Reliance Infrastructure Ltd.

•

rinfra.comBSE: 500390NSE: RELINFRA

Market Cap₹ 2,197 Cr.

Current Price

High / Low₹ 274 / 54

Stock P/E0.7

Book Value₹ -411

Price to Book-0.16

Dividend Yield0.00 %

ROCE0.0 %

ROE0.0 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Sale of Electrical Energy: 91.5% • Infrastructure: 5.6% • Other Operations: 1.9%

AI Sector View

AI GENERATED

Power

Buy

Operationally, power remains one of the strongest sectors in the dataset. Power generation rose 8.0% YoY (2026-07), IIP-electricity was 10.0% YoY (2026-06), electricity core output was 9.0% YoY (2026-07), and coal offtake increased 10.0% YoY (2026-07). FPI outflows are a headwind at INR -10736 crore over 3 months to 2026-08-31, but the fundamental demand signal is strong enough to retain a positive stance.

Confidence

71%

View full sector analysis →

PROS

Company is almost debt free
Promoters have been increasing their shareholding - up 2.6pp over 2 years
Latest quarter profit grew 151.4% YoY, showing strong momentum
Company generates healthy free cash flow

CONS

Recent results are weak - TTM profit is down 69.1% versus prior year
Company has a low return on capital employed of 0.0%
Company has a low return on equity of 0.0% over last 3 years
Effective tax rate is unusually low at -14.6% - earnings may be flattered
Equity base is being diluted - shares outstanding up 16.2%
Company has delivered a poor sales growth of 4.2% over past five years

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

Peer comparison

PowerPowerPower Generation/Distribution

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	ADANIPOWER	209.85	28.39	404689.32	0.00	4866.60	47.24	18901.89	33.97	17.79	42.67
2.	NTPC	333.30	11.64	323189.88	2.70	6896.44	-88.71	50740.96	7.81	8.52	33.23
3.	POWERGRID	269.10	15.74	250279.25	3.34	3598.42	-0.89	11496.72	2.68	9.74	82.97
4.	ADANIGREEN	1282.00	118.37	211167.98	0.00	9830.00	1092.96	44310.00	1066.05	9.90	91.24
5.	ADANIENSOL	1373.75	57.55	168003.37	0.00	1236.56	129.44	9711.08	42.41	9.71	31.27
6.	TATAPOWER	365.00	30.19	116629.89	0.68	1400.86	10.98	19051.26	5.63	11.63	21.53
7.	JSWENERGY	525.45	48.97	96340.35	0.38	532.70	-36.27	5207.13	1.24	8.50	55.22
8.	NHPC	76.30	20.19	76643.62	2.11	1178.09	4.15	3808.31	18.50	6.16	61.80
9.	NTPCGREEN	86.90	120.64	73224.80	0.00	3048.40	1282.62	11068.60	1527.23	3.73	91.95
10.	TORNTPOWER	1298.20	28.15	65416.76	1.54	661.85	-10.75	8124.15	2.75	14.37	18.93
11.	NLCINDIA	264.25	11.42	36641.87	1.46	436.33	-48.01	4716.75	23.29	11.27	32.83
12.	RELINFRA	53.76	0.68	2196.80	0.00	767.79	151.36	6344.27	7.39	0.00	-2.07

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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
	5,591	7,153	4,638	4,686	7,193	7,258	5,033	4,108	5,908	6,235	4,297	4,001	6,344
	4,844	6,495	3,892	4,070	5,982	6,647	4,427	-4,181	5,686	4,460	3,260	1,805	7,253
Operating Profit	747	658	746	616	1,211	611	606	8,289	222	1,775	1,036	2,196	-909
OPM %	13.36%	9.20%	16.08%	13.15%	16.84%	8.42%	12.04%	201.78%	3.76%	28.47%	24.11%	54.88%	-14.32%
	-300	221	204	317	-472	3,744	-2,974	674	849	1,584	86	-343	-1,523
Interest	571	610	578	552	470	472	468	374	409	444	442	348	413
Depreciation	371	387	379	366	348	355	359	360	375	368	373	350	342
Profit before Tax	-495	-118	-7	15	-78	3,527	-3,195	8,229	287	2,546	307	1,155	765
Tax %	0.01%	-4.59%	-228.46%	135.77%	11.27%	0.01%	-0.15%	-0.03%	-2.23%	-0.26%	-0.74%	-52.91%	-0.31%
Net Profit	0	0	0	0	-93	4,195	-3,186	8,262	305	2,575	317	1,640	768
	-19.13	-8.21	-10.09	-11.16	-5.90	103.06	-83.26	110.75	2.20	47.37	0.27	22.47	9.10

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	26,575	18,507	19,731	19,462	17,221	18,982	21,435	22,805	24,441	21,151	20,877
	21,899	14,895	17,548	18,238	17,033	17,154	20,120	20,754	20,685	20,150	16,779
Operating Profit	4,675	3,613	2,183	1,224	188	1,828	1,315	2,051	3,756	1,001	4,098
OPM %	17.59%	19.52%	11.06%	6.29%	1.09%	9.63%	6.13%	8.99%	15.37%	4.73%	19.63%
	3,505	3,852	512	3,380	6,830	860	61	1,157	7,933	6,422	-197
Interest	5,581	5,204	2,581	2,400	2,727	2,060	2,393	2,310	1,784	1,660	1,647
Depreciation	1,688	1,254	1,292	1,389	1,352	1,283	1,448	1,503	1,421	1,466	1,433
Profit before Tax	911	1,006	-1,178	815	2,939	-656	-2,466	-605	8,484	4,296	4,774
Tax %	-19.11%	-15.05%	20.22%	-6.25%	-5.69%	-3.44%	-0.30%	-6.78%	-0.07%	-14.59%	-13.04%
Net Profit	1,085	1,158	-940	866	3,106	-679	-2,473	-646	8,490	4,923	5,397
EPS	0.00	0.00	0.00	0.00	42.79	-37.98	-112.98	-40.61	124.64	70.97	—
Dividend Payout %	16.61%	19.90%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: -3%
5 Years:: 4%
3 Years:: 0%

COMPOUNDED PROFIT GROWTH

10 Years:: 14%
5 Years:: 21%
3 Years:: —

STOCK PRICE CAGR

10 Years:: —
5 Years:: -6%
3 Years:: -32%
1 Year:: -79%

RETURN ON EQUITY

10 Years:: -1%
5 Years:: 0%
3 Years:: 0%
Last Year:: 0%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	263	263	263	263	263	263	352	396	396	409
Minority Interest	1,597	1,576	1,690	1,829	3,775	3,927	4,660	5,111	9,383	11,216
	23,084	23,417	13,913	9,529	10,597	12,007	8,942	8,351	13,280	16,779
	40,079	36,056	23,542	22,663	19,419	18,380	17,384	13,942	11,513	10,968
Trade Payables	21,062	22,192	19,819	20,096	16,468	16,882	17,534	17,986	16,851	17,232
	12,197	16,327	8,966	10,480	11,472	10,944	12,028	13,373	14,417	14,557
Total Liabilities	98,282	99,832	68,194	64,861	61,994	62,403	60,899	59,159	65,841	71,160
	39,549	38,864	24,446	22,771	19,505	19,002	19,756	17,757	17,714	17,812
Capital Work in Progress	1,305	1,347	1,115	1,122	875	860	911	1,018	991	842
	13,701	13,621	7,245	1,877	1,769	4,700	4,338	3,904	8,672	10,319
	412	394	62	64	73	66	81	120	179	152
	0	0	0	0	0	0	0	1,702	1,532	1,182
Cash & Bank	677	1,145	894	1,460	926	1,241	1,376	2,081	2,859	2,204
	42,639	44,460	34,431	37,567	38,847	36,533	34,438	32,576	33,894	38,650
Total Assets	98,282	99,832	68,194	64,861	61,994	62,403	60,899	59,159	65,841	71,160

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	8,286	4,777	-412	2,726	1,508	3,729	3,365	4,097	3,657	2,550
Cash from Investing	-60	-786	2,759	-808	447	-502	-1,333	-448	-1,731	-1,273
Cash from Financing	-8,452	-7,428	-3,334	-1,979	-1,531	-2,942	-2,242	-3,648	-1,252	-1,775
	167	-62	109	88	352	356	-117	2	674	-498

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	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
16.50	16.50	16.50	16.50	19.05	19.05	19.05	19.05	19.05
12.37	8.38	9.00	11.35	10.26	7.07	5.72	5.53	4.94
2.26	1.40	1.33	1.36	1.37	1.26	1.06	1.23	0.77
0.02	0.02	0.02	0.02	0.01	0.01	0.01	0.01	0.01
68.86	73.71	73.15	70.77	69.31	72.60	74.16	74.18	75.23

Documents

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

2026-09-02

Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company

2026-09-02 - Reliance Infrastructure Limited has informed the Exchange about Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company

2026-08-22

General Updates

2026-08-22 - Newspaper Publication Special Window for transfer and dematerialisation of physical shares

2026-08-17

Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company

2026-08-17 - Reliance Infrastructure Limited has informed the Exchange about Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company

2026-08-14

Shareholders meeting

2026-08-14 - Reliance Infrastructure Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 14, 2026. Further, the company has informed the Exchange regarding voting results.

2026-08-14

Shareholders meeting

2026-08-14 - Reliance Infrastructure Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 14, 2026

2026-08-14

Monitoring Agency Report

2026-08-14 - Report of the Monitoring Agency for the quarter ended June 30, 2026

2026-08-14

Outcome of Board Meeting

2026-08-14 - Reliance Infrastructure Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.

2026-08-11

General Updates

2026-08-11 - Disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

2026-08-05

Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company

2026-08-05 - Reliance Infrastructure Limited has informed the Exchange about Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company

News

Recent coverage and analyst commentary for RELINFRA

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Reliance Infrastructure Ltd.

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Name

ADANIPOWER

209.85

28.39

404689.32

0.00

4866.60

47.24

18901.89

33.97

17.79

42.67

NTPC

333.30

11.64

323189.88

2.70

6896.44

-88.71

50740.96

7.81

8.52

33.23

POWERGRID

269.10

15.74

250279.25

3.34

3598.42

-0.89

11496.72

2.68

9.74

82.97

ADANIGREEN

1282.00

118.37

211167.98

0.00

9830.00

1092.96

44310.00

1066.05

9.90

91.24

ADANIENSOL

1373.75

57.55

168003.37

0.00

1236.56

129.44

9711.08

42.41

9.71

31.27

TATAPOWER

365.00

30.19

116629.89

0.68

1400.86

10.98

19051.26

5.63

11.63

21.53

JSWENERGY

525.45

48.97

96340.35

0.38

532.70

-36.27

5207.13

1.24

8.50

55.22

NHPC

76.30

20.19

76643.62

2.11

1178.09

4.15

3808.31

18.50

6.16

61.80

NTPCGREEN

86.90

120.64

73224.80

0.00

3048.40

1282.62

11068.60

1527.23

3.73

91.95

TORNTPOWER

1298.20

28.15

65416.76

1.54

661.85

-10.75

8124.15

2.75

14.37

18.93

NLCINDIA

264.25

11.42

36641.87

1.46

436.33

-48.01

4716.75

23.29

11.27

32.83

RELINFRA

53.76

0.68

2196.80

0.00

767.79

151.36

6344.27

7.39

0.00

-2.07

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

5,591

7,153

4,638

4,686

7,193

7,258

5,033

4,108

5,908

6,235

4,297

4,001

6,344

4,844

6,495

3,892

4,070

5,982

6,647

4,427

-4,181

5,686

4,460

3,260

1,805

7,253

Operating Profit

747

658

746

616

1,211

611

606

8,289

222

1,775

1,036

2,196

-909

OPM %

13.36%

9.20%

16.08%

13.15%

16.84%

8.42%

12.04%

201.78%

3.76%

28.47%

24.11%

54.88%

-14.32%

-300

221

204

317

-472

3,744

-2,974

674

849

1,584

-343

-1,523

Interest

571

610

578

552

470

472

468

374

409

444

442

348

413

Depreciation

371

387

379

366

348

355

359

360

375

368

373

350

342

Profit before Tax

-495

-118

-7

-78

3,527

-3,195

8,229

287

2,546

307

1,155

765

Tax %

0.01%

-4.59%

-228.46%

135.77%

11.27%

0.01%

-0.15%

-0.03%

-2.23%

-0.26%

-0.74%

-52.91%

-0.31%

Net Profit

-93

4,195

-3,186

8,262

305

2,575

317

1,640

768

-19.13

-8.21

-10.09

-11.16

-5.90

103.06

-83.26

110.75

2.20

47.37

0.27

22.47

9.10

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

26,575

18,507

19,731

19,462

17,221

18,982

21,435

22,805

24,441

21,151

20,877

21,899

14,895

17,548

18,238

17,033

17,154

20,120

20,754

20,685

20,150

16,779

Operating Profit

4,675

3,613

2,183

1,224

188

1,828

1,315

2,051

3,756

1,001

4,098

OPM %

17.59%

19.52%

11.06%

6.29%

1.09%

9.63%

6.13%

8.99%

15.37%

4.73%

19.63%

3,505

3,852

512

3,380

6,830

860

1,157

7,933

6,422

-197

Interest

5,581

5,204

2,581

2,400

2,727

2,060

2,393

2,310

1,784

1,660

1,647

Depreciation

1,688

1,254

1,292

1,389

1,352

1,283

1,448

1,503

1,421

1,466

1,433

Profit before Tax

911

1,006

-1,178

815

2,939

-656

-2,466

-605

8,484

4,296

4,774

Tax %

-19.11%

-15.05%

20.22%

-6.25%

-5.69%

-3.44%

-0.30%

-6.78%

-0.07%

-14.59%

-13.04%

Net Profit

1,085

1,158

-940

866

3,106

-679

-2,473

-646

8,490

4,923

5,397

EPS

0.00

42.79

-37.98

-112.98

-40.61

124.64

70.97

—

Dividend Payout %

16.61%

19.90%

0.00%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

263

352

396

409

Minority Interest

1,597

1,576

1,690

1,829

3,775

3,927

4,660

5,111

9,383

11,216

23,084

23,417

13,913

9,529

10,597

12,007

8,942

8,351

13,280

16,779

40,079

36,056

23,542

22,663

19,419

18,380

17,384

13,942

11,513

10,968

Trade Payables

21,062

22,192

19,819

20,096

16,468

16,882

17,534

17,986

16,851

17,232

12,197

16,327

8,966

10,480

11,472

10,944

12,028

13,373

14,417

14,557

Total Liabilities

98,282

99,832

68,194

64,861

61,994

62,403

60,899

59,159

65,841

71,160

39,549

38,864

24,446

22,771

19,505

19,002

19,756

17,757

17,714

17,812

Capital Work in Progress

1,305

1,347

1,115

1,122

875

860

911

1,018

991

842

13,701

13,621

7,245

1,877

1,769

4,700

4,338

3,904

8,672

10,319

412

394

120

179

152

1,702

1,532

1,182

Cash & Bank

677

1,145

894

1,460

926

1,241

1,376

2,081

2,859

2,204

42,639

44,460

34,431

37,567

38,847

36,533

34,438

32,576

33,894

38,650

Total Assets

98,282

99,832

68,194

64,861

61,994

62,403

60,899

59,159

65,841

71,160

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

8,286

4,777

-412

2,726

1,508

3,729

3,365

4,097

3,657

2,550

Cash from Investing

-60

-786

2,759

-808

447

-502

-1,333

-448

-1,731

-1,273

Cash from Financing

-8,452

-7,428

-3,334

-1,979

-1,531

-2,942

-2,242

-3,648

-1,252

-1,775

167

-62

109

352

356

-117

674

-498

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

16.50

19.05

12.37

8.38

9.00

11.35

10.26

7.07

5.72

5.53

4.94

2.26

1.40

1.33

1.36

1.37

1.26

1.06

1.23

0.77

0.02

0.01

68.86

73.71

73.15

70.77

69.31

72.60

74.16

74.18

75.23

Reliance Infrastructure Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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Reliance Infrastructure Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI