Reliance Management Guidance Tracker
28 forward-looking guidance items tracked across 8 quarters.
Expansion
Management confirmed the 5G rollout is ahead of schedule and will be completed before end of calendar year 2023.
Q1 FY24Home broadband target of 100 million homesTrackedAccelerating home broadband ambitions to connect 100 million homes in the quickest possible timeframe using JioFiber and JioAirFiber.
Q2 FY24Jio AirFiber to accelerate home broadbandTrackedAirFiber fixed wireless service is being rolled out across India, targeting north of 100 million premises rapidly.
Q3 FY24New energy facilities to commence in phases from end of FY24TrackedOn track to start new energy production facilities in phases starting end of this fiscal year.
Q2 FY26New Energy RE/RTC power generation from next yearTrackedFirst renewable energy round-the-clock power plants in Kutch will start generating power in H1 FY27, initially for captive use.
Q3 FY26New energy solar manufacturing to commission 10 GW integrated capacity this yearActiveFirst phase of 10 GW peak annual solar manufacturing (ingot, wafer, cell, module) to be fully commissioned and ramped up during the current year, with expansion to 20 GW underway.
Q3 FY26First renewable generation capacity to come online in 12-15 monthsTrackedKutch solar generation (round-the-clock power) will start delivering electricity within 12-15 months, with annual installation of 20 GW peak solar.
Growth
Production is ramping up and expected to reach 30 million standard cubic meters per day during FY24.
Q1 FY24JioBharat device deployment of 1 million unitsActiveInitial deployment of about a million JioBharat devices through own offering and OEM partners to target 2G-to-4G migration.
Q2 FY24KG-D6 production target of 30 MMSCMDActiveKG-D6 gas production is on track to reach 30 million standard cubic meters per day, representing ~30% of India's gas output.
Q4 FY24KG-D6 incremental production of 4-5 mmscmd in a few yearsTrackedIncremental development plan approved by government to add 4-5 million standard cubic meters per day of production.
Q1 FY25CBM production ramp-upActive40-well multilateral program to add 0.5 MMSCMD of gas by year-end, with 21 wells already completed.
Q2 FY25Jio AirFiber to add 1 million homes per monthActiveManagement targets adding approximately one million Jio AirFiber connections every month, up from current run rate.
Q2 FY25Retail growth momentum to normalize in 2-3 quartersTrackedRetail expects to revert to industry-leading growth after streamlining operations and B2B recalibration over the next couple of quarters.
Q2 FY26Jio home connections to ramp up significantlyActiveManagement expects to scale monthly home connections beyond the current 1 million run rate, driven by wireless broadband technology.
Capex
Management expects the fast-track 5G rollout to be completed by end of this year, with CapEx peaking in FY24.
Q3 FY24Capex moderation to continueActiveQ3 capex at INR 30,000 crore, down from INR 39,000 crore in Q2; cash profits now exceed capex, supporting deleveraging.
Q4 FY24Capex to remain below cash profitsActiveManagement indicated capex intensity is lower and will be below cash profits, with net debt/EBITDA at 0.65x.
Q2 FY26PVC project completion by end of calendar 2026TrackedThe large PVC project, including caustic chlorine and EDC/VCM/PVC units across two sites, is targeted for completion by end of 2026.
Margins
Retail EBITDA margin improved 70 bps YoY to 8.1%, with operating leverage expected to drive further gains.
Q3 FY24O2C margins to remain volatile but refining margins constructiveActiveManagement expects refining margins to remain favorable due to strong demand for jet fuel and gasoil, but downstream chemical margins pressured by global oversupply.
Q3 FY24Retail margin expansion to continue via operating leverageActiveEBITDA margin improved 40 bps YoY to 8.1%; management expects further expansion as infrastructure investments pay off.
Q1 FY25Retail margin improvement focusActiveStreamlining operations and tech investments expected to sustain margin improvement; EBITDA margin up 30 bps YoY.
Q2 FY26Jio EBITDA margin expansion to continueActiveJio's EBITDA margin expanded to 56.1% in Q2, and management expects operating leverage to drive further margin improvement.