Reliance Infrastructure Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2020 • EPC and Contracts: 99.4% • Sale of Electrical Energy: 0.6%
AI Sector View
AI GENERATEDPower
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.
PROS
- Company is almost debt free
- Promoters have been increasing their shareholding - up 2.6pp over 2 years
CONS
- Company is loss-making at the operating / net level
- Recent results are weak - TTM profit is down 108.4% versus prior year
- Operating cash flow has been negative in recent years
- Company has a low return on equity of -11.6% over last 3 years
- Company has a low return on capital employed of -5.7%
- Interest coverage is weak at -3.3x - earnings barely cover interest
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ADANIPOWER | 214.50 | 29.02 | 413656.70 | 0.00 | 4866.60 | 47.24 | 18901.89 | 33.97 | 17.79 | 42.67 |
| NTPC | 333.25 | 11.64 | 323141.40 | 2.70 | 6896.44 | -88.71 | 50740.96 | 7.81 | 8.52 | 33.23 |
| POWERGRID | 265.95 | 15.56 | 247349.56 | 3.38 | 3598.42 | -0.89 | 11496.72 | 2.68 | 9.74 | 82.97 |
| ADANIGREEN | 1314.20 | 121.34 | 216471.89 | 0.00 | 9830.00 | 1092.96 | 44310.00 | 1066.05 | 9.90 | 91.24 |
| ADANIENSOL | 1421.90 | 59.57 | 173891.90 | 0.00 | 1236.56 | 129.44 | 9711.08 | 42.41 | 9.71 | 31.27 |
| TATAPOWER | 369.00 | 30.52 | 117908.03 | 0.68 | 1400.86 | 10.98 | 19051.26 | 5.63 | 11.63 | 21.53 |
| JSWENERGY | 534.65 | 49.83 | 98027.15 | 0.37 | 532.70 | -36.27 | 5207.13 | 1.24 | 8.50 | 55.22 |
| NHPC | 76.80 | 20.32 | 77145.87 | 2.10 | 1178.09 | 4.15 | 3808.31 | 18.50 | 6.16 | 61.80 |
| NTPCGREEN | 88.02 | 122.20 | 74168.55 | 0.00 | 3048.40 | 1282.62 | 11068.60 | 1527.23 | 3.73 | 91.95 |
| TORNTPOWER | 1304.15 | 28.28 | 65716.58 | 1.53 | 661.85 | -10.75 | 8124.15 | 2.75 | 14.37 | 18.93 |
| NLCINDIA | 271.45 | 11.73 | 37640.25 | 1.42 | 436.33 | -48.01 | 4716.75 | 23.29 | 11.27 | 32.83 |
| RELINFRA | 55.96 | 0.71 | 2286.70 | 0.00 | 767.79 | 151.36 | 6344.27 | 7.39 | 0.00 | -2.07 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 64 | 190 | 63 | 108 | 31 | 62 | 54 | 65 | 54 | 61 | 60 | 63 | 47 | |
| 114 | 322 | 109 | 274 | 86 | 124 | 107 | 142 | 118 | 186 | 153 | 201 | 164 | |
| Operating Profit | -50 | -132 | -46 | -166 | -55 | -63 | -53 | -76 | -64 | -125 | -94 | -138 | -117 |
| OPM % | -78.05% | -69.62% | -72.39% | -153.43% | -175.76% | -102.03% | -98.36% | -116.78% | -119.50% | -204.02% | -157.25% | -219.72% | -246.74% |
| -322 | 189 | 50 | -709 | 25 | 2,275 | -3,096 | 832 | 226 | -413 | 36 | -399 | -15 | |
| Interest | 173 | 204 | 168 | 194 | 174 | 128 | 49 | 37 | 47 | 60 | 78 | 84 | 68 |
| Depreciation | 6 | 4 | 3 | 3 | 3 | 3 | 4 | 4 | 3 | 4 | 4 | 4 | 3 |
| Profit before Tax | -551 | -150 | -166 | -1,071 | -206 | 2,081 | -3,201 | 715 | 111 | -601 | -140 | -625 | -52 |
| Tax % | -0.00% | -0.09% | 4.70% | -0.01% | -0.00% | -0.14% | -0.00% | 0.05% | 0.00% | -0.00% | -0.00% | 103.98% | -0.00% |
| Net Profit | -551 | -150 | -158 | -1,071 | -206 | 2,084 | -3,202 | 714 | 111 | -601 | -140 | 25 | -52 |
| -15.65 | -4.20 | -4.27 | -28.40 | -5.21 | 52.61 | -80.82 | 18.03 | 2.79 | -14.95 | -3.45 | 0.61 | -1.27 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 9,179 | 1,076 | 986 | 1,319 | 1,689 | 1,467 | 810 | 425 | 212 | 237 | 231 | |
| 7,102 | 1,112 | 1,143 | 1,358 | 1,786 | 1,640 | 1,090 | 818 | 459 | 641 | 705 | |
| Operating Profit | 2,077 | -36 | -156 | -39 | -97 | -173 | -280 | -393 | -248 | -404 | -474 |
| OPM % | 22.63% | -3.35% | -15.87% | -2.97% | -5.76% | -11.80% | -34.61% | -92.60% | -116.85% | -170.30% | -204.98% |
| 2,699 | 3,296 | 388 | 2,020 | 1,238 | 506 | -2,095 | -790 | 37 | -549 | -790 | |
| Interest | 2,641 | 1,579 | 1,254 | 920 | 1,193 | 655 | 802 | 738 | 388 | 290 | 290 |
| Depreciation | 930 | 99 | 82 | 65 | 59 | 42 | 27 | 16 | 14 | 14 | 14 |
| Profit before Tax | 1,205 | 1,581 | -1,104 | 996 | -112 | -364 | -3,204 | -1,938 | -612 | -1,257 | -1,418 |
| Tax % | -6.95% | -5.25% | 17.28% | -3.58% | 82.89% | -1.19% | 0.19% | 0.39% | 0.41% | 51.68% | 45.82% |
| Net Profit | 1,288 | 1,664 | -913 | 1,031 | -19 | -368 | -3,198 | -1,930 | -610 | -607 | -768 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | -0.73 | -14.00 | -112.15 | -48.73 | -15.40 | -14.86 | — |
| Dividend Payout % | 18.37% | 15.01% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- -31%
- 5 Years:
- -32%
- 3 Years:
- -34%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- -6%
- 3 Years:
- -33%
- 1 Year:
- -79%
RETURN ON EQUITY
- 10 Years:
- -6%
- 5 Years:
- -15%
- 3 Years:
- -12%
- Last Year:
- -3%
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 | 263 | 263 | 263 | 263 | 263 | 263 | 352 | 396 | 396 | 409 |
| 20,732 | 21,722 | 14,028 | 10,184 | 10,113 | 9,740 | 7,000 | 5,911 | 23,602 | 22,744 | |
| 22,143 | 18,780 | 7,606 | 7,277 | 5,404 | 5,409 | 5,044 | 2,587 | 1,717 | 1,741 | |
| Trade Payables | 5,562 | 5,296 | 3,043 | 2,381 | 1,550 | 1,576 | 1,575 | 1,518 | 1,112 | 1,096 |
| 8,735 | 12,726 | 3,312 | 3,111 | 3,415 | 3,051 | 3,503 | 4,656 | 4,175 | 3,220 | |
| Total Liabilities | 57,435 | 58,787 | 28,252 | 23,217 | 20,744 | 20,039 | 17,474 | 15,069 | 31,002 | 29,210 |
| 15,859 | 15,406 | 630 | 1,128 | 380 | 325 | 302 | 208 | 210 | 196 | |
| Capital Work in Progress | 184 | 217 | 26 | 29 | 17 | 11 | 11 | 2 | 0 | 0 |
| 19,296 | 18,750 | 14,108 | 8,493 | 8,195 | 8,435 | 8,194 | 7,099 | 28,320 | 27,311 | |
| 307 | 336 | 8 | 4 | 4 | 4 | 4 | 0 | 0 | 0 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 399 | 381 | 3 | |
| Cash & Bank | 246 | 586 | 272 | 252 | 130 | 158 | 585 | 182 | 213 | 220 |
| 21,544 | 23,492 | 13,209 | 13,311 | 12,020 | 11,107 | 8,379 | 7,179 | 1,879 | 1,479 | |
| Total Assets | 57,435 | 58,787 | 28,252 | 23,217 | 20,744 | 20,039 | 17,474 | 15,069 | 31,002 | 29,210 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 4,782 | 764 | -2,684 | -34 | 464 | -184 | 489 | 238 | -191 | -71 | |
| Cash from Investing | 908 | 2,093 | 2,533 | 874 | 1,051 | 228 | -3 | 552 | -143 | -174 |
| Cash from Financing | -5,665 | -6,385 | 78 | -1,102 | -1,513 | -50 | -280 | -958 | 313 | 188 |
| -22 | -67 | -15 | 2 | -16 | 15 | 249 | -168 | -22 | -57 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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 - Newspaper Publication Special Window for transfer and dematerialisation of physical shares
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 - 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 - Reliance Infrastructure Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 14, 2026
2026-08-14 - Report of the Monitoring Agency for the quarter ended June 30, 2026
2026-08-14 - Reliance Infrastructure Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
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 - 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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