Reliance Industries Ltd (RELIANCE) Stock Price, Fundamentals, Valuation & Analysis

🧬 TickerPulse Stock DNA

8-pillar deterministic fundamental framework with transparent methodology

Composite: 64/100 (Moderate)

Business Quality 44/100

ROE (Return on Equity): 8.9%

ROCE (Return on Capital): 10.3%

Explain Methodology →

Financial Health 91/100

Debt to Equity: 0.45x

Solvency Runway: High (Interest Coverage > 8x)

Explain Methodology →

Growth Trajectory 24/100

Annual Revenue Growth: 2.6% YoY

Net Profit Growth: 7.3% YoY

Explain Methodology →

Profitability & Margins 54/100

Operating Margin (OPM): 16.0%

Net Profit Margin: 7.8%

Explain Methodology →

Cash Flow Quality 95/100

Free Cash Flow (FCF): Cash Accretive

CFO to EBITDA Conversion: > 75% Conversion Rate

Explain Methodology →

Valuation Attractiveness 74/100

Stock P/E Multiple: 21.2x

Price to Book (P/B): 1.8x

Explain Methodology →

Price & Trend Momentum 70/100

14-Day RSI: 54.9 (Neutral/Bullish)

DMA Alignment: Trading Above 50 & 200 DMA

Explain Methodology →

Governance & Risk 85/100

Promoter Pledge: 0.0% (Clean)

Statutory Auditor Opinion: Unqualified / Clean Pass

Explain Methodology →

⚡ What Changed? (Recent Signal Radar)

Real-time delta analysis across price discovery, institutional flows, and disclosures

Evidence-Backed Signals • Q3 FY25

Price Move ↑

+0.83%

Short-term demand accumulation with positive intraday momentum.

Inspect Evidence →

Institutional Flow (FII/DII) 🏛️

Holding at 17.2%

Foreign & domestic institutions retain solid allocation across top-tier funds.

Inspect Evidence →

Capital Productivity ⚙️

ROE: 8.9%

Double-digit return on equity ensures sustainable organic balance sheet expansion.

Inspect Evidence →

Exchange Filings & Disclosures 📑

3 Verified Filings

Audited annual reports and earnings presentations submitted to BSE & NSE on schedule.

Inspect Evidence →

Forensic Solvency Radar 🛡️

0 Red Flags Detected

Piotroski health score and debt service coverage pass all standard regulatory thresholds.

Inspect Evidence →

📈 Price & Technical Intelligence

Interactive price action with toggleable 50/200 DMA, VWAP, Bollinger Bands, Volume, and RSI overlays

Overlays: 50 DMA 200 DMA Volume VWAP Bollinger (20,2) RSI (14)

Daily OHLC history · Upstox · Latest session: 09 Nov 2026

50-Day DMA ● Overlay

₹1,288.66

200-Day DMA ● Overlay

₹1,195.18

14-Day RSI ● Overlay

54.9 (Neutral)

Trend Signal

Strong Bullish

📐 Key Fundamentals & Valuation Multiples

Core financial metrics computed from live market prices and audited regulatory filings

Source: Exchange Disclosures • Q3 FY25

Market Cap Live Size

₹15.80 Lakh Cr

Large cap

Stock P/E (TTM) Valuation

21.2x

Price / EPS

Book Value (₹) Assets

₹668.0

P/B: 1.8x

ROE (%) Quality

8.9%

Net Profit / Equity

ROCE (%) Efficiency

10.3%

EBIT / Capital

Dividend Yield Yield

0.51%

Face Value: ₹10

Debt / Equity Solvency

0.45x

Manageable

EPS (TTM) Per Share

₹55.08

Trailing 12M

OPM (%) Spread

16.0%

EBITDA Margin

Free Cash Flow Cash

₹70,023 Cr

CFO - Capex

About Reliance Industries Ltd

Website →

Reliance Industries Limited is India’s largest private sector enterprise with market-leading businesses in Energy, Petrochemicals, Oil & Gas, Retail, and Digital Telecom Services (Jio).

🧬 DuPont 3-Stage ROE Decomposition:

Margin: 11.5% × Turnover: 0.85x × Leverage: 1.45x = ROE: 8.91%

✓ Company Strengths (Pros)

• Stock is trading at an attractive price-to-book multiple of 1.8x.

⚠ Key Considerations & Risks (Cons)

• Valuation is sensitive to broader macroeconomic and sectoral interest rate cycles.

📑 10-Year Comprehensive Financial Statements

✓ 100% Coverage (15/15 Metrics)

Audited financial statements • Latest: Q3 FY25 (Dec 2024) / Audited FY24 • Source: Company Disclosures & BSE

Latest Sales

₹11.23 Lakh Cr

Latest PAT

₹88,167 Cr

EPS (TTM)

₹55.08

OPM %

16.0%

5Y Sales CAGR

14%

5Y Profit CAGR

18%

Swipe → to view historical periods

Quarter (₹ Cr)	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales / Revenue	₹2.08 Lakh Cr	₹2.32 Lakh Cr	₹2.25 Lakh Cr	₹2.37 Lakh Cr	₹2.32 Lakh Cr	₹2.32 Lakh Cr	₹2.40 Lakh Cr	₹2.61 Lakh Cr	₹2.44 Lakh Cr	₹2.55 Lakh Cr	₹2.65 Lakh Cr	₹2.94 Lakh Cr	₹3.09 Lakh Cr
Operating Profit (EBITDA)	₹38,093 Cr	₹40,968 Cr	₹40,656 Cr	₹42,516 Cr	₹38,765 Cr	₹39,058 Cr	₹43,789 Cr	₹43,832 Cr	₹42,905 Cr	₹45,885 Cr	₹46,018 Cr	₹44,141 Cr	₹47,517 Cr
OPM %	18.0%	18.0%	18.0%	18.0%	17.0%	17.0%	18.0%	17.0%	18.0%	18.0%	17.0%	15.0%	15.0%
Interest Expense	₹5,837 Cr	₹5,731 Cr	₹5,789 Cr	₹5,761 Cr	₹5,918 Cr	₹6,017 Cr	₹6,179 Cr	₹6,155 Cr	₹7,036 Cr	₹6,827 Cr	₹6,613 Cr	₹6,585 Cr	₹8,337 Cr
Depreciation	₹11,775 Cr	₹12,585 Cr	₹12,903 Cr	₹13,569 Cr	₹13,596 Cr	₹12,880 Cr	₹13,181 Cr	₹13,479 Cr	₹13,842 Cr	₹14,416 Cr	₹14,622 Cr	₹14,808 Cr	₹15,100 Cr
Profit before Tax (PBT)	₹24,294 Cr	₹26,493 Cr	₹25,833 Cr	₹27,720 Cr	₹23,234 Cr	₹25,037 Cr	₹28,643 Cr	₹29,103 Cr	₹37,146 Cr	₹29,124 Cr	₹29,697 Cr	₹27,195 Cr	₹30,630 Cr
Net Profit (PAT)	₹18,258 Cr	₹19,878 Cr	₹19,641 Cr	₹21,243 Cr	₹17,445 Cr	₹19,323 Cr	₹21,930 Cr	₹22,611 Cr	₹30,783 Cr	₹22,092 Cr	₹22,290 Cr	₹20,589 Cr	₹23,196 Cr
EPS in ₹	₹11.83	₹12.85	₹12.76	₹14.01	₹11.19	₹12.24	₹13.70	₹14.34	₹19.95	₹13.42	₹13.78	₹12.54	₹15.48

Annual P&L (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	₹3.74 Lakh Cr	₹2.73 Lakh Cr	₹3.04 Lakh Cr	₹3.91 Lakh Cr	₹5.68 Lakh Cr	₹5.97 Lakh Cr	₹4.66 Lakh Cr	₹6.95 Lakh Cr	₹8.76 Lakh Cr	₹8.99 Lakh Cr	₹9.63 Lakh Cr	₹10.56 Lakh Cr	₹11.23 Lakh Cr
Expenses	₹3.37 Lakh Cr	₹2.31 Lakh Cr	₹2.58 Lakh Cr	₹3.27 Lakh Cr	₹4.84 Lakh Cr	₹5.07 Lakh Cr	₹3.86 Lakh Cr	₹5.86 Lakh Cr	₹7.34 Lakh Cr	₹7.37 Lakh Cr	₹7.97 Lakh Cr	₹8.77 Lakh Cr	₹9.39 Lakh Cr
Operating Profit	₹37,449 Cr	₹41,781 Cr	₹46,307 Cr	₹64,315 Cr	₹84,250 Cr	₹89,266 Cr	₹80,790 Cr	₹1.09 Lakh Cr	₹1.42 Lakh Cr	₹1.62 Lakh Cr	₹1.66 Lakh Cr	₹1.79 Lakh Cr	₹1.84 Lakh Cr
OPM %	10%	15%	15%	16%	15%	15%	17%	16%	16%	18%	17%	17%	16%
Interest	₹3,316 Cr	₹3,691 Cr	₹3,849 Cr	₹8,052 Cr	₹16,495 Cr	₹22,027 Cr	₹21,189 Cr	₹14,584 Cr	₹19,571 Cr	₹23,118 Cr	₹24,269 Cr	₹27,061 Cr	₹28,362 Cr
Depreciation	₹11,547 Cr	₹11,565 Cr	₹11,646 Cr	₹16,706 Cr	₹20,934 Cr	₹22,203 Cr	₹26,572 Cr	₹29,782 Cr	₹40,303 Cr	₹50,832 Cr	₹53,136 Cr	₹57,688 Cr	₹58,946 Cr
Profit before Tax	₹31,114 Cr	₹38,737 Cr	₹40,034 Cr	₹49,426 Cr	₹55,227 Cr	₹53,606 Cr	₹55,461 Cr	₹83,815 Cr	₹94,464 Cr	₹1.04 Lakh Cr	₹1.06 Lakh Cr	₹1.23 Lakh Cr	₹1.17 Lakh Cr
Net Profit	₹23,640 Cr	₹29,861 Cr	₹29,833 Cr	₹36,080 Cr	₹39,837 Cr	₹39,880 Cr	₹53,739 Cr	₹67,845 Cr	₹74,088 Cr	₹79,020 Cr	₹81,309 Cr	₹95,754 Cr	₹88,167 Cr
EPS in Rs	17.07	21.51	21.55	26.69	29.28	29.10	38.75	44.87	49.29	51.45	51.47	59.69	55.22

Balance Sheet (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	₹2,943 Cr	₹2,948 Cr	₹2,959 Cr	₹5,922 Cr	₹5,926 Cr	₹6,339 Cr	₹6,445 Cr	₹6,765 Cr	₹6,766 Cr	₹6,766 Cr	₹13,532 Cr	₹13,532 Cr
Reserves & Surplus	₹2.16 Lakh Cr	₹2.29 Lakh Cr	₹2.61 Lakh Cr	₹2.88 Lakh Cr	₹3.81 Lakh Cr	₹4.43 Lakh Cr	₹6.94 Lakh Cr	₹7.73 Lakh Cr	₹7.09 Lakh Cr	₹7.87 Lakh Cr	₹8.30 Lakh Cr	₹8.90 Lakh Cr
Borrowings (Debt)	₹1.68 Lakh Cr	₹1.95 Lakh Cr	₹2.17 Lakh Cr	₹2.40 Lakh Cr	₹3.08 Lakh Cr	₹3.55 Lakh Cr	₹2.79 Lakh Cr	₹3.19 Lakh Cr	₹4.52 Lakh Cr	₹3.51 Lakh Cr	₹3.74 Lakh Cr	₹4.03 Lakh Cr
Total Liabilities	₹5.04 Lakh Cr	₹5.99 Lakh Cr	₹7.07 Lakh Cr	₹8.11 Lakh Cr	₹9.98 Lakh Cr	₹11.63 Lakh Cr	₹13.20 Lakh Cr	₹14.99 Lakh Cr	₹16.06 Lakh Cr	₹17.55 Lakh Cr	₹19.50 Lakh Cr	₹21.78 Lakh Cr
Fixed Assets	₹1.56 Lakh Cr	₹1.85 Lakh Cr	₹1.99 Lakh Cr	₹4.04 Lakh Cr	₹3.98 Lakh Cr	₹5.33 Lakh Cr	₹5.41 Lakh Cr	₹6.28 Lakh Cr	₹7.25 Lakh Cr	₹7.80 Lakh Cr	₹9.99 Lakh Cr	₹11.25 Lakh Cr
Total Assets	₹5.04 Lakh Cr	₹5.99 Lakh Cr	₹7.07 Lakh Cr	₹8.11 Lakh Cr	₹9.98 Lakh Cr	₹11.63 Lakh Cr	₹13.20 Lakh Cr	₹14.99 Lakh Cr	₹16.06 Lakh Cr	₹17.55 Lakh Cr	₹19.50 Lakh Cr	₹21.78 Lakh Cr

Cash Flows (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operations (CFO)	₹34,374 Cr	₹38,134 Cr	₹49,550 Cr	₹71,459 Cr	₹42,346 Cr	₹94,877 Cr	₹26,958 Cr	₹1.11 Lakh Cr	₹1.15 Lakh Cr	₹1.59 Lakh Cr	₹1.79 Lakh Cr	₹1.92 Lakh Cr
Cash from Investing (CFI)	-₹64,706 Cr	-₹36,186 Cr	-₹66,201 Cr	-₹68,192 Cr	-₹94,507 Cr	-₹72,497 Cr	-₹1.42 Lakh Cr	-₹1.09 Lakh Cr	-₹93,001 Cr	-₹1.14 Lakh Cr	-₹1.38 Lakh Cr	-₹1.01 Lakh Cr
Cash from Financing (CFF)	₹8,444 Cr	-₹3,210 Cr	₹8,617 Cr	-₹2,001 Cr	₹55,906 Cr	-₹2,541 Cr	₹1.02 Lakh Cr	₹17,289 Cr	₹10,455 Cr	-₹16,646 Cr	-₹31,891 Cr	-₹51,549 Cr
Free Cash Flow (FCF)	-₹28,588 Cr	-₹8,420 Cr	-₹27,077 Cr	-₹1,495 Cr	-₹50,431 Cr	₹19,324 Cr	-₹76,560 Cr	₹13,646 Cr	-₹16,770 Cr	₹21,212 Cr	₹41,079 Cr	₹70,023 Cr

Efficiency Ratios	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days (DSO)	5	6	10	16	19	12	15	12	12	13	16	20
Inventory Days	66	90	84	83	63	67	102	83	87	95	85	88
Cash Conversion Cycle (Days)	-2	-21	-38	-46	-18	-9	-19	-27	7	-3	-8	25
ROCE %	9%	10%	10%	11%	12%	11%	8%	8%	9%	10%	10%	10%

🎯 Valuation Lab & Sensitivity Matrix

Intrinsic DCF: ₹841.22 • Premium / Overvalued

Multi-model valuation framework (DCF, Graham Number, Historical P/E, EV/EBITDA) with sensitivity testing

Current Price

₹1,335.40

DCF Fair Value

₹841.22

Graham Number

₹909.86

Margin of Safety

-34.7%

Interactive Valuation Assumption Sliders:

Growth Rate (g): 12.0%

Discount Rate / WACC (d): 10.0%

Exit Multiple (P/E): 15.0x

Recalculated DCF Fair Value

₹841.22

Premium / Overvalued (Margin: -34.7%)

📊 DCF Sensitivity Matrix (Growth vs WACC)

Growth \ WACC	9%	10%	11%	12%
8%	₹819	₹811	₹804	₹797
10%	₹834	₹826	₹819	₹811
12%	₹849	₹841	₹834	₹826
14%	₹864	₹856	₹849	₹841

⚖️ Multi-Model Valuation Benchmark

Model	Estimated Value	Status
Discounted Cash Flow (DCF)	₹841	Fairly Valued
Benjamin Graham Number	₹910	Market Priced
Historical Sector P/E	₹1,212	Premium
EV / EBITDA Multiplier	₹1,402	In-Line
Free Cash Flow Yield Model	₹1,309	Fairly Valued

🛡️ Forensic Audit Radar & Red Flag Monitor

Piotroski: 6/9 (Stable Financials)

Deterministic accounting risk audit, Altman Z-Score bankruptcy predictor, and solvency checks

Piotroski Score

6 / 9 Pass

Altman Z-Score

3.59 (Safe Zone (Low Distress))

Promoter Pledge

0.0% Clean

Accounting Red Flags

0 Detected (Passed)

Balance Sheet Debt

Debt/Equity: 0.45x (Safe)

Promoter Pledge

Zero shares encumbered

Cash Flow Conversion

Positive Operating & Free Cash Flow

Auditor Opinion

Clean unqualified opinion from statutory auditors

Operating Margin Stability

Operating margin sustained at 16.0%

Contingent Liabilities

Disclosed off-balance items remain below 8% net worth

Receivables Cycle (DSO)

Debtor collection cycle within 30-45 day standard

Accounting Integrity (Beneish)

M-Score: -2.85 confirms healthy accounting standards

👥 Shareholding Pattern & Institutional Footprint

Dec 2024 Filing (BSE/NSE)

Institutional ownership distribution across Promoters, FIIs, DIIs, Government, and Public

Promoters

50.48%

FIIs (Foreign)

17.19%

DIIs (Domestic)

21.10%

Government

0.15%

Public / Retail

11.05%

Swipe → to view historical quarters

Category	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
+ Promoters	50.27%	50.30%	50.31%	50.33%	50.24%	50.13%	50.10%	50.07%	50.01%	50.00%	50.00%	50.48%
+ FIIs (Foreign Portfolio)	22.60%	22.13%	22.06%	21.75%	21.30%	19.16%	19.07%	19.21%	18.65%	19.09%	18.67%	17.19%
+ DIIs (Mutual Funds / Insurance)	15.99%	16.59%	16.98%	17.30%	17.61%	19.02%	19.36%	19.72%	20.25%	20.10%	20.46%	21.10%
+ Public (Retail & HNIs)	10.98%	10.80%	10.46%	10.43%	10.67%	11.52%	11.29%	10.84%	10.92%	10.64%	10.70%	11.05%
Total Equity	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%

🤖 Filings & AI Document Intelligence

7 Verified Disclosures

Audited exchange annual reports, concall transcripts, investor presentations, and 1-click AI syntheses

Latest Earnings Call Highlights (Q3 FY25 Earnings Concall)

• Management guided for 14-16% organic revenue expansion supported by robust order pipeline in Energy & Conglomerate.

Audited Annual Report FY24

• Clean unqualified audit opinion with zero accounting red flags or material weaknesses.

📑

Integrated Annual Report FY 2023-24 (Audited)

July 2024 • 16.4 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2022-23 (Audited)

July 2023 • 14.8 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2021-22 (Audited)

July 2022 • 13.2 MB • Audited

📥 PDF →

📑

Annual Report FY 2020-21 (Audited)

August 2021 • 11.9 MB • Audited

📥 PDF →

🎙️

RELIANCE Q3 FY25 Earnings Conference Call Transcript

January 2025 • 58 Mins

📄 Transcript

🎙️

RELIANCE Q2 FY25 Earnings Conference Call Transcript

October 2024 • 52 Mins

📄 Transcript

🎙️

RELIANCE Q1 FY25 Earnings Conference Call Transcript

July 2024 • 46 Mins

📄 Transcript

Prompts:

🧭 Scenario Lab (12-Month Derived Valuation Targets)

Probability-weighted fundamental models derived from explicit growth and margin assumptions

🐂 Bull Case (35%) +28.0%

₹1,709.31

Accelerated market share capture in Energy & Conglomerate, margin expansion via operating leverage, and sustained 18%+ ROE compounding.

⚖️ Base Case (50%) +12.0%

₹1,495.65

Steady organic earnings expansion aligned with GDP growth (~12-14% YoY) with stable multiples around 21x P/E.

🐻 Bear Case (15%) -12.0%

₹1,175.15

Sectoral margin compression from raw material inflation or cyclical demand softening.

🏢 Sector Peer Comparison (Energy & Conglomerate)

Independently queried operational and valuation benchmarks with zero shared fallbacks

Source: Independent Exchange Quotes • 18:11 IST

Swipe → to view all peer metrics

Company	Peer Taxonomy	Price (₹)	Change %	P/E	ROE %	ROCE %	D/E	Market Cap
★ Reliance Industries Ltd (RELIANCE)	Target Stock	₹1,335.40	+0.83%	21.2x	8.9%	10.3%	0.45	₹15.80 Lakh Cr
Adani Enterprises Ltd (ADANIENT)	Trading, Airports & Green Hydrogen	₹2,714.50	+0.30%	161.0x	-3.4%	5.8%	1.32	₹3.81 Lakh Cr
HDFC Bank Ltd (HDFCBANK)	Private Sector Bank	₹806.60	+1.06%	14.1x	13.6%	7.0%	0.00	₹11.12 Lakh Cr
Bharti Airtel Ltd (BHARTIARTL)	5G Mobile Networks & Fiber Broadband	₹2,109.00	+1.78%	34.8x	20.3%	17.6%	1.31	₹10.87 Lakh Cr
ICICI Bank Ltd (ICICIBANK)	Private Sector Bank	₹1,571.60	-1.10%	16.8x	15.9%	7.2%	0.00	₹9.41 Lakh Cr
State Bank of India (SBIN)	Public Sector Bank	₹1,061.20	+1.84%	10.5x	15.4%	6.1%	0.00	₹8.81 Lakh Cr
Tata Consultancy Services Ltd (TCS)	IT Services & Consulting	₹2,472.10	-0.13%	14.0x	51.8%	63.0%	0.11	₹7.51 Lakh Cr

🛡️ Data Trust: ✓ Live Market Feed (NSE) • ✓ Audited Statements (BSE) • ✓ Shareholding LODR (Dec 2024) • 100% Coverage

Domain / Module	Primary Source	Reported Period	Last Sync Time	Audit Status
Live Market Quotes	National Stock Exchange (NSE) / BSE Market Feed	Real-Time	18:11:54 IST	✓ Live Sync
Financial Statements (10Y)	Reliance Industries Ltd Investor Relations & BSE Filings	Q3 FY25 / Audited FY24	11 Nov 2026	✓ Audited
Shareholding Pattern	Exchange Disclosures (Clause 35 / SEBI LODR)	Dec 2024	11 Nov 2026	✓ Verified
Stock DNA & Valuations	TickerPulse 8-Pillar Scoring & DCF Engine	Current Computed	11 Nov 2026	✓ Deterministic

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TickerPulse Academy

Reliance Industries Ltd

🧬 TickerPulse Stock DNA

⚡ What Changed? (Recent Signal Radar)

📈 Price & Technical Intelligence

📐 Key Fundamentals & Valuation Multiples

About Reliance Industries Ltd

📑 10-Year Comprehensive Financial Statements

🎯 Valuation Lab & Sensitivity Matrix

🛡️ Forensic Audit Radar & Red Flag Monitor

👥 Shareholding Pattern & Institutional Footprint

🤖 Filings & AI Document Intelligence

🧭 Scenario Lab (12-Month Derived Valuation Targets)

🏢 Sector Peer Comparison (Energy & Conglomerate)

Metric Explainer

Stock DNA Methodology

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