Reliance Industries Ltd (RIL), a leading player in the oil and gas sector, on Thursday said the outlook for oil remains extremely vulnerable to geopolitical, macro-economic and policy risks in FY2026-27.

Global oil demand growth is expected to be sluggish due to higher oil prices and economic slowdown in FY 2026‑27 amid West Asia conflict, RIL said in its annual report. Crude oil has been highly volatile since March this year when the US-Israel conflict started.

“Refinery and oil infrastructure damages which caused product supply losses are likely to take a longer period to recover, resulting in continual volatility in the market,” RIL said.

In FY 2026-27, volatile product and feedstock prices, supply disruptions from the West Asia, Government of India directives on SAED, petrochemical feedstock usage and duty exemption on key petrochemical products may weigh on domestic demand and margins, it said.

Fuel prices have gone up by Rs 8 in Mumbai in the month of May alone.

RIL said natural gas is expected to play an increasingly critical role in India’s energy transition, with its share in the energy mix targeted to rise from around 6% to 15% by 2030. “RIL’s gas portfolio remains well-positioned to support this structural shift, contributing nearly 30% of the country’s domestic gas production,” RIL said.

Continued development of deepwater and CBM assets, supported by existing infrastructure and operational efficiencies, is expected to further augment supplies and cater to India’s growing gas demand in FY 2026–27 and beyond, it said.

RIL said its battery energy storage system (BESS) giga-factory is nearing commissioning, with the company set to operationalise 40 GWh of annual capacity—scalable to 100 GWh—as production ramps up in the second half of 2026.

BESS is a technology that stores electrical energy in batteries so it can be used later when needed. Adani Green Energy Ltd (AGEL) has already commissioned a cumulative 3.37 Gigawatt-hour (GWh) BESS this week.

According to RIL’s latest annual report, the company is progressively commissioning its HJT (Heterojunction Technology) cell and module lines.

The first 200 MWp of high-efficiency HJT modules have been delivered — demonstrating 10% higher energy yield and 25% lower degradation versus industry standards, with 720 Wp BIS — certified panels.

“Reliance remains on track to scale to 10 GWp per annum, with expansion to 20 GWp planned, targeting 26% module efficiency. Polysilicon, glass, ingots, and wafers are being commissioned in phases toward full integration,” it said.

It said Reliance is progressively commissioning its HJT (Heterojunction Technology) cell and module lines. The first 200 MWp of high-efficiency HJT modules have been delivered – demonstrating 10% higher energy yield and 25% lower degradation versus industry standards, with 720 Wp BIS-certified panels.

“Reliance remains on track to scale to 10 GWp per annum, with expansion to 20 GWp planned, targeting 26% module efficiency. Polysilicon, glass, ingots, and wafers are being commissioned in phases toward full integration,” it said.

The Dhirubhai Ambani Green Energy Giga Complex at Jamnagar — being developed across 5,000 acres with 44 million sq. ft. of manufacturing and operational built-up area — is envisaged as the world’s most integrated clean energy manufacturing ecosystem outside China, the Annual Report said.

RIL is building India’s largest integrated CBG (Compressed Bio Gas) platform. CBG production has reached 270 plus TPD across 35 operating plants (capacity 700 TPD), and is on track to reach 1,100 TPD with 55 operating plants by end of FY 2026-27. The platform is being built towards the Rs 75,000 crore committed investment in clean energy.

RIL Chairman and MD Mukesh Ambani has declined to draw a salary from the company for the sixth straight year, despite the conglomerate posting its highest-ever consolidated net profit for FY2025-26.

The 68-year-old chairman and managing director drew nil in salary, allowances, perquisites, commission and retiral benefits for the year ended March 31, 2026, according to the company’s latest annual report.

However, the promoter group which holds over 50% stake in RIL has received over Rs 3,721 crore as dividend out of the total payout of Rs 7,443 crore in FY26.

RIL Executive Directors Nikhil Meswani and Hital Meswani got remuneration of Rs 25 crore each, PMS Prasad Rs 20.58 crore and Anant Ambani Rs 12.17 crore, according to the annual report.

Nine non-executive directors of RIL got over Rs 2 crore each as remuneration for FY26. They included former SBI chairperson Arundhati Bhattacharya (Rs 2.65 crore) and former ICICI Bank Chairman KV Kamath (Rs 2.69 crore).