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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 2/100PAT -25% YoY · margin compression · Rev +27% YoY · +5% QoQ
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
EBITDA by Segment (Q1 FY27)
Latest issuer-disclosed distribution across 5 reported categories.
Digital Services Leadership
nullStrengthening market leadership with >533 Mn subscribers, 285 Mn on 5G, and >78% FWA market share in India.
Retail Digital Commerce Scale-up
nullFocus on ramping-up digital commerce across verticals and building hyper-local delivery infrastructure for future value creation.
New Energy Manufacturing
nullScaling integrated giga-factory ecosystem for solar PV (20 GWp annual capacity) and battery manufacturing (120 GWh annual capacity).
O2C Operational Flexibility
nullMarket responsiveness, feedstock flexibility, and crude basket diversification to maximize netbacks in volatile energy markets.
New Energy Solar PV Capacity
nullScaling HJT module manufacturing to 20 GWp annual capacity, with ~1 GWp already produced and ALMM certified.
New Energy Battery Manufacturing
nullScaling battery manufacturing to 120 GWh annual capacity, with 40 GWh to be commissioned this year.
Kutch Green Energy Project
nullAim 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
nullScaling beverage capacity with commissioned high-speed lines and a greenfield plant. Developing multiple Food Parks and initiated an edible oils refinery in West Bengal.
Strong Energy Market Cracks
nullAll-time high middle distillate cracks and downstream chemical deltas at 3-4 year high supported O2C earnings.
Ethane Cracking Economics
nullSustained benefit of ethane cracking economics over naphtha contributed to O2C performance.
Digital Services Subscriber Momentum
nullStrong double-digit EBITDA growth in Jio Platforms led by subscriber additions and margin expansion.
Resilient Domestic Demand
nullTransportation fuel demand remained healthy, and domestic polymer/polyester demand is expected to rebound with price stability.
Regulatory Costs & Under-recovery
nullSAED related costs and under-recovery in domestic fuel retail weighed down O2C earnings.
O2C Volume Reduction
null10% lower O2C volumes due to planned turnaround and LPG diversion impacted earnings growth.
Geopolitical Volatility & Supply Disruptions
nullMiddle East conflict-driven supply disruptions, higher crude premiums, freight rates, and insurance impacted O2C margins.
Retail Investment Phase
nullProfitability in Retail reflects current investment phase in scaling Digital Commerce and hyper-local delivery infrastructure, impacting near-term margins.
Geopolitical Instability
nullMiddle East conflict and SoH disruption create heightened risk premiums and supply volatility for crude and LNG prices.
Regulatory & Policy Changes
nullGovernment levies like SAED and changes in gas allocation mechanisms can impact segment profitability.
Global Economic Slowdown
nullTariff threats, macro headwinds, and geopolitical uncertainty continue to weigh on product deltas in downstream chemicals.
New Cracker Capacities
nullNew Asian cracker capacities are expected to pressure margins in downstream chemicals.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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.
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.
O2C Throughput
nullQ1 FY27 throughput at 18.1 MMT, down from 19.1 MMT in Q1 FY26.
Refinery Operating Rate
nullGlobal refinery operating rate at 75.4% in Q1 FY27, down 4.5% YoY.
KG D6 Gas Production (RIL Share)
nullAverage KG D6 gas production at 24.8 MMSCMD in Q1 FY27, down from 26.6 MMSCMD in Q1 FY26.
CBM Gas Production (RIL Share)
nullAverage CBM gas production at 1.0 MMSCMD in Q1 FY27, up from 2.8 BCFe in Q1 FY26 (total production).
Double Retail Operating EBITDA
nullManagement's 3-year objective is to double operating EBITDA in Retail by building online scale first, then monetizing it.
Accelerate New Energy Execution
nullManagement 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
nullLeveraging favorable ethane cracking economics by expanding ethane sourcing infrastructure, adding 3 new VLECs to fleet.
Outcome-led Managed Services
nullJio Platforms is moving to outcome-led managed services stack for Enterprise, beyond traditional connectivity.
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.
Trend score and candlestick chart
52NeutralMACD +
Technical chart
RELIANCEdaily · 1Y · AUTO-4.9%Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 55. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 55 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 18% off 52W high · 6% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is within 1.8% of the 30-week proxy.
- The 30-week proxy changed -1.1% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
Valuation & score drivers
U-Score 31 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 31 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 5.1%.
- Piotroski is strong at 8/9.
- Cash flow contributes 9/10 to the score.
Main drags
- Fair-value margin of safety is negative at -2.3%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
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.
Score history
12 stored score snapshots. Latest stored move: -1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: 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.
High Trust Lite: Promoter pledge is zero.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Energy: 63rd pctile, median 74 · Large: 65th pctile, median 73
124 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 5.1%.
- ▸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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 23.90
- P/B
- 1.98
- EV/EBITDA
- 9.04
- Market Cap
- 1789001.00Cr
Profitability
- ROE
- 8.91%
- ROCE
- 10.30%
- ROA
- 4.05%
- Dividend Y
- 0.45%
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
- 2.36
- Book Value
- 668.00
Cash Flow
- FCF Yield
- 5.09%
- FCF Positive Y
- 8/5
- OCF
- 192113.00 Cr
- EPS TTM
- 55.22
Shareholding
- Promoter Hold
- 50.48%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 20%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Energy, ranked by similarity
Peers
Business-comparable names in Energy, ranked by similarity
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.