Reliance Industries Limited (RELIANCE)

Oil Gas & Consumable Fuels · Petroleum Products · NSE · Updated 15 July 2026

₹1,293 ↓ 12.95% (1Y)

🎯 Key Takeaways

Reliance Industries Limited is in a strategic transformation phase, transitioning from a traditional oil and gas conglomerate to a diversified, technology-driven enterprise focused on new energy, digital ecosystems, and advanced materials. Management is executing a clear Value Creation Roadmap targeting $125-150 billion revenue by 2032, underpinned by five strategic pillars including Oil-to-Chemicals transformation, New Energy expansion, AI leadership, FMCG retail scaling, and export growth.
Revenue grew 4.1% QoQ to ₹2.69 L Cr in Q3FY26.
⚠️ Execution risk in scaling new businesses like New Energy and AI, which require significant capital and long gestation periods, may pressure near-term

Market Cap

₹18.08 L Cr

P/E Ratio

21.7

P/B Ratio

2.14

ROE

9.9%

ROCE

11.2%

Debt/Equity

0.41

Div Yield

0.00%

Promoter

50.0%

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📖 The Story

Reliance Industries Limited is in a strategic transformation phase, transitioning from a traditional oil and gas conglomerate to a diversified, technology-driven enterprise focused on new energy, digital ecosystems, and advanced materials. Management is executing a clear Value Creation Roadmap targeting $125-150 billion revenue by 2032, underpinned by five strategic pillars including Oil-to-Chemicals transformation, New Energy expansion, AI leadership, FMCG retail scaling, and export growth. The company is leveraging generational succession planning with the next generation of leadership assuming key roles, while institutionalizing a 5-S framework for operational excellence. This shift is supported by strong governance, as evidenced by shareholder approval of all AGM resolutions including director appointments and financial plans.

📰 What's Happening

Recent developments include the dissolution of the non-operating REC US Holdings subsidiary, which had negligible financial impact and was formally dissolved on July 6, 2026, with no material effect on consolidated operations. The company also saw CARE Ratings reaffirm its 'AAA' rating for Non-convertible Debentures and 'A1+' for Commercial Paper with a stable outlook on July 3, 2026, reinforcing creditworthiness. At the 49th Annual General Meeting on June 19, 2026, all seven resolutions were passed, including approval of audited financial statements, dividend declaration, appointments of Akash and Anant Ambani as directors, and ratification of cost auditor remuneration. Shareholders also endorsed the Chairman's Vision outlining a $125-150 billion revenue target by 2032 and EBITDA doubling within five years.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY24	Q1FY25	Q2FY25	Q3FY25	Q4FY25	Q1FY26	Q2FY26	Q3FY26
Revenue	2.41 L Cr	2.36 L Cr	2.35 L Cr	2.44 L Cr	2.65 L Cr	2.49 L Cr	2.59 L Cr	2.69 L Cr
Operating Profit	47,050	42,748	43,934	48,003	48,737	58,024	50,367	50,932
OPM %	17.7%	16.4%	16.6%	18.0%	16.6%	17.3%	17.7%	17.1%
Net Profit	21,243	17,445	19,323	21,930	22,611	30,783	22,092	22,290
EPS	₹28.01	₹22.37	₹24.48	₹13.70	₹14.34	₹19.95	₹13.42	₹13.78

Reliance's quarterly revenue has shown a consistent upward trend, rising from ₹2.35 L Cr in Q2FY25 to ₹2.69 L Cr in Q3FY26, reflecting operational expansion and improved execution across segments. Operating profit margins have remained stable around 17%, indicating disciplined cost management despite macroeconomic pressures. However, net profit and EPS exhibit volatility — peaking at ₹30,783 million in Q1FY26 before declining to ₹22,290 million in Q3FY26 — suggesting cyclicality in profitability, potentially influenced by commodity cycles and foreign exchange impacts. The decline in EPS from ₹24.48 in Q2FY25 to ₹13.78 in Q3FY26 may reflect higher share issuance or reinvestment in growth initiatives. These trends align with management's focus on scaling new businesses, which are likely reinvesting earnings to fund capex in green energy and digital infrastructure rather than prioritizing short-term EPS growth.

🔮 Management Outlook & What's Next

Management has articulated an ambitious outlook through Chairman Mukesh Ambani's Vision at the 49th AGM, targeting $125-150 billion revenue by 2032 and EBITDA doubling or more than doubling within five years. Key catalysts include the upcoming Jio IPO, expansion of green hydrogen capacity to 1 million tonne by FY30, and scaling of 55 CBG plants. The company is institutionalizing a 5-S framework to drive operational efficiency and long-term value creation. Management emphasized confidence in doubling EBITDA through strategic investments in New Energy and AI, with a focus on export growth and technological leadership. These targets are not speculative but are tied to concrete execution plans across five pillars, including leadership transition and infrastructure development.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	2024-2025	2024-2025	2024-2025	2024-2025	2025-2026
Equity Capital	6,766	6,766	13,532	13,532	13,532
Reserves	—	8.13 L Cr	—	8.30 L Cr	8.64 L Cr
Borrowings	—	3.36 L Cr	—	3.48 L Cr	3.48 L Cr
Total Liabilities	4.96 L Cr	8.61 L Cr	5.59 L Cr	9.40 L Cr	9.88 L Cr
Fixed Assets	—	6.02 L Cr	—	6.83 L Cr	6.86 L Cr
Investments	—	2.45 L Cr	—	2.42 L Cr	2.56 L Cr
Total Assets	17.73 L Cr	18.15 L Cr	18.88 L Cr	19.50 L Cr	20.39 L Cr

The balance sheet reflects a stable capital structure with equity of ₹13,532 million and reserves of ₹8.64 L Cr as of 2025-2026, indicating strong equity base and retained earnings. Borrowings remain consistent at ₹3.48 L Cr, suggesting disciplined leverage management and no aggressive capital raising. Total assets have grown from ₹18.88 L Cr to ₹20.39 L Cr over two years, signaling successful asset base expansion without over-reliance on debt. This supports a conservative financial posture, enabling strategic investments in green energy and digital ventures while maintaining flexibility for dividends and shareholder returns.

💰 Cash Flow Statement (₹ Cr)

Item	2020-2021	2020-2021
Operating	-12,305	+26,185
Investing	-69,505	-1.42 L Cr
Financing	+66,758	+1.02 L Cr
Net Cash Flow	—	—

👥 Shareholding Pattern

Category	Q1FY25	Q2FY25	Q3FY25	Q3FY25	Q4FY25	Q1FY26	Q2FY26	Q3FY26
Promoters	50.3%	50.2%	50.2%	50.1%	50.1%	50.1%	50.0%	50.0%
FII	21.8%	21.3%	20.2%	19.1%	19.1%	19.2%	18.6%	19.1%
DII	17.4%	17.7%	18.3%	19.1%	19.5%	19.8%	20.3%	20.2%
Public	10.4%	10.7%	11.2%	11.5%	11.3%	10.8%	10.9%	10.6%
# Shareholders	34,93,125	38,34,968	42,90,633	47,14,959	47,65,728	44,35,756	43,93,764	42,06,159

Shareholding patterns show stable promoter holding at approximately 50%, with slight fluctuations but no significant dilution. FII ownership has remained steady around 19%, while DII participation has increased slightly from 19.46% in Q4FY25 to 20.18% in Q3FY26, indicating growing institutional confidence. The number of shareholders has grown from 42,06,159 to 47,65,728 over the quarters, reflecting broader retail and institutional participation. There are no indications of promoter pledging or large-scale exits, and the consistent dividend declaration aligns with income-focused investor appeal.

⚖️ Peer Comparison — Petroleum Products

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Reliance Industries Limited	18.08 L Cr	21.7	11.2%	9.9%	0.41
Indian Oil Corporation Limited	1.90 L Cr	17.4	—	—	—
Bharat Petroleum Corporation Limited	1.23 L Cr	4.9	25.4%	30.2%	0.63
Hindustan Petroleum Corporation Limited	77,963	12.9	—	—	—
Mangalore Refinery and Petrochemicals Limited	26,345	32.0	—	—	—
Castrol India Limited	17,947	18.7	—	—	—
Chennai Petroleum Corporation Limited	15,025	40.4	—	—	—
Gulf Oil Lubricants India Limited	4,665	13.1	—	—	—
Savita Oil Technologies Limited	2,805	24.7	—	—	—
Veedol Corporation Limited	2,497	16.0	—	—	—

🔗 Peer Stock Analyses

IOC BPCL HINDPETRO MRPL CASTROLIND

⚠️ Risk Factors

1. Execution risk in scaling new businesses like New Energy and AI, which require significant capital and long gestation periods, may pressure near-term profitability. 2. Commodity price volatility, particularly in oil and petrochemicals, could impact margins in core segments despite operational resilience. 3. Regulatory and policy risks in renewable energy and green hydrogen could affect investment timelines and returns. 4. Leadership transition to the next generation, while planned, introduces succession uncertainty in a complex, diversified conglomerate.

📋 Recent Filings

🧠 Analyst's Read

Reliance is executing a clear, long-term transformation strategy with defined strategic pillars and leadership succession, supported by strong governance and improving institutional confidence. Investors should monitor progress on EBITDA doubling targets, Jio IPO timing, and execution of green energy capex milestones as key near-term catalysts.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-15.

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