Reliance Industries Limited (RELIANCE) AI Stock Analysis

• Market Cap: ₹18.89T
• Dividend Yield: 0.35%
• Average Volume (3M): 667.36K
• Price to Earnings (P/E): 22.6
• Beta (1Y): 1.29
• 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: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 74 Outperform
• Price Target: ₹1,563.00 ▼(-1.85% Downside)

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 scale across Oil-to-Chemicals, large retail operations, and digital/telecom provides multiple durable cash‑flow streams and cross‑subsidy optionality. This diversification reduces single‑segment risk, enabling steadier earnings and flexible capital allocation over the medium term.

Strong cash generation

Very strong operating cash flow and a marked free cash flow recovery materially boost financial flexibility. Durable cash generation supports ongoing network and retail investments, debt service and strategic M&A without immediate dilution, improving long‑term funding resilience.

Revenue and gross margin improvement

Sustained revenue growth combined with higher gross margins signals improving product mix and operational efficiency. If maintained, these structural improvements expand operating leverage potential across segments, supporting durable profit contribution even amid cyclicality.

Negative Factors

Weak net profit margin conversion

Despite top‑line and gross margin gains, lower net margin shows weakness converting operating profitability into attributable earnings. Persistent pressure here reduces retained earnings growth and ROE upside, limiting long‑term shareholder return unless expense or non‑operating items improve.

Exposure to commodity cycle risk

A meaningful portion of earnings comes from refining and petrochemicals, which are inherently cyclical and tied to feedstock and product spreads. Commodity swings can materially vary cash flows and capital timing, creating durable earnings volatility over multi‑quarter horizons.

Competitive pressure in retail and digital

Retail and telecom segments operate in intensely competitive markets where margin preservation requires ongoing scale investments, pricing discipline and capex. Structural competition and ARPU sensitivity can compress long‑run margin profiles and necessitate constant reinvestment to defend share.

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	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 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 1439.72, above the 50-day MA of 1507.83, and above the 200-day MA of 1442.34, indicating a bearish trend. The MACD of -37.10 indicates Positive momentum. The RSI at 32.09 is Neutral, neither overbought nor oversold. The STOCH value of 35.40 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
COALINDIA	77 Outperform	₹2.71T	9.00	―	6.62%	-0.76%	-10.84%
BPCL	76 Outperform	₹1.58T	6.37	―	4.73%	-1.35%	61.80%
RELIANCE	74 Outperform	₹18.89T	22.64	―	0.35%	8.08%	22.36%
OIL	74 Outperform	₹829.16B	14.01	―	2.94%	-1.94%	-28.79%
ONGC	72 Outperform	₹3.38T	9.48	―	5.21%	0.10%	-10.18%
IOC	68 Neutral	₹2.30T	9.03	―	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 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.

Reliance Industries’ Credit Rating Upgraded by S&P Global

Reliance Industries Limited announced that S&P Global Ratings has upgraded the credit rating for its Senior Unsecured US$ Denominated Fixed Rate Notes from ‘BBB+’ to ‘A-‘ with a stable outlook. This upgrade reflects positively on the company’s financial stability and could enhance its attractiveness to investors, potentially impacting its market positioning and stakeholder confidence.

Supreme Court Dismisses Reliance’s Appeal on Jio-Facebook Deal Disclosure Penalty

Reliance Industries Limited announced that the Supreme Court of India has dismissed its appeal against a penalty imposed by the Securities Appellate Tribunal regarding the disclosure of the Jio-Facebook deal in 2020. This decision may affect the company’s compliance strategies and underscores the importance of transparent communication with stock exchanges, impacting stakeholders’ trust and regulatory relations.

Reliance Industries Acquires Stake in UK Cricket Franchise

Reliance Industries Limited, through its subsidiary Reliance Strategic Business Ventures Limited, has acquired a 49% stake in Oval Invincibles Limited, a cricket franchise in The Hundred tournament, from the England and Wales Cricket Board for GBP 60.27 million. This strategic investment marks Reliance’s entry into the sports franchise sector in the UK, potentially expanding its influence in the sports industry and diversifying its portfolio beyond traditional sectors.

Reliance Industries Restructures Retail Subsidiaries with New Scheme

Reliance Retail Ventures Limited, a subsidiary of Reliance Industries, has implemented a composite scheme of arrangement involving several of its entities, effective December 1, 2025. This restructuring results in the dissolution of Reliance Consumer Products Limited and the creation of a new entity, New RCPL, which becomes an 83.56% direct subsidiary of Reliance Industries. The scheme includes a share allotment process, where shareholders of Reliance Retail Ventures Limited receive shares in the new entity, New RCPL, as part of the demerger of the Consumer Brands Business Undertaking.

Reliance Industries Penalized Rs. 56.44 Crore by CGST

Reliance Industries Limited has been penalized Rs. 56.44 crore by the Joint Commissioner of CGST in Ahmedabad under the Central Goods and Services Tax Act, 2017. The penalty, related to input tax credit classification, does not affect the company’s operations or other activities, and Reliance plans to appeal the decision.

Reliance Industries Engages in Investor Conference with Transparency

Reliance Industries Limited recently participated in the JM Financial India Conference, an institutional investors’ meeting, where company executives engaged in discussions without sharing any unpublished price-sensitive information. This participation highlights Reliance’s ongoing efforts to maintain transparency and engage with investors, reinforcing its commitment to compliance and stakeholder communication.

Reliance Industries’ Credit Rating Reaffirmed by Moody’s

Reliance Industries Limited announced that Moody’s has reaffirmed its ‘Baa2’ credit rating with a ‘Stable’ outlook for the company’s Senior Unsecured US$ Denominated Fixed Rate Notes. This reaffirmation indicates confidence in Reliance’s financial stability and could positively impact investor sentiment, reinforcing its strong position in the industry.