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Reliance Industries

RELIANCE NSE
₹1,311.00 +3.10 (+0.24%)
P/E
21.61
View as Markdown
MCP
Close 4 Nov 2026 ₹1,311.00 −185.10 −12.4% 1Y
Start ₹1,496.10

Key Fundamentals

LargecapPetroleum ProductsEnergy

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
10.30%
Debt to Equity
0.43
EPS (TTM)
₹60.68
Book Value
₹697.88
Market Cap
—
P/E (TTM)
21.61
P/B
1.88
ROE
8.91%
Dividend Yield
0.46%
EBITDA
₹2.08 L Cr
52W High
₹1,611.80
52W Low
₹1,152.20
Day Range
₹1,296.00 – ₹1,318.90
Volume
1,94,51,679

Tapetide Score

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

Overall score

47 Average

Data confidence 100/100

Category scores

Quality
58
Good
Returns, margins, earnings quality 22% weight
Valuation
43
Weak
Cheap vs sector & own history 24% weight
Growth
63
Good
Sales & profit trajectory 9% weight
Financial Health
21
Poor
Solvency, leverage, coverage 9% weight
Momentum
36
Poor
Trend strength, vol-adjusted 12% weight
Ownership
51
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

No strengths listed

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

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish4312
OscillatorsNeutral333
Moving AveragesStrong Bullish109

Key readings

RSI (14)
67.04
Neutral
MACD (12,26,9)
10.88
Bullish
SMA (50)
1,235.46
Bullish
SMA (200)
1,326.22
Bearish

As of

Analyst Rating

Based on 24 analysts
BUY100%

24 of 24 analysts rate Buy, 0 Hold, 0 Sell.

As of

BUY
24
100%
HOLD
0
0%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Sep 2026 against Sep 2025.

Revenue

Revenue growth by window
10Y+14.50%
5Y+17.76%
3Y+6.40%
1Y+9.65%
TTM+19.95%

Net profit

Net profit growth by window
10Y+12.36%
5Y+12.25%
3Y+8.93%
1Y+17.77%
TTM−1.84%

Operating cash flow

Operating cash flow growth by window
10Y+17.55%
5Y+48.11%
3Y+18.64%
1Y+7.50%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+1.63 pp
5Y−0.37 pp
3Y+0.72 pp
1Y−0.24 pp
TTM−1.45 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹3,03,954 Cr
Mar 2018₹3,90,823 Cr
Mar 2019₹5,68,337 Cr
Mar 2020₹5,96,679 Cr
Mar 2021₹4,66,307 Cr
Mar 2022₹6,94,673 Cr
Mar 2023₹8,76,396 Cr
Mar 2024₹8,99,041 Cr
Mar 2025₹9,62,820 Cr
Mar 2026₹10,55,780 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹29,833 Cr
Mar 2018₹36,080 Cr
Mar 2019₹39,837 Cr
Mar 2020₹39,880 Cr
Mar 2021₹53,739 Cr
Mar 2022₹67,845 Cr
Mar 2023₹74,088 Cr
Mar 2024₹79,020 Cr
Mar 2025₹81,309 Cr
Mar 2026₹95,754 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹50,771 Cr −18.6% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 2 Nov 2026
AI opinion · based on fundamentals
Risk medium

Reliance Industries Ltd trades at ₹1,300 as of 2026-11-02 with a market capitalisation of ₹16.77 lakh crore and a trailing PE of 21.42. The company has delivered strong 10-year compounded sales growth of 15% but its stock has returned 0% on a 3-year and 5-year CAGR basis, and return on equity has remained flat at around 9% over the past decade.

Bull Case 6
  • Compounded sales growth of 15% over 10 years and 18% over 5 years demonstrates consistent revenue scale-up across business verticals
  • TTM sales growth has accelerated to 20%, indicating improving top-line momentum in the most recent period
  • 10-year stock CAGR of 17% reflects substantial long-term wealth creation for shareholders
  • Debt-to-equity ratio of 0.45 as of 2026-11-02 is moderate and suggests the balance sheet is not over-leveraged for a capital-intensive conglomerate
  • Compounded profit growth of 12% over 5 years outpaces the 5-year ROE of 9%, suggesting improving capital efficiency or scale benefits over that horizon
  • Price-to-book ratio of 1.95 is relatively contained for a diversified conglomerate with energy, retail, and digital platforms
Bear Case 8
  • Return on equity has stagnated at approximately 9% across 3-year, 5-year, and 10-year periods, with the latest ROE at 8.8%, indicating limited improvement in shareholder return efficiency
  • Stock CAGR of 0% over both 3-year and 5-year periods and negative 22% over 1 year shows the stock has delivered no capital appreciation over a prolonged stretch
  • Dividend payout has been low at 10.2% of profits over the last 3 years, with a current yield of just 0.52%, offering minimal income to shareholders
  • Compounded profit growth has decelerated to 5% over 3 years and 7% TTM, down sharply from the 12% five-year and 10% ten-year rates
  • ROCE of 9.18% is modest for a company of this scale, raising questions about capital allocation efficiency across its diverse businesses
  • TTM EPS of ₹60.68 supports a PE of 21.42, but the slowing profit growth trajectory may make that multiple difficult to sustain
  • Sales growth deceleration to 6% compounded over 3 years versus 18% over 5 years suggests the top-line momentum seen in the longer window has moderated significantly in the medium term
  • The stock is still roughly 13% above its 52-week low of ₹1,152.20, indicating further downside risk if the earnings slowdown persists

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

AI News Digest

9h ago

TL;DR: Key risks include over 90% of IPO proceeds going to debt reduction rather than growth, a weakening retail segment, and a rising rate environment that pressures valuations. The stock trades at a steep discount to historical averages with multiple Buy ratings, suggesting the trend could improve if Jio lists successfully and refining margins hold up.

Headwinds 4
  • RBI rate hike cycle begins Oct 6

    RBI raised the repo rate 25 bps to 5.50% with another 50-75 bps expected, tightening financial conditions and compressing equity valuations.

  • Jio IPO debt-paydown concerns Oct 16

    Over 90% of Jio Platforms' ₹30,213 crore IPO proceeds are earmarked for legacy borrowings rather than capacity building, raising questions about holding-company discount on Reliance.

  • Retail EBITDA declines 11% YoY Nov 2

    Retail segment EBITDA fell 11% YoY in Q2FY27 due to festive timing shifts and ongoing investments, a drag on the otherwise strong quarter.

Positives 4
  • Q2FY27 EBITDA beats by 9% Nov 2

    Consolidated EBITDA hit ₹56,616 crore, beating estimates by 9%, while net profit surged 40.6% YoY to an all-time high of ₹25,548 crore.

  • Jio IPO largest ever in India Oct 14

    Jio Platforms set its IPO price band at ₹1,065-₹1,119 per share for Oct 21-23, valuing the company at ~₹10.3 lakh crore — India's largest public offering at ₹30,213 crore.

  • O2C revenue surges 44% YoY Nov 2

    O2C segment revenue rose 44.2% YoY to ₹2,31,601 crore in Q2FY27, with potential for further earnings upgrades on higher gross refining margins.

Neutral 4
  • Large block trades on NSE Nov 2

    Multiple large trades totalling ~₹810 crore were flagged on NSE across three sessions at prices between ₹1,197-₹1,273 per share; buyer/seller identities remain undisclosed.

  • Hamleys UK subsidiary closure Oct 29

    Reliance filed for voluntary strike-off of Hamleys (Franchising) Ltd. in the UK, with dissolution expected by late Dec 2026. The unit's ₹56.08 crore turnover is just 0.0048% of consolidated revenue.

  • Minor customs penalty of ₹18.75L Oct 7

    Mumbai Customs imposed a ₹18.75 lakh penalty on Reliance for incorrect import classification; the company plans to appeal and reports no operational impact.

Quarterly Results

₹ Cr
RELIANCE quarterly results, ₹ crore
Particulars Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
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
3,30,601
Expenses
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
2,73,985
Operating Profit
40,968
40,656
42,516
38,765
39,058
43,789
43,832
42,905
45,885
46,018
44,141
47,517
56,616
OPM %
18%
18%
18%
17%
17%
18%
17%
18%
18%
17%
15%
15%
17%
Other Income
3,841
3,869
4,534
3,983
4,876
4,214
4,905
15,119
4,482
4,914
4,447
6,550
5,793
Interest
5,731
5,789
5,761
5,918
6,017
6,179
6,155
7,036
6,827
6,613
6,585
8,337
8,481
Depreciation
12,585
12,903
13,569
13,596
12,880
13,181
13,479
13,842
14,416
14,622
14,808
15,100
15,315
PBT
26,493
25,833
27,720
23,234
25,037
28,643
29,103
37,146
29,124
29,697
27,195
30,630
38,613
Tax %
25%
25%
24%
25%
24%
24%
23%
17%
24%
25%
24%
25%
24%
Net Profit
19,878
19,641
21,243
17,445
19,323
21,930
22,611
30,783
22,092
22,290
20,589
23,196
29,550
EPS (₹)
12.85
12.76
14.01
11.19
12.24
13.7
14.34
19.95
13.42
13.78
12.54
15.48
18.88

Profit & Loss

₹ Cr
RELIANCE profit and loss, annual, ₹ crore
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
11,99,033
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
10,04,741
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
1,94,292
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
21,704
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
30,016
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
59,845
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
1,26,135
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
95,625
EPS (₹)
17.07
21.51
21.55
26.69
29.28
29.1
38.75
44.87
49.29
51.45
51.47
59.69
60.68
Div. Payout %
12%
10%
11%
10%
10%
10%
9%
9%
9%
10%
11%
10%
—

Balance Sheet

₹ Cr
RELIANCE balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 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
13,533
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
9,30,871
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
4,05,322
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
9,25,307
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
22,75,033
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
11,74,544
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
2,33,176
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
2,36,106
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
6,31,207
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
22,75,033

Cash Flow

₹ Cr
RELIANCE cash flow, annual, ₹ crore
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/EBITDA
109
112
129
126
65
116
37
105
85
105
115
113

Ratios

RELIANCE financial ratios, annual
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

63 extracted metrics across FY02–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 50.44%
  • DIIs 21.72%
  • FIIs 16.67%
  • Public 8.67%
  • Others 2.40%
  • Government 0.10%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Reliance Industries

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 Energy sector, in the Petroleum Products industry.
What is the PE ratio of Reliance Industries Ltd?
Reliance Industries Ltd trades at a PE ratio of 21.61 as of 4 Nov 2026, on earnings per share of ₹60.68, against a book value of ₹697.88 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 ₹1,152.2 and ₹1,611.8 as of 4 Nov 2026.
Does Reliance Industries Ltd pay dividends?
Reliance Industries Ltd has a dividend yield of 0.46%.
What is the Return on Equity (ROE) of Reliance Industries Ltd?
Reliance Industries Ltd reported a return on equity of 8.91%. Its debt-to-equity ratio is 0.43.

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 29 Nov 1995
Face Value ₹10

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