Adani Enterprises Ltd.
NSE: ADANIENT
Energy · Thermal Coal
₹2,579.40 last close on 30 Oct 2026 −1.09%
Research updated
Reliance Industries Ltd.
NSE: RELIANCEEnergyOil & Gas Refining & Marketing
- Last close
- ₹1,164.90
- Day change
- −₹2.50 (−0.21%)vs
- Market cap
- ₹16.36 lakh crIndian rupees
- Research updated
- 2 reports
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About Reliance Industries
Reliance Industries Ltd. is an Indian multinational conglomerate headquartered in Mumbai, operating as one of the largest private sector corporations in the country. It spans a diverse portfolio including energy, where it engages in hydrocarbon exploration, petroleum refining, and oil-to-chemicals strategies through world-class facilities like the Jamnagar complex. The petrochemicals division produces polymers, polyesters, elastomers, and advanced materials, positioning it among the top global producers. Reliance Retail offers an omni-channel network with brands covering groceries, fashion, electronics, and jewelry, serving consumers and small merchants across India. Its digital services arm, Jio, provides broadband, mobile connectivity, and platforms fostering a digital-first ecosystem. The company also operates in media and entertainment, delivering content across various formats, and new energy, focusing on solar, hydrogen, batteries, and sustainable materials. Media and entertainment businesses include content creation and distribution tailored to India's diverse audiences. Founded in 1958, Reliance Industries Ltd. plays a pivotal role in India's industrial, consumer, and digital landscapes with integrated operations that emphasize innovation and sustainability.
- Sector
- Energy
- Industry
- Oil & Gas Refining & Marketing
- Listing
- NSE: RELIANCE
- Employees
- 4,03,303
- Headquarters
- Mumbai, India
- ISIN
- INE002A01018
- Website
- ril.com
Public research · Report of
Business model & financial foundation
Reliance Industries (NSE: RELIANCE), Integrated oil-to-chemicals, telecom and retail conglomerate: revenue of ₹10,75,675 crore in FY26 (+9.7% on FY25), an EBITDA margin of 16.6% and net profit of ₹80,775 crore.
- Revenue, FY26 (₹ crore)
- 10,75,675
- consolidated
- Revenue growth, FY26
- +9.7%
- on FY25
- EBITDA margin, FY26
- 16.6%
- EBITDA (revenue less operating expenses) / revenue
- Net profit, FY26 (₹ crore)
- 80,775
- to owners
- Return on equity, FY26
- 9.2%
- on average equity
- Market capitalisation (₹ crore)
- 15,80,187
- at the close of 21 Oct 2026
Company profile
Reliance Industries is India's largest private company by revenue and market value. It runs the world's largest single-site refining complex at Jamnagar (oil-to-chemicals), the KG-D6 deepwater gas field, India's largest telecom operator Jio (533 million subscribers at June 2026) and India's largest retailer (20,169 stores). It is building a new-energy giga complex (solar modules to polysilicon, batteries, electrolysers) at Jamnagar and is listing Jio Platforms in October 2026.
| Item | Value |
|---|---|
| Legal name | Reliance Industries Limited |
| Exchange and ticker | NSE: RELIANCE; BSE: 500325 |
| ISIN | INE002A01018 |
| CIN | L17110MH1973PLC019786 |
| Sector | Energy |
| Industry | Integrated oil-to-chemicals, telecom and retail conglomerate |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Deloitte Haskins & Sells LLP and Chaturvedi & Shah LLP (joint) (since 2022) |
| Market capitalisation | ₹15,80,187 crore (21 Oct 2026) |
| Shares outstanding | 1,353 crore shares (FY26) |
| Price | ₹1,209 (close, 21 Oct 2026) |
| 52-week range | ₹1,152 - ₹1,612 (to 21 Oct 2026) |
| Website | https://www.ril.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Jio Platforms Limited | 66.43% | Digital services holding company; owns 100% of Reliance Jio Infocomm (mobile, fixed broadband, enterprise). IPO of 27 crore fresh shares open 21-23 Oct 2026. |
| Reliance Retail Ventures Limited | 83.56% | India's largest retailer: grocery, consumer electronics, fashion and lifestyle, digital commerce, quick commerce |
| Reliance Consumer Products Limited | 83.56% | FMCG brands (Campa, Independence and others), reorganised under RRVL group effective 1 Apr 2025 |
| Reliance BP Mobility Limited | 51% | Jio-bp fuel retailing and mobility JV with bp |
JioStar (media JV) consolidated as Media segment; Reliance New Energy holds the Jamnagar giga-factory projects; holdings for these not retrieved from the FY26 annual report.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 50.01% | 50.00% | 50.48% | 50.44% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 19.09% | 18.67% | 17.20% | 16.67% |
| Domestic institutions | 20.18% | 20.55% | 21.19% | 21.72% |
| of which mutual funds | 9.52% | 9.78% | 10.11% | 10.31% |
| Retail | 6.87% | 6.96% | 7.16% | 7.24% |
| Other | 5.59% | 5.54% | 5.60% | 5.49% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
| Segment | revenue, FY26 (₹ crore) | Share | ebitda, FY26 (₹ crore) | Share | gross revenue, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Oil to Chemicals (O2C) | 6,62,401 | 96.5% | 60,546 | 32.2% | ||
| Oil and Gas (E&P) | 23,861 | 3.5% | 19,050 | 10.1% | ||
| Reliance Retail Ventures (RRVL consolidated) | 27,033 | 14.4% | 3,70,026 | 64.0% | ||
| Jio Platforms (JPL consolidated) | 76,255 | 40.6% | 1,72,317 | 29.8% | ||
| JioStar (media and entertainment) | 4,885 | 2.6% | 36,248 | 6.3% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Bharti Airtel (BHARTIARTL) | |
| Indian Oil Corporation (IOC) | |
| Bharat Petroleum Corporation (BPCL) | Integrated refiner-marketer exposed to the same cracks and SAED |
| Hindustan Petroleum Corporation (HINDPETRO) | Refiner-marketer; fuel retail under-recovery comparison |
| Avenue Supermarts (DMART) | Listed grocery retail peer for Reliance Retail |
| Trent (TRENT) | Listed fashion and value retail peer for Reliance Retail |
| Oil and Natural Gas Corporation (ONGC) | Upstream gas producer under the same domestic gas price ceilings; KG-D6 litigation counterparty |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 6,95,963 | 8,77,835 | 9,14,472 | 9,80,136 | 10,75,675 |
| Cost of revenue (vendor classification) * | 5,31,678 | 6,71,898 | 6,74,599 | 7,22,687 | 7,86,824 |
| Other operating costs (vendor classification) * | 66,915 | 79,408 | 90,187 | 1,01,218 | 1,16,144 |
| EBITDA (vendor classification) * | 1,22,288 | 1,54,765 | 1,75,675 | 1,79,871 | 2,02,076 |
| EBIT * | 96,592 | 1,13,004 | 1,26,499 | 1,28,138 | 1,47,218 |
| Finance cost | 23,118 | 24,269 | 27,061 | ||
| Profit before tax | 82,154 | 94,046 | 1,04,340 | 1,06,017 | 1,23,162 |
| Tax expense | 15,970 | 20,376 | 25,707 | 25,230 | 27,552 |
| Profit after tax | 67,845 | 74,088 | 79,020 | 81,309 | 95,754 |
| Diluted EPS (₹) | 102.9 | 51.47 | 59.69 | ||
| Other income | 16,057 | 17,978 | 28,962 | ||
| Cost of materials (consumed, traded goods bought, inventory change) | 5,85,343 | 6,29,689 | 6,88,663 | ||
| Employee benefit expense | 25,679 | 28,559 | 30,318 | ||
| Other expenses | 1,41,217 | 1,56,444 | 1,77,745 | ||
| EBITDA (revenue less operating expenses) | 1,62,233 | 1,65,444 | 1,78,949 | ||
| Depreciation and amortisation | 50,832 | 53,136 | 57,688 | ||
| Share of associates and joint ventures | 387.0 | 522.0 | 144.0 | ||
| Non-controlling interests' share of profit | 9,399 | 11,661 | 14,979 | ||
| Profit attributable to owners | 69,621 | 69,648 | 80,775 | ||
| Basic EPS (₹) | 102.9 | 51.47 | 59.69 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners | 7,93,481 | 8,43,200 | 9,04,030 | ||
| Borrowings (non-current and current) | 3,24,622 | 3,47,530 | 3,74,421 | ||
| Cash and cash equivalents | 97,225 | 1,06,502 | 1,45,977 | ||
| Trade receivables (current) | 23,640 | 28,448 | 31,628 | 42,121 | 58,491 |
| Inventories | 1,07,778 | 1,40,008 | 1,52,770 | 1,46,062 | 1,66,941 |
| Trade payables (current) | 1,59,330 | 1,47,172 | 1,78,377 | 1,86,789 | 1,58,842 |
| Property, plant and equipment | 6,06,084 | 6,83,102 | 7,51,087 | ||
| Capital work in progress | 1,52,382 | 1,69,710 | 1,92,287 | ||
| Total assets | 14,99,665 | 16,07,431 | 17,55,986 | 19,50,121 | 21,78,140 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 1,58,788 | 1,78,703 | 1,92,113 | ||
| Capital expenditure (an outflow is negative) | -1,52,883 | -1,39,967 | -1,22,916 | ||
| Free cash flow (vendor definition) * | 10,509 | -25,956 | 5,905 | 38,736 | 69,197 |
| Dividends paid (an outflow is negative) | -6,089 | -7,180 | -7,879 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding (paid-up capital over face value) | 676.60 | 1,353 | 1,353 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 2,35,481 | 2,43,865 | 2,64,573 | 2,48,660 | 2,58,898 | 2,69,496 | 2,98,621 | 3,11,850 |
| Other income | 4,876 | 4,214 | 4,905 | 15,119 | 4,482 | 4,914 | 4,447 | 6,550 |
| Cost of materials (consumed, traded goods bought, inventory change) | 1,52,902 | 1,52,959 | 1,70,370 | 1,52,650 | 1,63,343 | 1,71,628 | 2,01,042 | 2,11,364 |
| Employee benefit expense | 6,649 | 7,155 | 7,684 | 7,232 | 7,491 | 7,912 | 7,683 | 7,717 |
| Other expenses | 36,872 | 39,962 | 42,687 | 45,873 | 42,179 | 43,938 | 45,755 | 45,252 |
| EBITDA (revenue less operating expenses) | 39,058 | 43,789 | 43,832 | 42,905 | 45,885 | 46,018 | 44,141 | 47,517 |
| Depreciation and amortisation | 12,880 | 13,181 | 13,479 | 13,842 | 14,416 | 14,622 | 14,808 | 15,100 |
| Finance cost | 6,017 | 6,179 | 6,155 | 7,036 | 6,827 | 6,613 | 6,585 | 8,337 |
| Profit before tax | 25,037 | 28,643 | 29,103 | 37,146 | 29,124 | 29,697 | 27,195 | 30,630 |
| Tax expense | 5,936 | 6,839 | 6,669 | 6,465 | 6,978 | 7,530 | 6,579 | 7,629 |
| Share of associates and joint ventures | 222.0 | 126.0 | 177.0 | 102.0 | -54.0 | 123.0 | -27.0 | 195.0 |
| Profit after tax | 19,323 | 21,930 | 22,611 | 30,783 | 22,092 | 22,290 | 20,589 | 23,196 |
| Non-controlling interests' share of profit | 2,760 | 3,390 | 3,204 | 3,789 | 3,927 | 3,645 | 3,618 | 2,250 |
| Profit attributable to owners | 16,563 | 18,540 | 19,407 | 26,994 | 18,165 | 18,645 | 16,971 | 20,946 |
| Basic EPS (₹) | 24.48 | 13.70 | 14.34 | 19.95 | 13.42 | 13.78 | 12.54 | 15.48 |
| Diluted EPS (₹) | 24.48 | 13.70 | 14.34 | 19.95 | 13.42 | 13.78 | 12.54 | 15.48 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 49.1% | 26.1% | 4.2% | 7.2% | 9.7% |
| EBITDA margin | 17.7% | 16.9% | 16.6% | ||
| Net margin | 7.6% | 7.1% | 7.5% | ||
| Return on equity | 8.8% | 8.5% | 9.2% | ||
| Return on capital employed | 11.3% | 11.1% | 11.9% | ||
| Return on assets | 4.1% | 3.8% | 3.9% | ||
| Borrowings less cash (₹ crore) | 2,27,397 | 2,41,028 | 2,28,444 | ||
| Borrowings less cash / EBITDA | 1.40x | 1.46x | 1.28x | ||
| Interest cover | 5.47x | 5.28x | 5.44x | ||
| Asset turnover | 0.49x | 0.57x | 0.54x | 0.53x | 0.52x |
| Receivable days | 12 | 12 | 13 | 16 | 20 |
| Inventory days (on revenue) | 57 | 58 | 61 | 54 | 57 |
| Payable days (on revenue) | 84 | 61 | 71 | 70 | 54 |
| Cash conversion | 2.28x | 2.57x | 2.38x | ||
| Capex intensity | 16.7% | 14.3% | 11.4% | ||
| Free cash flow (₹ crore) | 5,905 | 38,736 | 69,197 | ||
| Dividend payout | 8.7% | 10.3% | 9.8% | ||
| EPS, diluted (₹) | 102.9 | 51.47 | 59.69 | ||
| Book value per share (₹) | 1,173 | 623.1 | 668.1 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (revenue less operating expenses) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Borrowings less cash (₹ crore): borrowings less cash and cash equivalents, with no investments netted; negative is cash beyond borrowings.
- Borrowings less cash / EBITDA: borrowings less cash / EBITDA (revenue less operating expenses).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 21 Oct 2026); market data at the close of 21 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Reliance Industries includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Reliance Industries
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Prices are the last close on the NSE, 30 Oct 2026. Research from Mool’s report of 21 Oct 2026; page updated 2 Nov 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.