Reliance logo

Reliance

RELIANCE NSE

Key Fundamentals

LargecapRefineries & MarketingPetroleum Products
Market Cap
16.0L Cr
Volatility
Moderate
P/E Ratio
21.15
EBITDA
2.1L Cr
Return on Equity
8.8%
Debt to Equity
0.45
Book Value
₹668.04
EPS
₹101.61
52W High
₹1,611.8
52W Low
₹1,181.7

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Weaknesses

2
  • Company has a low return on equity of 8.77% over last 3 years.
  • Dividend payout has been low at 10.2% of profits over last 3 years

Growth Rate

Revenue Growth
10.53% higher than 3Y
Net Income Growth
18.35% higher than 3Y
Cash Flow Change
7.5% lower than 3Y
ROE
10% higher than 3Y
ROCE
5.4% higher than 3Y
EBITDA Margin (Avg.)
2.52% higher than 3Y

AI Analysis — Bull vs Bear

6d ago
AI opinion · based on fundamentals
Risk medium

Reliance Industries has a market capitalisation of about ₹16.5 lakh crore and trades at a P/E of 18.7 and a P/B of 1.82. Sales have grown at a 15% compounded rate over both 10 years and TTM, but return on equity has stayed near 9% across the 3-, 5- and 10-year periods. TTM profit growth is 0%, and the stock has returned 1% CAGR over 3 and 5 years and -11% over the last year.

Bull Case 7
  • Revenue growth has lasted a long time: 10-year compounded sales growth is 15% and 5-year sales growth is 18%. That is a lot of growth for a company with a market cap of about ₹16.5 lakh crore.
  • Top-line growth picked up again: TTM sales growth of 15% is well above the 3-year compounded rate of 6%.
  • Over the long run, the stock has compounded at 17% a year over 10 years. That record covers several business cycles and capital-spending phases.
  • Profit has grown steadily over the long term, at 10% compounded over 10 years and 12% over 5 years.
  • The valuation is not stretched on a book basis. A P/B of 1.82 and a P/E of 18.7 are close to what a steady ~9% ROE would support, so the price does not assume big gains in returns.
  • Because the stock has fallen 11% over the past year while TTM sales grew 15%, the gap between price and revenue has narrowed.
  • The company paid out only 10.2% of profits as dividends over 3 years, so it kept most of its earnings to reinvest in the business.
Bear Case 8
  • Returns on capital are low: 3-year average ROE is 8.77%, and ROE has sat at about 9% over the 3-, 5- and 10-year periods and the last year, with no sign of improvement.
  • Sales and profit are moving apart: TTM sales grew 15% while TTM profit grew 0%, which points to margin compression or higher costs such as interest and depreciation.
  • Profit growth has slowed step by step, from 12% over 5 years to 5% over 3 years to 0% TTM.
  • Shareholders have seen little recent return: the stock's CAGR is 1% over both 3 and 5 years and -11% over the past year.
  • Compared with recent growth, the valuation is rich. A P/E of 18.7 against 3-year profit growth of 5% gives a PEG ratio of about 3.7.
  • Shareholders receive little income: the dividend yield is 0.49% and the payout has averaged 10.2% of profits over 3 years.
  • Over 10 years, sales grew faster than profit (15% vs 10% CAGR), so margins or capital efficiency have weakened over time.
  • At a market cap of about ₹16.5 lakh crore, the business needs very large amounts of new profit to keep growth rates up. Debt-to-equity was not in the data provided, so the balance-sheet risk of this capital-heavy business cannot be assessed here.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

1d ago
Headwinds 7
  • Heavy FII selling drags stock Sep 29

    The stock is down about 21-24% YTD, which has wiped out nearly ₹4 lakh crore in market cap and is roughly double the fall in the Sensex/Nifty. FII holding fell from 21.75% to 17.20% over two years, and FIIs have pulled more than ₹2.3 lakh crore from Indian markets in 2026.

  • Retail revenue and margins slip Sep 29

    Retail revenue fell sequentially from ₹98,457 crore in Q4 FY26 to ₹90,409 crore in Q1 FY27. EBITDA margin compressed to 7.9% (EBITDA ₹6,309 crore) because of dark-store and hyper-local investments, and quick-commerce competition is heavy.

  • Heavy capex weakens FCF conversion Sep 29

    FY26 FCF of ₹69,197 crore was only a 36% conversion rate, against the 40-50%+ expected. Q1 FY27 capex of ₹38,682 crore annualises to about ₹1.55 lakh crore, and the new energy giga factories are still pre-revenue.

  • Technical breakdown below key supports Sep 29

    The stock has broken below its 200-EMA (₹1,303), its 45-WMA (₹1,325) and a head-and-shoulders neckline at ₹1,340. It is now testing ₹1,260 trendline support near the 52-week low of ₹1,197, with weekly RSI around 35, down from the January 2026 high of ₹1,611.80.

  • Jio IPO structure dilutes RIL Sep 21

    The IPO is a 100% fresh issue of 27 crore shares with no OFS, so RIL gets no cash and its stake dilutes from 66.43% to about 64-65%. Analysts apply holdco discounts of 5-20% and expect them to widen after listing.

  • Crude and freight costs squeeze O2C Sep 21

    Saudi OSP premiums hit $20/bbl (10-15x normal) and Middle East freight rose 10-15x, offsetting distillate cracks that were 250-300% higher. Brent rose from $68 to $104.5/bbl during the quarter.

  • Windfall tax policy uncertainty Sep 21

    In March 2026 the government reintroduced export windfall taxes of ₹21.50/litre on diesel and ₹29.50/litre on ATF. RIL's SEZ refinery is exempt, but the stock fell nearly 4% on Apr 6 and lost ₹68,000 crore in market cap.

Positives 6
  • Robust Q1 FY27 earnings beat Sep 29

    Q1 FY27 revenue rose 25.4% YoY and profit grew 16%. O2C EBITDA reached a four-year high of ₹17,010 crore, up 17.2% YoY, on record middle distillate cracks.

  • Jio subscriber and ARPU growth Sep 29

    Jio revenue rose 12% YoY to ₹45,961 crore and EBITDA rose 15.1% to ₹20,865 crore at a 53.3% margin. Subscribers grew to 533.3 million (285 million on 5G) and ARPU rose to ₹215.6, with Jio and Retail now contributing over 50% of EBITDA.

  • Jio IPO as re-rating catalyst Sep 29

    Jio Platforms has filed its DRHP for a ₹75,000 crore issue at a targeted $110-180 billion valuation, with listing expected around Diwali/H2 FY27. A separate listing could narrow the conglomerate discount.

  • Strong balance sheet, ample headroom Sep 29

    Net debt/EBITDA is 0.57-0.60x against a 1.0x target, leaving roughly ₹1.0-1.2 lakh crore of extra debt capacity. Ratings are S&P A- and Moody's Baa1, two notches above the sovereign, and FY26 FCF grew 78.6% YoY.

  • ₹12,000 cr bond fully subscribed Sep 16

    RIL allotted ₹12,000 crore of AAA-rated five-year NCDs (PPD Series Q) at a 7.47% coupon, its first rupee bond since November 2023. Axis, HDFC, ICICI and Yes Bank arranged the issue, and about ₹3,000 crore went to anchor investors.

  • Refining margins nearly tripled Sep 21

    Singapore GRMs averaged $21.2/bbl in Q2 FY27, against $7.5/bbl in FY26. Petrochemical spreads also strengthened.

Neutral 5
  • ₹10,000 cr 10-year bond planned Sep 24

    RIL plans a second tranche of about ₹10,000 crore ($1.04 billion) in AAA-rated 10-year notes at 7.90%, below the 7.97% average for top-rated paper, aiming to close before the Oct 7 RBI policy decision. The wider programme targets up to $1.3 billion, while corporate yields rose 37bps in September on tightening fears.

  • ₹10,000 cr Jio-backed ABS issue Sep 29

    RIL plans a five-year asset-backed securities issue of ₹10,000 crore, backed by Jio rental receivables, at an 8.35-8.40% coupon. That is about 90bps above its 7.47% bonds, and the annual coupon of about ₹835-840 crore equals roughly 1.2% of FCF.

  • BARC SMR talks with RIL Sep 17

    BARC is negotiating with Reliance Industries and the Adani Group on a ₹9,000 crore small modular reactor project. It would be a possible first step for RIL into nuclear energy.

  • Series of investor conference meetings Sep 21

    Management is meeting investors at UBS (Sep 10), Jefferies (Sep 17), J.P. Morgan (Sep 21), CITIC CLSA (Sep 22-23) and BofA (Sep 24) conferences. RIL disclosed that no UPSI will be shared.

  • ₹75.1 cr Worli duplex purchase Sep 24

    RIL bought a 9,781 sq ft duplex at Three Sixty West, Worli, for ₹75.11 crore (about ₹76,800/sq ft), registered on Sep 11, 2026. Stamp duty was ₹4.51 crore.

TL;DR: Reliance's fundamentals look solid: Q1 FY27 revenue rose 25.4%, O2C EBITDA hit a four-year high, Jio's growth is steady, leverage is low at 0.57x and bond demand has been strong. Even so, the stock is down 21-24% YTD on heavy FII selling, weak retail margins, poor FCF conversion from heavy capex, a dilutive Jio IPO structure and a broken technical setup. The trend is still getting worse, with price testing ₹1,200-1,260 support. A sustained reversal likely depends on Jio IPO pricing, signs of retail margin recovery and FII selling easing.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
2,07,559
2,31,886
2,25,086
2,36,533
2,31,784
2,31,535
2,39,986
2,61,388
2,43,632
2,54,623
2,64,905
2,94,059
3,09,468
Expenses
1,69,466
1,90,918
1,84,430
1,94,017
1,93,019
1,92,477
1,96,197
2,17,556
2,00,727
2,08,738
2,18,887
2,49,918
2,61,951
Operating Profit
38,093
40,968
40,656
42,516
38,765
39,058
43,789
43,832
42,905
45,885
46,018
44,141
47,517
OPM %
18%
18%
18%
18%
17%
17%
18%
17%
18%
18%
17%
15%
15%
Other Income
3,813
3,841
3,869
4,534
3,983
4,876
4,214
4,905
15,119
4,482
4,914
4,447
6,550
Interest
5,837
5,731
5,789
5,761
5,918
6,017
6,179
6,155
7,036
6,827
6,613
6,585
8,337
Depreciation
11,775
12,585
12,903
13,569
13,596
12,880
13,181
13,479
13,842
14,416
14,622
14,808
15,100
PBT
24,294
26,493
25,833
27,720
23,234
25,037
28,643
29,103
37,146
29,124
29,697
27,195
30,630
Tax %
25%
25%
25%
24%
25%
24%
24%
23%
17%
24%
25%
24%
25%
Net Profit
18,258
19,878
19,641
21,243
17,445
19,323
21,930
22,611
30,783
22,092
22,290
20,589
23,196
EPS in Rs
11.83
12.85
12.76
14.01
11.19
12.24
13.7
14.34
19.95
13.42
13.78
12.54
15.48
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
3,74,372
2,72,583
3,03,954
3,90,823
5,68,337
5,96,679
4,66,307
6,94,673
8,76,396
8,99,041
9,62,820
10,55,780
11,23,055
Expenses
3,36,923
2,30,802
2,57,647
3,26,508
4,84,087
5,07,413
3,85,517
5,86,092
7,34,078
7,36,543
7,97,222
8,76,715
9,39,494
Operating Profit
37,449
41,781
46,307
64,315
84,250
89,266
80,790
1,08,581
1,42,318
1,62,498
1,65,598
1,79,065
1,83,561
OPM %
10%
15%
15%
16%
15%
15%
17%
16%
16%
18%
17%
17%
16%
Other Income
8,528
12,212
9,222
9,869
8,406
8,570
22,432
19,600
12,020
15,792
17,824
28,846
20,393
Interest
3,316
3,691
3,849
8,052
16,495
22,027
21,189
14,584
19,571
23,118
24,269
27,061
28,362
Depreciation
11,547
11,565
11,646
16,706
20,934
22,203
26,572
29,782
40,303
50,832
53,136
57,688
58,946
PBT
31,114
38,737
40,034
49,426
55,227
53,606
55,461
83,815
94,464
1,04,340
1,06,017
1,23,162
1,16,646
Tax %
24%
23%
25%
27%
28%
26%
3%
19%
22%
25%
24%
22%
—
Net Profit
23,640
29,861
29,833
36,080
39,837
39,880
53,739
67,845
74,088
79,020
81,309
95,754
88,167
EPS in Rs
17.07
21.51
21.55
26.69
29.28
29.1
38.75
44.87
49.29
51.45
51.47
59.69
55.22
Div. Payout %
12%
10%
11%
10%
10%
10%
9%
9%
9%
10%
11%
10%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
2,943
2,948
2,959
5,922
5,926
6,339
6,445
6,765
6,766
6,766
13,532
13,532
Reserves
2,15,556
2,28,608
2,60,750
2,87,584
3,81,186
4,42,827
6,93,727
7,72,720
7,09,106
7,86,715
8,29,668
8,90,498
Borrowings
1,68,251
1,94,714
2,17,475
2,39,843
3,07,714
3,55,133
2,78,962
3,19,158
4,51,664
3,50,719
3,74,313
4,02,962
Other Liabilities
1,17,736
1,72,727
2,25,618
2,77,924
3,02,804
3,58,716
3,40,931
3,99,979
4,38,346
6,10,848
7,32,200
8,70,554
Total Liabilities
5,04,486
5,98,997
7,06,802
8,11,273
9,97,630
11,63,015
13,20,065
14,98,622
16,05,882
17,55,048
19,49,713
21,77,546
Fixed Assets
1,56,458
1,84,910
1,98,526
4,03,885
3,98,374
5,32,658
5,41,258
6,27,798
7,24,805
7,79,985
9,99,393
11,24,795
CWIP
1,66,462
2,28,697
3,24,837
1,87,022
1,79,463
1,09,106
1,25,953
1,72,506
2,93,752
3,38,855
2,62,358
2,37,686
Investments
76,451
84,015
82,899
82,862
2,35,635
2,76,767
3,64,828
3,94,264
2,35,560
2,25,672
2,42,381
2,48,332
Other Assets
1,05,115
1,01,375
1,00,540
1,37,504
1,84,158
2,44,484
2,88,026
3,04,054
3,51,765
4,10,536
4,45,581
5,66,733
Total Assets
5,04,486
5,98,997
7,06,802
8,11,273
9,97,630
11,63,015
13,20,065
14,98,622
16,05,882
17,55,048
19,49,713
21,77,546
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
34,374
38,134
49,550
71,459
42,346
94,877
26,958
1,10,654
1,15,032
1,58,788
1,78,703
1,92,113
Investing
-64,706
-36,186
-66,201
-68,192
-94,507
-72,497
-1,42,385
-1,09,162
-93,001
-1,13,581
-1,37,535
-1,01,089
Financing
8,444
-3,210
8,617
-2,001
55,906
-2,541
1,01,904
17,289
10,455
-16,646
-31,891
-51,549
Net Cash Flow
-21,888
-1,262
-8,034
1,266
3,745
19,839
-13,523
18,781
32,486
28,561
9,277
39,475
Free Cash Flow
-28,588
-8,420
-27,077
-1,495
-50,431
19,324
-76,560
13,646
-16,770
21,212
41,079
70,023
CFO/OP
109
112
129
126
65
116
37
105
85
105
115
113
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
5
6
10
16
19
12
15
12
12
13
16
20
Inventory Days
66
90
84
83
63
67
102
83
87
95
85
88
Days Payable
74
117
132
146
100
87
136
123
91
111
108
84
Cash Conversion Cycle
-2
-21
-38
-46
-18
-9
-19
-27
7
-3
-8
25
Working Capital Days
-64
-148
-179
-179
-108
-158
-58
-56
-66
-53
-68
-66
ROCE %
9%
10%
10%
11%
12%
11%
8%
8%
9%
10%
10%
10%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Reliance insights

61 extracted metrics + investor summaries across FY01–FY27.

Log in — free

Shareholding Pattern

Others2.46%Govt.0.17%Promot.50.48%Public8.58%FIIs17.20%DIIs21.12%As ofJun 2026

Documents

Frequently Asked Questions about Reliance

What does Reliance Industries Ltd do?
Reliance was founded by Dhirubhai Ambani and is now promoted and managed by his elder son, Mukesh Dhirubhai Ambani. Ambani's family has about 50% shareholding in the conglomerate.
Where is Reliance Industries Ltd (RELIANCE) listed?
Reliance Industries Ltd trades as RELIANCE on the NSE and under code 500325 on the BSE.
Which sector does Reliance Industries Ltd belong to?
Reliance Industries Ltd is classified under the Petroleum Products sector, in the Refineries & Marketing industry.
What is the market capitalisation of Reliance Industries Ltd?
Reliance Industries Ltd has a market capitalisation of ₹16,00,087 Cr, which places it in the Large Cap band.
What is the PE ratio of Reliance Industries Ltd?
Reliance Industries Ltd trades at a PE ratio of 21.15, on earnings per share of ₹101.61, against a book value of ₹668.04 per share.
What is the 52-week high and low of Reliance Industries Ltd?
Over the last 52 weeks Reliance Industries Ltd has traded between ₹1,181.7 and ₹1,611.8.
Does Reliance Industries Ltd pay dividends?
Reliance Industries Ltd has a dividend yield of 0.51%.
What is the Return on Equity (ROE) of Reliance Industries Ltd?
Reliance Industries Ltd reported a return on equity of 8.80%. Its debt-to-equity ratio is 0.45.

Company Information

Reliance was founded by Dhirubhai Ambani and is now promoted and managed by his elder son, Mukesh Dhirubhai Ambani. Ambani's family has about 50% shareholding in the conglomerate.

Website ril.com
CEO Mr. Mukesh Dhirubhai Ambani
Employees 4,03,303
Listed 1995-11-29
Face Value ₹ 10
Issued Size 13,53,24,72,634

For AI agents and developers

Reading this as an AI agent, LLM or automated pipeline? Every page on Tapetide is also published as clean Markdown — no navigation, no scripts, just the data. Fetch https://tapetide.com/stocks/RELIANCE.md for Reliance Industries Ltd: company profile, latest price, key fundamentals, the Tapetide Score, growth rates, quarterly and annual financial statements, shareholding pattern, technical indicators, analyst ratings and exchange filings.

Append .md to any Tapetide URL for the same treatment. A full index of what we publish is at /llms.txt and /llms-full.txt. For live, structured queries instead of documents, use our MCP server.

Explore More

More in Petroleum Products → FII DII Data Stock Screener Nifty 50 Heatmap F&O Ban List