Credit Rating

September 9, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, Plot No. C/1, Dalal Street, G Block, Bandra - Kurla Complex, Mumbai 400 001 Bandra (East), Mumbai 400 051 Scrip Code: 500325 Trading Symbol: RELIANCE Dear Sirs, Sub: Disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Intimation of Credit Rating assigned by CARE Ratings Limited and CRISIL Ratings Limited The letters received from (a) CARE Ratings Limited (“CARE”) assigning credit rating of CARE AAA/Stable; and (b) CRISIL Ratings Limited (“CRISIL”) assigning credit rating of CRISIL AAA/Stable, are attached. The letters from CARE and CRISIL were received by the Company today, i.e. on September 9, 2026 at 06:12 p.m. (IST) and 06:41 p.m. (IST), respectively. Thanking you Yours faithfully, For Reliance Industries Limited Savithri Parekh Company Secretary and Compliance Officer Encl.: As above Copy to: Luxembourg Stock Exchange Singapore Exchange Limited 35A Boulevard Joseph II, 2 Shenton Way, #02-02 SGX Centre 1, L-1840 Luxembourg Singapore 068804 Regd. Office: 3rd Floor, Maker Chambers IV, 222, Nariman Point, Mumbai- 400 021, India Phone #: +91-22-3555 5000, Telefax: +91-22-2204 2268. E-mail: investor.relations@ril.com, Website: www.ril.com CIN- L17110MH1973PLC019786 Press Release Reliance Industries Limited September 09, 2026 Facilities/Instruments Name of the Regulator1 Amount (₹ crore) Rating2 Rating Action Non-convertible debentures 15,000.00 CARE AAA; Stable Assigned Non- convertible debentures 6,500.00 CARE AAA; Stable Reaffirmed SEBI Non- convertible debentures 5,500.00 CARE AAA; Stable Reaffirmed Non- convertible debentures 20,000.00 CARE AAA; Stable Reaffirmed Commercial paper RBI 34,500.00 CARE A1+ Reaffirmed Details of instruments/facilities in Annexure-1. Rationale and key rating drivers Ratings assigned to instruments of Reliance Industries Limited (RIL) continue to derive strength from experienced and resourceful promoter group, diversified revenue streams, highly integrated operations with presence across entire energy value-chain and leadership position in the oil-to-chemicals (O2C) segment. Ratings also factor in the leadership position attained by the group’s telecom business in the industry, leadership position in the organised retail sector, and induction of strategic partners in digital, retail and, media and entertainment businesses. RIL’s strong consolidated financial risk profile, marked by its robust capital structure and superior liquidity, and financial flexibility, further underpin its ratings. Rating strengths mostly offset its exposure to risks relating to the inherent cyclicality in O2C business and crude oil price volatility, apart from regulatory and technology risks associated with the telecom segment and competitive retail industry. The company’s recent foray in technology-intensive new energy segment will entail large-size investments and will remain a key monitorable in the medium term. Rating sensitivities: Factors likely to lead to rating actions Positive factors: Not applicable. Negative factors • Any major debt-funded capex resulting in deterioration of financial risk profile. • Deterioration in net debt to profit before interest, lease rentals, depreciation and taxation (PBILDT) beyond 2.5x on a sustained basis. Analytical approach: Consolidated CARE Ratings Limited (CareEdge Ratings) has considered the consolidated approach to analyse RIL, as its subsidiaries/step-down subsidiaries/joint venture (JVs)/associates are strategically important to RIL, considering significant investments especially in consumer facing businesses, with strong operational linkages with some of these companies. Consolidated entities have been placed in Annexure-5. While assessing the credit profile of RIL, CareEdge Ratings has also factored in business and financial risk profiles of Sikka Ports & Terminals Limited and Jamnagar Utilities & Power Private Limited considering their strategic importance and operational linkages with RIL. Outlook: Stable CareEdge Ratings believes that RIL shall continue to benefit from its leadership position in its diversified key business segments, oil to chemicals, telecom and retail, which shall support the business profile and lead to sustained strong credit profile on a consolidated basis. Detailed description of key rating drivers Key strengths Resourceful promoter group and experienced management RIL is the flagship company of the Reliance (Mukesh D Ambani) group – the largest private sector enterprise in India. Promoters are resourceful and the management, represented by the Board of Directors, comprises eminent individuals with vast experience 1SEBI: Securities and Exchange Board of India; RBI: Reserve Bank of India; MCA: Ministry of Corporate Affairs; IRDAI: Insurance Regulatory and Development Authority of India; PFRDA: Pension Fund Regulatory and Development Authority. 2Complete definitions of ratings assigned are available at www.careratings.com and in other CARE Ratings Limited’s publications. 1 CARE Ratings Ltd. Press Release in their respective fields. Top management team, including Mukesh D Ambani, has significant experience in petrochemicals and oil and gas, and a proven track record of successfully implementing large-scale complex projects. The management team’s competence is further evidenced from their ability to establish the group’s leadership position in consumer facing businesses such as digital/telecom and retail in a relatively short time frame. Highly integrated product line and operations in O2C segment RIL operates along the entire energy value-chain of O2C segment, starting from oil and gas exploration and production up to manufacturing and marketing petrochemicals and transportation fuels, imparting higher value-addition and making its production line substantially cost-efficient, allowing it to place its products at a competitive price. Leadership position in the O2C segment RIL has a leadership position in product segments of the domestic petrochemicals market. RIL is also among top 10 global manufacturers of products, such as paraxylene, polypropylene, purified terephthalic acid and polyester among others. A significant and diverse presence across petrochemicals segment and feedstock flexibility, de-risks RIL’s revenues from sluggishness in any product and enables the company to command better pricing terms in the industry. RIL operates the largest single location refinery in the world, at Jamnagar, having a nelson complexity index of 21.1 and a crude processing capacity of ~1.4 million barrels per day. With such high complexity, the refinery is capable of processing low-cost, heavy, and ultra-heavy crude to produce clean fuels, commanding higher margins. The O2C segment contributed ~50% and 31% to RIL’s consolidated gross revenue and PBILDT, respectively, in FY26 (53% and 31%, respectively, in FY25). In FY26, the segment’s gross revenue increased by ~6% year-over-year (y-o-y) while earnings before interest, taxation, depreciation, and amortisation (EBITDA) margin improved to 9.14% (FY25: 8.77%). In Q1FY27, the gross revenue further increased by ~30% on a y-o-y basis due to sharp increase in crude oil prices. Earnings were supported by stronger transportation fuel cracks, efficient feedstock sourcing and improved downstream chemical margins, despite geopolitical and trade-related pressures. However, operating profitability was comparatively constrained by lower volumes due to planned maintenance, higher crude premiums, special additional excise duty (SAED) related costs, under-recovery in domestic fuel retail and LPG diversion. Sustained domestic demand for gasoline, diesel and aviation turbine fuel (ATF), and favourable ethane- cracking, supported overall segment performance. Leadership position in the organised retail sector Reliance Retail Limited (RRL: rated ‘CA [Showing first 8,000 characters — download PDF for full document]