Reliance Industries Limited (IN:RELIANCE)
:RELIANCE
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Reliance Industries Limited
(RELIANCE)
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Rating:59Neutral
Price Target:
₹1,387.00
▲(1.60% Upside)
Action:Downgraded
Date:04/27/26
The score is led by solid underlying financial performance (growth and moderate leverage), but is meaningfully weighed down by weak technical trend signals (trading below key moving averages with negative MACD) and a less attractive valuation profile (high P/E and low dividend yield).
Positive Factors
Diversified conglomerate across energy, retail, and digital
Reliance's multi‑segment model (O2C refining/petrochemicals, Jio digital, and large retail footprint) provides structural revenue diversification. This mix cushions commodity cyclicality with recurring telecom and retail cashflows, supporting more durable consolidated earnings and investment flexibility over months.
Negative Factors
Margin compression across gross and EBITDA margins
Trend of falling gross and EBITDA margins reduces intrinsic earnings power and increases reliance on volumes. In a spread‑driven refining and petrochemicals business, sustained margin pressure can materially weaken profitability regardless of scale, making earnings more cyclical and less resilient.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified conglomerate across energy, retail, and digital
Reliance's multi‑segment model (O2C refining/petrochemicals, Jio digital, and large retail footprint) provides structural revenue diversification. This mix cushions commodity cyclicality with recurring telecom and retail cashflows, supporting more durable consolidated earnings and investment flexibility over months.
Read all positive factors
Reliance Industries Limited (RELIANCE) vs. iShares MSCI India ETF (INDA)
Market Cap
₹18.40T
Dividend Yield0.35%
Average Volume (3M)667.36K
Price to Earnings (P/E)26.8
Beta (1Y)1.09
Revenue Growth9.59%
EPS Growth15.97%
CountryIN
Employees347,362
SectorEnergy
Sector Strength52
IndustryOil & Gas Refining & Marketing
Share Statistics
EPS (TTM)61.41
Shares Outstanding13,532,539,000
10 Day Avg. Volume749,320
30 Day Avg. Volume667,355
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
₹1,691.50Price Target Upside23.91% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)64.37
Revenue Forecast (FY)₹11.70T
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 primarily earns revenue from multiple operating segments. (1) Oil-to-Chemicals (O2C): The company generates sales by refining crude oil into transportation fuels and other refined products and selling them domestically and in export marke...
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 | 10.00T | 10.57T | 9.65T | 9.01T | 8.78T | 6.96T |
| Gross Profit | 2.98T | 2.81T | 2.82T | 2.65T | 2.06T | 1.64T |
| EBITDA | 2.05T | 1.79T | 1.83T | 1.79T | 1.53T | 1.26T |
| Net Income | 831.06B | 807.75B | 696.48B | 696.21B | 667.02B | 607.05B |
Balance Sheet | ||||||
| Total Assets | 20.39T | 21.78T | 19.50T | 17.56T | 16.07T | 15.00T |
| Cash, Cash Equivalents and Short-Term Investments | 2.24T | 2.43T | 2.25T | 1.54T | 1.87T | 1.44T |
| Total Debt | 3.75T | 3.98T | 3.70T | 3.46T | 3.34T | 2.82T |
| Total Liabilities | 9.88T | 10.92T | 9.40T | 8.30T | 7.79T | 6.11T |
| Stockholders Equity | 8.77T | 9.00T | 8.43T | 7.93T | 7.16T | 7.79T |
Cash Flow | ||||||
| Free Cash Flow | 410.36B | 518.54B | 141.57B | -205.45B | -364.83B | -98.88B |
| Operating Cash Flow | 991.10B | 1.75T | 1.54T | 1.32T | 1.05T | 902.57B |
| Investing Cash Flow | -529.51B | -1.24T | -1.54T | -1.04T | -1.02T | -1.16T |
| Financing Cash Flow | -411.61B | -115.68B | 91.33B | 6.97B | 316.26B | 431.88B |
Reliance Industries Limited Technical Analysis
Negative
1365.10
Price Trends
1376.48
Negative
1415.78
Negative
1429.57
Negative
Market Momentum
-9.48
Positive
44.71
Neutral
23.40
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 1365.1 is below the 20-day moving average (MA) of 1384.75, below the 50-day MA of 1376.48, and below the 200-day MA of 1429.57, indicating a bearish trend. The MACD of -9.48 indicates Positive momentum. The RSI at 44.71 is Neutral, neither overbought nor oversold. The STOCH value of 23.40 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 | ₹396.98B | 9.53 | ― | 3.58% | -14.69% | -1.51% | |
73 Outperform | ₹1.95T | 4.43 | ― | 4.90% | 3.47% | 209.60% | |
68 Neutral | ₹1.27T | 4.65 | ― | 4.73% | 3.40% | 93.77% | |
67 Neutral | ₹814.21B | 3.95 | ― | 3.26% | 1.77% | 167.91% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
59 Neutral | ₹18.40T | 26.79 | ― | 0.35% | 9.59% | 15.97% | |
51 Neutral | ₹259.82B | 67.10 | ― | 2.04% | -6.35% | 3324.95% |
* Energy Sector Average
IN:RELIANCE
Reliance Industries Limited
1,349.70
-54.09
-3.85%
IN:BPCL
Bharat Petroleum Corporation Limited
296.35
2.63
0.89%
IN:HINDPETRO
Hindustan Petroleum Corporation Limited
388.85
1.88
0.49%
IN:IOC
Indian Oil Corp. Ltd.
140.50
6.10
4.54%
IN:MRPL
Mangalore Refinery & Petrochemicals Ltd.
150.10
15.59
11.59%
IN:PETRONET
Petronet Lng Limited
269.95
-38.86
-12.58%
Reliance Industries Limited Corporate Events
Reliance Industries posts FY26 results analyst call transcript online
Apr 26, 2026
Reliance Industries Limited has released the transcript of its analyst meet discussing the audited consolidated and standalone financial results for the quarter and year ended March 31, 2026. The physical analyst meet, which concluded at 9:50 p.m....
Reliance Industries Board Clears FY26 Results, Proposes Rs 6 Dividend
Apr 24, 2026
Reliance Industries has announced that its board has approved the audited standalone and consolidated financial statements and results for the quarter and full year ended March 31, 2026, following the recommendation of its audit committee. The com...
Reliance Industries Clears FY26 Accounts, Proposes Rs 6 Dividend
Apr 24, 2026
Reliance Industries Limited’s board has approved the company’s audited standalone and consolidated financial statements and results for the quarter and full year ended 31 March 2026, following a recommendation by its audit committee. T...
Reliance Industries Posts Record FY26 Earnings as Jio and Retail Scale Up
Apr 24, 2026
Reliance Industries reported record consolidated revenue of ₹1,175,919 crore for FY26, up 9.8% year-on-year, alongside record EBITDA of ₹207,911 crore and profit after tax of ₹95,610 crore, reflecting strong broad-based performan...
TIME and Reliance to Launch TIME100 Next India Spotlighting Emerging Leaders
Apr 24, 2026
TIME is launching TIME100 Next India, the first international edition of its emerging leaders franchise, in partnership with Reliance, to spotlight 100 rising Indian and diaspora figures across fields such as arts, science, business, sports, and a...
Reliance Subsidiary Merges IndiaCast Media Distribution to Streamline Structure
Apr 22, 2026
Reliance Industries Limited has disclosed that Jiostar India Private Limited, a subsidiary of the group, has completed the amalgamation of its wholly owned unit, IndiaCast Media Distribution Private Limited, into itself effective April 21, 2026. T...
Reliance Industries Allots 66,088 Shares Under ESOP 2017
Apr 16, 2026
Reliance Industries Limited has allotted 66,088 new equity shares of Rs. 10 each under its Employees’ Stock Option Scheme 2017, issuing stock to eligible staff as part of its long-term incentive plan. The incremental issuance modestly increa...
Reliance Industries Sells Minor Retail Subsidiary Stake for Rs. 274 Crore
Apr 13, 2026
Reliance Industries said its step-down subsidiary Reliance Retail Limited has sold its entire 100% equity stake in Reliance Projects Property Management Services Limited to Jaipur Enclave Private Limited for Rs. 274 crore, removing the unit from ...
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 ...
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.