Reliance Infrastructure Limited submitted its Business Responsibility and Sustainability Report (BRSR) for the financial year 2025-26 on July 23, 2026, pursuant to Regulation 34(2)(f) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing reveals robust operational performance across its core segments, with defence exports reaching ₹360 crore in FY26 and Mumbai Metro One Private Limited (MMOPL) serving over 1,200 million passengers as of March 31, 2026. These figures underscore the company’s expanding footprint in high-growth infrastructure and aerospace sectors, while maintaining its dominant position in urban mobility.

The report, filed with both the Bombay Stock Exchange and the National Stock Exchange of India Limited, outlines the company’s consolidated performance. Reliance Infrastructure operates through a diverse portfolio including power distribution, metro rail, toll roads, engineering & construction (E&C), and defence. The company’s paid-up capital stands at ₹408.63 crore. The BRSR was signed by Paresh Rathod, Company Secretary & Compliance Officer, and is available on the company’s website at www.rinfra.com .

Operational Highlights by Segment

The defence business emerged as a key growth driver, with exports totaling ₹360 crore in FY26. Through its joint venture Dassault Reliance Aerospace Limited (DRAL), the company manufactured aerostructures for Falcon and Rafale platforms, delivering over 1,241 assemblies. An opportunity pipeline of approximately ₹2,300 crore spans domestic and export markets. Thales Reliance Defence Systems (TRDS) contributed by assembling AESA radars and electronic warfare suites, while also pioneering the indigenisation of critical radar components. The company also designed new-generation 155 mm artillery shells in collaboration with the Armament Research and Development Establishment (ARDE).

In the metro segment, MMOPL reported that daily ridership has exceeded pre-pandemic levels, driven by improved accessibility and integration with expanding metro lines including Line 2A, Line 7, Line 3, Line 2B, and Line 9. The power distribution business, through BSES Rajdhani Power Limited (BRPL) and BSES Yamuna Power Limited (BYPL), supplies electricity to approximately 5.46 million consumers in Delhi. The toll road business operates 10 toll plazas across six roads in Maharashtra and Tamil Nadu.

Sustainability and Governance

Reliance Infrastructure disclosed that its policies align with the National Guidelines on Responsible Business Conduct (NGRBC) and international standards including ISO 9001, ISO 14001, and ISO 45001. The Corporate Social Responsibility and Sustainability Committee, chaired by Ms. Chhaya Virani, oversees these initiatives. The company achieved its Performance, Achieve and Trade (PAT) Scheme targets, with BRPL achieving a Transmission & Distribution (T&D) loss of 6.62% against a target of 8.08% for FY24-25, earning 16,697 Energy Saving Certificates. BYPL achieved a T&D loss of 6.57% against a target of 9.02%.

Environmental initiatives include the commissioning of an SF₆-free substation by BRPL and the installation of SF₆-free Ring Main Units by BYPL to reduce greenhouse gas emissions. The company also emphasized waste management practices, including recycling transformer oil and metals, and adhering to hazardous waste disposal regulations under the Delhi Pollution Control Committee.

What the Numbers Show

The concentration of turnover in the power distribution business, which accounts for 91.53% of total turnover, highlights the company’s reliance on this regulated utility segment for revenue stability. However, the rapid growth in defence exports (₹360 crore) and the massive passenger volume in the metro segment (over 1,200 million) indicate a strategic diversification away from pure utility dependence. The achievement of PAT targets well below prescribed T&D loss norms suggests efficient operational management in the power segment, potentially freeing up capital for higher-margin ventures like defence and E&C.

Mumbai Metro One Private Limited (MMOPL), a subsidiary of reliance infrastructure , has successfully restructured its debt with National Asset Reconstruction Company Limited (NARCL), reducing its financial obligations by more than ₹1,100 crore as on March 31, 2026. The agreement, finalized on July 9, 2026, also secures the withdrawal of insolvency proceedings that had been initiated against the metro operator. This restructuring covers total financial obligations amounting to ₹2,771.32 crore, significantly strengthening the subsidiary's balance sheet and ensuring the continued operation of the Versova-Andheri-Ghatkopar Metro Line-1.

MMOPL is a joint venture between Reliance Infrastructure, which holds a 74% equity stake, and the Mumbai Metropolitan Region Development Authority (MMRDA), which holds the remaining 26%. The entity operates the critical East-West connectivity corridor in Mumbai, serving over 5 lakh commuters daily. The resolution of the debt dispute removes a major overhang on the company's financial stability.

Key Terms of the Agreement

The Master Restructuring Agreement (MRA) outlines the framework for the settlement and includes specific governance rights for the lender. NARCL, a government entity, is not related to the promoter or promoter group of Reliance Infrastructure. The transaction does not qualify as a related party transaction.

Governance and Oversight

As part of the restructuring terms, NARCL has secured the right to nominate a director on the Board of MMOPL. The agreement also mandates the formation of a Monitoring Committee comprising representatives from both the lender and MMOPL. This committee will oversee the implementation of the restructuring plan. Additionally, the agreement includes customary affirmative and negative covenants, restricting certain corporate actions without the prior written consent of the lender.