Reliance Industries Limited (IN:RELIANCE)
:RELIANCE
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Reliance Industries Limited
(RELIANCE)
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Rating:74Outperform
Price Target:
₹1,513.00
▲(12.00% Upside)
Action:ReiteratedDate:11/28/25
Reliance Industries' strong financial performance and bullish technical indicators are key strengths, supporting a positive outlook. However, the high valuation and overbought technical signals present potential risks. The absence of earnings call and corporate events data limits further insights.
Positive Factors
Diversified Business Model
Reliance's presence across O2C, large-format retail, and digital/telecom creates durable revenue diversification. Integration across segments (feedstock, distribution, digital reach) supports cross-selling, scale economics and reduces reliance on any single cyclical market over the medium term.
Negative Factors
Weak Net Margin Conversion
Despite higher gross margins, a declining net margin signals weaker profit conversion potentially from higher SG&A, interest, or non-operating costs. Persistently lower net margins can cap retained earnings and limit the pace of shareholder returns or reinvestment over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified Business Model
Reliance's presence across O2C, large-format retail, and digital/telecom creates durable revenue diversification. Integration across segments (feedstock, distribution, digital reach) supports cross-selling, scale economics and reduces reliance on any single cyclical market over the medium term.
Read all positive factors
Reliance Industries Limited (RELIANCE) vs. iShares MSCI India ETF (INDA)
Market Cap
₹18.28T
Dividend Yield0.35%
Average Volume (3M)667.36K
Price to Earnings (P/E)28.5
Beta (1Y)1.14
Revenue Growth8.08%
EPS Growth22.36%
CountryIN
Employees347,362
SectorEnergy
Sector Strength52
IndustryOil & Gas Refining & Marketing
Share Statistics
EPS (TTM)13.80
Shares Outstanding13,532,473,000
10 Day Avg. Volume749,320
30 Day Avg. Volume667,355
Financial Highlights & Ratios
PEG Ratio626.06
Price to Book (P/B)2.01
Price to Sales (P/S)1.76
P/FCF Ratio119.73
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹1,719.00Price Target Upside27.25% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)65.75
Revenue Forecast (FY)₹11.02T
Reliance Industries Limited Business Overview & Revenue Model
Company Description
Reliance Industries Limited engages in hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, textile, retail, digital, and financial services businesses worldwide. The company produces and markets petroleum prod...
How the Company Makes Money
Reliance makes money through multiple operating segments that generate revenue from the sale of products and services. (1) Oil-to-Chemicals (O2C): The company earns revenue by refining crude oil into petroleum products (such as gasoline, diesel, j...
Reliance Industries Limited Financial Statement Overview
Summary
Income Statement
85
Very Positive
Balance Sheet
78
Positive
Cash Flow
80
Positive
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 10.00T | 9.65T | 9.01T | 8.78T | 6.96T | 4.67T |
| Gross Profit | 2.98T | 2.82T | 2.65T | 2.06T | 1.64T | 1.28T |
| EBITDA | 2.05T | 1.83T | 1.79T | 1.53T | 1.26T | 999.40B |
| Net Income | 831.06B | 696.48B | 696.21B | 667.02B | 607.05B | 491.28B |
Balance Sheet | ||||||
| Total Assets | 20.39T | 19.50T | 17.56T | 16.07T | 15.00T | 13.21T |
| Cash, Cash Equivalents and Short-Term Investments | 2.24T | 2.25T | 1.54T | 1.87T | 1.44T | 1.70T |
| Total Debt | 3.75T | 3.70T | 3.46T | 3.34T | 2.82T | 2.60T |
| Total Liabilities | 9.88T | 9.40T | 8.30T | 7.79T | 6.11T | 5.22T |
| Stockholders Equity | 8.77T | 8.43T | 7.93T | 7.16T | 7.79T | 7.00T |
Cash Flow | ||||||
| Free Cash Flow | 410.36B | 141.57B | -205.45B | -364.83B | -98.88B | -895.66B |
| Operating Cash Flow | 991.10B | 1.54T | 1.32T | 1.05T | 902.57B | 162.71B |
| Investing Cash Flow | -529.51B | -1.54T | -1.04T | -1.02T | -1.16T | -1.50T |
| Financing Cash Flow | -411.61B | 91.33B | 6.97B | 316.26B | 431.88B | 1.20T |
Reliance Industries Limited Technical Analysis
Negative
1350.85
Price Trends
1406.56
Negative
1469.14
Negative
1445.36
Negative
Market Momentum
-14.29
Positive
40.19
Neutral
22.59
Neutral
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 1350.85 is below the 20-day moving average (MA) of 1389.05, below the 50-day MA of 1406.56, and below the 200-day MA of 1445.36, indicating a bearish trend. The MACD of -14.29 indicates Positive momentum. The RSI at 40.19 is Neutral, neither overbought nor oversold. The STOCH value of 22.59 is Neutral, 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 (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | ₹2.77T | 8.59 | ― | 6.62% | -0.76% | -10.84% | |
76 Outperform | ₹1.21T | 5.71 | ― | 4.73% | -1.35% | 61.80% | |
74 Outperform | ₹18.28T | 28.49 | ― | 0.35% | 8.08% | 22.36% | |
74 Outperform | ₹781.18B | 14.43 | ― | 2.94% | -1.94% | -28.79% | |
72 Outperform | ₹3.61T | 7.55 | ― | 5.21% | 0.10% | -10.18% | |
68 Neutral | ₹1.90T | 4.41 | ― | 4.90% | -0.93% | 42.85% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% |
* Energy Sector Average
IN:RELIANCE
Reliance Industries Limited
1,350.85
150.94
12.58%
IN:BPCL
Bharat Petroleum Corporation Limited
278.30
16.06
6.13%
IN:COALINDIA
Coal India Ltd.
449.55
89.60
24.89%
IN:IOC
Indian Oil Corp. Ltd.
134.35
12.28
10.06%
IN:OIL
Oil India Limited
480.25
131.97
37.89%
IN:ONGC
Oil & Natural Gas Corp. Ltd.
287.10
72.71
33.91%
Reliance Industries Limited Corporate Events
Reliance Industries Denies Reports of Buying Iranian Crude Oil
Mar 26, 2026
Reliance Industries Limited has issued a formal statement categorically denying recent media reports that it has purchased crude oil of Iranian origin. The company described the allegations as baseless, factually incorrect, and misleading, signali...
Reliance Industries to Appeal Mundra Customs Fine of Rs 17 Lakh
Mar 17, 2026
Reliance Industries Limited has disclosed that it received an order dated March 16, 2026 from the Additional Commissioner of Customs, Mundra, imposing a combined redemption fine and penalty of Rs. 17,06,958 under the Customs Act, 1962. The order a...
Reliance Inks $3 Billion Green Ammonia Supply Deal With Samsung C&T
Mar 16, 2026
Reliance Industries has signed a binding long-term Supply and Purchase Agreement with South Korea’s Samsung CT for the supply of green ammonia over 15 years starting in the second half of FY2029. Valued at more than US$3 billion, the deal is...
Reliance Ramps Up LPG and Diverts KG-D6 Gas to Bolster India’s Energy Security
Mar 10, 2026
Reliance Industries has announced operational measures to support India’s energy security amid heightened volatility in global energy markets. The company is maximizing liquefied petroleum gas output from its Jamnagar refining and petrochemi...
Reliance Brings Meta Unit into Reliance Enterprise Intelligence, Diluting Wholly Owned Status
Feb 25, 2026
Reliance Industries has reshaped the ownership structure of its subsidiary Reliance Enterprise Intelligence Limited (REIL), which operates as a step-down unit under the group’s digital and intelligence-focused businesses. REIL has issued new...
Reliance Confirms No Unpublished Price-Sensitive Data Shared at Nuvama Conference
Feb 10, 2026
Reliance Industries has informed stock exchanges that its executives participated in the Nuvama India Conference 2026, an institutional investors’ meeting held in Mumbai on February 10, 2026. The engagement forms part of the company’s ...
Reliance Industries Posts Analyst Meet Transcript for Q3 2025–26 Results
Jan 18, 2026
Reliance Industries Limited has released the transcript of its analyst meeting discussing the company’s unaudited consolidated and standalone financial results for the quarter and nine months ended 31 December 2025, held physically on 16 Jan...
Reliance Industries Sets January 16 Board Meeting to Review Q3 FY2026 Results
Jan 8, 2026
Reliance Industries Limited has scheduled a board meeting on January 16, 2026 to consider and approve its standalone and consolidated unaudited financial results for the quarter and nine months ended December 31, 2025. Following the board meeting,...
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.