corporate Controller since August 2012. From 2005 to 2012, Mr. Ajemyan held various positions in Reliance's accounting and finance department, including Group Controller and Director of Financial Reporting. Before joining Reliance, he was a certified public accountant and held various professional staff and manager positions at PricewaterhouseCoopers, LLP from 1998 to 2005.

Stephen P. Koch, Executive Vice President, Chief Operating Officer

Stephen P. Koch was promoted to Executive Vice President and Chief Operating Officer in July 2022. Prior to this, he served as Senior Vice President, Operations since April 2010. From July 2007 until he joined Reliance Corporate Operations, Mr. Koch was President of Chapel Steel Corp., a subsidiary of Reliance. He held various positions at Chapel Steel Corp., including Sales Manager, Vice President, and Executive Vice President.

Michael R. Hynes, Senior Vice President, Safety & Operations

Michael R. Hynes assumed the newly created role of Senior Vice President, Safety & Operations in March 2025, having previously served as Senior Vice President, Operations since July 2022. He has a 17-year career at Reliance, starting at Reliance Metalcenter Union City, then Phoenix Metals, where he served as President since 2019. Before his time at Reliance, Mr. Hynes held various roles in the metals service center industry for 17 years, from test report clerk to inside and outside sales, to management.

William A. Smith II, Senior Vice President, General Counsel and Corporate Secretary

William A. Smith II was appointed Senior Vice President, General Counsel and Corporate Secretary in May 2015. He joined Reliance as Vice President, General Counsel and Corporate Secretary following Reliance's acquisition of Metals USA in April 2013. During his tenure at Metals USA Holdings Corp. from August 2009, Mr. Smith served as senior vice president, chief legal officer, and secretary.

The key risks to Reliance Industries Limited (RIL) are multifaceted, stemming from its diversified business portfolio spanning energy, retail, and digital services. Up to three significant risks include volatility and long-term challenges in its traditional oil-to-chemicals (O2C) business, substantial execution risks and capital intensity in its new growth ventures, and intense competition coupled with regulatory changes across its core sectors.

1. Oil-to-Chemicals (O2C) Business Volatility and Decarbonization Pressure: Reliance's significant reliance on its oil-to-chemicals (O2C) business exposes it to fluctuating global crude oil prices, which directly impact refining margins. This segment has faced weak financial results, with declining net profit margins in 2024 attributed to global oversupply and cheap Russian crude oil. Furthermore, the O2C business faces long-term risks due to global decarbonization pressures, evolving environmental regulations, increasing stakeholder expectations, and the broader energy transition, presenting a fundamental challenge to a core revenue generator.
2. Execution Risk and High Capital Intensity in New Growth Verticals: Reliance is strategically pivoting towards digital and green energy enterprises, which necessitates enormous upfront capital investments in areas like 5G infrastructure, renewable energy, and retail warehousing. This diversification into new markets, such as renewable energy, carries inherent execution risks, and the volatility in renewable energy prices could impact the returns on these substantial investments. Successful monetization of these new ventures and effective execution of its digital and green transformation plans are critical for the company's future growth trajectory.
3. Intense Competition and Regulatory Changes in Key Verticals: Reliance operates in highly competitive sectors, including petrochemicals, refining, telecommunications, and retail, facing aggressive competition from both domestic and multinational conglomerates. The telecom sector, in particular, experiences pricing pressures from competitors, affecting average revenue per user (ARPU). Additionally, frequent changes in government policies, such as those related to telecom spectrum pricing, FDI norms in retail, and environmental regulations, can disrupt expansion plans and increase compliance burdens across RIL's diverse operations. The rise of quick commerce companies also adds competitive pressure on Reliance's retail division.

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Reliance Industries Limited (symbol: RS) operates in several major sectors, with significant addressable markets primarily within India.

Petrochemicals and Refining

The petrochemicals market in India was valued at USD 50.23 billion in 2024 and is projected to reach approximately USD 85.83 billion by 2034, growing at a compound annual growth rate (CAGR) of 5.5% from 2025 to 2034. The broader Indian chemicals and petrochemicals sector, combined, had a market size of USD 220 billion in 2025 and is expected to grow to about USD 300 billion by 2025, with potential to reach US$1 trillion by 2040.

Retail

India's retail market reached USD 993.1 billion in 2024 and is anticipated to grow to USD 3,434.1 billion by 2033, demonstrating a CAGR of 13.21% from 2025 to 2033. Another estimate indicates the Indian retail sector is on track to expand from approximately US$ 952 billion in 2024 to over US$ 1.6 trillion by 2030.

Digital Services (Telecommunications and IT)

The India Digitally Delivered Services Market was valued at USD 256.9 billion in 2023 and is projected to reach USD 1197.2 billion by 2033, with a CAGR of 16.64% during the period of 2023 to 2033. Furthermore, the India IT services market size was valued at USD 39.83 billion in 2024 and is expected to reach USD 75.03 billion by 2033, exhibiting a CAGR of 7.30% from 2025 to 2033. The Indian digital transformation market size reached USD 26.7 billion in 2024 and is expected to reach USD 126.8 billion by 2033, with a CAGR of 17.50% during 2025-2033.

Here are 3-5 expected drivers of future revenue growth for Reliance over the next 2-3 years:

1. Expansion and Monetization of 5G and Digital Services (Jio Platforms): Reliance Jio is projected to drive significant revenue growth through the continued rollout and expansion of its 5G network across India. The company anticipates increasing its subscriber base, which stood at over 500 million as of Q2 FY26, including 234 million 5G users. Growth will also be fueled by a focus on improving Average Revenue Per User (ARPU), partly through strategic tariff hikes, as evidenced by a 13.5% year-on-year increase in ARPU to ₹206.2 in Q4 FY25. Furthermore, diversification into digital services such as home broadband through Jio AirFiber, digital entertainment, e-commerce, fintech, and enterprise solutions, alongside the monetization of its robust tech stack, is expected to substantially contribute to revenue.
2. Aggressive Expansion and Omnichannel Strategy in Retail (Reliance Retail): Reliance Retail's revenue growth is set to be propelled by its strategy of aggressive physical store expansion, with approximately 1,800 new stores added in FY24, bringing the total to over 18,800 across more than 7,000 towns and cities. The company is enhancing its digital commerce initiatives and integrating an omnichannel approach, combining online platforms with physical stores to offer a seamless shopping experience. Strategic acquisitions and partnerships, along with the scaling of its private labels and fast-moving consumer goods (FMCG) business, including brands like Campa and Independence, are also key growth catalysts.
3. Significant Investments and Capacity Expansion in New Energy: Reliance is making substantial investments, approximately ₹75,000 crore, in its New Energy business. A primary driver will be the commissioning and scaling of giga factories in Jamnagar for solar modules, battery systems, and electrolysers. The solar module manufacturing facility aims to scale annual capacity to 20 GW, and battery and electrolyser units are scheduled to commence operations in 2026 with initial capacities of 40 GWh and 3 GW respectively. This transition to green energy, including plans to achieve 100 GW of renewable energy capacity by 2030 and a shift to green hydrogen by 2025, is projected to be a major earnings contributor, potentially matching O2C earnings between FY29 and FY31.
4. Petrochemical Portfolio Expansion and Operational Enhancements in Oil-to-Chemicals (O2C): The O2C business remains a significant growth engine for Reliance, with plans to invest ₹75,000 crore in expanding its petrochemical portfolio. This includes setting up new plants for PVC, CPVC, PTA, and specialty polyester, as well as a carbon fibre facility. Revenue growth will also be supported by a continued focus on operational excellence, yield optimization, and improving domestic placement, building on the 100% capacity utilization achieved in crude processing in FY25.

Share Repurchases

• Reliance repurchased approximately 16.5 million shares of its common stock for a total of $3.26 billion since 2020.
• In the third quarter of 2025, Reliance repurchased 211,873 shares of common stock for $60.9 million.
• As of September 30, 2025, $963.6 million remained available under the company's share repurchase program, which was replenished to $1.5 billion on October 22, 2024.

Share Issuance

• Reliance Industries undertook a rights issue of ₹53,125 crore (approximately $7.05 billion) in May-June 2020.
• The 2020 rights issue offered 1 equity share for every 15 shares held at a price of ₹1,257 per share.
• In October 2024, Reliance Industries announced a 1:1 bonus share issue, with October 28, 2024, set as the record date.

Inbound Investments

• In 2020, Jio Platforms raised ₹152,056 crore (approximately $20.52 billion) from 13 global investors for a 32.97% equity stake.
• Significant investors in Jio Platforms included Meta (formerly Facebook) which invested ₹43,574 crore for a 9.99% stake, and Google which invested ₹33,737 crore for a 7.73% stake.
• Reliance Retail Ventures Limited (RRVL) raised ₹57,562 crore from various investors in 2020, including General Atlantic, GIC, and the Public Investment Fund (PIF).
• In August 2023, Qatar Investment Authority invested $0.99 billion (₹8,278 crore) for a 0.99% equity stake in RRVL.

Outbound Investments

• Reliance Industries invested $13 billion in acquisitions over the five years leading up to December 2024, shifting its focus towards clean energy, telecom, retail, and media sectors.
• Major acquisitions included Hathway Cable and Datacom for $981 million, REC Solar Holdings for $771 million, and JustDial for $767 million.
• The company acquired Karkinos Healthcare for ₹375 crore (approximately $43.9 million) in late 2024, enhancing its digital healthcare presence.

Capital Expenditures

• Capital expenditures for the fiscal year ending March 2025 amounted to ₹131,107 crore ($15.3 billion).
• The capital expenditure is primarily directed towards new Oil to Chemicals (O2C) projects, expanding retail stores, augmenting digital services infrastructure, and developing new energy manufacturing assets.
• Investments are expected to peak over the second half of fiscal year 2026, with significant capital allocated to renewables, Fast-Moving Consumer Goods (FMCG), and Artificial Intelligence (AI).