Reliance Industries Ltd.

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ril.comBSE: 500325NSE: RELIANCE

Market Cap₹ 17,02,393 Cr.

Current Price

High / Low₹ 1,612 / 1,250

Stock P/E43.4

Book Value₹ 428

Price to Book3.21

Dividend Yield0.48 %

ROCE7.9 %

ROE7.9 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • O2C: 56.0% • Organized Retail: 31.1% • Others: 6.2%

AI Sector View

AI GENERATED

Oil Gas & Consumable Fuels

Reduce

Sector economics are clouded by input volatility and uneven volume trends. WPI fuel inflation is very high at 20.05% (Jul/26), crude oil output is -5.3% YoY (2026-07), natural gas is -3.7% YoY (2026-07), and natural gas consumption is -3.0% YoY (2026-06), although refinery products grew 2.7% YoY (2026-07) and coal was 7.6% YoY (2026-07). Heavy FPI outflows of INR -15293 crore over 3 months to 2026-08-31 and negative oil-linked news flow reinforce the underweight.

Confidence

78%

View full sector analysis →

PROS

Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.92x)
Company has delivered good sales growth of 15.5% CAGR over last 5 years
Working capital cycle has improved - days down from 8 to -1
Company has a consistent dividend-paying track record
Company generates healthy free cash flow
Company comfortably covers its interest (8.8x coverage)

CONS

Recent results are weak - TTM profit is down 43.7% versus prior year
A large part of profit comes from other income (44.3% of PBT)
Company has a low return on capital employed of 8.4%
Company has a low return on equity of 7.7% over last 3 years
Company has delivered a poor profit growth of 6.5% over past five years
Operating margins have contracted to 9.9% from 13.5%

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Oil Gas & Consumable FuelsCrude OilRefineries

Part ofNIFTY 50 NIFTYLARGEMIDCAP250 NIFTY100 LOWVOL30 NIFTY100 EQL WGT NIFTY50 VALUE 20

S.No.	Name
1.	RELIANCE	1258.00	22.78	1702393.37	0.48	23196.00	-24.65	311850.00	25.41	12.17	15.30
2.	IOC	135.25	5.68	190989.75	5.18	-1141.09	-116.76	281933.07	27.08	19.69	1.69
3.	BPCL	304.50	7.71	132107.49	5.75	-1872.70	-127.38	159527.05	23.08	27.09	-2.29
4.	HINDPETRO	351.00	44.69	74686.57	6.91	-12264.67	-398.34	145225.11	21.39	23.10	-11.08
5.	MRPL	175.90	9.81	30828.21	2.27	945.68	449.40	41608.96	98.25	18.12	3.24
6.	CHENNPETRO	1573.70	5.61	23434.19	3.94	1031.35	2671.95	29358.75	57.14	35.15	5.35

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	1,25,899	1,40,450	1,30,579	1,51,014	1,34,331	1,34,054	1,28,260	1,36,147	1,21,369	1,30,610	1,25,741	1,46,385	1,66,013
	1,08,406	1,21,259	1,13,021	1,30,991	1,20,016	1,20,629	1,13,047	1,21,031	1,08,199	1,16,221	1,10,851	1,34,423	1,52,521
Operating Profit	17,493	19,191	17,558	20,023	14,315	13,425	15,213	15,116	13,170	14,389	14,890	11,962	13,492
OPM %	13.89%	13.66%	13.45%	13.26%	10.66%	10.01%	11.86%	11.10%	10.85%	11.02%	11.84%	8.17%	8.13%
	2,728	2,934	2,969	3,497	3,502	3,801	3,214	5,577	13,460	3,445	3,412	3,357	4,108
Interest	3,596	3,239	2,982	3,613	2,963	2,662	2,371	2,058	2,194	1,770	1,473	1,467	1,838
Depreciation	3,883	4,384	4,567	4,856	4,708	4,350	4,459	4,464	4,130	4,472	4,434	4,069	4,196
Profit before Tax	12,742	14,502	12,978	15,051	10,146	10,214	11,597	14,171	20,306	11,592	12,395	9,783	17,600
Tax %	24.45%	22.71%	23.53%	25.03%	24.99%	24.49%	24.80%	20.85%	11.83%	21.25%	24.20%	24.13%	24.59%
Net Profit	9,627	11,208	9,924	11,283	7,611	7,713	8,721	11,217	17,904	9,129	9,396	7,422	13,272
	14.23	16.56	7.33	8.34	5.62	5.70	6.44	8.29	13.23	6.75	6.94	5.48	9.81

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	2,42,025	2,90,042	3,71,616	3,36,953	2,45,667	4,22,323	5,39,347	5,34,534	5,17,349	5,05,649	5,68,749
	1,98,769	2,38,338	3,12,762	2,84,295	2,13,375	3,71,383	4,73,767	4,60,269	4,59,531	4,51,523	5,14,016
Operating Profit	43,256	51,704	58,854	52,658	32,292	50,940	65,580	74,265	57,818	54,126	54,733
OPM %	17.87%	17.83%	15.84%	15.63%	13.14%	12.06%	12.16%	13.89%	11.18%	10.70%	9.62%
	8,709	8,257	8,822	9,491	20,330	13,843	12,338	12,128	16,345	23,959	14,322
Interest	2,723	4,656	9,751	12,105	16,211	9,123	12,633	13,430	10,054	6,904	6,548
Depreciation	8,465	9,580	10,558	9,728	9,199	10,264	11,167	17,690	17,981	17,105	17,171
Profit before Tax	40,777	45,725	47,367	40,316	27,212	45,396	54,118	55,273	46,128	54,076	51,370
Tax %	22.93%	26.49%	25.76%	23.35%	-17.39%	16.43%	20.54%	23.94%	23.56%	18.91%	23.65%
Net Profit	31,425	33,612	35,163	30,903	31,944	37,937	43,002	42,042	35,262	43,851	39,219
EPS	49.68	53.04	55.47	48.42	48.90	58.49	65.32	62.14	26.06	32.41	—
Dividend Payout %	11.38%	11.31%	11.72%	13.33%	14.12%	14.27%	14.16%	16.09%	21.11%	18.52%	—

COMPOUNDED SALES GROWTH

10 Years:: 8%
5 Years:: 16%
3 Years:: -2%

COMPOUNDED PROFIT GROWTH

10 Years:: 5%
5 Years:: 7%
3 Years:: 1%

STOCK PRICE CAGR

10 Years:: 17%
5 Years:: 1%
3 Years:: 1%
1 Year:: -9%

RETURN ON EQUITY

10 Years:: 9%
5 Years:: 8%
3 Years:: 8%
Last Year:: 8%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	3,251	6,335	6,339	6,339	6,445	6,765	6,766	6,766	13,532	13,532
	2,85,042	3,08,285	3,98,972	3,84,871	4,27,776	4,64,729	4,72,271	5,08,277	5,29,534	5,52,681
	1,01,436	97,842	1,57,699	2,58,233	2,03,768	1,84,133	1,79,400	1,96,158	1,99,421	2,60,101
Trade Payables	68,161	88,675	88,241	71,048	86,999	1,34,005	1,19,811	1,29,859	1,22,379	1,47,415
	97,189	1,25,341	1,33,934	2,58,408	1,50,193	89,829	1,50,849	1,29,505	1,66,934	2,00,259
Total Liabilities	5,55,079	6,26,478	7,85,185	9,78,899	8,75,181	8,79,461	9,29,097	9,70,565	10,31,800	11,73,988
	1,54,578	2,00,964	2,03,188	3,06,478	3,06,833	2,39,626	2,82,301	2,99,630	3,11,047	3,07,109
Capital Work in Progress	1,28,283	92,581	1,05,155	15,638	20,765	19,267	30,972	44,294	76,322	1,30,954
	1,92,450	2,25,222	3,31,683	4,91,823	3,47,285	4,08,797	3,51,141	3,70,063	3,90,360	4,14,613
	34,018	39,568	44,144	38,802	37,437	45,923	84,756	85,100	89,216	1,04,925
	0	0	0	0	0	0	0	14,740	15,591	16,641
Cash & Bank	1,754	2,731	3,768	8,485	5,573	21,714	61,007	69,248	82,471	1,08,179
	43,996	65,412	97,247	1,17,673	1,57,288	1,44,134	1,18,920	87,490	66,793	91,567
Total Assets	5,55,079	6,26,478	7,85,185	9,78,899	8,75,181	8,79,461	9,29,097	9,70,565	10,31,800	11,73,988

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	61,010	70,615	38,617	82,787	1,178	68,954	60,269	73,998	79,392	79,059
Cash from Investing	-54,949	-59,109	-53,949	-1,43,625	74,257	-45,315	-7,825	-38,292	-28,106	-50,451
Cash from Financing	-1,639	-1,914	25,795	70,767	-76,657	-6,035	-7,369	-27,465	-38,063	-2,900
	-5,138	977	1,037	4,675	-2,912	16,141	40,146	8,241	13,223	25,708

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
50.33	50.24	50.13	50.11	50.07	50.01	50.01	50.00	50.48
21.74	21.29	19.15	19.06	19.20	18.64	19.08	18.66	17.19
17.30	17.56	18.98	19.33	19.72	20.25	20.10	20.46	21.10
0.11	0.11	0.10	0.09	0.09	0.09	0.09	0.09	0.09
10.43	10.71	11.55	11.31	10.83	10.91	10.63	10.69	11.04

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-11

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-11 - Please note that the Company executives will be participating in the Institutional Investors' Meeting -Jefferies India Forum 2026, scheduled to be held on September 17, 2026 at Gurgaon. It is expected that the meeting with the investors will be on one-on-one basis.

2026-09-10

Updates

2026-09-10 - This is further to the disclosure dated September 7, 2026 made by the Company. We wish to inform you that the Company executives participated in the Institutional Investors' Meeting - UBS India Summit 2026 and no unpublished price sensitive information was shared/discussed in the said one-on-one meeting.

2026-09-09

Credit Rating

2026-09-09 - Reliance Industries Limited has informed the Exchange about Credit Rating

2026-09-07

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-07 - Please note that the Company executives will be participating in the Institutional Investors' Meeting - UBS India Summit 2026, scheduled to be held on September 10, 2026 at Mumbai. It is expected that the meeting with the investors will be on one-on-one basis.

2026-09-05

Other Restructuring

2026-09-05 - Roptonal Limited (Roptonal), a step-down subsidiary of the Company, stands dissolved with effect from August 18, 2026, as per the certificate dated September 4, 2026 issued by the Department of Insolvency, Republic of Cyprus.

2026-08-28

Updates

2026-08-28 - Media Statement

2026-08-28

Updates

2026-08-28 - Observation Letter on the Draft Red Herring Prospectus for the proposed Initial Public Offer of Jio Platforms Limited

2026-08-21

Amendment to AOA/MOA

2026-08-21 - Reliance Industries Limited has informed the Exchange regarding the Amendment to AOA/MOA of the company.

2026-08-21

Shareholders meeting

2026-08-21 - The voting results in the format prescribed under Regulation 44(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 along with the Scrutiniser's Report on remote e-voting, for Postal Ballot notice dated July 17, 2026, are attached.

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