Up to now six months, two of his group corporations, Reliance Energy and Reliance Infrastructure, have seen market cap positive factors of 1.5x and 1.9x, respectively. Additionally, international institutional holdings have elevated, and so has the group’s mission pipeline, which incorporates solar-plus-storage megaprojects and Rs 10,000 crore good munitions contracts. Extra importantly, the businesses are debt-free. Moreover, a Rs 17,600-crore capital increase is underway.
This time, the junior Ambani scion will not be returning with flashy statements; as an alternative, he’s making a structured pivot into sectors that India is actively betting on: inexperienced vitality, defence manufacturing, and strategic infrastructure. Briefly, the rebranded group—Reliance Group India—is orchestrating one of many intently tracked turnaround tales of Dalal Road.
Nevertheless, the momentum, the rally, and every thing in between additionally come towards the backdrop of a few of India’s greatest company collapses, with which Dhirubhai’s youngest son is related—Reliance Communications (RCom) and Reliance Capital, each of that are legacy corporations of the unique Reliance Anil Dhirubhai Ambani Group.
So, the query stays: Will the turnaround endure?
The collapse: Insolvency of two main companies
Reliance Communications was valued at over Rs 1.68 lakh crore in January 2008 and was a key part of the benchmark BSE Sensex, representing the telecom ambitions of the early 2000s. It was India’s first CDMA operator and had over 120 million subscribers throughout its heyday. However by 2017, the corporate discovered itself overwhelmed by greater than Rs 45,000 crore in debt. Regulatory dues, spectrum prices, and aggressive competitors from new entrants, significantly Jio, compelled RCom to close its wi-fi operations.The downfall continued. In 2019, RCom filed for insolvency. Its belongings had been subsequently auctioned below the Insolvency and Chapter Code (IBC). Jio acquired key spectrum belongings from RCom, whereas Brookfield picked up its tower infrastructure. As of mid-2025, the insolvency course of stays below evaluate within the Supreme Courtroom over adjusted gross income (AGR) liabilities.
As for Reliance Capital, the monetary providers arm of the group, it noticed an analogous destiny. Following defaults on bond repayments, it was positioned below RBI-led decision in 2021. Though the Hinduja Group was declared the successful bidder in 2023 for Rs 9,661 crore, authorized disputes have delayed the handover.
These twin collapses had drastically altered public notion of the group—from a future-looking one to at least one laden with danger.
Nevertheless, the latest efficiency of the group corporations Reliance Energy and Reliance Infrastructure indicators that the group’s difficult part might really be behind it.
The turnaround: Eyeing the long run once more
Anil Ambani is daring to face the long run once more, this time specializing in D-Road’s favourites: defence and renewables. The pivot started in 2024, because the group quietly moved to ringfence operational corporations, Reliance Infrastructure and Reliance Energy, from legacy monetary and telecom liabilities. By October 2024, each corporations had declared themselves debt-free.
“In September 2024, few may have anticipated the exceptional monetary turnaround that will quickly unfold,” the corporate mentioned in a written response to ET On-line. A transparent and disciplined strategic imaginative and prescient is driving this resurgence. “Reliance Group’s strategic roadmap is centred on adopting asset-light, capital-efficient fashions designed to ship superior returns on invested capital (ROIC) whereas sustaining monetary flexibility. With a debt-free stability sheet and powerful fairness backing, Reliance Group is now absolutely targeted on execution and worth creation,” the corporate mentioned.
Behind the scenes, the subsequent technology of the Ambani household, Jai Anmol and Jai Anshul, have reportedly assumed operational and strategic roles. They joined the board of Reliance Infrastructure in October 2019 however stepped down inside a yr. Since then, they’ve been concerned in debt-reduction initiatives and in securing new offers in defence and renewable vitality. Nevertheless, there’s no public report but confirming their direct involvement within the rebranding determination or earlier strategic planning.
With the orderbook surging (see chart), the group has charted a Rs 17,600-crore fundraising plan over the subsequent few years.
As a part of this reset, the group has already raised Rs 4,500 crore by way of preferential allotments in Reliance Infrastructure and Reliance Energy. It additionally secured Rs 7,100 crore in International Forex Convertible Bonds (FCCBs) by way of a partnership with the worldwide various funding agency Värde Companions.
As well as, a Rs 6,000-crore Certified Institutional Placement (QIP) programme is being ready to additional strengthen the stability sheet. “This diversified capital technique, spanning preferential fairness, FCCBs, and QIPs, displays a disciplined method to worth creation, balancing short-term liquidity wants with long-term fairness worth enhancement,” acknowledged the Anil Ambani-led group.
Complementing these fundraising initiatives, group agency Reliance Infrastructure is planning to monetise its portfolio of 9 toll street belongings.
These efforts have had a visual influence on the group’s monetary ratios. As of Might 2025, Reliance Infrastructure’s debt-to-equity ratio dropped sharply to 0.28x from 0.78x a yr earlier. Equally, Reliance Energy introduced its ratio down from 1.62 to 0.93 in the identical interval. Consequently, Reliance Infrastructure’s internet price elevated to Rs 14,287 crore as of March 31, 2025, from Rs 8,428 crore a yr earlier, whereas Reliance Energy’s internet price rose to Rs 16,337 crore as of March 31, 2025 from Rs 11,614 in FY24.
Moreover, a authorized reprieve in June 2025 from the Nationwide Firm Regulation Appellate Tribunal (NCLAT), which stayed insolvency proceedings towards Reliance Infra, additional boosted market sentiment and supplied the group with extra headroom to execute its sectoral realignment.
“Renewed investor curiosity in ADAG shares in 2025 is being pushed by a mix of strategic sectoral focus, debt discount and authorized aid,” mentioned Vipin Singhal, Director, Anand Rathi Funding Banking.
Let’s break it down additional.
For Ambani, Atmanirbharta in defence leads the present
Reliance Group India is betting large on defence manufacturing, positioning it as a key progress driver and a central pillar of its transformation story. In line with the corporate, group agency Reliance Defence is focusing on a Rs 50,000-crore export-addressable market.
In its response to ET, the corporate mentioned that it’s now aiming for Rs 3,000 crore in defence exports over the subsequent two years, primarily by way of the export of 155 mm ammunition. In FY26 itself, it goals to generate Rs 1,500 crore from large-calibre ammunition.
Thus far, Reliance Defence has recorded exports totalling Rs 100 crore from artillery ammunition and associated aggregates in FY26. Moreover, a broader export pipeline of Rs 15,000 crore can also be below growth for the subsequent three years, suggesting brighter prospects.
The group’s chairman has mentioned that the renewed give attention to defence aligns intently with nationwide priorities. “Guided by the imaginative and prescient of ‘Atmanirbhar Bharat’ and ‘Make in India’ as championed by Prime Minister Narendra Modi, our ambition is obvious—to place Reliance Defence amongst India’s prime three defence exporters,” mentioned Anil Ambani, Chairman of the Reliance Group.
He added, “By means of this, we goal to allow India not solely to satisfy its home defence wants with confidence but in addition to ascertain itself as a trusted power within the international defence provide chain.”
Right here’s a snapshot of the group’s rising defence footprint and the multi-crore alternatives it’s focusing on:
- October 2024: Dhirubhai Ambani Defence Metropolis, Ratnagiri, to turn out to be India’s largest private-sector greenfield defence manufacturing facility.
- June 8, 2025: ₹5,000 cr alternative from HAL contract to improve 55 Dornier-228 plane over 7–10 years.
- A part of the Rafale PBL program, supporting long-term upkeep and logistics.
- June 10, 2025: ₹10,000 cr potential through Diehl Defence (Germany) JV to domestically produce Vulcano 155 mm precision-guided munitions in Maharashtra.
- June 19, 2025: Dassault Aviation (France) to fabricate Falcon 2000 enterprise jets in India with Reliance—first-ever manufacturing outdoors France.
- June 25, 2025: Rs 600 cr export order from Rheinmetall (Germany) for explosives and propellants.
- June 30, 2025: ₹20,000 cr home MRO alternative by way of new pact with Coastal Mechanics Inc. (USA) for defence upkeep and upgrades.
Though the contract pipeline is increasing, consultants recommend that execution timelines and regulatory bottlenecks could be key elements to be careful for. “Having secured long-term contracts in renewables and defence, the group has improved its monetary efficiency. However execution can be key,” Anand Rathi’s Singhal mentioned.
Anil Ambani’s full-stack inexperienced push
In 2025, clear vitality has emerged as one of the crucial sought-after themes, receiving substantial assist on Dalal Road and inside India’s broader growth agenda. Benefiting from this shift, Reliance Group is increasing its position from a mission developer to a full-spectrum participant, encompassing photo voltaic technology, battery storage, hydro, gas-based clear energy, and now renewable tools manufacturing.
“By way of renewable curiosity, asset managers are prioritising long-term clear vitality performs. FII stake in Reliance Energy has elevated to ~13% in FY25 from ~7% in FY23, with market cap rising to ~Rs 28,537 crore from ~Rs 17,273 crore (~1.65x previously six months),” Singhal famous.
The rising confidence amongst traders is supported by the group’s proactive enlargement into inexperienced vitality infrastructure. Reliance Energy has began engaged on a 2.5 GWp pipeline of utility-scale photo voltaic initiatives together with over 2.5 GWh of battery vitality storage methods (BESS), which, the group says, can be accomplished over the subsequent couple of years, positioning itself as India’s largest non-public participant within the built-in solar-plus-storage phase.
This strategic capability addition comes as India races to satisfy its 500 GW non-fossil gas goal by 2030, with the Worldwide Power Company (IEA) estimating that battery storage demand may exceed 175 GWh within the subsequent 5 years.
Reliance Infrastructure can also be anticipated to spearhead the push into photo voltaic module and renewable {hardware} manufacturing. “With Reliance Infrastructure’s entry into photo voltaic tools and battery manufacturing enterprise, the Reliance Group will now cowl your entire spectrum of renewable vitality worth chain, enabling the group to supply end-to-end options—from renewable vitality tools manufacturing to solar energy technology,” the corporate had mentioned in February.
This effort additionally comes as clear vitality turns into a multi-player race. Whereas friends like Adani Inexperienced, JSW Power, and Reliance Industries are ramping up photo voltaic and wind belongings, the Reliance Group says, “It’s betting on built-in execution, storage scalability, and regional partnerships,” expressing confidence in its differentiated method.
“India’s huge renewable vitality potential presents important alternatives for a number of large-scale gamers. Within the coming years, the sector is anticipated to be pushed by not less than 5 to 6 main contributors working to realize the nation’s formidable renewable vitality targets. Reliance Group is well-positioned to emerge as one of many main gamers within the inexperienced vitality area,” the group mentioned.
Singhal famous Institutional traders, who’ve traditionally remained cautious in regards to the group, are starting to pay attention to its latest strides within the clear vitality area. “Whereas retail enthusiasm continues to drive short-term momentum, the dimensions and credibility of Reliance Group India’s renewable wins are step by step attracting institutional curiosity, supplied execution stays constant and governance improves.”
Reliance Group’s clear vitality mission wins:
- 2.5 GWp photo voltaic + 2.5 GWh BESS whole growth pipeline — India’s largest non-public built-in photo voltaic+storage capability.
- December 2024: 930 MW photo voltaic + 1,860 MWh BESS SECI mission secured by Reliance NU Suntech — Asia’s largest solar-plus-storage mission.
- Might 28, 2025: 350 MW photo voltaic + 700 MWh BESS awarded in SJVN public sale to Reliance NU Energies.
- Might 19, 2025: 500 MW photo voltaic + 770 MW hydro JV with Bhutan’s DHI — largest Indian non-public FDI in Bhutan’s renewable vitality sector.
- June 29, 2025: 1,500 MW gas-based mission bids submitted in Kuwait, UAE, and Malaysia — utilizing redeployed GE modules from India.
- June 29, 2025: Rs 2,000 crore asset monetisation potential from deploying two 750 MW fuel modules overseas, as per PTI.
Is it really a grand return but?
As cliché because it sounds, solely time will inform whether or not this marks Anil Ambani’s redemption arc and pays tribute to Dhirubhai’s legacy. For now, the markets appear to be in favour. Shares of Reliance Infrastructure have surged greater than 42% in simply the previous month.
As per Singhal, the rally demonstrates rising institutional confidence. The FII stake in Reliance Infrastructure has elevated from 8% to 11% in latest quarters, whereas the market cap has grown from Rs 12,042 crore to Rs 16,360 crore, reflecting a 1.36x progress.
“Market contributors are viewing the Reliance Group India’s strategic shift towards defence and renewable vitality with cautious optimism, viewing it as a reputable shift backed by tangible progress… A multi‑contract roadmap involving extra western OEMs may unlock re‑ranking potential for Reliance Infra,” the Anand Rathi govt mentioned.
Analysts, nevertheless, warning that the trail forward will take a look at mission execution, governance, and coverage consistency. “Defence and renewable initiatives are advanced; traders do perceive and admire the lengthy gestation intervals in such capital‑intensive shares… execution performs a key position and is anticipated to be intently monitored by traders,” mentioned Singhal, whereas noting that monetary metrics replicate regular restoration.
Singhal mentioned, “Having secured a number of lengthy‑time period contracts within the renewable and defence sectors, Reliance Group India corporations have improved its monetary efficiency… Nevertheless, the medium‑time period outlook hinges on profitable execution of defence and renewable initiatives, continued debt discount, and clear governance.”
Does the latest resurgence of Anil Ambani mark the start of an enduring comeback story—a phoenix rise from the ashes? It’s too early to say.