Billionaire Mukesh Ambani’s three-year investment binge may finally be approaching its payoff phase. Reliance Industries, which operated with materially negative free cash flow during the period, could generate about Rs 90,000 crore cumulatively over FY26-FY28 as peak capital expenditure recedes and a new earnings upcycle takes hold, according to brokerages.
The potential swing from consuming cash to generating it may prove more consequential for investors than Reliance’s Q1 earnings beat. It would mark the point at which billions of dollars invested across telecom, retail, petrochemicals, new energy and digital infrastructure begin translating into stronger cash flows and lower leverage.
