Mukesh Ambani’s long game: How Reliance could turn a 3-year spending spree into Rs 90,000 crore of free cash flow

Reliance Industries is poised to shift from three years of negative free cash flow to generating around Rs 90,000 crore cumulatively over FY26-FY28, according to Motilal Oswal, as the capex cycle peaks. Promoters raised their stake by 0.5 percent (about Rs 9,000 crore) in the June quarter, while Q1 consolidated EBITDA rose 11 percent year-on-year to Rs 47,500 crore and adjusted profit grew 16 percent to around Rs 20,900 crore. Brokerages including JPMorgan, Motilal Oswal, Ambit Capital and Morgan Stanley see Jio contributing about 85 percent of incremental EBITDA ahead, with an industry-wide 15 percent tariff hike expected following Jio's potential IPO.