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Reliance Infrastructure

RELINFRA NSE
₹49.13 No trade today
P/E
0.62
View as Markdown
MCP
Close 4 Nov 2026 ₹49.13 −136.02 −73.5% 1Y
Start ₹185.15

Key Fundamentals

MicrocapPowerUtilities

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

ROCE
15.40%
Debt to Equity
0.28
EPS (TTM)
₹78.61
Book Value
₹420.77
Market Cap
—
P/E (TTM)
0.62
P/B
0.12
ROE
14.30%
Dividend Yield
0.00%
EBITDA
₹1,425 Cr
52W High
₹195.00
52W Low
₹42.56
Volume
0

Peer Comparison

Utilities › Power › Integrated Power Utilities

Reliance Infrastructure peer comparison
Adani Power
₹201.7121.34₹3,86,658 Cr5.070.00%21.10%17.20%₹65,015 Cr₹18,645 Cr
Tata Power
₹360.0029.75₹1,14,233 Cr2.910.70%10.20%10.50%₹63,445 Cr₹5,256 Cr
Torrent Power
₹1,234.4026.77₹61,139 Cr3.261.66%12.50%13.70%₹29,184 Cr₹2,390 Cr
CESC
₹130.9411.17₹17,179 Cr1.394.67%12.00%10.90%₹18,853 Cr₹1,630 Cr
Reliance Infrastructure (this company)
₹49.130.62₹1,961 Cr0.120.00%14.30%15.40%₹20,877 Cr₹5,300 Cr
DPSC
₹6.3148.54₹634 Cr0.690.78%1.45%3.49%₹771 Cr₹13 Cr
Median 6 companies₹166.3324.06₹39,159 Cr2.150.74%12.25%12.30%₹25,031 Cr₹3,823 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

48 Average

Data confidence 96/100

Category scores

Quality
44
Weak
Returns, margins, earnings quality 25% weight
Valuation
83
Strong
Cheap vs sector & own history 20% weight
Growth
39
Weak
Sales & profit trajectory 15% weight
Financial Health
58
Good
Solvency, leverage, coverage 15% weight
Momentum
5
Poor
Trend strength, vol-adjusted 15% weight
Ownership
17
Poor
FII/DII/promoter flows 10% weight

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

Key Insights

Strengths

3
  • Company has reduced debt.
  • Stock is trading at 0.12 times its book value
  • Market value of investments Rs.2,245 Cr. is more than the Market Cap Rs.2,104 Cr.

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

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bearish1072
OscillatorsBearish270
Moving AveragesStrong Bearish802

Key readings

RSI (14)
44.87
Neutral
MACD (12,26,9)
−1.58
Bearish
SMA (50)
52.54
Bearish
SMA (200)
114.75
Bearish

As of

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 Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y−2.39%
5Y+3.59%
3Y−1.89%
1Y−13.46%
TTM−6.41%

Net profit

Net profit growth by window
10Y+21.45%
5Y+9.20%
3YTurned to profit
1Y−47.28%
TTM−44.65%

Operating cash flow

Operating cash flow growth by window
10Y−13.03%
5Y+12.17%
3Y−9.65%
1Y−30.27%
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−11.85 pp
5Y+3.42 pp
3Y−1.46 pp
1Y−10.49 pp
TTM−3.67 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹25,229 Cr
Mar 2018₹18,728 Cr
Mar 2019₹19,731 Cr
Mar 2020₹19,990 Cr
Mar 2021₹17,735 Cr
Mar 2022₹19,689 Cr
Mar 2023₹22,398 Cr
Mar 2024₹22,805 Cr
Mar 2025₹24,441 Cr
Mar 2026₹21,151 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹1,394 Cr
Mar 2018₹1,214 Cr
Mar 2019−₹2,323 Cr
Mar 2020₹908 Cr
Mar 2021₹3,116 Cr
Mar 2022−₹868 Cr
Mar 2023−₹2,564 Cr
Mar 2024−₹1,148 Cr
Mar 2025₹9,177 Cr
Mar 2026₹4,838 Cr

AI Analysis — Bull vs Bear

Generated 6 Jul 2026
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

121d ago

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.

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.

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.

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.

Quarterly Results

₹ Cr
RELINFRA quarterly results, ₹ crore
Particulars 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 (₹)
−19.13
−7.42
−10.63
−5.57
−5.9
103
−83.26
111
1.46
46.77
0.27
22.47
9.1

Profit & Loss

₹ Cr
RELINFRA profit and loss, annual, ₹ crore
Particulars 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 (₹)
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%
—

Balance Sheet

₹ Cr
RELINFRA balance sheet, annual, ₹ crore
Particulars 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

Cash Flow

₹ Cr
RELINFRA cash flow, annual, ₹ crore
Particulars 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/EBITDA
192
228
185
263
−12
197
572
201
236
186
98
236

Ratios

RELINFRA financial ratios, annual
Particulars 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%

Insights

Beta

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

Log in to view Reliance Infrastructure insights

63 extracted metrics across FY07–FY27.

Shareholding Pattern

As of Sep 2026

  • Public 50.27%
  • Promoters 19.05%
  • Others 15.12%
  • DIIs 10.71%
  • FIIs 4.84%
  • Government 0.01%

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

  • Concall · Dec 2025
    PPT

Frequently Asked Questions about Reliance Infrastructure

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.
Where is Reliance Infrastructure Ltd (RELINFRA) listed?
Reliance Infrastructure Ltd trades as RELINFRA on the NSE and under code 500390 on the BSE.
Which sector does Reliance Infrastructure Ltd belong to?
Reliance Infrastructure Ltd is classified under the Power sector, in the Integrated Power Utilities industry.
What is the PE ratio of Reliance Infrastructure Ltd?
Reliance Infrastructure Ltd trades at a PE ratio of 0.62 as of 4 Nov 2026, on earnings per share of ₹78.61, against a book value of ₹420.77 per share.
What is the 52-week high and low of Reliance Infrastructure Ltd?
Over the last 52 weeks Reliance Infrastructure Ltd has traded between ₹42.56 and ₹195 as of 4 Nov 2026.
What is the Return on Equity (ROE) of Reliance Infrastructure Ltd?
Reliance Infrastructure Ltd reported a return on equity of 14.30%. Its debt-to-equity ratio is 0.28.

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.

Website rinfra.com
CEO Mr. Vijesh Babu Thota
Employees 4,595
Listed 8 Feb 1995
Face Value ₹10

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