Economy Overview
Global Economy1
The year under review was marked by rising trade tensions and heightened geopolitical uncertainties. Despite these headwinds, the global economy demonstrated resilience, with global Gross Domoestic Product (GDP) remaining steady at 3.4% in the year 2025, in line with the previous year. This reflects stable underlying economic momentum.
Growth was supported by multiple factors. Front-loaded trade activity provided impetus to manufacturing and logistics, while sustained investments in Artificial Intelligence (AI), semiconductor ecosystems and digital infrastructure strengthened capital expenditure cycles. Concurrently, supportive fiscal measures across major economies helped balance economic stability with growth stimulus.
Advanced economies recorded growth of 1.9%, reflecting moderate but steady expansion supported by stable policy environments, despite ongoing trade-related pressures. In contrast, emerging market and developing economies outperformed, registering growth of 4.4%, driven by strong domestic demand, resilient services activity and continued public investment. However, several smaller economies remained constrained by limited fiscal capacity, currency volatility and elevated debt burdens.
Policy responsiveness and technological advancement continued to underpin global economic stability. Nevertheless, the global economic environment remains vulnerable to renewed trade and geopolitical disruptions. Escalating tensions in West Asia have introduced additional uncertainty, particularly due to potential disruptions in critical energy supply routes such as the Strait of Hormuz.
These developments have contributed to volatility in global oil markets, increasing fuel costs and creating ripple effects across logistics and industrial production worldwide. In response, several countries have intensified diplomatic engagement while also diversifying energy sources and crude import channels to mitigate supply risks.
Global economic activity is expected to moderate in the near term, with GDP projected to grow at 3.1% in year 2026, followed by a marginal improvement to 3.2% in year 2027. This moderation reflects the unwinding of inventory build-ups, the cumulative impact of tariff measures, persistent geopolitical tensions and softer consumption trends across major economies.
The near-term outlook may remain subjected to intermittent volatility, driven by evolving geopolitical developments, particularly in energy markets, potentially resulting in temporary cost pressures and supply-side disruptions. Global headline inflation is projected to rise to 4.4% in year 2026 before easing to 3.7% in year 2027, with upward revisions to forecasts for both years2.
Overall, the global environment calls for a measured and cautious approach, with an emphasis on resilience and adaptability. As global supply chains stabilise, sustaining economic growth will depend on deeper trade integration, institutional reforms and stronger investment-driven growth, particularly across emerging markets.
Indian Economy3
India has reinforced its position as one of the fastest-growing major economies globally. Real GDP is estimated to grow by approximately 7.7% in year 2026, compared with 7.1% in the previous year, reflecting sustained economic momentum. Growth has been supported by resilient rural demand, healthy agricultural output and a gradual recovery in industrial activity. Government initiatives, including Production Linked Incentive (PLI) schemes, continue to support manufacturing, while the services sector remains a key contributor. Continued public investment in infrastructure has further strengthening overall economic expansion.
Indias industrial sector showed positive momentum in year 2026, with overall industrial growth projected at 6.2%, up from 5.9% in year 2025, indicating a gradual acceleration in activity. The sector recorded a robust growth of 7.0% in the first half of year 2026, outperforming both 6.1% in first half of year 2025 and the pre-COVID trend of 5.2%, reflecting structural improvement in industrial performance.
Manufacturing emerged as the key growth driver, with Gross Value Added (GVA) growth accelerating to 7.72% in Quarter 1 and 9.13% in Quarter 2 of year 2026. This performance has been supported by policy initiatives such as the PLI schemes, which have attracted over 2 lakh crore and generated significant production and employment opportunities. Overall, the sector reflects a sustained recovery, driven by improved capacity utilisation, policy support and strengthening domestic demand4. Inflation remains well contained, with the Consumer Price Index (CPI) at 3.40%5 based on the revised 2024 base year. Stable inflation has supported purchasing power and support demand across both urban and rural markets. This is further reinforced by policy measures such as income tax relief, Goods and Services Tax (GST) rationalisation and an accommodative monetary policy stance, which together are sustaining consumption. India continues to strengthen its integration with global value chains. Ongoing trade discussions with the United States (US) and the European Union are expected to support exports, facilitate technology transfer and attract long-term investment. In response to geopolitical developments in the Middle East, India has taken steps to diversify crude oil sourcing and strengthen alternative supply channels, thereby improving overall energy security.
India is expected to remain the fastest-growing major economy, with Real GDP growth for the year 2027 projected in the range of 6.8% to 7.2%6, supported by continued government capital expenditure and a recovery in private consumption. Real Private Final Consumption Expenditure is projected to grow by around 7.0% in year 2026, indicating improving demand conditions. Indias Union Budget 2026–27 has further strengthened the infrastructure focus by increasing the capital expenditure outlay to 12.2 lakh crore7, reflecting the Governments continued commitment to infrastructure-led economic growth. This sustained rise in public investment is expected to accelerating development across key sectors such as roads, railways, urban infrastructure and energy, while also enhancing connectivity and logistics efficiency.
Higher capex is also expected to crowd in private sector participation, support employment generation across construction and allied industries and stimulate demand for core sectors such as steel, cement and capital goods. In addition, the Budget introduces structural measures such as the Infrastructure Risk Guarantee Fund are expected to reduce project risks and improve financing access, while the development of City Economic Regions (CERs) to drive balanced urban expansion. Overall, the Budget continues to reinforce infrastructure as a central pillar of sustaining long-term economic growth and competitiveness.
Further, ongoing structural reforms are expected to support long-term growth. These include GST rationalisation, progress in new and upgraded free trade agreements and continued efforts to improve the ease of doing business.
Inflation is expected to remain moderate under the revised base year, providing the Reserve Bank of India (RBI) with room to maintain a supportive monetary policy stance. This is likely to facilitate investment and sustain credit growth, even as global conditions remain uncertain due to tariff pressures and geopolitical uncertainties.
Indias energy sector has transitioned from a deficit-driven system to a structurally robust and near self-sufficient ecosystem, supported by sustained investments and policy reforms. The countrys total installed power capacity reached 520.51 Gigawatt (GW) as of January 2026, with a record addition of 52,537 Megawatt (MW) during Financial Year 2025–26. Notably, renewable energy accounted for approximately 75% of this incremental capacity.
Power shortages have been nearly eliminated, with deficits declining sharply from 4.2% in 2014 to 0.03% by December 2025. Peak demand of 242.49 GW was successfully met, reflecting improved system resilience.
Infrastructure development has remained strong. The national transmission network now exceeds 5 lakh circuit kilometres (km), while transformation capacity reached 1,407 Gigavolt
- Amperes (GVA), enabling efficient power evacuation and enhanced grid stability.
Universal electrification has largely been achieved through investments of 1.85 lakh crore. This has enabled the electrification of 18,374 villages and 2.86 crore households, while improving rural power supply from 12.5 hours/day (Year 2014) to 22.6 hours/day (Year 2025).
The operational and financial performance of distribution utilities has also improved. Power distribution companies reported a profit of 2,701 crore in year 2025. Outstanding dues declined to 4,109 crore, while Aggregate Technical & Commercial (AT&C) losses reduced to 15.04%. The renewable energy transition continues to accelerate. Solar capacity has reached 140 GW and wind capacity stands at 54.65 GW. Renewables now contribute over 51.5% of daily electricity demand at peak levels, indicating deeper integration into the energy mix.
The Indian energy sector is poised for sustained growth, driven by rising electricity demand, industrial expansion, electrification trends and continued policy support for clean energy. Peak demand is projected to reach 458 GW by 2032, necessitating further capacity expansion and infrastructure upgrades.
The transmission network is expected to expand to 6.48 lakh circuit km, with transformation capacity increasing to 2,345 GVA. These developments were backed by planned investments of approximately 9.15 lakh crore. Significant investment opportunities exceeding 50 lakh crore by 2032 across generation, transmission, distribution and storage are expected to drive sectoral growth.
Renewable energy segment is expected to remain a key growth driver, supported by government initiatives such as rooftop solar expansion, green energy open access and energy storage development. The increasing adoption of smart metering, with over 5.62 crore installations, along with digital infrastructure, is expected to enhance efficiency, reduce losses and improve consumer participation. Overall, the sector is expected to evolve towards a more sustainable, digitised and market-driven ecosystem. In result, this transformation will strengthen Indias energy security while supporting long-term economic growth.
Defence Sector
The global defence market size is estimated at USD 2,750.56 Billion in 2026, set to expand to USD 4,268.06 Billion by 2035, growing at a Compounded Annual Growth Rate (CAGR) of 5% during the forecast from 2026 to 20359. This is supported by increasing adoption of advanced technologies such as AI, autonomous systems, cyber warfare capabilities, and next-generation air and missile defence platforms. The US remains the largest defence spender globally, followed by China, while Europe and the Asia-Pacific region continue to witness accelerated defence investments.
Indias defence sector is entering a strong investment cycle, anchored by a higher budgetary allocation and a clear policy emphasis on self-reliance. In the Union Budget 2026-27, the Ministry of Defence (MoD)received its highest-ever allocation of 7.85 lakh crore. This is nearly three times the level in Financial Year 2013-14 and around 15% higher than the previous years budget estimate. Defence spending now accounts for nearly 15% of total central government expenditure.
Approximately 28% of the allocation has been earmarked for capital expenditure, with the remainder directed towards operations, salaries and pensions. This reflects a balanced approach between modernisation and force sustenance. The broader policy agenda focuses on upgrading three services, strengthening border infrastructure, expanding indigenous manufacturing and ensuring robust welfare support for veterans, in line with the longer-term Viksit Bharat@2047 vision.
Domestic defence production is expected to increase from 1.54 lakh crore in Financial Year 2024-25 to 1.75 lakh crore in Financial Year 2025-26, reflecting steady capacity expansion supported by policy initiatives11.
Indian defence products are also gaining strong acceptance in international markets. Defence exports reached 38,424 crore in Financial Year 2025-26, compared to 23,622 crore in FinancialYear 2024-25. The exports now extend to over 80 countries, highlighting the growing global competitiveness of Indias defence manufacturing sector12.
Growth Drivers
Rising capital outlays for modern platforms, including next generation fighter aircraft, advanced weapons systems, naval vessels, submarines, Unmanned Aerial Vehicle (UAVs) and drones. This is backed by a capital allocation exceeding 2.19 lakh crore in the Financial Year 2026-27. Strong policy thrust under Atmanirbhar, with about 1.39 lakh crore earmarked for procurement from domestic defence industries. Nearly three quarters of the capital acquisition budget has been ring fenced for Indian manufacturers, thereby encouraging localisation and greater private sector participation.
Enhanced funding for Defence Research & Development (R&D), with the allocation to Defence Research and Development Organisation (DRDO) increased to about 29,100 crore. Around one-quarter of Defence R&D budget has been opened to industry, start ups and academia. This is further supported by 15 DRDO Industry Academia Centres of Excellence and a network of 2,000 partner industries.
Targeted investments in strategic infrastructure, including higher allocations for the Border Roads Organisation, tunnels, bridges, airfields and defence optical fibre networks. These measures are expected to improve mobility and strengthen operational readiness along sensitive frontiers.
Expanded allocations for veterans welfare, including over 12,100 crore for the Ex-Servicemen Contributory Health Scheme and about 1.71 lakh crore towards defence pensions. This continued support is expected to enhance morale and reinforce the long term attractiveness of defence careers.
The outlook for Indias defence sector is broadly positive, supported by multi-year budget visibility and expanding domestic manufacturing opportunities. Higher and more predictable capital allocations, coupled with a procurement framework that prioritises Indian suppliers, are expected to strengthen the domestic defence industrial base and attract private investment, joint ventures and technology transfers.
In parallel, rising R&D expenditure and stronger industry-academia collaboration are expected to gradually transition the ecosystem from licensed manufacturing towards higher indigenous design, innovation and Intellectual Property creation. This shift is particularly relevant in complex platforms and subsystems.
With a sustained focus on modernisation, border infrastructure and veteran welfare, the sector appears well positioned to achieve stronger growth, greater self-reliance and improved operational readiness over the next decade.
Infrastructure Sector13
The infrastructure sector, comprising roads, railways, ports, airports, urban development, energy and digital networks, continues to serve as a key driver of Indias economic expansion. In year 2026, the sector sustained strong momentum, supported by robust public investment and policy-led financing reforms. Public capital expenditure has increased significantly, rising from
2 lakh crore in Financial Year 2014 15 to a Budget Estimate of 12.2 lakh crore in Financial Year 2026 27. This underscores the Governments continued emphasis on infrastructure-led development. Sustained investment is strengthening project execution across transportation and logistics networks, crowding in private capital, generating employment and stimulating demand across core industries such as steel, cement and construction materials.
The Union Budget 2026–27 has further expanded its focus beyond metropolitan regions by prioritising Tier II and Tier III cities and introducing CER, with an allocation of 5,000 crore per CER over five years to promote balanced regional development.
Indias infrastructure financing ecosystem is becoming intense and more diversified, enabling stronger long-term capital formation. Institutions such as the National Investment and Infrastructure Fund (NIIF), managing USD 4.9 billion in assets and National Bank for Financing Infrastructure and Development
(NaBFID), which has sanctioned approximately 3.03 lakh crore and disbursed about 1.09 lakh crore as of December 2025, continue to play a pivotal role in financing large-scale projects. Innovative instruments such as Infrastructure Investment Trusts (InvITs) and Real Estate Investment Trusts (REITs) have accelerated asset monetisation, unlocking over 1.5 lakh crore for reinvestment into new infrastructure. Additionally, the introduction of the Infrastructure Risk Guarantee Fund in Union Budget 2026–27 is expected to enhance financing security by reducing lender risk and encouraging greater private sector participation.
With stronger institutional support, rising investor interest and sustained government commitment, Indias infrastructure sector is well positioned for continued expansion. Growth is expected to remain particularly robust in roads and highways, which are central to improving logistics efficiency and strengthening overall economic competitiveness.
Engineering and Construction Sector17
The Engineering & Construction (E&C) sector in India continues to serve as a key enabler of economic growth, driven by government-led infrastructure development across roads, urban infrastructure, water and energy segments. However, the sector experienced a phase of moderation in Financial Year 2025–26, with revenue growth estimated at 2–4%, following a relatively flat performance in Financial Year 2024–25.
The slowdown was primarily due to muted project awards in the road sector and delays in Jal Jeevan Mission (JJM) projects. Despite these challenges, diversified EPC players with exposure to urban infrastructure, power, mining and water segments demonstrated relatively resilient performance.
Profitability across the sector remains under pressure due to intense competition and rising input costs. Operating margins, on the other hand, are expected to moderate to 10.1–10.6% in Financial Year 2026–27, compared to higher historical levels of 13–14%.
Elevated competitive intensity, particularly in road and metro projects, has resulted in aggressive bidding. In addition, working capital cycles have been impacted by delayed payments, resulting in elongated cash conversion cycles and moderation in interest coverage ratios, which are expected to be in the range of 3.1–3.4x.
Key Trends18
Digital procurement and supply chain resilience:
Increasing adoption of digital procurement tools and strategic inventory management is helping mitigate tariff volatility and enhance operational stability.
Data centres and energy infrastructure as growth drivers: Rising investments in data centres and energy infrastructure are reshaping demand, creating new opportunities for Engineering Procurement & Construction (EPC) players with specialised capabilities.
Digital transformation in project execution: Adoption of AI, automation and digital tools is enhancing project efficiency, cost control and execution timelines, emerging as a key competitive differentiator.
Workforce challenges and automation push: With an estimated requirement of nearly 0.5 million additional workers by 2026, companies are focusing on upskilling, mechanisation and automation to sustain productivity and competitiveness.
Outlook
The outlook for the E&C sector remains cautiously optimistic. Growth is expected to recover to 6–8% in Financial Year 2026–27, supported by a revival in road project awards and continued momentum in water and infrastructure projects.
Order inflows are projected to grow by approximately 10%, driven by increased government capex, extended timelines and higher outlay for JJM projects, along with sustained investments in core infrastructure segments. Diversified EPC players are expected to outperform, with 8–10% revenue growth, while road-focused players may continue to face near-term pressures.
However, the sector is likely to remain highly competitive, with margin persistent margin pressures arising from aggressive bidding and commodity price volatility. Additionally, geopolitical uncertainties, particularly in overseas markets such as West Asia affect execution timelines for companies with international exposure.
Overall, the sector is expected to benefit from structural drivers such as infrastructure expansion, urbanisation and energy transition. Continued adoption of digital technologies and operational efficiencies will be critical to sustaining long-term profitability and competitiveness.
Business Overview
Reliance Infrastructure Limited is a diversified infrastructure company with capabilities across E&C, power utilities, transportation and emerging segments such as defence and renewable energy. The Company operates an integrated business model, delivering end-to-end solutions from project development and execution to operations and maintenance. Its core portfolio includes power distribution, urban mobility and road infrastructure. Through its distribution utilities, the Company serves a large consumer base in Delhi, providing stable and predictable cash flows. Its Mumbai Metro operations and toll road assets contribute to urban connectivity and transportation efficiency.
In addition to its established businesses, the Company is strategically expanding into high-growth areas such as defence manufacturing and clean energy solutions, including solar and battery storage, in alignment with national priorities.
With a focus on disciplined execution, technology adoption and strengthened governance, Reliance Infrastructure continues to position itself as a resilient and future-ready participant in Indias infrastructure development.
Delhi Power Distribution Companies
The Companys two material subsidiaries, BSES Rajdhani Power Limited (BRPL) and BSES Yamuna Power Limited (BYPL), collectively referred to as the ‘Delhi Discoms, are responsible for electricity distribution in their respective licensed areas within the National Capital Territory of Delhi. BRPL serves approximately 33.36 lakh consumers across South and West Delhi, while BYPL caters to approximately 21.10 lakh consumers in East and Central Delhi.
In the Financial Year 2025-26, the Delhi Discoms reported an aggregate income of 18,534.85 crore as compared to the previous years 22,017.01 crore. Capital expenditure during the year stood at 1,579 crore, directed towards the upgradation, strengthening, reliability improvement and modernisation of the power distribution infrastructure. Consequently, the aggregate net block, including Capital Work in Progress (CWIP), reached 9,474 crore.
The customer base of the Delhi Discoms grew by over 4.19% during the year. Despite this increase, both entities achieved delivering a high level of service reliability, maintaining system availability at over 99.9%. The Transmission and Distribution loss levels at the Delhi Discoms remained comparable to international benchmarks with BRPL achieving 6.31% and BYPL achieving 6.40% in the Financial Year 2025-26. Both BRPL and BYPL successfully met their respective peak power demands during the year, with BRPL handling 3,803 MW and BYPL managing 1,824 MW, reaffirming their operational efficiency and infrastructure robustness.
The Delhi Discoms have received the highest ‘A+ grade in the Consumer Service Rating of DISCOMs (CSRD) conducted by REC Limited among 66 Discoms evaluated for their performance during Financial Year 2024-25, reflecting excellence in power supply reliability, digital services, consumer grievance redressal, billing efficiency and overall customer satisfaction.
Key Regulatory Highlights of Financial Year 2025 -26
Issuance of Tariff Order: While Delhi Electricity Regulatory Commission (DERC) did not issue any Tariff Orders during the year, on October 25, 2025, and December 31, 2025, It has issued True-up orders for the Financial Years 2021-22 and 2022-23, respectively. It has recognised a cumulative Regulatory Asset of Rs. 24,733 crore as on March 31, 2023. During the Financial Year 2025-26, tariffs have been recovered in terms of the last Tariff Order dated September 30, 2021. On certain principal issues in the True-up orders for the Financial Years 2021-22 and 2022-23 respectively, Delhi Discoms filed appeals before the Appellate Tribunal for Electricity (APTEL).
Implementation of Orders of the Superior Courts by DERC: Honble Supreme Court (SC) vide its order dated December 01, 2021, has settled the long-pending matters by dismissing the six Civil Appeals of DERC and directing DERC to implement the APTEL Orders. DERC filed its Compliance Affidavits, against which the Company filed Miscellaneous Applications, which were allowed by the
Honble SC by Order dated December 15, 2022, again directing DERC to implement the APTEL Orders. Further, SC vide its order dated October 18, 2022 allowed BSES Appeals against APTEL Order dated November 28, 2014 and held that DERC cannot re-open Tariff Orders during true up exercise and change the methodology / principles of original tariff determination. DERC vide its order dated July 19, 2024 has partially implemented the above orders of Honble SC. The Company has filed Contempt Petitions against DERC in the Honble SC which are pending adjudication.
Writ Petition before Honble Delhi High Court (DHC) challenging the Business Plan Regulations, 2023:
On March 29, 2023, DERC issued the Business Plan Regulations, 2023 (BPR, 2023) to be applicable for the Control Period from the Financial Year 2023-24 to Financial Year 2025-26. The Company filed Writ Petition before DHC challenging the Business Plan Regulations, 2023 and seeking stay of the Regulations to the extent challenged. The matter is sub-judice before DHC. Further, on March 27, 2026, DERC has extended the BPR, 2023 Regulations for one more year for Financial Year 2026-27. The Company is in the process of filing Writ Petition against the same before DHC. Also, DERC vide letter dated April 06, 2026 has directed Company to file the Aggregate Revenue Requirement (ARR) petition for Financial Year 2026-27 in accordance with BPR 2023 whereas the ARR petition for Financial Year 2026-27 (along with True-up for Financial Year 2024-25) has already been filed on November 28, 2025 under the provisions of the MoP Rules and in accordance with the Business Plan submitted on August 29, 2025. The Company has re-filed the ARR petition for Financial Year 2026-27 as per the MoP Rules and in accordance with the BPR 2023 to the extent it is not inconsistent with MoP Rules.
Regulatory Challenges:
Accumulation of Regulatory Assets (RA): Due to non-cost reflective tariffs in the past, there has been a significant buildup of RA leading to severe stress on the financial position of the Company. Further, the RA recognised by DERC in its order dated December 31, 2025 are yet to be liquidated. Moreover, there are various Orders of APTEL and the SC which are yet to be implemented by DERC. Hence, the delay in recognition and amortisation of RA is impacting the financial position of the Company and increasing the burden of carrying cost, which is to be borne by the consumers. The SC disposed off the matter regarding creation, continuation and liquidation of RA by its judgment dated August 06, 2025 and has directed in Paragraph 71(v) of the said judgement for recovery of existing RA over 4 years starting from 1st April 2024. Subsequently, by its clarificatory order dated October 28, 2025, SC increased the period of liquidation from 4 years to 7 years.
Pursuant to the directions in Paragraph 71(ix) of the specified judgment, the Honble APTEL initiated suo moto proceedings involving DERC, Delhi Discoms, and Tata Power Delhi Distribution Limited (TPDDL). These legal proceedings address a provisional 38,552 crore regulatory asset liquidation plan as of April 1, 2026. However, the licensees objected to DERCs proposed 7-year roadmap. They cited significant mathematical errors, a failure to align with the SC mandated timeline of April 2024 to March 2031, and the improper use of local regulations over Rule 23 of the Electricity Rules 2005 for determining carrying costs.
APTEL upheld Discom objections and ordered DERC to submit a revised plan, though DERC maintained that its acknowledged
38,552 crore liability will only crystallise after upcoming
FY 2023–24 true-up orders. Expressing deep concern over regulatory delays, APTEL gave DERC two weeks to appoint an independent auditor per SC directives. Failure to comply will result in the Tribunal directly appointing a Chartered Accountant (CA) and reporting DERC to the Supreme Court.
On March 6, 2026, DERC submitted that it had obtained approval for a Comptroller and Auditor General (CAG) audit. BSES Discoms objected, citing a DHC judgment that set aside such audits. Consequently, the Tribunal restrained DERC from proceeding, ordered an affidavit clarifying the audits legality, and heard arguments on both the audit and DERCs request for a three-month extension for the FY 2023–24 true-up and RA liquidation. On April 20, 2026, APTEL ruled that a CAG audit of Delhi Discoms is legally impermissible. It observed that while the SC required an audit, it did not mandate the CAG. Accordingly, APTEL directed DERC to appoint a CA within one week and complete the audit within three weeks.
With regard to the extension of time for starting RA liquidation, APTEL rejected DERCs request, stating that no legal impediment exists and that the unjustified delay burdens consumers. Consequently, APTEL directed DERC to commence the RA liquidation process within three weeks from the date of the order, while granting an extension until June 30, 2026, to complete the true-up exercise for Financial Year 2023-24.On May 20, 2026, APTEL heard DERCs review petition against aforesaid order dated April 20, 2026 and reserved the order.
Consumer Services, Digitisation and Automation
Interconnectivity of Customer Help Desks (CHDs) & Virtual Customer Care Center
Launched an appointment free Virtual Customer Care Center (VCCC) providing instant video-call support across all 14 interconnected CHDs. Accessible on all working days via the website, "BYPL Connect" app, WhatsApp (8745999808), and bill-printed Quick Response(QR) codes. The platform dynamically routes queries to any available executive across divisions. This system standardizes service delivery, optimizes staff utilization, and minimizes wait times, especially during lunch hours (1:00
PM to 1:30 PM) or peak physical queues—delivering convenient, end-to-end digital assistance that eliminates physical visits.
WhatsApp Based Services
The Company expanded its 24/7 WhatsApp platform to offer end-to-end customer services, including bill viewing, complaint tracking, and connection updates. Users can pay instantly in-app via Unified Payments Interface (UPI), cards, or net banking, and immediately download receipts directly from the chat. This digital upgrade maximizes customer convenience, eliminates physical visits, and ensures seamless, secure transactions.
Digital Onboarding & Customer Awareness
Implemented a WhatsApp welcome letter for new electricity customers following meter installation to ensure a smooth onboarding experience. This document provided essential details on account management, touchpoints, payment methods, and e-bill benefits. By promoting digital self-service from the start of the customer lifecycle, the initiative effectively improved awareness, encouraged timely payments, and boosted digital adoption.
Digital Power Reconnection Services
The Discoms launched an online reconnection service through its website www.bsesdelhi.com and the Connect mobile app. This allowed customers to submit requests from home, eliminating physical visits to Customer Care Centres (CCC). The initiative successfully reduced turnaround times, minimized footfall, and enhanced customer satisfaction.
Online Application facility for Security Refund
Digitized the security deposit refund process through its website and the Connect mobile app. This facility enabled customers to submit refund requests online, eliminating physical office visits. The initiative streamlined processing times, enhanced transaction transparency, and significantly improved customer convenience.
Doorstep Services for Senior Citizens and Differently Abled Applicants
Facilitates doorstep service for senior citizens and differently-abled applicants seeking new electricity connections. By calling the toll-free number 19122, beneficiaries scheduled home appointments where executives collected documents and processed applications online. This initiative eliminated the need for travel, ensuring a convenient and highly accessible onboarding process.
Paperless Billing & Digital Adoption
Discouraged the issuance of printed duplicate bills at CCC to reduce paper usage. Staff guided walk-in customers toward digital alternatives like WhatsApp, the website, and the mobile app. To support this behavioural change, Discoms displayed bilingual awareness posters at service centres to transition users smoothly to paperless billing channels.
Info Guide Launch
An "Info Guide" booklet was released and digitized to enhance customer awareness and strengthen its brand image. The same is uploaded on the website and is shared with Resident Welfare Associations (RWAs) via division-level WhatsApp groups. This initiative successfully empowered customers and employees while reinforcing the Companys commitment to transparency, innovation, and service excellence.
The Digital Portal Deployed division wide QR codes across all 23 divisions, enabling customers to access consumer services instantly on mobile devices. This portal allowed users to download bills, update KYC, track connection requests, check solar net-metering guidelines, and view energy-efficient appliance replacement schemes. The initiative successfully reduced service center footfall and improved operational efficiency.
Digital Platforms Enhancement
The website and the Power App are enhanced to streamline customer services. Website upgrades simplified the new connection process, integrated a subsidy opt-out facility, and introduced the e-LECTRIC Rewards Program to incentivize digital payments. Simultaneously, the mobile app was updated with consumption analytics, complaint tracking, multi-language support, and a 12-month billing and payment history tool.
Grievance Redressal & Customer Support Mechanism
Implemented an Internal Consumer Grievance Redressal Cell (ICGRC) to streamline the registration, tracking, and resolution of consumer disputes in line with regulatory requirements. To enhance customer convenience, it expanded multi-channel payment options with instant confirmations and maintained a 24?7 toll-free helpline 19123. Additionally, technological upgrades introduced an AI-enabled voice bot for automated "No Supply" complaints, an IVR–WhatsApp system for faster registration, and dedicated accessibility services for visually impaired consumers.
Consumer Engagement Initiatives
Community Outreach and Digital Adoption
Conducted 215 RWA meetings and 124 school energy programs to promote energy conservation awareness and drive corporate initiatives. These outreach efforts were supported by active consumer engagement across the website, mobile application, email campaigns, and social media platforms. Collectively, these initiatives successfully enhanced service accessibility, improved operational responsiveness, and strengthened digital adoption. Ultimately, these measures advanced the Companys strategic vision of transforming into a highly customer-centric, technology-driven utility.
Educational Awareness Programs
Conducted 10 awareness programs for ~600 students (Classes V–IX) in the BYPL area to drive long term Behavioural Energy
Efficiency. Utilizing an engaging short animation film, the initiative instilled early habits of mindful energy consumption and leverage childrens influence to promote sustainable habits across entire households. The program also educated future consumers on digital initiatives, specifically highlighting the benefits of e-bills and the features of the BSES mobile app.
Nukkad Nataks for promoting Digital Services
Organized 195 Nukkad Nataks across East and Central Delhi in collaboration with RWAs to promote its digital services. Performed by skilled artists, these street plays educated residents on using the BYPL Connect app, the official website, WhatsApp services (8745999808), and the VCCC for video-call consultations. The campaign emphasized the efficiency and environmental benefits of online payments and e-bills. To reinforce adoption, each performance concluded with an interactive quiz featuring prizes for participants.
Strengthening Customer Engagement via RWA Meetings
Conducted 84 RWA meetings (12 circle-level and 72 division-level) to improve operational transparency and customer satisfaction. The sessions secured community support for loss reduction and power theft detection while gathering feedback for service upgrades. Additionally, the meetings educated residents on digital services, electrical safety, scam awareness, electric vehicles (EVs), and net metering.
Defence Business
Reliance Defence Limited (Reliance Defence), a key component of the Companys diversified portfolio, is actively advancing Indias self-reliance in defence manufacturing through innovation, operational excellence, and strategic global partnerships. In alignment with the Government of Indias "Make in India" and "Atmanirbhar Bharat" initiatives, the defence vertical is committed to delivering advanced, globally benchmarked solutions that enhance national security capabilities.
Leveraging emerging opportunities driven by evolving geopolitical dynamics, Reliance Defence operates across a wide spectrum of domains, including aerospace, electronic warfare, artillery systems, explosives, and armoured vehicle upgrades. Supported by strong engineering capabilities, the Companys facilities are well-positioned to cater to both domestic and international defence requirements, thereby strengthening Indias position as a trusted global defence partner.
Strategic Joint Ventures and Key Projects
Reliance Defence has established a robust ecosystem to support accelerated growth. Key enablers include strategic collaborations with global Original Equipment Manufacturer (OEMs) such as Dassault Aviation, France and Thales Group, France; co-development initiatives with DRDO, particularly in next-generation ammunition; advanced expertise in explosives and propellants catering to domestic and export markets; a highly skilled workforce with domain expertise across aerospace, electronics, and armaments; and state-of-the-art infrastructure aligned with international quality and compliance standards. The current geopolitical landscape has significantly increased demand for defence equipment, with major European Union (EU) nations expected to raise defence spending from approximately 2% to 3% of GDP. In the large-calibre ammunition segment—an area of focus for Reliance Defence—global demand is projected to reach approximately 4,00,000 crore over the next decade, primarily driven by restocking requirements.
The Company has been offered 1,000 acres of land at the Watad Industrial Area in Ratnagiri, Maharashtra, for the development of an integrated manufacturing complex for explosives, ammunition, and small arms. This project, named the Dhirubhai Ambani Defence City (DADC), is envisaged as the largest greenfield defence manufacturing initiative by a private sector entity in India.
Reliance Defence has also entered into a strategic partnership with OEMs in EU. This collaboration is expected to enhance Indias defence manufacturing ecosystem while strengthening OEMs supply chain resilience and creating new growth avenues. As part of this initiative, Reliance Defence will establish a greenfield facility at Watad, with an annual production capacity of up to 200,000 artillery shells, 10,000 tonnes of explosives, and 2,000 tonnes of propellants. This facility is expected to position the Company among the top three defence exporters in India. The upcoming defence manufacturing complex will contribute significantly to Indias defence export target of 50,000 crore by 2029 while also supporting domestic armed forces with advanced capabilities.
Dassault Reliance Aerospace Limited (DRAL)
Our joint venture with Dassault Aviation, France, has evolved into a Centre of Excellence for aerospace manufacturing. Located at the Dhirubhai Ambani Aerospace Park (DAAP), DRAL produces critical aero-structures for Falcon 2000 LXS (Long Range, with Short Field Performance and Enhanced Systems) business jets and subassemblies for Rafale fighter jets. Future expansion plans include setting up DRAL as Centre of Excellence for Falcon. This will be the first such facility for Dassault Aviation outside of France and will support the complete family of Falcon aircraft, positioning India as a leading exporter in aerospace.
Thales Reliance Defence Systems Limited (TRDS)
In partnership with Thales Group, France, TRDS is engaged in the Assembly, Integration and Testing (AIT) of Airborne Active Electronically Scanned Array (AESA) Radars, Electronic Warfare Suites and Navigation Equipment. It also undertakes performance- based logistics and system upgrades for the Rafale aircraft fleet of the Indian Air Force. TRDS is pioneering the indigenization of critical radar components such as Trans Receiver (TR) Modules and Micro Modules in partnership with companies like Bharat Electronics Limited (BEL), making this the first instance of Indian- led integration of AESA airborne radar antennas. TRDS has also forayed into commercial Navigation Aids with multiple systems to serve both defence and civilian aviation needs.
Development of New Age Artillery Ammunition
Reliance Defence is nominated as the Development-cum-Production Partner (DcPP) with the Armament Research & Development Establishment (ARDE) for developing advanced 155 mm artillery ammunition for the Indian Army. Multiple variants of bourrelet ammunition have been developed and are have undergone successful flight trials. During the next phase, the ammunition would undergo proof firing and Directorate General of Quality Assurance (DGQA) evaluation prior to induction with Indian MoD. The Company holds joint intellectual property rights for these systems and is well-positioned to leverage export opportunities.
Integrated Ammunition, Explosives and Propellants Manufacturing Facility
The Company is in the process of finalizing a fully integrated facility at DADC, Ratnagiri, for manufacturing ammunition, explosives and propellants. Spread across 1,000 acres, the facility will produce a wide range of products including 155 mm artillery ammunition (high-explosive, smoke, illumination, and cargo rounds), military-grade explosives such as Trinitrotoluene (TNT), Royal Demolition eXplosive (RDX), and High Melting eXplosive (HMX), various classes of propellants and commercial explosive
Mumbai Metro One Private Limited (MMOPL)
The Mumbai Metro Line-1 project, covering the Versova- Andheri-Ghatkopar corridor, was awarded by the Mumbai Metropolitan Region Development Authority (MMRDA) through a global competitive bidding process under the Public-Private Partnership (PPP) framework. The project was granted to a consortium led by the Company for a 35-year period, inclusive of the construction phase. Operations commenced on June 8, 2014. Implemented and operated by MMOPL, the project has been a cornerstone of Mumbais urban mobility landscape. Building on a decade of successful operations completed in June 2024, Mumbai Metro Line -1 will mark 12 years of service on June
8, 2026. Over the years, Mumbai Metro Line-1 has played a transformative role in strengthening the citys public transport infrastructure, consistently delivering safe, efficient and reliable urban mobility.
Operational Excellence
Unmatched Reliability
MMOPL exemplifies operational excellence through its unwavering commitment to reliability and punctuality. Achieving 100% train availability and maintaining an on-time performance exceeding 99%, MMOPL has set a benchmark in urban mass transit operations. By offering dependable service, MMOPL plays a critical role in alleviating traffic congestion and reducing commute times across one of Indias most densely populated urban corridors.
Customer-Focused Innovation
MMOPL remains at the forefront of passenger convenience by embracing a customer-first approach and leveraging smart mobility solutions. Further enriching the commuter journey, MMOPL introduced WhatsApp enabled e-ticketing, allowing passengers to access and validate tickets directly through a widely used messaging platform. These innovations underscore MMOPLs commitment to enhancing commuter ease, digital accessibility, and service efficiency, redefining what a modern, passenger-centric metro system should be.
Unparalleled Ridership and Network Synergy
MMOPL continues to lead the nations metro systems with exceptional ridership milestones, having served over, 1200 million passengers as of March 31, 2026. This outstanding figure cements Mumbai Metro Line-1s status as the busiest metro corridor in India.
Notably, daily ridership has not only rebounded post-pandemic but has also exceeded pre-COVID levels, driven by improved accessibility and strategic integration with the expanding metro ecosystem, including Lines 2A, 7, and Line 3, and recently opened lines, Line-2B and Line -9. Line-1s critical interchanges at Ghatkopar and Andheri, connected with Mumbais suburban rail network, offer commuters a seamless, time-saving journey. This interconnected urban transit infrastructure is helping redefine Mumbais public transportation landscape, delivering faster, more efficient, and accessible mobility across the city.
Cost Optimization
MMOPL fosters a culture of in-house expertise, developing a team of domain experts who handle maintenance activities. This reduces reliance on external service providers, leading to optimised Operation & Maintenance(O&M) costs.
Unlocking Non-Fare Revenue Potential
Recognizing the opportunity to go beyond core transit operations, MMOPL has strategically transformed its stations into vibrant, revenue-generating urban spaces. A curated mix of brand partnerships across key categories in Quick Service Restaurant (QSR) and Food & Beverage (F&B) - like McDonalds, KFC, Nom-Nom and Starbucks, Retail and Lifestyle brand like Senco Gold & Diamonds and Healthcare and Pharmacy brand like Apollo Pharmacy have enhanced commuter experience. Additionally, MMOPL has introduced Autope – smart lockers system across all 12 stations, enabling secure, app-based parcel storage and retrieval and adding a new dimension of utility-driven services within the metro ecosystem. Notably, MMOPL pioneered the introduction of the first-ever 7-Eleven stores within the metro ecosystem in India, setting a benchmark for transitoriented retail integration.
In parallel, innovative monetization initiatives, including station branding rights with brand like Fevicol, HDFC ERGO and Pheonix Market City and structured advertising partnerships have unlocked significant non-fare revenue streams, strengthening the projects long-term financial sustainability.
Innovation and Social Responsibility
Technological Advancement
MMOPL continues to drive innovation by strengthening its digital ecosystem. MMOPL has actively participated in key initiatives, including the National Common Mobility Card (NCMC), One Ticket and the Mumbai One app collectively advancing a unified and interoperable payment framework across multiple modes of public transport.
MMOPL has expanded its digital reach by integrating its ticketing with the Open Network for Digital Commerce (ONDC) and is now available on popular platforms like Uber, Rapido, Ixigo, and Yatri. In parallel, strategic partnerships with leading financial and fintech institutions, including Indian Overseas Bank (IOB), PhonePe, and Paytm have strengthened the digital payments ecosystem, accelerating the shift towards a cashless and convenient commuting experience.
Recently introduced, RapidCash is a differentiated commuter-centric initiative under the Metro Loyalty Program, that extends value beyond transit. Through assured cashback on e-commerce transactions and seamless UPI withdrawals, it enhances affordability by effectively integrating daily consumption with travel savings.
Community Connect and Social Engagement
MMOPL goes beyond transport by building a strong, commuter-first digital connect through its evolving social media presence. With a more responsive and relatable approach, MMOPL shares real-time service updates, drives informative and awareness-led content on safety and commuting and promotes initiatives like exploring Mumbais culture and city highlights. By celebrating local heroes and showcasing commuter stories, these platforms foster greater engagement, awareness and a sense of community ownership, strengthening the bond between Mumbaikars and Mumbai Metro Line-1.
Green Initiatives and Sustainability
MMOPL prioritises environmental responsibility through eco- friendly practices like rooftop solar power generation, rainwater harvesting and recycled water usage for train cleaning. These initiatives not only reduce the projects carbon footprint but also contribute to a more sustainable Mumbai.
Looking Ahead
MMOPL remains dedicated to exceeding expectations and further enhancing Mumbais public transport infrastructure. By continually innovating, optimizing operations, and prioritizing customer experience, MMOPL aims to solidify Line-1 as a vital artery for Mumbais growth and a model for successful public- private partnerships in India. The company is well-positioned to play a key role in shaping Mumbais future as a sustainable and well-connected megacity.
Roads Projects
The Roads Business portfolio comprises six operational Build, Operate and Transfer (BOT) toll road projects, covering a tolling length of 523.555 km. All road projects are currently revenue operational and are strategically located along high- traffic-density corridors, primarily in urban-centric areas across two states in India.
There are 10 toll plazas operating in 6 operational toll roads with an average daily traffic of 2.9 lakh vehicles and an average toll collection of Rs 2.85 crore per day. A summary of the operational toll road projects is provided below:
1. NK Toll Road Limited
The project stretch of 41.375 Km with 4-lane dual carriageway from Namakkal Bypass to Karur Bypass on the NH 7 in Tamil Nadu on a BOT basis. The project commenced commercial operations in August 2009 and is currently debt free. Concession period to end in Financial Year 2026-27.
2. DS Toll Road Limited
The project stretch of 53.32 Km with 4-lane dual carriageway from Dindigul bypass to Samayanallore on the NH 7 in Tamil Nadu on a BOT basis. The project commenced commercial operations in September 2009 and is currently debt free. Concession period to end in Financial Year 2026-27.
3. TD Toll Road Private Limited
The project stretch of 88.6 Km with 4 lane dual carriageway from Trichy to Dindigul section on the NH 45 in Tamil Nadu on BOT basis. The project commenced commercial operational in January 2012. This Special Purpose Vehicle (SPV) is under Corporate Insolvency Resolution Process (CIRP).
4. TK Toll Road Private Limited
The project stretch of 63.55 Km with 4 lane dual carriageway from Trichy to Karur section on the NH 67 in Tamil Nadu on BOT basis. The project commenced commercial operational in February 2014
5. SU Toll Road Private Limited
The project stretch of 136.36 Km with 4 lane dual carriageway from Salem to Ulundurpet section on the NH 79 in Tamil Nadu on BOT basis. The project commenced commercial operations in July 2012 for two Toll Plaza and 3rd Toll Plaza has been operating since September 2013. This SPV is under CIRP.
6. PS Toll Road Private Limited
The project stretch of 140.35 Km with 6 lane dual carriageway from Pune to Satara section on the NH 48 in Maharashtra on BOT basis. Tolling on the project started in October 2010. The Provisional Completion Certificate (PCC) was obtained at the end of April 2022.
The BOT project for Gurgaon - Faridabad Toll Road was under the supervision of resolution professional and the asset was transferred to a resolution Applicant with effect from February 24, 2026 and the revenue from the asset was not considered while preparing the consolidated financial statement for the year ended March 31, 2026.
The National Highways Authority of India (NHAI) issued a intention to terminate order on May 12, 2023 for Hosur - Krishnagiri Toll Road, which was subsequently contested by the concessionaire. Following the issuance of the termination order, toll collection remained under the control of NHAI, and the concessionaire did not have control over the toll collection rights. Subsequently in the letter dated January 22, 2024 final termination letter was issued which was contested by the concessioner in High Court (HC) and SC. The court finally upheld the decision of NHAI and passed order for termination.
E & C Sector
The E&C Division delivers integrated services in design, engineering, procurement and project management for turnkey infrastructure projects. These span across coal-based thermal, gas-powered and nuclear power plants, including metro rail, roads and railway systems. Over the past two decades, the Division has executed a wide array of greenfield projects in medium, large and mega categories, displaying strong capabilities in complex project delivery. During the year, efforts remained focused on the timely and efficient execution of existing contracts while maintaining high standards of quality and safety.
Major Projects currently under execution by the E&C Division a. The Company is carrying out an EPC contract for common services systems, structures and components at Unit 3 and 4 of Kudankulam Nuclear Power Project being set-up by Nuclear Power Corporation of India Limited (NPCIL) wherein the Project activities are at an advanced stage and financial progress of more than 85% has been achieved as on March 31, 2026.
b. The Company in joint venture with WeBuildSpA is executing EPC contract for elevated viaduct and Stations for Mumbai Metro Rail Project - Packages 8, 10 and 12 which are part of Wadala – Ghatkopar – Thane – Kasarvadawali Metro.
c. The Company is executing an EPC order from NHAI for Six Laning of Highway from Bihar-Jharkhand Border (Chordaha) to Gorhar section of NH-2 in the state of
Jharkhand covering a length of 71.285 km. The project highway comprises three flyovers and two major bridges and the plantation of around 15,500 trees. This project highway includes up-gradation of existing facilities, construction of new corridors for ensuring safe, smooth and uninterrupted flow of traffic. This project has achieved overall 75% as on March 31, 2026. d. The Company, in a joint venture with CAI-Ukraine, is executing an E&C order from the Ministry of Road Transport and Highways for Rehabilitation and Upgradation of Kashedi Ghat section of NH-17 (New NH-66) to four lanes with paved shoulders including construction of twin tube six-lane tunnel in Maharashtra on E&C Mode. The project work is completed and has received the Completion certificate in the financial year 2026 from the Authority.
New Energy (Renewables & Energy Storage)
The Company is expanding into new energy solutions, with a focus on integrated solar manufacturing and battery energy storage systems. This initiative aligns with Indias clean energy transition and the growing demand for renewable capacity and grid stability solutions.
The development of solar and battery manufacturing capabilities is expected to create long-term value, supported by favourable policy frameworks and increasing adoption of renewable energy. This positions the Company to participate in next-generation energy infrastructure and emerging opportunities in energy storage and sustainability.
Reliance Power Limited
The Company is a promoter of Reliance Power Limited (Reliance Power), an associate of the Company. Reliance Power has one of the largest portfolio of private power generation and resources under development in India. Its portfolio comprises of multiple sources of power generation - thermal, solar and hydroelectric. During the Financial Year 2025-26, the operating plants of the Reliance Power, set up through its subsidiary companies, performed exceedingly well on efficiency parameters. Reliance Powers Sasan Ultra Mega Power Plant (UMPP) (Capacity 3,960 megawatt) continued its impressive performance with generation of 30,092 Million Units (MUs) with Plant Load Factor (PLF) of ~87% which demonstrates its efficiency and reliability. Compared to the all India average thermal PLF of approximately 60%, Sasan UMPP is operating at an exceptional level. The Sasan UMPP stands as one of the largest integrated coal based power plants globally. It is complemented by the Mohe and Moher Amlohri Extension captive coal mines, which fulfill the plants fuel requirements. In the past year, the Sasan Coal Mine efficiently produced 17.18 million MT of coal and removed 48 million bank cubic meters of overburden.
The Rosa Thermal Power Plant, with a capacity of 1,200 megawatt, achieved a total generation of 6,952 MUs during the current fiscal year, reflecting stable operational performance.
The Solar Photovoltaic (PV) plant, with a capacity of 40 MW, utilizing photovoltaic panels to directly convert sunlight into electricity, generated 46.82 MUs during the year. Further, the 100 MW Concentrated Solar Power (CSP) plant, concentrating solar energy using mirrors to heat water to generate steam to drive turbines, produced 12.61 MUs during the year and contributed to cleaner and greener energy production.
Reliance Bangladesh LNG and Power Limited (RBLPL) has established a 718 MW (net) power plant at Meghnaghat, near Dhaka in Bangladesh. This project has been executed together with strategic partner JERA Power International (Netherlands), a subsidiary of JERA Co. Inc. Japan. The commercial operations of the project has commenced in July 2025.
As a step to transit toward renewable energy space, Reliance NU Suntech Private Limited, a wholly owned subsidiary (WOS) of the Reliance Power (WOS) has signed a Power Purchase Agreement with Solar Energy Corporation of India (SECI) to supply 930 MW of solar power integrated with 465 MW/1,860 MWh Battery Energy Storage System (BESS). To achieve the contracted capacity of 930 MW, the project will deploy more than 1,700 MWp of solar generation capacity. Further, Reliance NU Energies Private Limited, another WOS, has received two Letter of Awards for projects from SJVN. One project is for 350 MW of solar power integrated with 175 MW / 700 MWh BESS and another for 750 MW / 3000 MWh of BESS with 650 MW of solar power. The total deployment of solar generation capacity in these two projects shall be about 1,500 MWp and that of BESS shall be 4,000 MWh. This marks a significant milestone in the Reliance Powers strategic vision to shift toward cleaner energy sources and play a pivotal role in shaping the countrys sustainable energy future.
Financial Overview on consolidated basis
The Companys total consolidated income including regulatory income, for the Financial Year ended March 31, 2026 was Rs.25,826 crore (USD 2.73 billion) as compared to Rs. 30,425 crore (USD 3.56 billion) in the previous financial year. The total income includes earnings from sale of electrical energy of Rs. 23,254 crore (USD 2.46 billion) as compared to Rs. 28,121 crore (USD 3.29 billion) in the previous financial year.
During the year, interest expenditure decreased to Rs. 1,660 crore (USD 175 million) as compared to Rs. 1,784 crore (USD 208 million) in the previous year. The capital expenditure during the year was Rs. 1,819 crore (USD 192 million), incurred primarily on modernizing and strengthening of the transmission and distribution network as also on road projects.
The total Plant Property and Equipment as at March 31, 2026 stood at Rs. 10,177 crore (USD 1.07 billion). The Companys consolidated net worth was Rs. 17,876 crore (USD 1.89 billion). In order to optimise shareholder value, the Company continues to focus on in-house opportunities as well as selective large external projects for its E&C and Contracts Division (the E&C Division). The E&C Division has a pending order book position of Rs. 363.25 crore (USD 38 million).
Financial Ratios
The details of significant changes amounting to change of 25% or more as compared to the immediately previous financial year in Key Financial Ratios and Return on Net worth along with detailed explanations thereof are given in Note No. 55 to the standalone financial statement.
Information Technology (IT)
Reliance Group continues to strengthen its digital ecosystem through investments in secure, scalable, and resilient IT infrastructure aligned with evolving business and regulatory requirements.
During the year, the Group enhanced its cybersecurity posture through continuous monitoring, proactive vulnerability management, and the operationalisation of a 24x7 Security Operations Centre (SOC) for real-time threat detection and response. The organisation is progressing towards a Zero Trust Architecture, supported by AI-driven controls including continuous authentication, user behaviour analytics, and adaptive access management.
Significant advancements were made in in-house AI-driven data analytics, enabling intelligent system monitoring, predictive insights, anomaly detection, and improved operational efficiency across enterprise platforms.
The Groups IT infrastructure is hosted in a Tier-4 data centre with seven layers of physical security, managed in collaboration with Yotta Data Services. Robust backup and disaster recovery mechanisms ensure business continuity, with 99.9% uptime achieved for business-critical systems and data. Network connectivity across Multiprotocol Label Switching (MPLS) and Internet Leased line (ILL) links is designed with dual-path redundancy, maintaining 99.9% uptime.
On the security front, Next Generation Firewalls (NGFWs) with High Availability and Intrusion Detection System (IDS) / Intrusion Prevention System (IPS) capabilities have been deployed to strengthen perimeter defence. Physical security has also been enhanced through advanced digital visitor management system for improved access control and auditability.
As part of endpoint security initiatives, the Group has initiated deployment of a Mobile Device Management (MDM) solution to secure laptops and mobile devices through centralised policy enforcement and device compliance controls.
Further, the integration of the Employee Stock Option Programme (ESOP) management platform from Qapita with internal systems has enabled seamless and transparent management of employee stock ownership plans.
Additionally, a secure enterprise voice communication solution has been deployed to enable encrypted communication across mobile and softphone platforms, supporting a secure hybrid work environment.
Overall, these initiatives underscore the Groups focus on building a secure, intelligent, and resilient IT ecosystem, driven by in-house innovation and strong governance.
Human Resource (HR)
Reliance Infrastructure is committed to transformation by building a robust, diverse and future-ready workforce. The Company has implemented strategic steps to ensure that its people remain at the heart of every initiative. In a year of change and growth, the Company persistently served its nationwide clientele, with a powerful workforce of around 21,000 engaged directly and indirectly.
This year marked a significant phase in the Companys transformation journey. The Company advanced its organizational agility by streamlining structures, embracing digital technologies and reinforcing a value-driven culture. While adapting to the New Energy landscape, HR has supported the business in acquiring and developing the critical skills necessary for growth in sectors of renewable energy, sustainability and decarbonisation initiatives. The Company launched specialised recruitment campaigns and tailored learning programs to build a future-ready workforce. In order to attract and retain talent, the Company has recalibrated its employer value proposition. ESOP was introduced as a tool to attract and retain talent and create an Employee Ownership Culture". Retention strategies focusing on internal mobility, personalised career paths and mentorship programs contribute to ensure loyalty and purpose among employees.
During the year, the Company strengthened its talent management and capability-building agenda through a structured retention framework aimed at identifying and retaining critical talent. This included role-based segmentation, long-term incentives, and performance-linked rewards, ensuring leadership continuity and organisational stability. Investments in learning and development were enhanced through technical capability-building programmes, leadership development initiatives, and structured training interventions, including high-potential programmes such as "Udaan," Candidate Relationship Management (CRM) Excellence Training, and role-based certifications, aimed at strengthening critical operational and leadership capabilities. These initiatives were complemented by leadership development programmes such as executive education in collaboration with the Indian School of Business (ISB), the "Rising Leader" programme, specialised technical learning through PG Diploma certifications with the National Power Training Institute, and collaborations with globally recognised certification bodies such as T?V S?D, reinforcing a commitment to world-class capability development. The Company strengthened its talent pipeline through structured campus engagement initiatives, including collaborations with leading institutions, induction of Graduate Engineer Trainees and Management Trainees, and targeted hiring aligned with evolving business requirements.
As part of its HR transformation journey, the Company advanced digital HR initiatives through automation of recruitment & onboarding processes, and deployment of AI/ Machine Learning (ML) -based solutions, enhancing operational efficiency & employee experience. The monthly "HR Chronicle" continued to capture these initiatives, reinforcing the organisations philosophy of "One Team, One Family" and fostering a culture of collaboration and continuous transformation.
Corporate Social Responsibility (CSR)
The Reliance Group focused on driving tangible societal change and achieving equitable development through targeted CSR initiatives. The groups core interventions spanned education, healthcare, and rural transformation with an emphasis on infrastructure building, skill development, sustainable livelihoods, and the socioeconomic empowerment of women and youth. Additional key focus areas included environmental preservation and sanitation management.
Significant CSR interventions and milestones achieved during the financial year are highlighted below:
Rural Transformation and Women Empowerment
Handloom Incubation Centre (Thread of Trust)
A total of 164 women—including 82 this year alone—have now completed BRPLs comprehensive handloom and handicrafts program, mastering everything from production to marketing.
Sashakt Beti - Empowering Female Students of Delhi University
In a significant move toward digital inclusion, 524 laptops were distributed to underprivileged and visually impaired female students at Delhi University.
Menstrual Hygiene Project
In association with Sirona Hygiene, the MMOPL has has implemented a specialized CSR intervention addressing menstrual health and hygiene. The deployment of automated vending machines across all 12 metro stations directly addresses accessibility barriers, ensuring dignified and inclusive transit experiences for women. This initiative highlights MMOPLs ongoing commitment to developing safe, equitable, and commuter-centric facilities, establishing a progressive model for modern mass transit networks.
Vocational Training
Over 2,000 young individuals have unlocked new career opportunities through employment-linked vocational skill training, including 60 inspiring youth with visual impairment.
Training for Army Veterans and Veer Naris
Facilitating a dignified life post-retirement, the program has upskilled around 350 Army veterans in advanced solar technology and drone operations to bridge their military expertise with the modern green economy.
Educational Initiatives
Sensitising school students on Energy Conservation
The Discoms in partnership with The Energy and Resources Institute (TERI), has launched a comprehensive energy conservation awareness initiative across 140 Government schools in Delhi. This impactful program is designed to cultivate sustainable habits early in life, successfully benefiting nearly 52,000 school children.
Sports Promotion
Company operates basketball academies across five strategic locations, including two new centers in government schools. This initiative provides professional coaching and mentorship to over 1,000 school children.
Financial Literacy, Science, Technology, Engineering and Mathematics (STEM) Education & Self-Defense Workshops
Empowering 19,250+ individuals with vital tools for financial, technical, and personal security. This initiative delivered actionable strategies that protects lives and livelihood in real time and equipped every individual with the defenses they need to thrive safely in a digital age.
Delhi AI Grind
Fostered AI literacy among over 5 lakh students across 1,200+ government educational institutions, equipping the next generation with real-world problem-solving skills. By bringing cutting-edge technology to underserved communities, this initiative bridges the digital divide. It ensures that students from all backgrounds have an equal opportunity to lead and innovate in a tech-driven economy.
Health
Old Age Homes for Senior Citizens
This initiative provides comprehensive, full-time residential support to 36 elderly individuals, covering safe accommodation, nutrition, medical treatment, physiotherapy, and dedicated emotional care.
Eye Care Screening Camps
This initiative successfully screened and treated over 18,000 community members across multiple strategic locations.
Mobile Medical Van
A mobile dispensary initiative was deployed in South Delhi to provide diagnostic check-ups and essential medicines, successfully reaching around 5,000 rural beneficiaries with a special focus on women.
In collaboration with a government primary health centre, the Company organized a health camp for commuters and local staff, promoting community health.
Supporting Public Health Initiative
Donated advanced medical assets including LigaSure surgical machines, Intensive Care Unit (ICU) monitors, and specialized blood bank storage units to four major Government Hospitals.
Animal Birth Control (ABC) & Anti-Rabies Vaccination (ARV) for street dogs and cats
To align with the ABC Rules 2023 and National Action Plan for Rabies Elimination by 2030, this year BSES Discoms have partnered to spay/neuter and vaccinate 6500 stray dogs and 600 cats in Delhi.
Womens Health and Economic Independence
The Company is driving social change by supporting local sanitary napkin production, effectively empowering unemployed urban poor women while creating sustainable livelihoods. By leveraging Self-Help Groups (SHGs), this initiative has produced and distributed over 52,000 safe, affordable sanitary pads, significantly advancing menstrual hygiene and health access for underserved communities.
Environment and Sustainability
Donation of E-Buses to AIIMS
The Company has operationalized a fleet of 30 e-vehicles, streamlining internal mobility for both staff and patients.
Smart Energy Learning Centre
The Company supported the establishment of the Smart Energy Learning Centre at Dhirubhai Ambani University, this initiative comprises research on 17 smart, energy-efficient, and climate-resilient solution projects, successfully bridging academic innovation with real-world impact.
Tree Plantation Drives
Over the past two fiscal years, we successfully developed a green corridor by planting 19,055 trees across 7 major road projects. This targeted afforestation initiative delivers an estimated carbon sequestration potential of 190 metric tonnes per annum, directly supporting our climate mitigation and environmental sustainability goals.
Green Infrastructure Milestone
100% conversion of street lights to LED has led to a significant annual carbon emissions reduction of 1,600 Tons per annum.
Solar Power Implementation at TKTR
40 KW solar panel generating 160 units of Electricity per day i.e. about 45% of the Plazas Electricity consumption (also reducing CO2 Emission by 150 kg per day.)
EV Infrastructure Deployment
Successfully commissioned 6 electric vehicle (EV) charging stations across our highway networks.
Proximity over Distance
Local Sourcing of raw materials (like sand, stone aggregates etc.) and labour reduces carbon footprint.
Maintenance of Delhi Development Authority (DDA) Ecological Parks
To support environment conservation and increase green cover in Delhi, BSES Discoms have undertaken two long-term ecological park maintenance projects with the DDA at Kalindi Aviral and Asita East Phase-1 (near the Old Railway Bridge to ITO Barrage on the Eastern Bank), where they have already cleaned water bodies, pruned trees, improved biodiversity, and planted over 55,000 tree saplings and shrubs.
Green Crematoriums
This initiative installed two electric crematoriums with advanced green chimney technology to reduce smoke and accelerate cremation times, while also establishing one dedicated pet crematorium to ensure a dignified farewell for companion animals.
Cool Roof Cool Delhi Project
Treated over 2,60,000 sq.ft. of school rooftops in East Delhi with reflective coatings, enhancing thermal comfort for more than 10,000 students.
Water Sanitation and Hygiene
Recognizing that sanitation, clean water and hygiene are fundamental to public health, BRPL undertook initiatives to support safe drinking water and waste disposal in underserved communities. As part of this effort, BRPL installed Water ATMs in three locations . These Water ATMs are expected to provide access to safe drinking water to approximately 6,000 people, contributing to improved community health and well-being. Further roads business implemented targeted rainwater harvesting infrastructure across asset sites to promote robust groundwater conservation and long-term hydrological balance
Key Awards and Achievements
The group performance of the Reliance Infra Limited has been recognised and appreciated through various awards received by its businesses.
BRPL was honoured with the following awards:
11th CSR India Award from the Greentech Foundation for its skill development initiatives, including water ATMs and community self-help groups.
Prithvi Award 2025 from the ESG Research Foundation (ERF) for automating ESG reporting with its indigenous PRISM tool and deploying an internal employee training module.
Supplier Relationship Excellence Award 2025 from ISM-India for its commitment to business continuity, IT automation, and collaborative partner engineering.
Honored with the Tata Institute of Scocial Sciences (TISS) LeapVault Chief Learning Officers (CLO) Award 2025 by the Tata Institute of Social Sciences for its blended learning program that strengthens strategic vendor and supplier partnerships.
Excellence in Procurement for Service Sector Award 2025 from the Synnex Group for optimizing service delivery through innovative contact consolidation and sourcing strategies.
IESA Industry Excellence Award 2025 from the India Energy Storage Alliance for its Kilokri BESS project, marking the first discom project of its kind in India and the largest in South East Asia.
Secured multiple runner-up positions at the Independent Power Producer Association of India (IPPAI) Power Awards 2026 for its innovative Battery Storage Project, its structured Consumer Awareness programs, and its sustainable CSR Techno-Commercial Practices.
Won the Platinum Award at the 9th Confederation of Indian Industry (CII) National Low-Cost Automation Competition 2025 for its KARAKURI Kaizen software integration that eliminated physical instrument control knobs.
Swept multiple Diamond and Gold honors at the 10th India Smart Grid Forum (ISGF) Innovation Awards 2026 for pioneering projects including Indias first SF6-free underground substation at Kalkaji, a 20MW Standalone BESS, and AI/ML tools for transformer health and demand forecasting.
Conferred the Smart Cities India Award 2026 by the Exhibitions India Group for exceptional digital technology adoption in building a resilient power distribution network.
Awarded the Best Power Distribution Utility Award 2025 by the World Leadership Congress for outstanding achievements in financial performance, transmission and distribution loss reduction, and EV/solar infrastructure,
Best Power Distribution Company (JV) Award 2026 from IPPAI for operational excellence in network reliability, procurement governance, and rooftop solar deployment.
Bagged 16 Gold and 4 Silver awards at the Chapter Convention on Quality Control Circle (CCQC) Award 2025 from the Quality Circle Forum of India (QCFI) Delhi Chapter for exceptional KAIZEN and 5S implementation.
International Gold award at the International Convention for Quality Control Circle (ICQCC) 2025 Taipei by Associaltion of Pioneer Quality Control Research (PQCRA) for operational excellence and high employee involvement in O&M and EHV projects.
Secured 13 Gold and 3 Silver awards at the 39th National Convention on Quality Concept (NCQC) 2025 from QCFI for driving self-reliance and quality improvement across its O&M, RCM, IT, and EHV projects.
Earned the Great Place to Work Certification from Great Place to Work, UKG in recognition of its transformational HR practices that align business goals with employee aspirations.
Conferred the ISEI Excellence Award 2025 by the Institution of Safety Engineers (ISE) India for outstanding institutional contributions to health, safety, and environment.
BYPL has been endowed with the following awards:
BYPL was honoured with the following awards: SGF Innovation Platinum Award 2026 for Indias first enterprise-level Power Quality Monitoring Solutions and a Gold Award for its remote-operated 11 kV switchgear system GEEF Global Safety Diamond Category Award 2026 in New Delhi for maintaining elite fire, electrical, and operational safety standards.
Golden Peacock HR Excellence Award 2025 for building a people-first, future-ready organisation.
First Runner-Up in the IPPAI Power Awards 2026 for Best Performing Distribution Company (JV) and recognized for consumer awareness and CSR innovation.
Seven internal teams swept the NCQC 2025 Awards, clinching three "Par Excellence" and four "Excellence" ratings for QC, 5S, and Kaizen projects.
Great Place To Work Certification for the second consecutive year while boosting its overall Trust Index score to 83%.
Honoured with the National Safety Councils Prashansa Patra Award 2025 for outstanding governance in occupational health and safety.
Four internal teams won the highest ICQCC International Gold Awards 2025 during the global quality convention in Taipei.
Seven participating teams secured six Gold and one Silver at the CCQC 2025 Chapter Awards for local quality control achievements.
Placed second runner-up in the Doing Good for Bharat CSR Awards 2025 for setting up Mini-Science Centres in over 30 Delhi schools to benefit 30,000 students.
SKOCH Digital Transformation Silver Award 2025 for successfully deploying a VCCC and an AI Voice Bot.
Won the beVokal CSR Award 2025 in the "Sambhaavana" category for empowering student education through interactive science hubs.
Secured the India CX Summit Best Customer Experience Award 2025 by launching digital communication tools like the 19122 AI-powered complaint bot.
Ranked first in the ICMAI National Cost Management Awards 2024 for strategic cost optimization within the power distribution sector.
Won two Green Urja Gold Awards 2026 for "Energy Transition" and "Electric Mobility Deployment" from the Indian Chambers of Commerce (ICC), recognizing its advancements in sustainability and technology adoption.
MMOPL has won the following awards:
Great Place to Work Certification from the Great Place to Work Institute for the Jan 2026 – Jan 2027 cycle, validating its commitment to a high-trust workplace culture.
Customer Experience Excellence Award 2025 in 2026 under the category of Best Customer Retention Initiative (Railway Transportation) for outstanding performance in passenger service continuity.
Best Innovation in L&D Award at the 12th L&D Confed and Awards 2025 by Gainskills Business Media for executing future-ready workplace learning solutions.
Infrastructure, Facility, Human Resource and Realty Association (iNFHRA) Platinum Award 2025 for Transportation Innovation at the Workplace Excellence Awards for implementing breakthrough logistics and transit infrastructure solutions.
iNFHRA Gold Award 2025 for Best Workplace Culture 2025 in recognition of its progressive, people-first corporate ecosystem.
Award of Excellence in the category of Metro Rail with the Best Passenger Services and Satisfaction by the Government of Indias Ministry of Housing and Urban Affairs (MOHUA) 2024.
Risks and Concerns
Reliance Infrastructure operates in a diversified environment and exposed to a range of sector-specific and macroeconomic risks that may affect its operational and financial performance.
Power Distribution Business
Consumer tariffs for electricity distribution are regulated by the State Electricity Regulatory Commissions (SERCs), and for Delhi Discoms it is being done by DERC. Any adverse changes in the tariff structure or delays in tariff approvals could impact the financial performance of the Delhi Discoms.
Defence Business
The defence sector is characterised by long developmental periods, high capital investment requirements and a strong reliance on government procurement. The industry is highly regulated by the requirement of extensive compliance for setting up and operating facilities, as well as for the manufacture and sale of defence products. Furthermore, global competition, evolving geopolitical dynamics and complex execution challenges add to the overall risk profile of the sector, potentially impacting timelines, margins and scalability.
The Mumbai Metro Project
The key challenge lies in capacity constraints that may limit the ability to fully cater to growing ridership. Delays in fare revisions over the past twelve years have constrained the availability of funds required for capacity augmentation and infrastructure upgrades, which could impact operational efficiency and service quality over time.
Roads Business
The key risk within the roads business is the gradual reduction in the size of the portfolio, which may lead to moderation in revenues over time. In addition, toll road revenues remain linked to traffic volumes and may be affected by economic conditions, fuel prices and unforeseen external disruptions, impacting toll collections and overall project returns.
E&C Business
Most of the existing projects are either nearing completion or have already been completed. The Division remains focused on efficient execution of its current order book and aims to strengthen its pipeline through selective and strategic bidding opportunities, with emphasis on value engineering to enhance competitiveness.
Financial Risks
Financial risk is the risk where project cash flows might be insufficient to cover debt service and then pay an adequate return on sponsor equity. Financial risks are best borne by the private sector but a substantial government risk sharing is required either through viability gap funding (VGF), revenue or debt guarantees or through participation by state or multilateral development institutions.
Legal Risks
The Company operates in a highly regulated environment. Changes in applicable laws, contractual disputes, delays in arbitration outcomes, or weak enforcement of contractual provisions may adversely affect project returns and overall financial performance. Various regulatory actions have been initiated against the Company/ Subsidiaries during the year as per the details furnished in the Directors Report. The Company has taken all appropriate legal and procedural steps to protect its and all stakeholders interests.
Operating Risks
Operational risks include project execution challenges, system failures and external disruptions such as natural disasters, industrial disturbances, or geopolitical developments. Sometimes insurance is available for catastrophic risks but generally public companies need to restructure the project if such disaster occurs.
Risk Management Framework and Internal Control Systems
The Company has a defined Risk Management Policy applicable to all businesses of the Company. This helps in identifying, assessing and mitigating the risk that could impact the Companys performance and achievement of its business objectives. The risks are reviewed on an ongoing basis by respective business heads and functional heads across the organization.
The Risk Management Committee of the Board consisting of Independent Directors and few senior managerial personnel, on a quarterly basis, the Risk Management Committee independently reviews all identified major risks and new risks, if any and assess the status of mitigation measures/plan.
The internal financial controls for all the significant processes have been identified based on the risk evaluation in the business process and same have been embedded in the business processes. These processes and controls have been documented. Professional internal audit firms review the systems and processes of the Company and provide independent and professional opinion on the internal control systems.
Industry Structure and Development, Opportunities and Threats
Power Distribution business
The power distribution sector in India is undergoing a transformation, driven by policy reforms, technological integration and a growing emphasis on service reliability and consumer engagement. The Revamped Distribution Sector Scheme (RDSS) and ongoing regulatory focus on reducing Aggregate Technical and Commercial (AT&C) losses are reshaping the industry structure. There is a clear shift towards digitalisation, smart metering, and consumer-centric models, offering opportunities for operational efficiency, data-driven decision-making and improved financial sustainability. The sector also sees potential in distributed energy resources, rooftop solar integration and demand response solutions. However, challenges such as high subsidy dependence, delayed tariff revisions and legacy infrastructure constraints continue to impact Discoms financial health. Addressing these structural issues while leveraging digital and regulatory advancements remains key to long-term sectoral stability and growth.
Defence business
Indias defence sector continues to evolve with a sustained policy emphasis on indigenisation and self-reliance, supported by initiatives such as the Defence Acquisition Procedure (DAP) and Atmanirbhar Bharat Abhiyan. The Governments continued focus on domestic manufacturing, progressive liberalisation of FDI norms and a steadily increasing defence budget have created significant opportunities for private sector participation across segments including defence electronics, unmanned systems, aerospace components and precision engineering. The sector offers relatively strong long-term visibility driven by multi-year procurement programmes and increasing collaboration with global OEMs. However, growth prospects are moderated by structural challenges such as extended procurement cycles, evolving regulatory requirements and competitive intensity from established Public Sector Undertakings (PSUs) as well as international players. Notwithstanding these constraints, favourable policy support, rising domestic demand and export potential provide a robust foundation for sustained expansion of the private defence manufacturing ecosystem in India.
Mumbai Metro Business
Mumbai Metro continues to be one of the most efficient and widely used modes of urban transport in the city, second only to the Mumbai suburban railway. The business is well-positioned for future growth with the ongoing expansion of the metro network.
Expanding Network and Ridership Potential
Despite the availability of alternate transport modes, Mumbai Metro plays a vital role in local transit. The expansion of the metro network—with operational lines such as Line 2A, 7 Line 3 and partially opened Line 2B & Line 9, and upcoming line-,4—is expected to enhance connectivity and cross-feed ridership across the system, leading to increased commuter volumes.
Improved Last Mile Connectivity
To strengthen last mile access, Mumbai Metro has collaborated with bus services and aligned its timetable with other modes of public transport to ensure better synchronization and commuter convenience.
Adoption of Digital ticketing and payments
The business has enabled the use of NCMC, One Ticket
& Mumbai One for fare payment, facilitating seamless and interoperable travel across various transit systems within Mumbai and nationwide, thereby improving travel convenience for passengers.
Roads Business
Indias roads infrastructure sector is poised for strong growth, backed by rising vehicular traffic and ongoing investments in national highway development.
Growth in Vehicle Sales
The country witnessed record-high vehicle sales in Financial Year 2025-26 indicating a positive outlook for passenger traffic on highways, particularly in the car segment.
Category19 |
Units sold Financial Year26 | Units sold Financial Year25 | Growth (%) |
| Two-wheeler | 2,14,53,363 | 1,81,83,153 | 18% |
| Three-wheeler | 13,63,409 | 12,20,822 | 12% |
| Passenger Vehicles | 58,44,172 | 51,30,179 | 14% |
| Commercial Vehicles | 10,15,721 | 9,07,166 | 12% |
| Tractor | 9,27,460 | 8,72,592 | 6% |
Total |
3,06,04,125 | 2,63,13,912 | 16% |
Macroeconomic and Policy Support
The Government of India has set an ambitious target to construct 10,000 km of highways in Financial Year 2026-27 and raise plans to raise 30,000 crore through road asset monetisation, creating strong tailwinds for the sector.
Traffic Outlook and Competition from Parallel Roads
While the construction of parallel roads may pose a competitive threat, the overall economic growth and vehicle sales momentum are expected to sustain and grow traffic volumes on the companys road assets.
Technological Advancements in Toll Collection
NHAIs introduction of Global Navigation Satellite System (GNSS)-based Electronic Toll Collection (ETC) is planned to integrate with the existing FASTag ecosystem under a hybrid model. In the longer term, dedicated GNSS lanes are expected to eliminate the need for toll plazas entirely. This transition will help reduce operational and maintenance costs for toll road operators, enhancing overall profitability.
Forward Looking Statements
Statements in this Management Discussion and Analysis of financial condition and results of operations of the Company describing the Companys objectives, expectations or predictions may be forward looking within the meaning of applicable securities laws and regulations. Forward-looking statements are based on certain assumptions and expectations of future events. The Company cannot guarantee that these assumptions and expectations are accurate or will be realised.
Such statements are inherently subject to a number of risks, uncertainties and assumptions, many of which are beyond the Companys control. Actual outcomes and results may differ materially from those expressed or implied in these statements due to various factors, including but not limited to:
Regulatory changes and the determination of tariffs, levies, or other charges by competent authorities;
Changes in government policies, laws and regulations (including tax laws);
Domestic and global economic and market developments; and
Other risks and uncertainties that may arise in the course of business operations.
The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements as a result of any subsequent developments, new information, future events, or otherwise, except as required under applicable law.
The financial statements of the Company are prepared under historical cost convention, on accrual basis of accounting and in accordance with the provisions of the Companies Act, 2013 (the ‘Act) and comply with the Companies (Indian Accounting Standards) Rules, 2015, as prescribed under Section 133 of the Act.
The management of Reliance Infrastructure Limited (‘Reliance Infrastructure or ‘Reliance Infra or ‘the Company) has used estimates and judgements relating to the financial statements on a prudent and reasonable basis, in order that the financial statements reflect in a true and fair manner, the state of affairs and profit/loss for the financial year.
This Management Discussion and Analysis should be read in conjunction with the Companys audited consolidated financial statement and the accompanying notes as included in this Annual Report.
Unless otherwise specified or the context otherwise requires, all references herein to ‘we, ‘us, ‘our, ‘the Company, ‘Reliance Infra, ‘Reliance or ‘Reliance Infrastructure are to Reliance Infrastructure Limited and its subsidiary companies and associates.
Outlook
Reliance Infrastructures outlook remains positive, supported by its diversified portfolio of stable core assets and emerging growth platforms. The Company is well positioned to benefit from sustained investments in power distribution, urban mobility and transportation infrastructure, which are expected to provide steady cash flows and operational stability. Strategic expansion into defence manufacturing and clean energy solutions, including solar and battery storage, offers significant long-term growth potential aligned with national priorities such as infrastructure development, energy transition and self-reliance. The Companys continued focus on balance sheet strengthening, disciplined capital allocation and asset monetisation is expected to enhance financial flexibility and support future investments. Overall, Reliance Infrastructure is well positioned to leverage both its established capabilities and emerging opportunities to drive sustainable growth and value creation.
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