R

Reliance Infrastructure Ltd

RELINFRA NSE

Key Fundamentals

MicrocapIntegrated Power UtilitiesPower
Market Cap
₹2,535 Cr
Volatility
Moderate
P/E Ratio
0.78
EBITDA
₹1,425 Cr
Return on Equity
16.92%
Debt to Equity
0.28
Book Value
₹420.77
52W High
₹299
52W Low
₹60.04

Insights

Beta

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

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30 extracted metrics + investor summaries across FY15–FY26.

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Tapetide Score

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Technical Indicators

Key Insights

Strengths

2
  • Company has reduced debt.
  • Stock is trading at 0.14 times its book value

Weaknesses

7
  • Though the company is reporting repeated profits, it is not paying out dividend
  • The company has delivered a poor sales growth of 3.59% over past five years.
  • Promoter holding is low: 19.0%
  • Tax rate seems low
  • Contingent liabilities of Rs.1,782 Cr.
  • Earnings include an other income of Rs.7,221 Cr.
  • Company's cost of borrowing seems high

Growth Rate

Revenue Growth
-13.07% ↘
Net Income Growth
-42.02% ↗
Cash Flow Change
-30.26% ↘
ROE
-52.54% ↗
ROCE
-49.20% ↘
EBITDA Margin (Avg.)
-60.63% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 50d ago
AI opinion · based on fundamentals
Risk high

Reliance Infrastructure Ltd trades at a market cap of Rs.2,858 Cr with a P/B of 0.17x, reflecting deep value or deep distress depending on interpretation. The stock has declined 80% over the past year and the company reports a 3-year compounded profit growth of 72%, though earnings quality is clouded by Rs.6,419 Cr of other income and Rs.3,927 Cr in contingent liabilities.

Bull Case 7
  • Stock trades at just 0.17x book value, indicating significant discount to stated net assets
  • Company has actively reduced debt, improving balance sheet health from prior stressed levels
  • 3-year compounded profit growth of 72% shows strong earnings recovery trajectory
  • P/E ratio of 0.6x is exceptionally low, suggesting market prices in extreme pessimism
  • 10-year compounded profit growth of 11% demonstrates long-term earnings generation capability
  • 3-year ROE of 14% shows improving return on shareholder equity versus 5-year average of 6%
  • 5-year compounded profit growth of 16% indicates sustained profitability improvement
Bear Case 8
  • Stock price has collapsed 80% in the last 1 year, reflecting severe market loss of confidence
  • Earnings include Rs.6,419 Cr of other income, raising serious questions about core operating profit quality
  • Contingent liabilities of Rs.3,927 Cr represent a material risk relative to Rs.2,858 Cr market cap
  • Promoter holding is low at 19.0%, indicating limited promoter skin in the game and potential governance risk
  • Company has not paid any dividend despite reporting repeated profits, with 0% dividend yield
  • Sales have declined at -16% TTM and shown -3% CAGR over 10 years, signalling structural revenue weakness
  • Cost of borrowing appears high, pressuring margins despite debt reduction efforts
  • 10-year stock CAGR of -18% shows prolonged destruction of shareholder value over a full market cycle

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

AI News Digest

Anthropic anthropic claude-opus-4.6 50d ago
Headwinds 6
  • Q4FY26 net profit crashes 79% Jun 08

    Q4FY26 net profit collapsed 79% to ₹918 crore while revenue fell 2.6% to ₹4,001 crore. Full-year FY26 net profit dropped to ₹2,900 crore from ₹4,938 crore in FY25.

  • IBC trading curbs limit liquidity Jun 07

    ASM framework restricts trading to once a week within ±5% price band, adversely impacting over 700,000 public shareholders and causing stock to hit 52-week low of ₹64.08 on May 25, 2026.

  • Stock down 45% year-to-date Jun 08

    Shares have fallen 44.97% YTD and 7.89% over three months, trading at just 15% of book value (₹437/share) with market cap eroded to ₹3,341 crore.

  • Rising costs squeeze margins Jun 08

    Q4FY26 expenses rose to ₹5,420 crore from ₹4,828 crore YoY, with power purchase costs climbing to ₹3,286 crore in the quarter.

  • ₹28,483 crore dues at risk Jun 08

    Power distributor dues of ₹28,483 crore remain outstanding, posing collection risk. NCLT proceedings could expand beyond the toll road subsidiary.

  • Name confusion with Reliance Industries Jun 08

    Market conflates Anil Ambani's Reliance Infra with Mukesh Ambani's Reliance Industries ($110 billion AI commitment), causing mispricing and investor confusion.

Positives 4
  • NCLAT stays insolvency proceedings Jun 07

    NCLAT has stayed both the insolvency admission order and CIRP against Reliance Infra; no resolution professional has assumed control and the board continues to manage affairs normally.

  • Deep value at 1.46x P/E Jun 08

    Stock trades at 1.46x P/E with ₹437 book value per share, which analysts say is unsustainable if Q1FY27 revenue holds above ₹4,000 crore and trading curbs lift.

  • New CEO signals turnaround push Jun 08

    Board appointed Vijesh Thota as new CEO in May 2025, signaling a management-led turnaround attempt amid operational challenges.

  • Stock gained 15% in one month Jun 07

    Despite broader weakness, shares jumped 15% over the past month and ended at ₹81.76 on NSE on Jun 7, gaining 5% on the day.

Neutral 2
  • AI subsidiary strategic entry Jun 08

    Reliance Infra announced subsidiary-level entry into AI and allied technologies via regulatory filings, targeting infrastructure, engineering, transportation and energy applications.

  • SEBI review petition filed Jun 07

    Company submitted formal representation to SEBI, NSE and BSE proposing periodic call-auction mechanism or wider graded price band while retaining 100% margin and ASD safeguards.

TL;DR: Reliance Infrastructure faces severe headwinds from a 79% profit collapse in Q4FY26, IBC-linked trading restrictions affecting 700,000+ shareholders, and a 45% YTD stock decline to near 52-week lows. On the positive side, NCLAT has stayed insolvency proceedings and the stock trades at extreme deep-value metrics (1.46x P/E, 15% of book). The trend remains deteriorating with rising costs and uncollected dues of ₹28,483 crore, but recovery is possible if SEBI lifts ASM curbs and Q1FY27 revenue stabilizes above ₹4,000 crore.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
5,565
7,153
4,638
4,686
7,193
7,258
5,033
4,108
5,908
6,235
4,297
4,001
6,344
Expenses
5,431
6,495
4,113
4,369
6,517
6,647
4,427
4,094
5,668
5,180
3,867
4,722
6,498
Operating Profit
134
658
525
317
676
611
606
14
240
1,055
429
-721
-153
OPM %
2.4%
9%
11%
7%
9%
8%
12%
0.3%
4.1%
17%
10%
-18%
-2.4%
Other Income
313
221
424
616
63
3,744
-2,974
8,949
849
2,303
693
2,574
1,652
Interest
571
610
578
552
470
472
468
374
427
444
442
348
413
Depreciation
371
387
379
366
348
355
359
360
375
368
373
350
342
PBT
-495
-118
-7
15
-78
3,527
-3,195
8,229
287
2,546
307
1,155
743
Tax %
0%
5%
228%
136%
-11%
0%
0%
0%
-2%
0%
-1%
-53%
0%
Net Profit
-567
-182
-301
-98
-93
4,195
-3,186
8,262
305
2,575
317
1,640
768
EPS in Rs
-19.13
-7.42
-10.63
-5.57
-5.9
103
-83.26
111
1.46
46.77
0.27
22.47
9.1
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
16,185
26,952
25,229
18,728
19,731
19,990
17,735
19,689
22,398
22,805
24,441
21,151
20,877
Expenses
14,389
22,435
20,455
15,545
24,242
18,607
17,471
17,832
20,972
20,653
20,678
20,114
20,267
Operating Profit
1,796
4,518
4,774
3,183
-4,511
1,383
264
1,857
1,427
2,151
3,764
1,038
610
OPM %
11%
17%
19%
17%
-23%
7%
1.5%
9%
6%
9%
15%
4.9%
2.9%
Other Income
2,768
2,563
3,438
4,281
7,206
3,221
6,754
830
-50
1,057
7,926
6,385
7,221
Interest
2,347
5,026
5,581
5,204
2,581
2,400
2,727
2,060
2,393
2,310
1,784
1,660
1,647
Depreciation
833
1,544
1,688
1,254
1,292
1,389
1,352
1,283
1,448
1,503
1,421
1,466
1,433
PBT
1,384
511
943
1,006
-1,178
815
2,939
-656
-2,466
-605
8,484
4,296
4,752
Tax %
5%
44%
-15%
-15%
-20%
-6%
-6%
3%
0%
7%
0%
-15%
—
Net Profit
1,725
693
1,394
1,214
-2,323
908
3,116
-868
-2,564
-1,148
9,177
4,838
5,301
EPS in Rs
68.45
28.88
54.19
47.74
-92.28
29.32
42.79
-37.98
-91.57
-40.61
125
70.97
78.61
Div. Payout %
12%
29%
17%
20%
0%
0%
0%
0%
0%
0%
0%
0%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
263
263
263
263
263
263
263
263
352
396
396
409
Reserves
26,711
21,389
23,084
23,417
13,913
9,529
10,597
12,144
8,942
8,351
14,034
17,464
Borrowings
25,770
30,550
25,814
25,441
17,772
17,147
13,907
12,718
11,510
9,895
6,361
4,937
Other Liabilities
18,103
48,567
49,121
50,711
36,247
37,921
37,226
37,277
40,096
40,517
45,049
48,351
Total Liabilities
70,847
1,00,769
98,282
99,832
68,194
64,861
61,994
62,403
60,899
59,159
65,841
71,160
Fixed Assets
17,697
32,887
36,567
39,393
24,948
23,253
19,505
19,002
19,756
17,757
17,714
17,812
CWIP
5,081
4,971
2,360
3,005
2,592
2,529
2,025
2,198
1,015
1,302
1,373
1,240
Investments
17,618
13,200
13,143
13,092
6,742
1,394
1,769
4,700
4,338
3,904
8,672
10,319
Other Assets
30,451
49,712
46,212
44,342
33,911
37,683
38,696
36,503
35,791
36,196
38,082
41,789
Total Assets
70,847
1,00,769
98,282
99,832
68,194
64,861
61,994
62,403
60,899
59,159
65,841
71,160
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
3,290
10,296
8,678
8,153
684
2,875
1,436
3,799
3,458
4,097
3,657
2,550
Investing
-1,726
-5,690
-75
-805
2,759
-808
18
-502
-1,333
415
-1,731
-1,462
Financing
-1,707
-4,704
-8,452
-7,428
-3,334
-1,979
-1,531
-2,942
-2,242
-3,648
-1,252
-1,775
Net Cash Flow
-143
-98
152
-80
109
87
-77
356
-117
865
674
-686
Free Cash Flow
1,334
9,151
6,360
6,563
-735
1,567
476
3,047
2,122
3,213
2,201
1,000
CFO/OP
192
228
185
263
-12
197
572
201
236
186
98
236
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
124
76
82
106
83
90
81
76
42
27
23
20
Cash Conversion Cycle
124
76
82
106
83
90
81
76
42
27
23
20
Working Capital Days
-67
-85
-111
-380
-314
-322
-370
-375
-392
-379
-398
-476
ROCE %
6%
11%
10%
12%
18%
11%
19%
5%
9%
7%
34%
15%

Shareholding Pattern

As of Jun 2026
Public 49.08%
Others 26.15%
Promoters 19.05%
FIIs 4.95%
DIIs 0.76%
Government 0.01%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Nov 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
4.98%
4.98%
4.98%
4.98%
4.98%
4.98%
4.98%
4.76%
4.56%
18.67%
18.65%
16.56%
16.50%
16.50%
16.50%
16.50%
16.50%
16.50%
19.05%
19.05%
19.05%
19.05%
19.05%
FIIs
0.25%
0.25%
0.10%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
12.14%
0.00%
11.77%
12.37%
8.39%
9.00%
11.35%
10.26%
7.08%
5.73%
5.53%
4.95%
DIIs
9.45%
5.07%
5.07%
5.07%
4.98%
4.98%
5.06%
4.84%
3.93%
3.20%
3.13%
2.87%
2.53%
2.21%
2.27%
1.40%
1.35%
1.36%
1.37%
1.26%
1.05%
1.24%
0.76%
Government
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.01%
0.01%
0.01%
Public
62.51%
72.26%
73.29%
73.56%
73.19%
73.34%
70.00%
66.74%
64.06%
50.71%
50.53%
42.26%
41.82%
42.37%
43.21%
44.32%
44.38%
43.09%
42.36%
45.43%
45.81%
47.22%
49.08%
Others
22.79%
17.41%
16.54%
16.37%
16.82%
16.67%
19.94%
23.64%
27.43%
27.40%
27.67%
26.15%
39.14%
27.13%
25.64%
29.38%
28.76%
27.68%
26.94%
27.16%
28.35%
26.95%
26.15%
No. of Shareholders
7,69,692
8,41,244
8,08,800
7,66,503
7,68,871
7,64,176
7,62,545
7,56,363
7,50,651
7,15,006
7,06,968
6,97,384
6,59,168
6,65,729
7,01,583
7,12,104
6,91,842
6,81,395
6,81,395
7,17,783
6,72,172
6,60,302
6,54,736

Documents

Frequently Asked Questions about Reliance Infrastructure Ltd

What does Reliance Infrastructure Ltd do?
Reliance Infrastructure Ltd. is one of the largest infrastructure companies engaged in developing infrastructure projects through various Special Purpose Vehicles (SPVs) in several sectors such as power, roads, metro rail and airport in the infrastructure space and the defence sector. The Co. is ...
Where is Reliance Infrastructure Ltd (RELINFRA) listed?
Reliance Infrastructure Ltd is listed on the Indian stock exchanges. It is listed on NSE: RELINFRA and BSE: 500390. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Reliance Infrastructure Ltd belong to?
Reliance Infrastructure Ltd operates in the Power sector within the Integrated Power Utilities industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Reliance Infrastructure Ltd?
Reliance Infrastructure Ltd has a market capitalisation of approximately ₹2535.15 Cr. Based on this, it is classified as a Small Cap stock.
What is the PE ratio of Reliance Infrastructure Ltd?
The Price-to-Earnings (PE) ratio of Reliance Infrastructure Ltd is 0.78. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Reliance Infrastructure Ltd?
Over the past 52 weeks, Reliance Infrastructure Ltd has traded between a low of ₹60.04 and a high of ₹299. This range helps investors understand the stock's price volatility and recent trading levels.
What is the Return on Equity (ROE) of Reliance Infrastructure Ltd?
Reliance Infrastructure Ltd has a Return on Equity (ROE) of 16.92%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Reliance Infrastructure Ltd on Tapetide?
On Tapetide, you can view Reliance Infrastructure Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Reliance Infrastructure Ltd. is one of the largest infrastructure companies engaged in developing infrastructure projects through various Special Purpose Vehicles (SPVs) in several sectors such as power, roads, metro rail and airport in the infrastructure space and the defence sector. The Co. is also a leading utility Company having a presence across the value chain of power businesses i.e. generation, transmission, distribution and power trading. [1]

Website rinfra.com
CEO Mr. Vijesh Babu Thota
Employees 4,595
Listed 1995-02-08
Face Value ₹ 10
Issued Size 40,86,31,194

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