Reliance Industries Limited (RELIANCE) AI Stock Analysis

• Market Cap: ₹18.81T
• Dividend Yield: 0.35%
• Average Volume (3M): 667.36K
• Price to Earnings (P/E): 28.5
• Beta (1Y): 1.28
• Revenue Growth: 8.08%
• EPS Growth: 22.36%
• Country: IN
• Employees: 347,362
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Refining & Marketing
• EPS (TTM): 13.80
• Shares Outstanding: 13,532,473,000
• 10 Day Avg. Volume: 749,320
• 30 Day Avg. Volume: 667,355
• PEG Ratio: 626.06
• Price to Book (P/B): 2.01
• Price to Sales (P/S): 1.76
• P/FCF Ratio: 119.73
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹1,688.00
• Price Target Upside: 6.00% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 60.41
• Revenue Forecast (FY): ₹10.08T

• Rating: 74 Outperform
• Price Target: ₹1,557.00 ▼(-2.23% Downside)
• Action: Reiterated Date: 11/28/25
• Date: Action: Reiterated 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

Revenue growth and margin expansion

Sustained revenue growth alongside a materially higher gross profit margin reflects stronger operational efficiency and improved product mix across core segments. This durable improvement underpins longer‑term cash generation, supports reinvestment, and enhances resilience to cyclical headwinds over the next several months.

Strong cash generation and FCF recovery

Robust operating cash flow and a large free cash flow rebound provide durable financial flexibility to fund capex, retail expansion and digital investments internally. High cash conversion reduces dependency on external financing and supports strategic capital allocation over a multi‑quarter horizon.

Prudent leverage and balanced capital structure

Moderate leverage and a balanced equity ratio indicate conservative financing that preserves capacity for opportunistic investments and downturns. Combined with a reasonable ROE, this balance sheet profile supports long‑term investment across energy, retail and digital businesses without excessive refinancing risk.

Negative Factors

Net profit margin weakness

A falling net margin despite higher gross profit suggests rising operating, interest, or non‑operating costs that can erode durable earnings. If sustained, weaker net profitability will limit retained earnings, constrain organic investment capacity and reduce the buffer for cyclical downturns across capital‑intensive segments.

Exposure to commodity and refining cycles

The core Oil‑to‑Chemicals business is structurally linked to volatile commodity prices and refining spreads. Such cyclicality can materially swing cash flows and margins over months, complicating capital allocation and making underlying earnings less predictable despite scale advantages.

Structural competition and regulatory pressure in retail & telecom

Retail faces persistent margin pressure from intense competition and price sensitivity, while telecom performance hinges on ARPU, subscriber trends and regulatory risk. These structural stresses require continual investment to retain market share and can cap sustainable margin improvement over time.

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 products, such as liquefied petroleum gas, propylene, naphtha, gasoline, jet/aviation turbine fuel, kerosene oil, diesel, Sulphur, and petroleum coke. It also provides petrochemicals, including high-density and low-density polyethylene (PE), linear low density PE, polyester fibers and yarns, polypropylene, polyvinyl chloride, polyester yarn, purified terephthalic acid, ethylene glycols and oxide, paraxylene, ortho xylene, benzene, linear alkyl benzene and paraffin, poly butadiene rubber, styrene butadiene rubber, butyl rubber, and polyethylene terephthalate. In addition, the company manufactures and markets yarns, fabrics, apparel, and auto furnishings; explores, develops, and produces crude oil and natural gas; and operates various stores comprising neighborhood, supermarket, hypermarket, wholesale cash and carry, specialty, online, pharmacy, and grocery stores, as well as stores that offer apparel, beauty and cosmetics, accessories, footwear, consumer electronics, connectivity products, and others. As of March 31, 2021, it operated 12,711 retail stores. Further, it provides range of digital services under the Jio brand name; and non-banking financial and insurance broking services. Further, it operates news and entertainment platforms, finance portals, fashion and lifestyle portals, and online ticket booking platforms, as well as Network18 and television channels; publishes magazines; and offers highway hospitality and fleet management services. The company was incorporated in 1973 and is based in Mumbai, India.

How the Company Makes Money

Reliance Industries generates revenue through multiple streams. The primary source is its petrochemical and refining operations, which involve the production of various chemicals, plastics, and fuels. The company owns one of the largest oil refineries in the world, allowing it to process crude oil into a range of products. In the telecommunications sector, Jio Platforms has seen explosive growth since its inception, contributing significantly to revenue through data subscriptions and telecom services. The retail segment, which includes grocery, electronics, and apparel, has also become a vital revenue driver, leveraging both physical stores and e-commerce. Additionally, RELIANCE derives revenue from strategic partnerships, such as collaborations with global technology firms for Jio Platforms, as well as investments in digital services and content delivery, enhancing its overall earnings.

Reliance Industries Limited Financial Statement Overview

Summary

Reliance Industries demonstrates strong financial performance with significant revenue growth and improved gross margins. The balance sheet is stable with prudent leverage management, and cash flow performance is robust, indicating strong cash generation capability. However, the net profit margin shows room for improvement.

Income Statement

Reliance Industries Limited demonstrates robust revenue growth with a 10.78% increase from 2024 to 2025. Gross profit margin improved significantly, reaching 57.72% in 2025, a strong indicator of operational efficiency. However, net profit margin slightly decreased to 6.98%, indicating a potential area for improvement in cost management or other expenses.

Balance Sheet

The company's debt-to-equity ratio is stable at 0.44, reflecting prudent leverage management. Return on equity is healthy at 8.26%, showcasing effective utilization of shareholder capital. The equity ratio stands at 43.25%, suggesting a balanced asset structure with adequate equity financing.

Cash Flow

Operating cash flow increased to 1.79 trillion, indicating strong cash generation capability. Free cash flow showed a notable recovery, with a growth rate of 556.81% in 2025, highlighting improved financial flexibility. The company's ability to convert earnings to cash remains strong, supporting its operational and financial commitments.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	9.77T	9.65T	9.01T	8.78T	6.96T	4.67T
Gross Profit	2.94T	2.82T	2.65T	2.06T	1.64T	1.28T
EBITDA	1.99T	1.83T	1.79T	1.53T	1.26T	999.40B
Net Income	815.04B	696.48B	696.21B	667.02B	607.05B	491.28B
Balance Sheet
Total Assets	0.00	19.50T	17.56T	16.07T	15.00T	13.21T
Cash, Cash Equivalents and Short-Term Investments	0.00	2.25T	1.54T	1.87T	1.44T	1.70T
Total Debt	0.00	3.70T	3.46T	3.34T	2.82T	2.60T
Total Liabilities	-10.10T	9.40T	8.30T	7.79T	6.11T	5.22T
Stockholders Equity	10.10T	8.43T	7.93T	7.16T	7.79T	7.00T
Cash Flow
Free Cash Flow	0.00	141.57B	-205.45B	-364.83B	-98.88B	-895.66B
Operating Cash Flow	0.00	1.54T	1.32T	1.05T	902.57B	162.71B
Investing Cash Flow	0.00	-1.54T	-1.04T	-1.02T	-1.16T	-1.50T
Financing Cash Flow	0.00	91.33B	6.97B	316.26B	431.88B	1.20T

Reliance Industries Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1592.45
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: 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 1592.45 is above the 20-day moving average (MA) of 1421.67, above the 50-day MA of 1455.08, and above the 200-day MA of 1448.14, indicating a bearish trend. The MACD of -20.28 indicates Positive momentum. The RSI at 43.65 is Neutral, neither overbought nor oversold. The STOCH value of 35.55 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
COALINDIA	77 Outperform	₹2.77T	8.59	―	6.62%	-0.76%	-10.84%
BPCL	76 Outperform	₹1.56T	5.71	―	4.73%	-1.35%	61.80%
RELIANCE	74 Outperform	₹18.81T	28.49	―	0.35%	8.08%	22.36%
OIL	74 Outperform	₹778.41B	14.43	―	2.94%	-1.94%	-28.79%
ONGC	72 Outperform	₹3.48T	7.55	―	5.21%	0.10%	-10.18%
IOC	68 Neutral	₹2.42T	4.41	―	4.90%	-0.93%	42.85%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%

Reliance Industries Limited Corporate Events

Reliance Brings Meta Unit into Reliance Enterprise Intelligence, Diluting Wholly Owned Status

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 equity to Reliance Intelligence Limited, a wholly owned Reliance subsidiary, and to Facebook Overseas, Inc., a unit of Meta Platforms, resulting in a joint shareholding between the two investors.

Following the allotment of over 853 million shares at par, Reliance Intelligence now holds 70% of REIL’s equity, while Facebook Overseas owns 30%, meaning REIL is no longer a step-down wholly owned subsidiary but remains a step-down subsidiary of Reliance Industries. The company noted that all necessary approvals are in place, clarified that the Meta-linked investment is not a related-party transaction, and emphasized that the Reliance group’s internal transaction is on an arm’s length basis, underscoring governance and compliance considerations for shareholders.

Reliance Confirms No Unpublished Price-Sensitive Data Shared at Nuvama Conference

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 ongoing outreach to investors and was organised by a third party.

The company clarified that no unpublished price-sensitive information was shared or discussed during the one-on-one interactions at the conference. This disclosure underscores Reliance’s adherence to securities regulations and its commitment to fair disclosure practices, aiming to reassure market participants about the transparency of its investor communications.

Reliance Industries Posts Analyst Meet Transcript for Q3 2025–26 Results

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 January 2026. The nearly two-hour session, led by group CFO V Srikanth and senior executives from Jio Platforms, Reliance Retail, FMCG, entertainment (JioStar), oil and gas E&P, refining and marketing, petrochemicals, and new energy, covered performance across each major business segment and included a Q&A with analysts. By formally disclosing and posting the detailed transcript and related presentation and audio on its website under regulatory requirements, Reliance is providing investors and other market participants with comprehensive visibility into current operating trends and strategic priorities across its diversified portfolio, underscoring its ongoing engagement with capital markets and adherence to disclosure norms.

Reliance Industries Sets January 16 Board Meeting to Review Q3 FY2026 Results

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, the company will host an analyst meet to discuss these results, signalling its continued focus on regulatory compliance, timely disclosure and engagement with investors and market participants across its multiple stock exchange listings in India and overseas.

Reliance Industries Cedes Control of Fashion Label Abraham & Thakore to Founders

Reliance Industries Limited has announced that Abraham & Thakore Private Limited, a fashion label previously held as a step‑down subsidiary through Reliance Retail Ventures Limited, has issued equity rights to its founder fashion designers, increasing their stake to 50.91% of voting rights. As a result, operational and voting control of Abraham & Thakore has shifted back to the founders, and the company has ceased to be a subsidiary within the Reliance group, signaling a scaling back of Reliance’s direct control over this particular fashion brand within its broader retail and lifestyle portfolio.