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Reliance Industries Limited
(RELIANCE)
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Rating:62Neutral
Price Target:
₹1,233.00
▼(-6.06% Downside)
Action:Reiterated
Date:08/04/26
The score is primarily supported by solid financial performance (steady growth and moderate leverage), but is held back by margin compression and historically volatile free cash flow. Technicals are neutral-to-soft (negative MACD and price below longer-term averages), and valuation offers limited support given the ~23.7 P/E and low dividend yield.
Positive Factors
Diversified operating base
Reliance operates three major revenue engines serving industrial and consumer markets. This diversification can reduce dependence on any single segment, while the combination of physical assets, retail reach, and digital connectivity provides multiple avenues for scale and cross-business growth.
Negative Factors
Margin compression
Declining gross and EBITDA margins indicate that recent growth is generating less profit per unit of revenue. If this pattern persists, Reliance may need continued volume expansion to offset weaker operating economics, making earnings more exposed to competitive pressure and unfavorable segment conditions.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified operating base
Reliance operates three major revenue engines serving industrial and consumer markets. This diversification can reduce dependence on any single segment, while the combination of physical assets, retail reach, and digital connectivity provides multiple avenues for scale and cross-business growth.
Read all positive factors
Reliance Industries Limited (RELIANCE) vs. iShares MSCI India ETF (INDA)
Market Cap
₹15.75T
Dividend Yield0.52%
Average Volume (3M)1.01M
Price to Earnings (P/E)21.1
Beta (1Y)1.01
Revenue Growth15.00%
EPS Growth-8.32%
CountryIN
Employees419,911
SectorGeneral
Sector StrengthN/A
IndustryOil & Gas Refining & Marketing
Share Statistics
EPS (TTM)55.22
Shares Outstanding13,532,539,000
10 Day Avg. Volume1,222,252
30 Day Avg. Volume1,005,891
Financial Highlights & Ratios
PEG Ratio1.41
Price to Book (P/B)2.02
Price to Sales (P/S)1.72
P/FCF Ratio35.07
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹1,735.00Price Target Upside32.18% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)63.32
Revenue Forecast (FY)₹12.14T
Reliance Industries Limited Business Overview & Revenue Model
Company Description
Reliance Industries Limited, a Mumbai-headquartered Indian conglomerate founded in 1973, manages a vast array of global enterprises. The company's operations span numerous key sectors, including hydrocarbon exploration and extraction, the producti...
How the Company Makes Money
Reliance makes money primarily by generating revenue across three large operating engines—(1) energy and petrochemicals, (2) retail, and (3) digital services—each with distinct revenue drivers.
1) Energy and petrochemicals (O2C: Oil-to-Chemicals)...
Reliance Industries Limited Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
72
Positive
Cash Flow
60
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 11.23T | 10.57T | 9.65T | 9.01T | 8.78T | 6.96T |
| Gross Profit | 2.86T | 2.81T | 2.82T | 2.65T | 2.06T | 1.64T |
| EBITDA | 1.97T | 2.08T | 1.83T | 1.79T | 1.53T | 1.26T |
| Net Income | 747.27B | 807.75B | 696.48B | 696.21B | 667.02B | 607.05B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 21.78T | 19.50T | 17.56T | 16.07T | 15.00T |
| Cash, Cash Equivalents and Short-Term Investments | 2.58T | 2.43T | 2.25T | 1.54T | 1.87T | 1.44T |
| Total Debt | 0.00 | 3.98T | 3.70T | 3.46T | 3.34T | 2.82T |
| Total Liabilities | -10.86T | 10.92T | 9.40T | 8.30T | 7.79T | 6.11T |
| Stockholders Equity | 10.86T | 9.00T | 8.43T | 7.93T | 7.16T | 7.79T |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 518.54B | 141.57B | -205.45B | -364.83B | -98.88B |
| Operating Cash Flow | 0.00 | 1.75T | 1.54T | 1.32T | 1.05T | 902.57B |
| Investing Cash Flow | 0.00 | -1.24T | -1.54T | -1.04T | -1.02T | -1.16T |
| Financing Cash Flow | 0.00 | -115.68B | 91.33B | 6.97B | 316.26B | 431.88B |
Reliance Industries Limited Technical Analysis
Negative
1312.60
Price Trends
1236.13
Negative
1269.41
Negative
1326.39
Negative
Market Momentum
-15.71
Negative
40.62
Neutral
10.86
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:RELIANCE, the sentiment is Negative. The current price of 1312.6 is above the 20-day moving average (MA) of 1186.48, above the 50-day MA of 1236.13, and below the 200-day MA of 1326.39, indicating a bearish trend. The MACD of -15.71 indicates Negative momentum. The RSI at 40.62 is Neutral, neither overbought nor oversold. The STOCH value of 10.86 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:RELIANCE.
Reliance Industries Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | ₹432.98B | 10.32 | ― | 3.47% | -24.82% | 13.45% | |
71 Outperform | ₹1.23T | 7.70 | ― | 7.91% | 21.77% | -25.56% | |
70 Outperform | ₹1.84T | 5.33 | ― | 6.35% | 13.47% | 99.32% | |
69 Neutral | ₹303.29B | 6.87 | ― | 4.05% | 38.12% | 325.84% | |
62 Neutral | ₹15.75T | 21.10 | ― | 0.52% | 15.00% | -8.32% | |
60 Neutral | ₹722.40B | 50.45 | ― | 7.13% | 16.94% | -89.68% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:RELIANCE
Reliance Industries Limited
1,163.55
-316.11
-21.36%
IN:BPCL
Bharat Petroleum Corporation Limited
284.30
-55.62
-16.36%
IN:HINDPETRO
Hindustan Petroleum Corporation Limited
339.50
-108.51
-24.22%
IN:IOC
Indian Oil Corp. Ltd.
130.00
-27.56
-17.49%
IN:MRPL
Mangalore Refinery & Petrochemicals Ltd.
173.05
12.85
8.02%
IN:PETRONET
Petronet Lng Limited
288.65
17.54
6.47%
Reliance Industries Limited Corporate Events
Jio Platforms Sets IPO Price at ₹1,119 as Reliance Advances Digital Listing
Oct 24, 2026
Reliance Industries has announced that its subsidiary Jio Platforms Limited has completed the book-building for its initial public offering of up to 270 million new equity shares. The subscription window ran from October 21 to 23, 2026, marking a ...
Reliance Showcases Jamnagar Complex to Top U.S. Officials, Eyes Energy and Tech Partnerships
Oct 21, 2026
Reliance Industries Limited hosted U.S. Secretary of State Marco Rubio and U.S. Ambassador to India Sergio Gor at its Jamnagar complex, showcasing the scale, advanced technology and integrated operations of the world’s largest refinery. The ...
Reliance Flags Shareholder Reservation in Proposed Jio Platforms IPO
Oct 16, 2026
Reliance Industries Limited has notified domestic and international stock exchanges that newspaper advertisements have been published regarding the proposed initial public offering of Jio Platforms Limited. The advertisements highlight a reservati...
Reliance Opens Special Window for Demat of Physical Shares
Oct 15, 2026
Reliance Industries Limited has notified stock exchanges that it has published newspaper advertisements announcing a special window for the transfer and dematerialisation of physical share certificates. The communication, issued to BSE, NSE and ov...
Reliance Industries to Appeal Customs Fine and Penalty Order
Oct 7, 2026
Reliance Industries Limited has disclosed that it received an order from the Joint Commissioner of Customs (Import), Mumbai, imposing a redemption fine and penalty totaling Rs 18,74,978 under the Customs Act, 1962. The order alleges that Reliance ...
Reliance Industries Secures Top-Tier AAA Ratings From CARE and CRISIL
Sep 25, 2026
Reliance Industries Limited, India’s largest private-sector conglomerate, operates across the oil-to-chemicals value chain, telecom and organised retail, and is expanding into technology-intensive new energy. The group holds leading market p...
Reliance Executives to Hold One-on-One Meetings at BofA Asia Pacific Conference 2026
Sep 21, 2026
Reliance Industries has announced that its executives will participate in the BofA Asia Pacific Conference 2026 in Hong Kong on September 24, engaging institutional investors primarily through one-on-one meetings. The company has clarified that no...
Reliance Streamlines Global Structure With Radisys Subsidiary Merger
Aug 1, 2026
Reliance Industries has announced that Radisys Cayman Limited, a step-down subsidiary incorporated in the Cayman Islands, has been merged into its holding company Radisys International LLC, which is registered in Delaware, effective July 31, 2026....
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.