Reliance Industries Secures Landmark Financing Amid Record Profits, Ambani Forgoes Salary Again

Reliance Industries Ltd (RIL) announced remarkable achievements in overseas financing for FY26, notably securing the largest Samurai loan ever obtained by an Indian corporation. Chairman and Managing Director Mukesh Ambani opted not to draw a salary for the sixth year in a row, despite the company reporting unprecedented profits.

The company's Integrated Annual Report for 2025-26 revealed that S&P Global Ratings elevated RIL's international debt rating from BBB+ to A- in December 2025. This upgrade reflects the increasing stability in earnings due to contributions from consumer-focused businesses.

The report emphasized that the improved rating affords RIL better access to capital at finer spreads. Despite market turbulence, including tariff uncertainties and geopolitical tensions, the company succeeded in raising funds across currencies and products at competitive rates.

Key transactions included a 91.9 billion Japanese yen (around USD 625 million) Samurai loan, the largest by any Indian corporate and the third-largest in Asia. The company also executed first-of-their-kind export credit agency-backed financing deals globally.

RIL secured around USD 500 million in KSURE-supported untied facilities for capital expenditure, marking KSURE's debut untied corporate facility globally. In another groundbreaking transaction, the company secured around USD 600 million in NEXI-supported untied facilities for its solar and battery projects.

The annual report underlined RIL's liquidity strategy of maintaining strong cash reserves and ample undrawn credit lines to navigate market volatility. The fiscal year concluded with a revenue increase of 9.8% and a net profit surge of 17.8%, making RIL the first Indian company to surpass $10 billion in annual net profit.

Reliance has been funding its expansion through robust internal accruals, sustaining a solid balance sheet. As of March 31, 2026, RIL's gross debt was Rs 3,74,421 crore, while net debt stood at Rs 1,24,717 crore, with a debt-to-equity ratio matching 0.41:1.

In the backdrop of these financial milestones, Mukesh Ambani's continued decision to forgo his salary since FY2020-21 was highlighted, a choice initiated in response to the Covid-19 pandemic. Prior to the pandemic, Ambani had voluntarily capped his salary at Rs 15 crore annually, maintaining this for 12 years.

(With inputs from agencies.)