The RIL disclosures indicate that, seven years after the RIL-JM Financial ARC consortium took control of Alok Industries through the insolvency process, the textile company has yet to turn its balance sheet around. Losses have narrowed year-on-year and operating EBITDA has turned positive by small margins, according to Alok’s own filings, but shareholder equity remains deeply negative, and RIL’s decision to deconsolidate the entity in its FY26 accounts marks a shift in how India’s largest company by market value now formally characterises its relationship with Alok Industries — from a controlled subsidiary to an associate held for “significant influence.”
The trajectory sets Alok apart from other large corporate…