RELIANCE · NSE · Oil & Gas
Reliance Industries Limited is India’s largest private sector corporation, with operations spanning energy, petrochemicals, retail, digital services, media and entertainment, financial services, and new energy.
Current price
₹1,174.60
▲ +₹7.90 (0.68%) today
ET&A View
Last reviewed 16 September 2026
ET&A sees significant upside from the current price with an attractive risk/reward profile.
Reliance Industries is one of India's highest-quality diversified businesses, combining dominant positions in telecom, digital services, retail and energy with increasingly significant exposure to AI infrastructure and renewable…
Business Health
Is the business financially healthy?
Mostly healthy
The balance sheet stands out.
Overall
Revenue
₹11.30tn · ↑ +10% last year
Earnings
₹747.3bn · ↑ +16% last year
Margins
Keeps 12% of sales as operating profit
Cash generation
₹692.0bn spare cash a year · 6% of sales
Balance sheet
Debt ≈ 1.3 years of earnings
Dividend
0.5% yield · Pays out 21% of earnings · covered 4.8×
Investor View
Open a section for the detail behind the quick view.
Reliance Industries is one of India's highest-quality diversified businesses, combining dominant positions in telecom, digital services, retail and energy with increasingly significant exposure to AI infrastructure and…
The complete ET&A view
See our full reasoning, what could drive the shares higher or go wrong, our Fair Value and Preferred Entry, and how our view has changed.
Reported annual results, newest first · Market data. “Growth” is the change in sales on the year before.
| Year | Revenue | Growth | Operating margin | Net income | EPS | Free cash flow |
|---|---|---|---|---|---|---|
| FY2026 | ₹10.57tn | +9.6% | 11.5% | ₹807.8bn | ₹59.69 | ₹692.0bn |
| FY2025 | ₹9.65tn | +7.1% | 11.7% | ₹696.5bn | ₹51.47 | ₹387.4bn |
| FY2024 | ₹9.01tn | +2.6% | 12.4% | ₹696.2bn | ₹51.45 | ₹59.0bn |
| FY2023 | ₹8.78tn | — | 11.6% | ₹667.0bn | ₹49.30 | −₹259.6bn |
Long-term growth investors
Also suits: Investors who want a mix of growth and stability
ET&A sees significant upside from the current price with an attractive risk/reward profile.
ET&A sees significant upside from the current price with an attractive risk/reward profile.
ET&A sees significant upside from the current price with an attractive risk/reward profile.
Compare Reliance Industries Limited with any company → The model’s own peer calculations are in the Research View.
Reliance Industries Limited is India’s largest private sector corporation, with operations spanning energy, petrochemicals, retail, digital services, media and entertainment, financial services, and new energy. The company has evolved from a traditional textile and energy business into a diversified conglomerate with major positions in oil-to-chemicals, Jio digital services, Reliance Retail, renewable energy, and consumer-facing platforms.
Reliance’s strength comes from its scale, integration, domestic market position, and ability to build large platforms across sectors central to India’s growth. Its legacy energy and materials businesses provide industrial depth and cash generation, while Jio and Reliance Retail give it exposure to telecoms, data consumption, e-commerce, consumer spending, payments, and digital services. As India’s economy expands and demand grows for connectivity, retail infrastructure, energy security, and cleaner technologies, Reliance remains one of the most important companies in the Indian market.
Oil & Gas · India
For detailed analysis. Each section opens on its own.
As of 14 October 2026
Standard ways of comparing the share price with the company’s earnings, sales and cash. Tap the “i” for what each one means.
| Measure | Today | Source |
|---|---|---|
| P/E | Members | |
| Forward P/E | Members | |
| EV/EBITDA | Members | |
| Price/Sales | Members | |
| FCF Yield | Members |
Valuation ratios are part of ET&A membership.
Other published measures
Use the 5Y and Max ranges on the price chart at the top of the page.
Forecasts are market consensus or calculated from forward EPS — not ET&A estimates, and they can be wrong.
Powered by the ET&A Valuation FrameworkHow Fair Value & Preferred Entry work →
Read the full ET&A methodology →The ET&A View combines our assessment of the business with where today’s price sits against our Preferred Entry and Fair Value. It is a considered judgement, not a mechanical score.
ET&A Score: ET&A's overall assessment of business quality, valuation, growth and risk, out of 10. It weighs business quality, financial strength, growth, valuation, risk, future prospects.
Powered by the ET&A Company Assessment FrameworkSee the full framework →
The automatic, rules-based scores that feed our research. The ET&A Score blends these with our own analysis of the business and its value. How the framework works →
Thin margins · Sound · Weak
Context — not part of the score
Valuation and share-price swings describe the shares, not the company, so they are judged in the ET&A Score and View instead.
Based on the factors that could be measured (45% of the model).
Each area is scored from 0 to 10 on ET&A’s methodology scales — the same ones our research uses — then given a word: Excellent from 8.5, Strong from 7, Good from 5.5, Average from 4.5, Below Average from 3, Weak below 3. The overall answer is the average of the areas we could rate (at least three); the dividend isn’t part of it.
| Area | Based on | Score | Rating |
|---|---|---|---|
| Revenue |
Rated on 3-year average revenue growth, on ET&A's growth scale. | 5.9 / 10 | Good |
| Earnings |
Rated on 3-year average earnings growth, on ET&A's growth scale. | 6.0 / 10 | Good |
| Margins |
The average of operating and net margin, each scored on ET&A's margin scales. A negative margin scores 1 (Weak). | 5.1 / 10 | Average |
| Cash generation |
Free cash flow as a share of sales, on ET&A's cash-generation scale. | 6.3 / 10 | Good |
| Balance sheet |
Net debt ÷ EBITDA — roughly how many years of operating earnings would repay the debt — on ET&A's leverage scale. | 7.2 / 10 | Strong |
| Dividend |
Dividend yield on ET&A's income scale. Not part of the overall health rating. | 2.0 / 10 | Weak |
| Overall | Average of the 5 rated areas | 6.1 / 10 | Good |
Where each band starts on the scales above. They are fixed and identical for every company we cover; they come straight from ET&A’s methodology, so a company is judged the same way here as in our research.
| Measure | Excellent | Strong | Good | Average | Below Average | Weak |
|---|---|---|---|---|---|---|
| GrowthStructural Growth (Fundamental Conviction) | 18%+ | 10%+ | 5.0%+ | 1.7%+ | −2.5%+ | below −2.5% |
| Operating marginCompetitive Position (Fundamental Conviction) | 29%+ | 20%+ | 13%+ | 7.5%+ | 0%+ | below 0% (loss) |
| Net marginEarnings Durability (Fundamental Conviction) | 23%+ | 15%+ | 9.8%+ | 6.0%+ | 0%+ | below 0% (loss) |
| Free-cash-flow marginCapital Allocation (Fundamental Conviction) | 15%+ | 8.5%+ | 3.8%+ | 1.3%+ | −2.5%+ | below −2.5% |
| Net debt ÷ EBITDAStructural Risk (Fundamental Conviction) | net cash | ≤ 1.5× | ≤ 2.8× | ≤ 3.6× | ≤ 5.0× | above 5.0× |
| Return on equity (banks & insurers)Bank and insurer quality | 16%+ | 12%+ | 9.0%+ | 6.7%+ | 2.7%+ | below 2.7% |
| Equity ÷ assetsBank capital | 7.5%+ | 6.0%+ | 4.7%+ | 4.0%+ | any | — |
| Dividend yieldIncome factor (ET&A Quant Score) | 5.8%+ | 4.0%+ | 2.5%+ | 1.8%+ | 1.0%+ | below 1.0% |
Band floors: Excellent 8.5 · Strong 7 · Good 5.5 · Average 4.5 · Below Average 3 (scores out of 10). Utilities and property companies’ structural debt is scored 6.5, as in ET&A’s risk model.
No research notes have been published for Reliance Industries Limited yet.
Need deeper analysis on Reliance Industries Limited? ET&A Professional includes full company notes, valuations and models — or commission bespoke research.
Private credit grew into a multi-trillion-dollar asset class during an unusually favourable period for alternative lending. Rising non-accruals, loan markdowns, refinancing pressure and investor withdrawals are now testing whether the industry's apparent resilience reflected superior underwriting—or simply the absence of a prolonged credit cycle.
ET&A Research · 2 September 2026 · 11 min read
Côte d’Ivoire is emerging as one of West Africa’s more compelling investment stories. Strong economic growth, rising foreign investment, better infrastructure and an expanding private sector are changing perceptions of the country. The harder question is whether that momentum can generate enough productive jobs, reduce inequality and survive future political transitions.
ET&A Research · 24 August 2026 · 10 min read
Coca-Cola has spent much of the post-pandemic period demonstrating exceptional pricing power, raising prices while preserving demand and expanding revenue. But as inflation normalises and consumers become more price-sensitive, the next phase of the investment case may depend less on charging more and more on selling more.
ET&A Research · 16 August 2026 · 9 min read