NSE:RELIANCE · Risk Score Report

NSE:RELIANCENSEEnergy

Reliance Industries Limited

📊 Oil & Gas Refining & Marketing

Day ₹1,391

₹1,428 Overbought

52W ₹1,290

₹1,612 Neutral

₹1,421.10

▲ ₹32.20 (+2.32%)

Vol: 11,479,746 · Avg: 17,370,003

As of April 29, 2026 · 06:23 IST

COMPOSITE RISK SCORE

VAL:14/25 · FIN:14/25 · GRO:10/25 · TECH:16/25

📈 P/E RATIO

23.8x

Trailing

📖 P/B RATIO

2.2x

Price to Book

💰 EPS

₹59.72

TTM

🏛 MARKET CAP

₹1,923,100Cr

Large Cap

📊 ROE

9.1%

Return on Equity

📈 REV GROWTH

12.5%

YoY

🏢 Company Analysis · Reliance Industries Limited

💼 BUSINESS MODEL

Reliance Industries Limited engages in the hydrocarbon exploration and production, oil and chemicals, retail, and digital service businesses worldwide..
It operates through Oil to Chemicals, Oil and Gas, Retail, Digital Services, and Others segments..
The company offers refining and marketing products, including liquefied petroleum gas, propylene, naphtha, gasoline, jet/aviation turbine fuel, kerosine oil, diesel, sulphur, and petroleum coke..
It also provides polymers, including high-density and low-density polyethylene (PE), linear low-density PE, homopolymer, random and impact copolymer, and polyvinyl chloride; fibre intermediates, such as purified terephthalic acid, and ethylene glycols and oxide; aromatics, such as paraxylene, ortho xylene, benzene, and linear alkyl benzene and paraffin; and textiles comprising fabrics, apparel, and auto furnishings..
Operates in Oil & Gas Refining & Marketing within the Energy sector.

🏰 MOAT & COMPETITION

Mega-cap (₹1,923,100 Cr) — dominant market position with significant scale advantages.
Key competitors: C P C L, Reliance Industries, B P C L, I O C L.

🚀 CATALYSTS

No specific near-term catalysts identified from available data.

⚖️ ASYMMETRY CHECK

Analyst target range: ₹1,511 — ₹2,020 (mean ₹1,709, 32 analysts).
Favorable asymmetry — upside potential of +42% vs downside floor of +6% (6.7x reward-to-risk).
P/E of 23.8x — fair value territory; catalysts needed for re-rating.

🔭 FUTURE OUTLOOK

Analyst consensus: Strong Buy (32 analysts).
Latest quarter earnings declined -13% YoY — watch for recovery signals.

✅ PROS

None identified

❌ CONS

Company has a low return on equity of 8.91% over last 3 years.
Dividend payout has been low at 10.2% of profits over last 3 years

VALUATION

14/25

25% WEIGHT

P/E at 24x
P/B at 2.2x
Analyst target: ₹1709 (+20.3%)
1Y return: +1.9%

FINANCIAL HEALTH

14/25

25% WEIGHT

ROE: 9.1%
Profit margin: 7.6%
Revenue growth: 12.5%
Debt/Equity: 37%

GROWTH

10/25

25% WEIGHT

Revenue growth: 12.5%
Earnings growth: -12.6%
Beta: 0.22
Sector: Energy

TECHNICAL

16/25

25% WEIGHT

RSI, MACD, MA crossovers
200 DMA & 50 EMA position
Volume trend analysis
Price momentum signals

📈 Price Movement

🕯 Candlestick Chart

🎯 Price Prediction · Analyst Target Cone Source: Yahoo Finance Analyst Targets ↗

📉 Valuation Trends (at current CMP)

P/E Ratio at current CMP

💎 Valuation & Financial Metrics

P/E RATIO

23.8x

Trailing twelve months

P/B RATIO

2.2x

Price to Book value

ROE

9.1%

Return on Equity

PROFIT MARGIN

7.6%

Net profit margin

OPM

10.0%

Operating profit margin

ANALYST TARGET

₹1,709

Range: ₹1,511 - ₹2,020

Yahoo Finance ↗

PEG RATIO

0.82

Price/Earnings to Growth

EV/EBITDA

12.4x

Enterprise value ratio

CURRENT RATIO

1.10

Liquidity measure

DIVIDEND YIELD

0.40%

Annual yield

ROA

3.7%

Return on Assets

GROSS MARGIN

34.9%

Gross profit margin

INDUSTRY AVERAGES — REFINERIES & MARKETING

P/E 16.0x (above avg)

P/B 2.0x (sector fair)

ROCE 15.3% (below avg)

ROE 18% (sector good)

OPM 12% (sector good)

Div Yield 2.29%

D/E <40 (sector comfort)

📋 Quarterly Performance Trend

Quarter	Revenue	QoQ %	Net Profit	QoQ %	Op. Cash Flow	EBITDA Margin
Q3 FY25	₹239,986 Cr	—	₹18,540 Cr	—	N/A	14.5%
Q4 FY25	₹261,388 Cr	+8.9%	₹19,407 Cr	+4.7%	N/A	13.5%
Q1 FY26	₹243,632 Cr	-6.8%	₹26,994 Cr	+39.1%	N/A	18.1%
Q3 FY26	₹264,905 Cr	+8.7%	₹18,645 Cr	-30.9%	N/A	13.7%
Q4 FY26	₹294,059 Cr	+11.0%	₹16,971 Cr	-9.0%	N/A	11.5%

📊 Year-on-Year Trend

FY	Revenue	YoY %	Net Profit	YoY %	Op. Cash Flow	YoY %
FY22	N/A	—	N/A	—	N/A	—
FY23	₹877,835 Cr	—	₹66,702 Cr	—	₹115,032 Cr	—
FY24	₹901,064 Cr	+2.6%	₹69,621 Cr	+4.4%	₹158,788 Cr	+38.0%
FY25	₹964,693 Cr	+7.1%	₹69,648 Cr	+0.0%	₹178,703 Cr	+12.5%
FY26	₹1,057,219 Cr	+9.6%	₹80,775 Cr	+16.0%	₹192,113 Cr	+7.5%

📈 Revenue vs Earnings

🎯 EPS: Estimate vs Actual

💰 How Reliance Industries Limited Makes Its Money

🏦 Snapshot of Reliance Industries Limited's Balance Sheet

💸 Looking into Reliance Industries Limited's Cash Flow

📅 Quarterly Results Source: Screener ↗

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales +	231,886	225,086	236,533	231,784	231,535	239,986	261,388	243,632	254,623	264,905	294,059
YOY Sales Growth %	1.08%	3.85%	11.13%	11.67%	-0.15%	6.62%	10.51%	5.11%	9.97%	10.38%	12.50%
Expenses +	190,918	184,430	194,017	193,019	192,477	196,197	217,556	200,727	208,738	218,887	249,918
Material Cost %	66%	66%	65%	66%	66%	64%	65%	63%	64%	65%	68%
Employee Cost %	3%	3%	3%	3%	3%	3%	3%	3%	3%	3%	3%
Operating Profit	40,968	40,656	42,516	38,765	39,058	43,789	43,832	42,905	45,885	46,018	44,141
OPM %	18%	18%	18%	17%	17%	18%	17%	18%	18%	17%	15%
Other Income +	3,841	3,869	4,534	3,983	4,876	4,214	4,905	15,119	4,482	4,914	4,447
Exceptional items	0	0	0	0	0	0	0	8,924	0	0	0
Other income normal	3,841	3,869	4,534	3,983	4,876	4,214	4,905	6,195	4,482	4,914	4,447
Interest	5,731	5,789	5,761	5,918	6,017	6,179	6,155	7,036	6,827	6,613	6,585
Depreciation	12,585	12,903	13,569	13,596	12,880	13,181	13,479	13,842	14,416	14,622	14,808
Profit before tax	26,493	25,833	27,720	23,234	25,037	28,643	29,103	37,146	29,124	29,697	27,195
Tax %	25%	25%	24%	25%	24%	24%	23%	17%	24%	25%	24%
Net Profit +	19,878	19,641	21,243	17,445	19,323	21,930	22,611	30,783	22,092	22,290	20,589
Profit from Associates	58	153	100	-3	222	126	177	102	-54	123	-27
Minority share	-2,484	-2,376	-2,292	-2,307	-2,760	-3,390	-3,204	-3,789	-3,927	-3,645	-3,618
Exceptional items AT	0	0	0	0	0	0	0	7,371	0	0	0
Profit excl Excep	19,878	19,641	21,243	17,445	19,323	21,930	22,611	23,412	22,092	22,290	20,589
Profit for PE	17,394	17,265	18,951	15,138	16,563	18,540	19,407	20,530	18,165	18,645	16,971
Profit for EPS	17,394	17,265	18,951	15,138	16,563	18,540	19,407	26,994	18,165	18,645	16,971
YOY Profit Growth %	29%	10%	-1%	-5%	-5%	7%	2%	36%	10%	1%	-13%
EPS in Rs	12.85	12.76	14.01	11.19	12.24	13.70	14.34	19.95	13.42	13.78	12.54
Raw PDF

📊 Profit & Loss Statement Source: Screener ↗

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Sales +	390,823	568,337	596,679	466,307	694,673	876,396	899,041	962,820	1,057,219
Sales Growth %	28.58%	45.42%	4.99%	-21.85%	48.97%	26.16%	2.58%	7.09%	9.80%
Expenses +	326,508	484,087	507,413	385,517	586,092	734,078	736,543	797,222	878,270
Manufacturing Cost %	6%	5%	4%	4%	4%	5%	4%	4%	0%
Employee Cost %	2%	2%	2%	3%	3%	3%	3%	3%	3%
Other Cost %	6%	8%	10%	12%	9%	9%	9%	10%	15%
Operating Profit	64,315	84,250	89,266	80,790	108,581	142,318	162,498	165,598	178,949
OPM %	16%	15%	15%	17%	16%	16%	18%	17%	17%
Other Income +	9,869	8,406	8,570	22,432	19,600	12,020	15,792	17,824	28,962
Exceptional items	-139	-83	-4,701	5,589	4,362	262	1,656	1,403	0
Other income normal	10,008	8,489	13,271	16,843	15,238	11,758	14,136	16,421	28,962
Interest	8,052	16,495	22,027	21,189	14,584	19,571	23,118	24,269	27,061
Depreciation	16,706	20,934	22,203	26,572	29,782	40,303	50,832	53,136	57,688
Profit before tax	49,426	55,227	53,606	55,461	83,815	94,464	104,340	106,017	123,162
Tax %	27%	28%	26%	3%	19%	22%	25%	24%	22%
Net Profit +	36,080	39,837	39,880	53,739	67,845	74,088	79,020	81,309	95,754
Profit from Associates	0	0	0	0	0	0	387	522	144
Minority share	-5	-249	-526	-4,611	-7,140	-7,386	-9,399	-11,661	-14,979
Exceptional items AT	-101	-60	-3,497	5,367	2,186	-122	1,248	1,069	0
Profit excl Excep	36,181	39,897	43,377	48,372	65,659	74,210	77,772	80,240	95,754
Profit for PE	36,176	39,648	42,805	44,222	58,749	66,812	68,521	68,732	80,775
Profit for EPS	36,075	39,588	39,354	49,128	60,705	66,702	69,621	69,648	80,775
Profit Growth %	21%	10%	8%	3%	33%	14%	3%	0%	18%
EPS in Rs	26.69	29.28	29.10	38.75	44.87	49.29	51.45	51.47	59.69
Dividend Payout %	10%	10%	10%	9%	9%	9%	10%	11%	10%

🏦 Balance Sheet Source: Screener ↗

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	5,922	5,926	6,339	6,445	6,765	6,766	6,766	13,532	13,532
Reserves	287,584	381,186	442,827	693,727	772,720	709,106	786,715	829,668	890,498
Borrowings +	239,843	307,714	355,133	278,962	319,158	451,664	350,719	374,313	398,000
Long term Borrowings	164,385	226,345	216,470	182,520	224,883	296,023	222,712	236,899	270,751
Short term Borrowings	37,429	64,436	93,786	88,128	78,606	130,790	101,910	110,631	103,670
Lease Liabilities	0	0	0	8,314	15,669	20,426	21,520	22,045	23,579
Other Borrowings	38,029	16,933	44,877	0	0	4,425	4,577	4,738
Other Liabilities +	277,924	302,804	358,716	340,931	399,979	438,346	610,848	732,200	876,110
Non controlling int	3,539	8,280	12,181	99,260	109,499	113,009	132,307	166,426	181,836
Trade Payables	106,861	108,309	96,799	108,897	159,330	147,172	178,377	186,789	158,842
Other liability items	167,524	186,215	249,736	132,774	131,150	178,165	300,164	378,985	535,432
Total Liabilities	811,273	997,630	1,163,015	1,320,065	1,498,622	1,605,882	1,755,048	1,949,713	2,178,140
Fixed Assets +	403,885	398,374	532,658	541,258	627,798	724,805	779,985	999,393	1,170,194
Land	66,765	49,371	68,743	68,768	69,855	79,697	87,287	102,088
Building	22,194	27,672	34,380	36,781	47,561	69,747	82,062	106,351
Plant Machinery	325,183	318,853	449,770	471,201	518,865	557,687	579,067	640,511
Ships Vessels	5,038	417	502	515	508	518	522	527
Equipments	0	0	0	0	32,638	45,067	59,936	63,964
Furniture n fittings	10,146	21,817	31,211	38,039	24,970	38,161	43,458	47,640
Vehicles	1,199	1,240	1,411	2,336	2,530	3,667	3,745	4,178
Intangible Assets	76,599	86,765	81,462	77,353	65,970	85,032	112,873	160,656	419,107
Other fixed assets	74,160	90,387	76,299	80,819	120,717	138,426	145,632	249,903
Gross Block	581,284	596,522	743,778	775,812	883,614	1,018,002	1,114,582	1,375,818
Accumulated Depreciation	177,399	198,148	211,120	234,554	255,816	293,197	334,597	376,425
CWIP	187,022	179,463	109,106	125,953	172,506	293,752	338,855	262,358	192,287
Investments	82,862	235,635	276,767	364,828	394,264	235,560	225,672	242,381	248,332
Other Assets +	137,504	184,158	244,484	288,026	304,054	351,765	410,536	445,581	567,327
Inventories	60,837	67,561	73,903	81,672	107,778	140,008	152,770	146,062	166,941
Trade receivables	17,555	30,089	19,656	19,014	23,640	28,448	31,628	42,121	58,491
Cash Equivalents	4,255	11,081	30,920	17,397	36,178	68,664	97,225	106,502	145,977
Loans n Advances	2,327	545	669	65	130	176	2,517	5,182	10,595
Other asset items	52,530	74,882	119,336	169,878	136,328	114,469	126,396	145,714	185,323
Total Assets	811,273	997,630	1,163,015	1,320,065	1,498,622	1,605,882	1,755,048	1,949,713	2,178,140

💰 Cash Flow Statement Source: Screener ↗

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operating Activity +	71,459	42,346	94,877	26,958	110,654	115,032	158,788	178,703	192,113
Profit from operations	62,765	83,319	85,347	80,129	113,726	140,963	164,383	166,904	189,224
Receivables	-21,991	-40,136	-13,792	959	-14,180	13,194	-15,674	-17,837	-53,322
Inventory	-10,474	-6,724	-6,342	-7,769	-24,983	-32,228	-12,756	3,134	-20,790
Payables	51,003	18,078	38,050	-43,148	39,888	-600	34,796	38,427	86,609
Working capital changes	18,538	-28,782	17,916	-49,958	725	-19,634	6,366	23,724	12,497
Direct taxes	-9,844	-12,191	-8,386	-3,213	-3,797	-6,297	-11,961	-11,925	-9,608
Cash from Investing Activity +	-68,192	-94,507	-72,497	-142,385	-109,162	-93,001	-113,581	-137,535	-101,089
Fixed assets purchased	-73,953	-93,626	-76,517	-105,837	-100,145	-140,988	-152,883	-139,967	-122,916
Fixed assets sold	999	849	964	2,319	3,137	9,186	15,307	2,343	826
Investments purchased	-533,984	-1,107,439	-1,156,843	-689,866	-667,878	-471,822	-513,660	-684,340	-988,777
Investments sold	537,504	1,103,615	1,174,796	642,551	668,137	501,266	531,355	672,558	991,876
Interest received	1,310	972	1,441	8,400	5,933	11,103	10,648	15,833	13,538
Dividends received	1,021	501	78	26	19	20	75	612	9,100
Other investing items	-1,089	621	-16,416	22	-18,365	-1,766	-4,423	-4,574	-4,736
Cash from Financing Activity +	-2,001	55,906	-2,541	101,904	17,289	10,455	-16,646	-31,891	-51,549
Proceeds from shares	406	230	129	5	455	479	20,915	0	0
Proceeds from borrowings	36,970	106,701	53,760	46,421	59,343	67,134	69,610	51,002	38,871
Repayment of borrowings	-19,813	-20,245	-18,179	-116,921	-49,493	-29,059	-60,348	-31,755	-36,052
Interest paid fin	-17,669	-23,338	-28,508	-18,340	-26,349	-21,650	-37,173	-41,024	-39,981
Dividends paid	-3,916	-4,282	-4,592	-3,921	-4,297	-5,083	-6,089	-7,180	-7,443
Financial liabilities	0	0	-1,062	-1,022	-2,132	-1,406	-2,483	-2,956	-6,508
Share application money	15	2	1	0	0	0	0	0	0
Other financing items	2,006	-3,162	-4,090	195,682	39,762	40	-1,078	22	-436
Net Cash Flow	1,266	3,745	19,839	-13,523	18,781	32,486	28,561	9,277	39,475
Free Cash Flow	-1,495	-50,431	19,324	-76,560	13,646	-16,770	21,212	41,079	70,023
CFO/OP	126%	65%	116%	37%	105%	85%	105%	115%	113%

📈 Key Financial Ratios

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	16	19	12	15	12	12	13	16	20
Inventory Days	83	63	67	102	83	87	95	85	88
Days Payable	146	100	87	136	123	91	111	108	84
Cash Conversion Cycle	-46	-18	-9	-19	-27	7	-3	-8	24
Working Capital Days	-179	-108	-158	-58	-56	-66	-53	-68	-32
ROCE %	11%	12%	11%	8%	8%	9%	10%	10%	10%

🏭 Industry Peers — Refineries & Marketing

#	Company	CMP	P/E	Mkt Cap	ROCE	Qtr Profit	Score
1	C P C L ★	₹1,144	5.5	₹17,030	35.1%	+202.6%	64
2	Reliance Industries	₹1,420	23.9	₹1,921,620	10.5%	-12.6%	60
3	B P C L	₹310	5.4	₹134,298	16.2%	+90.0%	55
4	I O C L	₹147	5.8	₹207,441	7.4%	+694.5%	54
5	H P C L	₹382	5.2	₹81,368	10.5%	+57.7%	51
6	Resgen	₹62	16.0	₹131	19.7%	+5.0%	49
7	M R P L	₹176	16.0	₹30,898	17.7%	-68.4%	48
8	Real Eco-Energy	₹5	40.0	₹50	6.7%	+2900.0%	46
9	Kotyark Indust.	₹425	23.3	₹437	15.3%	+543.5%	46

★ C P C L ranks higher on combined P/E, ROCE, and growth metrics in Refineries & Marketing

🏛 Shareholding Pattern

	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	50.13%	50.10%	50.07%	50.01%	50.00%	50.00%
FIIs	19.16%	19.07%	19.21%	18.65%	19.09%	18.67%
DIIs	19.02%	19.36%	19.72%	20.25%	20.10%	20.46%
Government	0.18%	0.17%	0.17%	0.17%	0.17%	0.17%
Public	11.52%	11.29%	10.84%	10.92%	10.64%	10.70%
No. of Shareholders	47,14,959	47,65,728	44,35,756	43,93,764	42,06,159	44,21,289

🟢 CATALYSTS

🏆Positive Revenue Growth: Revenue growing at 12.5% YoY.

💹Analyst Upside (20%): Mean target of ₹1709 above current price.

🔀Low Beta (0.22): Less volatile than market — defensive play.

🔴 RISKS

📜Market Risk: Broader market correction or sentiment shift could impact stock.

💰Sector Risk: Regulatory or competitive changes in Energy space.

🔓Execution Risk: Growth may not meet elevated expectations.

🕸 Factor Analysis · Radar

Momentum 5/10
1M +5.7%, 6M -5.5%, RSI 60, MACD bullish, Below 200DMA

Sentiment 8/10
Analyst upside +20.3%, Rec: strong buy

Value 7/10
P/E 23.8, P/B 2.2, PEG 0.82, EV/EBITDA 12.4

Quality 5/10
ROE 9.1%, Margin 7.6%, D/E 37, CR 1.10

Low Volatility 10/10
Beta 0.22, Ann. vol 20%

🎯 Decision Matrix

Action	If Stock Rises	If Stock Falls
BUY	Capture 20.3% analyst upside	Fundamentals provide base support; P/E 24x vs sector median 16x is a risk
HOLD	Retain existing position; wait for better entry; FII stake falling (-0.42%)	Miss further upside if momentum continues; 1M return of +5.7% shows momentum
SELL	Lock in +1.9% 1Y return; redeploy into C P C L at lower P/E	Avoid further drawdown; P/E compression risk at 24x

REASONS TO BUY

Analyst upside of 20.3% with mean target of ₹1,709
Revenue growing at 12.5% YoY (sector norm: 5%)

REASONS TO SELL / AVOID

P/E of 23.8x is 1.5x the sector median of 16x
FII stake falling (-0.42%) — institutional exit signal
C P C L offers lower P/E (5.5) with ROCE of 35.1% in the same sector

📰 Latest News

Reliance and Meta's joint venture signals India's shift from AI ambition to enterprise deployment

Proactive · 2026-04-28T10:51

Indian shares snap losing streak; Reliance, Axis Bank cap gains

Reuters · 2026-04-27T04:02

Reliance Industries Ltd (WBO:RLI) Q4 2026 Earnings Call Highlights: Strong Digital Growth Amid ...

GuruFocus.com · 2026-04-27T01:00

Ambani's Reliance posts quarterly profit drop, misses street view

Reuters · 2026-04-24T14:05

Indian court extends detention of aviation official, Reliance exec in bribery case

Reuters · 2026-04-24T09:03

Factbox-India's Asteria, the Reliance unit at the centre of a bribery scandal

Reuters · 2026-04-24T07:43

RECOMMENDATION

HOLD

COMPOSITE SCORE

54/100

Reliance Industries Limited trades at ₹1,421.10 with a composite risk score of 54/100. The stock scores 14/25 on valuation, 14/25 on financial health, 10/25 on growth, and 16/25 on technicals. The company is currently profitable with moderate return on equity.

Analyst consensus suggests upside of 20.3% with a mean target of ₹1709. Revenue growth is at 12.5%.

Within Refineries & Marketing, C P C L (P/E 5.5, ROCE 35.1%) ranks higher on techno-fundamental metrics and may be worth considering.

Bottom Line: Neutral for Energy — wait for better entry or catalyst. The current recommendation is HOLD.

UPSIDE POTENTIAL