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The return to profitability and the deleveraging at Reliance Power and Reliance Infra are not what they’re cracked up to be. Plus, as their promoter, his past continues to haunt the two surviving group companies.

FY26 numbers show that Airtel is stealing a march on its larger rival on most counts and is unrelenting in its ambition, casting a cloud on Jio’s valuation.
The RBI’s unusually harsh order raises deeper questions about management credibility—and whether investors should take assurances at face value.
Telecom and retail both continue with their ‘hit and miss’, while O2C delivers an unsurprisingly poor performance in Q4. This is a year RIL will be glad to see the back of.