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The compulsions of a coalition government and an invigorated opposition spell the end of political tailwinds for a conglomerate that’s tanked up on debt plus risk in the hope of breakneck growth.

The retired banker wants India’s top companies to invest in AI. But the capital, ambition, and urgency simply aren’t there.
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.
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.