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from the company's market cap and leaving lakhs of shareholders waiting for fresh triggers that can revive sentiment.There have been several reasons for the muted market performance. According to JM Financial, sustained FII selling is one of the key factor ailing the stock. FII holding in Reliance has fallen to 18.67% in March 2026, down sharply from a peak of 28.3% in March 2021.The stock's underperformance has also come despite steady earnings growth, largely because investors have remained cautious about the pace of value unlocking. Delays in the proposed Jio IPO, uncertainty around the monetisation of Reliance's artificial intelligence and new energy investments, and concerns over near-term returns on its heavy capital expenditure have kept sentiment subdued. The stock has also faced pressure from macro concerns around its core oil-to-chemicals (O2C) business, including geopolitical developments affecting refining margins and crude markets.The AGM comes at a time when Investors are looking for concrete timelines on value-unlocking initiatives such as the Jio IPO, progress in artificial intelligence, new energy and retail, alongside reassurance that the company's next investment cycle will translate into higher shareholder returns.Reliance Jio IPOThe biggest announcement that investors expect from the meeting is around the proposed listing of Reliance Jio. Last year, Ambani had indicated that the telecom business would be listed in the first half of 2026. While that timeline appears to have slipped, reports suggest Reliance could soon file draft IPO papers with Sebi.The proposed public issue, estimated at around $4 billion, is expected to become India's largest-ever IPO, surpassing NSE and Hyundai Motor India's listings. Reliance has reportedly reworked the issue structure in favour of a largely fresh issue after earlier plans for an offer-for-sale ran into disagreements over valuation with existing investors.Jio remains Reliance's strongest consumer business. It serves more than 524 million subscribers, while average revenue per user (ARPU) has improved to Rs 214 following tariff hikes and higher customer engagement. Analysts believe a successful Jio listing could unlock substantial value for Reliance shareholders.Paresh Bhagat, Chairman of Mangal Keshav Financial, has said a largely fresh issue would improve investor perception because the capital would flow into the business rather than serving primarily as an exit route for existing shareholders. A strong IPO valuation and solid post-listing performance could provide a meaningful boost to sentiment around Reliance’s stock, which has lagged peers in recent months, market veteran Sandip Sabharwal told Bloomberg.AI betsArtificial intelligence is another area where investors expect fresh announcements. Morgan Stanley estimates Reliance could invest nearly $110 billion over the next seven years across AI infrastructure and data centres, making it one of the largest private investments in the sector globally.The company has already announced a partnership with Meta to develop data centre capacity at Jamnagar. Investors will closely watch whether Ambani provides greater clarity on the monetisation strategy, commercial rollout and timelines for the AI business. While the opportunity is significant, analysts say execution and returns will matter more than investment announcements.Brokerages have also noted that Reliance's AI ambitions could become a meaningful value driver over the long term, but investors will seek visibility on commercialisation and earnings contribution before assigning higher valuations.Key phase for new energyThe company's new energy business is also entering an important phase. Reliance has begun commercial production of high-efficiency solar modules and is advancing commissioning of its battery manufacturing facility. Its electrolyser factory is also expected to begin commercial production next year as the company expands its green hydrogen ambitions.Brokerages believe the market has yet to fully recognise the value of Reliance's new energy assets, which could emerge as another long-term growth engine alongside telecom and retail. Analysts are likely to look for updates on commissioning schedules, project execution and expected returns from the green energy investments.The retail business is expected to remain another key discussion point. While analysts do not expect an immediate IPO announcement, investors will look for an update on expansion plans and the eventual sequencing of a public listing. Over the past decade, Reliance's consumer businesses have steadily become the group's largest value drivers, reducing dependence on its traditional oil-to-chemicals business.Healthy financial growth for FY26Despite weak stock performance, Reliance delivered another year of strong financial growth in FY26. The company reported annual revenue of Rs 11.8 lakh crore, up 10% from the previous year. EBITDA increased 13.4% to Rs 2.08 lakh crore, while profit after tax rose 18% to Rs 95,754 crore.Growth was led by the oil-to-chemicals, digital services and retail businesses. Consumer-facing businesses now contribute more than 55% of consolidated EBITDA, highlighting the company's transition from an energy-led conglomerate to a consumer and technology-focused enterprise.In the March quarter, Reliance reported revenue from operations of Rs 2.98 lakh crore, up 13% year-on-year. Consolidated net profit stood at Rs 16,971 crore.Jio continued to report healthy growth, with quarterly revenue rising 13% to Rs 44,928 crore and profit increasing 13% to Rs 7,935 crore. EBITDA grew 18% as operating margins improved, supported by higher tariffs and continued growth in data consumption.Analysts say the strong earnings trajectory across Jio and retail has largely offset weakness in the traditional energy business. However, they add that the market is now looking beyond earnings growth and wants visibility on value unlocking through listings, new businesses and capital allocation.For investors, however, the challenge has not been earnings but valuation and execution. Reliance has spent several years investing heavily across telecom, retail, green energy and now artificial intelligence. The market is increasingly looking for evidence that these investments will begin delivering sustained cash flows and stronger shareholder returns.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)