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Reliance Industries Limited
(RELIANCE)
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Rating:62Neutral
Price Target:
₹1,388.00
▲(5.74% Upside)
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, large-scale business model
Reliance's three-engine model (energy/petrochemicals, retail, digital) provides durable revenue diversification across industrial and consumer end markets. Scale across distinct, high‑margin and recurring segments reduces single-cycle dependence and supports long-term revenue resilience and cross-segment synergies.
Negative Factors
Margin compression in 2026
Falling gross and EBITDA margins indicate pressure on refining and petrochemical spreads and/or retail mix shifts. Margin compression erodes earnings leverage from scale and increases sensitivity of profits to commodity cycles, making long‑run profitability more volume‑dependent and less resilient.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified, large-scale business model
Reliance's three-engine model (energy/petrochemicals, retail, digital) provides durable revenue diversification across industrial and consumer end markets. Scale across distinct, high‑margin and recurring segments reduces single-cycle dependence and supports long-term revenue resilience and cross-segment synergies.
Read all positive factors
Reliance Industries Limited (RELIANCE) vs. iShares MSCI India ETF (INDA)
Market Cap
₹17.89T
Dividend Yield0.46%
Average Volume (3M)762.52K
Price to Earnings (P/E)23.9
Beta (1Y)1.06
Revenue Growth15.00%
EPS Growth-8.32%
CountryIN
Employees404,501
SectorGeneral
Sector StrengthN/A
IndustryOil & Gas Refining & Marketing
Share Statistics
EPS (TTM)55.22
Shares Outstanding13,532,539,000
10 Day Avg. Volume584,253
30 Day Avg. Volume762,521
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
₹1,648.33Price Target Upside25.58% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)63.03
Revenue Forecast (FY)₹12.12T
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 Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | ₹433.95B | 10.27 | ― | 3.45% | -24.82% | 13.45% | |
71 Outperform | ₹1.37T | 7.87 | ― | 7.21% | 12.33% | -1.17% | |
70 Outperform | ₹1.94T | 5.63 | ― | 6.09% | 13.47% | 99.32% | |
65 Neutral | ₹306.53B | 9.78 | ― | 2.31% | 23.40% | ― | |
62 Neutral | ₹17.89T | 23.94 | ― | 0.46% | 15.00% | -8.32% | |
59 Neutral | ₹759.63B | 45.41 | ― | 6.79% | 9.39% | -83.64% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:RELIANCE
Reliance Industries Limited
1,309.50
-63.01
-4.59%
IN:BPCL
Bharat Petroleum Corporation Limited
312.05
10.71
3.55%
IN:HINDPETRO
Hindustan Petroleum Corporation Limited
356.65
-14.23
-3.84%
IN:IOC
Indian Oil Corp. Ltd.
135.50
1.64
1.22%
IN:MRPL
Mangalore Refinery & Petrochemicals Ltd.
173.15
49.02
39.49%
IN:PETRONET
Petronet Lng Limited
289.75
25.63
9.70%
Reliance Industries Limited Corporate Events
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....
Reliance Dissolves Inactive U.S. Subsidiary With No Material Impact
Jul 8, 2026
Reliance Industries Limited has announced the dissolution of REC US Holdings, Inc., a step-down wholly owned subsidiary incorporated in Delaware, U.S., effective July 6, 2026. The move was disclosed to Indian and overseas stock exchanges under reg...
Reliance Industries Receives SEBI Warning Over Employee Share Dealings
Jul 6, 2026
Reliance Industries Limited disclosed that India’s securities regulator has issued an administrative warning letter to its Company Secretary and Compliance Officer over past dealings in the company’s shares by two employees and an imme...
Reliance Opens Special Window for Transfer and Demat of Physical Shares
Jun 10, 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 shares. The notice, carried in leading English, Marathi, and Hin...
Reliance Publishes AGM and E‑Voting Notices Across Leading Dailies
May 29, 2026
Reliance Industries Limited has informed domestic and international stock exchanges that it has published newspaper advertisements related to its forty-ninth post-IPO Annual General Meeting and associated e-voting information. The notices, carried...
Reliance Drops Plan to Acquire Kandla GHA Transmission After Bid Annulment
May 7, 2026
Reliance Industries Limited has announced that it will no longer proceed with the planned acquisition of a 100% equity stake in Kandla GHA Transmission Limited from PFC Consulting Limited, a deal previously approved for up to Rs. 20 crore under a ...
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.