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Reliance Industries Limited (RELIANCE)

Oil Gas & Consumable Fuels · Petroleum Products · NSE · Updated 16 June 2026

₹1,307 ↓ 9.1% (1Y)

🎯 Key Takeaways

Reliance Industries is in a mature growth phase with stable cash flows from its core refining and marketing operations, while actively expanding its digital and retail footprint. Management is focused on operational efficiency and capital discipline, as reflected in consistent profitability and strategic investments in new energy and consumer businesses.
Revenue grew 4.1% QoQ to ₹2.69 L Cr in Q3FY26.
⚠️ 1) Margin pressure could emerge if global oil prices rise or refining spreads narrow, affecting core profitability. 2) Execution risk in new energy an

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 is in a mature growth phase with stable cash flows from its core refining and marketing operations, while actively expanding its digital and retail footprint. Management is focused on operational efficiency and capital discipline, as reflected in consistent profitability and strategic investments in new energy and consumer businesses.

📰 What's Happening

In Q3FY26, Reliance reported revenue of ₹2.69 L Cr with an operating profit of ₹50,932 Cr and an OPM of 17.1%, showing sequential improvement in margins. The company held its AGM on 2026-06-08, where it presented material related party transactions to shareholders, emphasizing governance compliance. Management has been progressively expanding its retail and digital ecosystem, including Jio Platforms and Reliance Retail, while maintaining strong cash generation to fund capex in new energy and logistics.

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

Operating profit has stabilized around ₹50,000 Cr per quarter with slight margin expansion in Q3FY26 (17.1% OPM), indicating improved cost control despite flat revenue growth. Net profit dipped slightly in Q3FY26 to ₹22,290 Cr from ₹30,783 Cr in Q1FY26, primarily due to lower one-time gains seen in the prior quarter. EPS of ₹13.78 in Q3FY26 reflects a normalization after the elevated ₹19.95 in Q1FY26, suggesting earnings are stabilizing at a sustainable level.

🔮 Management Outlook & What's Next

Management has not provided explicit forward guidance in the latest filing, but previous commentary has emphasized confidence in cash flow generation to support investments in green hydrogen, digital infrastructure, and retail expansion. The focus remains on monetizing new energy ventures and scaling digital services through Jio, with capital allocation prioritizing high-return internal projects.

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 shows stable equity of ₹13,532 Cr and growing reserves to ₹8.64 L Cr, indicating retained earnings are being reinvested. Borrowings remain steady at ₹3.48 L Cr, suggesting a conservative capital structure with minimal reliance on debt. Total assets have increased to ₹20.39 L Cr, reflecting strategic investments in infrastructure and new ventures without significant leverage escalation.

💰 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

Promoter holding remains stable near 50%, while FII and DII ownership have slightly increased in Q3FY26 (FII: 19.09%, DII: 20.18%), signaling institutional confidence. The number of shareholders has grown to 42,06,159, reflecting broader retail participation. No pledging or significant dilution is evident, and the shareholder base is gradually diversifying.

⚖️ 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) Margin pressure could emerge if global oil prices rise or refining spreads narrow, affecting core profitability. 2) Execution risk in new energy and retail capex projects, which require long gestation periods and face regulatory uncertainty. 3) Intensifying competition in digital services (Jio) from global and domestic players could erode margins. 4) Regulatory scrutiny on related party transactions, as highlighted in the AGM agenda, may increase compliance costs.

📋 Recent Filings

🧠 Analyst's Read

Reliance continues to demonstrate resilience in its core businesses while strategically investing in future growth areas. Investors should monitor margin trends, pace of new energy project execution, and institutional flow trends in the coming quarters for early signals of strategic momentum.

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

✨ Deep Dive with AI on RELIANCE

Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-06-16.