High Conviction Large Cap Basket

Oil and Gas Exploration & Production (E&P):

The company’s deep-water operations in the Krishna-Godavari (KG) D6 Block represent India’s first ultra-deep-water fields. Developed in partnership with BP, the R Cluster, Satellite Cluster, and MJ fields together contribute ~30% of India’s domestic gas production, operating at depths exceeding 2,000 meters—making R Cluster the deepest offshore producing field in Asia. Production from these assets supports national energy security and reduces import dependence, having already displaced over $40 billion in energy imports. In the unconventional energy space, RIL’s coal bed methane (CBM) operations in Madhya Pradesh represent the country’s largest surface footprint in hydrocarbon E&P. Over 300 wells are currently producing, connected to India’s gas grid through a 302-km dedicated pipeline.

Refining and Marketing (R&M):

The Jamnagar Refinery Complex—RIL’s flagship downstream asset—is the world’s largest and most complex single-site refinery, with a nameplate capacity of 1.4 million barrels per day and a complexity index of 21.1. This unique configuration allows RIL to process over 216 types of crude oil, ensuring maximum flexibility across geographies and price cycles. The refinery houses the world’s largest petcoke gasification plant and the world’s largest Refinery Off-Gas Cracker (ROGC), enabling near-total conversion of the bottom barrel and enhanced integration with petrochemicals.

Jamnagar is supported by a robust logistics ecosystem, including marine facilities capable of handling Very Large Crude Carriers (VLCCs). This infrastructure enables RIL to switch seamlessly between export and domestic markets based on demand-supply dynamics and margin optimization. The refining product slate includes LPG, gasoline, naphtha, ATF, diesel, and petrochemical feedstocks.

Downstream integration is furthered through Reliance BP Mobility Ltd (RBML), a joint venture with bp operating under the Jio-bp brand. RBML’s network of over 1,700 outlets delivers fuels, EV charging, and convenience services.

RIL’s petrochemicals division is among the most integrated and diversified globally, serving as a cornerstone of its Oil-to-Chemicals (O2C) strategy. With facilities across Jamnagar, Hazira, Dahej, Nagothane, Vadodara, and multiple international locations, the segment encompasses polymers, polyesters, fibre intermediates, elastomers, aromatics, and composites. RIL is the world’s largest polyester producer and ranks among the top five producers globally of PTA, PP, and PX. The integrated O2C model enables seamless conversion from crude oil to high-margin chemical products, reducing feedstock volatility and boosting profitability. A Rs. 75,000 crore capacity expansion program is underway, including a 3 MMTPA PTA plant and a 1 MMTPA PET plant at Dahej, as well as world-scale PVC production in India and the UAE. Upon completion, RIL is expected to rank among the top five PVC producers globally. RIL is also pioneering sustainable practices through circular economy initiatives, including PET bottle recycling (targeting 5 billion bottles annually), chemical recycling, and the development of biodegradable plastics—enhancing both ESG credentials and long-term competitive positioning.

Reliance Retail is India’s largest and most profitable retail enterprise, with a footprint of over 19,340 stores spanning 77.4 million square feet and a registered customer base exceeding 349 million. The business spans core verticals such as grocery, fashion and lifestyle, consumer electronics, luxury, and pharmacy, supported by a robust omni-channel framework integrating physical retail with digital platforms like JioMart. Strategically, Reliance Retail has adopted a “scale with inclusion” model. Through its New Commerce initiative, the company partners with over a million small merchants and kiranas, digitally enabling them with supply chain access, product assortment, and tech support.

Reliance Jio, launched in 2016, has transformed India’s digital infrastructure. In less than a decade, it has built the largest telecom network in the country. With over 488 million subscribers (in FY25) and ~60% share of India’s total data traffic (in FY24), JPL’s network handles 184.5 billion GB of data annually. Jio also offers wireless, fiber-to-home, enterprise solutions, and digital applications, supported by AI, blockchain, AR/VR, IoT, and edge computing. The company’s strategic partnerships with Meta, Google, and Microsoft have further expanded its ecosystem, delivering solutions such as JioPhone Next, WhatsApp commerce integration, and cloud-native 5G. The platform is expanding into digital verticals like healthcare, education, media, and smart cities—creating long-term monetization avenues.

RIL is making a bold pivot to green energy, with a stated ambition to become net-zero by 2035. Central to this transition is the Dhirubhai Ambani Green Energy Giga Complex in Jamnagar, a 5,000-acre facility that will host five giga factories for: solar PV, battery storage, green hydrogen, fuel cells, and power electronics.

The company is investing Rs. 75,000 Crores across the green value chain, including quartz-to-module solar manufacturing, sodium-ion and LFP battery technologies, modular electrolyser systems, and EV-ready fuel cell systems. RIL is also constructing one of the world’s largest carbon fibre facilities (20,000 MTPA), critical for wind turbine blade manufacturing, and has entered into several global partnerships—Faradion, REC Solar, NexWafe, and Caelux—to secure intellectual property and supply chain leadership.

In bio-energy, RIL aims to set up 100 compressed biogas plants over five years and become India’s largest producer of biofuels. These initiatives address India’s energy trilemma—affordability, sustainability, and security—and represent a multi-decade opportunity to transform from a fossil fuel importer to a renewable energy exporter.

Reliance Industries operates a diversified media and entertainment portfolio through JioStar, Network18, and Jio Studios, spanning broadcast, digital news, OTT platforms, and film production. The group’s properties reach 227 million monthly digital news readers and 225 million monthly JioCinema viewers, supported by a “Digital First, TV Always” strategy emphasizing vernacular content, cross-platform integration, and technology-led scalability. In FY2024, Jio Studios reported box office revenues of Rs. 700 Crores, producing content that garnered over 80 awards across categories. JioStar reported revenues of Rs. 10,006 Crores since the merger. JioHotstar recorded 503 million monthly active users (MAUs) in March 2025, driven by marquee sporting events such as the ICC Champions Trophy and the Indian Premier League (IPL), alongside access to India's largest digital content library exceeding 320,000 hours.

HAL designs, manufactures, and supports a range of military and civil aircrafts. Its fixed-wing portfolio includes the Light Combat Aircraft (LCA) Tejas, Intermediate Jet Trainer (IJT), Hindustan Turbo Trainer-40 (HTT-40), Su-30 MKI, Hawk Advanced Jet Trainers (AJT), and Dornier Do-228 utility aircraft. The LCA Mk1A is among the largest indigenization efforts in Indian aerospace, with projected indigenous content exceeding 65% in future production batches. HAL has also set up a third manufacturing line for the LCA in Nashik to meet long-term demand. The Dornier Do-228, developed under license from Germany’s Dornier GmbH, is now manufactured solely by HAL and caters to both defence and civil markets. It is deployed for maritime surveillance, training, commuter services, and logistical support. HAL maintains worldwide marketing and support rights for this platform and offers end-to-end MRO services for its airframe, engines, and avionics.

HAL has developed extensive in-house expertise in rotary-wing platforms, including light utility and combat helicopters. Its flagship offering is the Dhruv Advanced Light Helicopter (ALH), a 5.5-tonne class, twin-engine, multi-role platform developed indigenously. The Dhruv is deployed in both utility and armed variants (Rudra) and is in service across the Indian Army, Navy, and Air Force. Production capacities have been augmented with the commissioning of a new greenfield helicopter manufacturing facility at Tumakuru, Karnataka, entirely funded through internal accruals. The other rotary-wing offerings include:

• Light Combat Helicopter (LCH): Designed for high-altitude operations with integrated weapons systems, currently being inducted into Indian forces.
• Light Utility Helicopter (LUH): A new platform optimized for reconnaissance and logistics roles.
• Chetak and Cheetah: Legacy helicopters produced under license, still in active deployment and supported through life-cycle MRO services.
• Lancer: A light attack variant developed from the Cheetah platform, optimized for counter-insurgency and support missions.

HAL manufactures, repairs, and overhauls a wide variety of aero engines under license from Rolls-Royce, Turbomeca, Honeywell, and others. Engine programs include:

• Adour Mk804/Mk811 engines for Jaguar aircraft, under license from Rolls-Royce.
• Garrett TPE331 engines for the Do-228, under license from Honeywell.
• Artouste III B engines for Cheetah and Chetak helicopters.
• Dart engines used in legacy aircraft such as HS-748.

Additionally, HAL services marine gas turbines (e.g., LM2500 series) used in naval ships and offshore oil platforms, extending its relevance beyond aerospace. The company recently signed an MoU with GE for licensed manufacturing of the GE 414 engine for the LCA Mk2, with a targeted indigenization level of 80%. HAL’s engine divisions also specialize in development of small gas turbines and test beds for various platforms.

HAL provides MRO services across the life cycle of over 17 types of aircraft and helicopters, including platforms not manufactured by the company. MRO constitutes a critical revenue stream with relatively higher margins and recurring cash flow. Key services include:

• Overhaul and servicing of Su-30 MKI, Mirage-2000, Jaguar, MiG series aircraft.
• Engine overhaul for multiple types including Adour, Garrett, and LM2500 turbines.
• Powerplant services, avionics maintenance, accessories refurbishment.

HAL has also entered into a working partnership with Airbus for future MRO services, positioning itself as a regional hub for both domestic and export markets.

HAL designs and maintains a wide range of avionics systems, both indigenously developed and licensed. These include:

• Communication and navigation systems such as Advanced Communication System ACS-235, VOR/ILS, and TACAN.
• Electronic warfare systems, digital map generators, head-up displays (HUDs), inertial navigation systems (INGPS), and solid-state flight data recorders.
• Integration of western and Russian origin systems across multiple aircraft platforms.

The company is progressively working on integrating indigenous systems like the Uttam AESA radar into the LCA Mk1A platform, enhancing self-reliance in critical avionics sub-systems.

HAL supplies complex aerostructures and components for both domestic and international aerospace programs. Key deliverables include:

• Airbus A320 forward passenger doors
• Boeing 737 freighter conversion kits and P-8I tailcones
• Gun bay doors for F/A-18
• Eurocopter composites and various structural sub-assemblies

Its manufacturing capabilities encompass sheet metal, precision machining, composite fabrication, and advanced 3D modeling and digital design support for global OEMs.