Credit Rating

October 21, 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 ICRA Limited The letter received from ICRA Limited assigning credit rating of [ICRA] AAA/Stable is attached. The said letter was received by the Company today, i.e. on October 21, 2026 at 3:48 p.m. (IST). 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 October 21, 2026 Reliance Industries Limited: Ratings reaffirmed for commercial paper and non- convertible debenture programme; assigned for bank loan facilities Summary of rating action Previous Current rated rated Instrument* amount Rating action Financial Sector Regulator# amount (Rs. crore) (Rs. crore) Non-Convertible Debenture 12,000 12,000.00 [ICRA]AAA (Stable); reaffirmed SEBI Commercial Paper 10,000.00 10,000.00 [ICRA]A1+; reaffirmed RBI Bank loan facilities 0.00 50,000.00 [ICRA]AAA (Stable); Assigned RBI Total 22,000.00 72,000.00 *Instrument details are provided in Annexure I #SEBI’s grievance redressal/dispute resolution and SEBI investor protection mechanisms such as SCORES and ODR shall not be available for activities and instruments which fall under the regulatory purview of Financial Sector Regulators other than SEBI Rationale To arrive at the ratings, ICRA has considered the consolidated financials of Reliance Industries Limited (RIL/the company). Additionally, ICRA has combined the business and financial risk profiles of Jamnagar Utilities and Power Private Limited (JUPPL) and Sikka Ports and Terminals Limited (SPTL) as they have a high degree of operational integration with RIL and are thus of significant strategic importance to the company. The liabilities towards Summit Digitel Infrastructure Limited {SDIL, rated [ICRA]AAA (Stable)} and the committed payments towards Pipeline Infrastructure Limited {PIL, rated [ICRA]A1+} have been capitalised, as the services offered by these entities are integral to RIL’s business operations. The spectrum payment liabilities of Reliance Jio Infocomm Limited (RJIL) towards the Department of Telecommunications (DoT) have been added to the debt. The ratings for the credit facilities of the company factor in the increasingly diversified earnings mix, with the consumer-facing businesses (mainly digital services and retail) now accounting for more than half of the consolidated EBITDA. The digital services segment contributed 15% to the consolidated gross revenue and 41% to the consolidated EBITDA, while the retail segment accounted for ~29% of the gross revenue and ~12% of the EBITDA in Q1 FY2027. The rising share of earnings from the relatively non-cyclical segments continues to temper the impact of volatility in the hydrocarbon chain on the consolidated profitability. The ratings also factor in the company’s leadership position in the oil-to-chemicals (O2C) business, given the highly integrated operations and a product portfolio spanning transportation fuels, polymers, elastomers, intermediaries and polyesters. RIL’s Jamnagar refinery is one of the most complex refineries globally, supported by the downstream refinery off-gas cracker (ROGC) and pet coke gasifier. These units enable RIL to add significant value to the refinery’s downstream low-value products. The refinery complex has strong downward linkages in the polymer and polyester segments. The company has also established a virtual pipeline from the US to India to import ethane for its crackers, providing significant cost advantage. In digital services, the company has carved a leadership position with Reliance Jio Infocomm Limited (RJIL) being the largest telecom operator in the country, with a subscriber base of 533.3 million as on June 30, 2026, including ~57% of the mobility customers on 5G network, and a leading market share of ~39% in mobile subscribers and ~49% in the broadband subscriber base as on June 2026 end. ICRA notes that, Jio Platforms Limited (RIL’s subsidiary housing the telecom and digital services business and the holding company for RJIL) is in the process of undertaking an initial public offering (IPO). The proceeds from www.icra.in 1 Sensitivity Label : Public Page | the IPO will be used largely for repayment of borrowings under RJIL and thus will result in deleveraging at the consolidated level for RIL. The retail business, housed under Reliance Retail Ventures Limited (RRVL), continues to be India’s largest retailer by scale, reach and profitability, with 20,169 stores and 78.4 million sq. ft of retail space across more than 7,000 cities and towns as on June 30, 2026. The registered customer base stood at more than 396 million by Q1 FY2027 end, up ~11% YoY, while transactions grew ~46% YoY to 568 million. The retail business is well diversified across various segments i.e. grocery, fashion & lifestyle and consumer electronics. In FY2026, the fast-moving consumer goods (FMCG) business was demerged from Reliance Retail Ventures Limited (RRVL) into Reliance Consumer Products limited (RCPL) which is a now direct subsidiary of RIL with the company holding 83.56% stake in RCPL. The consumer brand business has witnessed healthy growth, supported by ramp-up in volumes across brands and categories with RCPL’s revenue rising to Rs. 22,000 crores in FY2026. The continued organic expansions in manufacturing capacities particularly in the beverages category along with strategic acquisitions across various categories are expected to support revenue growth and geographical expansion for the FMCG business under RCPL. The ratings factor in the inherent cyclicality in RIL’s profitability, particularly in the O2C and exploration and production (E&P) segments; the E&P segment’s profitability moderated in FY2026, given the natural decline in KG-D6 gas volumes. The ratings are also constrained by the highly competitive retail segment, where the margins remain modest and where quick commerce has intensified competitive pressures, and by the continuous technological changes in the telecom business that necessitate sustained investments. RIL’s planned investments in the new energy value chain and in AI-led digital infrastructure, including AI-enabled data centres, are large, capital-intensive and technology-dependent, and remain a key monitorable. RIL’s credit profile could also be influenced by any large acquisition or debt-funded investment in its energy or consumer businesses. The Stable outlook reflects ICRA’s expectation that RIL’s leadership position and established track record across several industries will support the company’s healthy cash flow from operations which will keep the company’s credit profile healthy. Key rating drivers and their description Credit strengths Diversified revenue and earnings mix across sectors – Over the past few years, RIL’s consolidated earnings mix has shifted materially towards the consumer-facing businesses. In FY2026, digital services and retail together accounted for ~53% of consolidated segmental EBITDA, while the O2C segment accounted for ~31%. The consolidated operating income increased to Rs. 10,57,219 crore in FY2026 from Rs. 9,64,693 crore in FY2025, while the operating profits rose to Rs. 1,79,065 crore from Rs. 1,65,598 cr [Showing first 8,000 characters — download PDF for full document]