Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 25 Sep - CARE and CRISIL assigned AAA/Stable ratings to Reliance’s ₹67,000 crore debentures; CARE A1+ reaffirmed on ₹34,500 crore CP.
Source: Bse
Reliance Industries Limited (RELIANCE)
Large CapEnergy stocks · Large cap · NSE
Reliance Industries Limited (RIL) is a diversified Indian conglomerate with interests spanning Oil to Chemicals (O2C), Digital Services (Jio Platforms), Retail, Media, FMCG, Oil & Gas exploration, and New Energy. It focuses on leveraging technology and scale across its consumer and energy businesses.
₹1,202
-9.20 · -0.76%
Market cap ₹15,91,358 Cr
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result18 Jul, 12:44 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Energy P/E 11.4 (n=18)
Technical timing lens
Trend score and candlestick chart
34BearishSMA20 -6.6% / mo · MACD + · near 52W low · sector -3.5pp vs Nifty 500 (3M)
Stock trend: 37
Sector RS: 31
Sector 3M: -9.1% vs Nifty 500 -5.6%
Energy FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
RELIANCED candles · FIT view-9.5%Latest close ₹1202.00 on 2026-10-19
Bar
-0.8%
RSI
47
MACD hist
5.41
52W pos
11%
2026-10-19O ₹1212.00H ₹1228.20L ₹1201.00C ₹1202.00Vol 1.6Cr sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
RELIANCENifty EnergyNifty 500
- RELIANCE
- -9.2%
- Nifty 500
- -5.6%
- Nifty Energy
- -9.3%
- Vs Nifty 500
- -3.6 pp
Chart stats
19 Oct 2026- From 52W high
- -25.4%
- 52W range position
- 11%
- ATR (14)
- 2.0%
- Volume vs 20D
- 1.09x
- Avg traded value
- ₹1,719 Cr
- 20D price channel
- ₹1,152.2 - ₹1,252.8
₹1,611.8
₹1,152.2 - ₹1,611.8
₹24.3
Latest completed session
20-session average
25.7% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST33
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad2
Revenue +27.0% · PAT -24.6% YoY
Technical
Bearish34
Price trend and sector-relative-strength timing.
Valuation
Legacy model-6.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence77
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 2/100PAT -25% YoY · margin compression · Rev +27% YoY · +5% QoQ
Filed 17 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,09,468 Cr | +27.0% | +5.2% |
| EBITDA | ₹47,517 Cr | +10.7% | +7.6% |
| Operating margin | 15.0% | -300 bps | +0 bps |
| PAT | ₹23,196 Cr | -24.6% | +12.7% |
| PAT margin | 7.5% | -514 bps | +50 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 21.30
- P/B
- 1.76
- EV/EBITDA
- 8.22
- Market Cap
- 1591358.00Cr
Profitability
- ROE
- 8.91%
- ROCE
- 10.30%
- ROA
- 4.05%
- Dividend Y
- 0.51%
Growth (CAGR)
- Revenue 5Y
- 18.00%
- EPS 5Y
- 12.00%
- Revenue 3Y
- 6.00%
- EPS 3Y
- 5.00%
Balance Sheet
- Debt/Equity
- 0.45
- Interest Coverage
- 6.47×
- Altman Z
- 2.27
- Book Value
- 668.00
Cash Flow
- FCF Yield
- 5.72%
- FCF Positive Y
- 8/5
- OCF
- 192113.00 Cr
- EPS TTM
- 55.22
Shareholding
- Promoter Hold
- 50.48%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 5%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 1055.8k+9.7% vs prev
Net Profit
₹ CrLatest: 95.8k+17.8% vs prev
Return on Equity
%Latest: 10.6+9.9% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 47. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~7.0% over last month) — short-term momentum negative.
- RSI(14) at 47 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & peers
U-Score 33 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 33 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation1/30
Growth11/25
Quality0/20
Balance Sheet6/15
Cash Flow9/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
33
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
33/100 · legacy band WATCHLIST
Positive drivers
- FCF yield is supportive at 5.7%.
- Piotroski is strong at 8/9.
- Cash flow contributes 9/10 to the score.
Main drags
- Fair-value margin of safety is negative at -6.1%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 1/30; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
21.3
PB
1.8
EV/EBITDA
8.2
ROE
8.9%
ROCE
10.3%
FCF Yield
5.7%
Debt/Equity
0.5
MoS
-6.1%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
33
Previous: 33
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-6.1%
Previous: -6.1%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
33
33
33
33
33
33
33
33
33
33
33
33
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹911.02
-31.9% MoS
Growth-justified P/E
20.5
Growth-justified Value
₹1,133.11
-6.1% MoS
PEG
2.32
Comparable companies
Peers
Business-comparable peers in Energy — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
GAIL
Large
GAIL (India) Limited
Oil & Gas
match 134
46
11.1
8.7%
-2%
FAIR VALUE
TECILCHEM
Small
TECIL Chemicals and Hydro Power Limited
Chemicals
match 61
1
—
—
—
OVERVALUED
ONGC
Large
Oil & Natural Gas Corporation Limited
Oil & Gas
match 7
75
6.5
11.6%
+62%
DEEP VALUE
AEGISVOPAK
Large
Aegis Vopak Terminals Limited
Oil & Gas
match 5
26
115.0
11.0%
-430%
OVERVALUED
ATGL
Mid
Adani Total Gas Limited
Oil & Gas
match 3
36
101.0
14.4%
-508%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-07-18T00:41:56.344Z
Management commentary snapshot
RIL reports record Q1 FY27 consolidated results, with recurring EBITDA up 10.1% YoY and Net Profit up 6.1% YoY, despite macro volatility. Strong double-digit revenue growth across O2C, Digital Services, and Retail underpinned performance.
The company's diversified portfolio delivered record consolidated earnings, demonstrating resilience amidst global energy market shocks and geopolitical tensions. Strong growth in Digital Services and O2C, coupled with strategic investments in Retail and New Energy, supports the long-term growth thesis, despite near-term margin pressures in consumer businesses.
Current business mix
EBITDA by Segment (Q1 FY27)
Latest issuer-disclosed distribution across 5 reported categories.
Digital Services39.3%
Oil to Chemicals31.5%
Retail11.7%
Oil and Gas9.2%
Others (Media, FMCG, etc.)8.4%
Growth engines
Digital Services Leadership
Strengthening market leadership with >533 Mn subscribers, 285 Mn on 5G, and >78% FWA market share in India.
Retail Digital Commerce Scale-up
Focus on ramping-up digital commerce across verticals and building hyper-local delivery infrastructure for future value creation.
New Energy Manufacturing
Scaling integrated giga-factory ecosystem for solar PV (20 GWp annual capacity) and battery manufacturing (120 GWh annual capacity).
O2C Operational Flexibility
Market responsiveness, feedstock flexibility, and crude basket diversification to maximize netbacks in volatile energy markets.
Capacity and execution
New Energy Solar PV Capacity
Scaling HJT module manufacturing to 20 GWp annual capacity, with ~1 GWp already produced and ALMM certified.
New Energy Battery Manufacturing
Scaling battery manufacturing to 120 GWh annual capacity, with 40 GWh to be commissioned this year.
Kutch Green Energy Project
Aim to start installation post-monsoon, with transmission capacity ready for electricity export this year, targeting 55 MWp solar and 150 MWh batteries daily by next year.
RCPL Manufacturing Capabilities
Scaling beverage capacity with commissioned high-speed lines and a greenfield plant. Developing multiple Food Parks and initiated an edible oils refinery in West Bengal.
Tailwinds
Strong Energy Market Cracks
All-time high middle distillate cracks and downstream chemical deltas at 3-4 year high supported O2C earnings.
Ethane Cracking Economics
Sustained benefit of ethane cracking economics over naphtha contributed to O2C performance.
Digital Services Subscriber Momentum
Strong double-digit EBITDA growth in Jio Platforms led by subscriber additions and margin expansion.
Resilient Domestic Demand
Transportation fuel demand remained healthy, and domestic polymer/polyester demand is expected to rebound with price stability.
Headwinds
Regulatory Costs & Under-recovery
SAED related costs and under-recovery in domestic fuel retail weighed down O2C earnings.
O2C Volume Reduction
10% lower O2C volumes due to planned turnaround and LPG diversion impacted earnings growth.
Geopolitical Volatility & Supply Disruptions
Middle East conflict-driven supply disruptions, higher crude premiums, freight rates, and insurance impacted O2C margins.
Retail Investment Phase
Profitability in Retail reflects current investment phase in scaling Digital Commerce and hyper-local delivery infrastructure, impacting near-term margins.
Risk radar
Geopolitical Instability
Middle East conflict and SoH disruption create heightened risk premiums and supply volatility for crude and LNG prices.
Regulatory & Policy Changes
Government levies like SAED and changes in gas allocation mechanisms can impact segment profitability.
Global Economic Slowdown
Tariff threats, macro headwinds, and geopolitical uncertainty continue to weigh on product deltas in downstream chemicals.
New Cracker Capacities
New Asian cracker capacities are expected to pressure margins in downstream chemicals.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The company primarily presents its financial and operating metrics on a YoY basis, which is appropriate for assessing performance across cyclical energy markets and long-term strategic growth in consumer and new energy segments. QoQ comparisons are used for specific sequential momentum in some segments.
Sector KPIs management disclosed
O2C Throughput
Q1 FY27 throughput at 18.1 MMT, down from 19.1 MMT in Q1 FY26.
Refinery Operating Rate
Global refinery operating rate at 75.4% in Q1 FY27, down 4.5% YoY.
KG D6 Gas Production (RIL Share)
Average KG D6 gas production at 24.8 MMSCMD in Q1 FY27, down from 26.6 MMSCMD in Q1 FY26.
CBM Gas Production (RIL Share)
Average CBM gas production at 1.0 MMSCMD in Q1 FY27, up from 2.8 BCFe in Q1 FY26 (total production).
Management forward view
Double Retail Operating EBITDA
Management's 3-year objective is to double operating EBITDA in Retail by building online scale first, then monetizing it.
Accelerate New Energy Execution
Management is accelerating execution across the New Energy value chain, aiming for 55 MWp solar and 150 MWh batteries daily by next year in Kutch.
Expand Ethane Sourcing Infrastructure
Leveraging favorable ethane cracking economics by expanding ethane sourcing infrastructure, adding 3 new VLECs to fleet.
Outcome-led Managed Services
Jio Platforms is moving to outcome-led managed services stack for Enterprise, beyond traditional connectivity.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Jio Platforms ARPU | ₹215.6/month (Q1 FY27) | Sustained ARPU growth driven by subscriber mix and customer engagement, indicating successful monetization of 5G and digital services. |
| Retail Digital Commerce Contribution Margin | EBITDA margin 7.9% (Q1 FY27), down 80 bps YoY due to investments. | Improvement in contribution margin and EBITDA margin as digital commerce scales and unit economics improve, validating the investment phase. |
| New Energy Capacity Ramp-up | 40 GWh battery capacity to be commissioned this year; 20 GWp annual HJT module capacity target. | Timely commissioning and utilization ramp-up of solar PV and battery manufacturing capacities, and progress on the Kutch project. |
| O2C EBITDA Margin | 8.4% (Q1 FY27), down 100 bps YoY. | Stability or improvement in O2C EBITDA margin, reflecting effective navigation of crude price volatility, feedstock flexibility, and product netback optimization. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
77Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 83rd percentile of the scored universe and 63rd percentile within Energy. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
127 docs text-extracted · 35 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
83rd percentile
overall median 67 · Energy: 63rd pctile, median 73 · Large: 65th pctile, median 73
Evidence depth
Financial-only
127 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
89
strong · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
75
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 5.7%.
- ▸8 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Reliance Industries Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 17 Sep - Reliance executives will attend CITIC CLSA Investors’ Forum 2026 in Hong Kong on September 22-23, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment 16 Sep - Reliance allotted 12 million unsecured NCDs worth ₹12,000 crore at 7.47% for five years.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 9 Sep - CARE and CRISIL assigned AAA/Stable ratings to Reliance debt instruments.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Amendments to Memorandum & Articles of Association 21 Aug - Postal ballot approved material related-party transactions and MOA expansion into ammonia, explosives and fertilizers businesses.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.