StrengthTalking point
Profit outpacing revenue
Profit grew 17.8% while revenue grew 9.7%, so the company kept more of each rupee of revenue as profit.
Importance 61 / 95 · growth
Reliance Industries · Research view
Reliance Industries Ltd
NSE: RELIANCEBSE: 500325ISIN INE002A01018Face value ₹10consolidated
₹1,166
−1.52% · 2026-10-01 · 52-wk ₹1,166–₹1,592
Financials to FY2026 · 8 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
StrengthTalking point
Profit compounding faster than revenue
Over 7 years profit compounded at 13.3% a year while revenue compounded at 9.2% a year.
Importance 57 / 95 · growth
Concern
Less profitable than peers
ROE of 9.1% is below the refineries and marketing median of 24.7%.
Importance 54 / 95 · profitability
Section 03 · The company
Who is this company?
Classified by the exchange under Energy › Oil, Gas & Consumable Fuels › Petroleum Products › Refineries & Marketing.
- Market cap
- ₹15.78 L cr
- FY2026 revenue
- ₹10,75,675 cr
- FY2026 net profit
- ₹95,754 cr
- Net worth
- ₹10,85,866 cr
- Total debt
- ₹3,74,421 cr
- EPS (basic)
- ₹59.69
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 4 refineries & marketing.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Strength
Profit grew 17.8% while revenue grew 9.7%, so the company kept more of each rupee of revenue as profit.
Rule PROFIT_FASTER_THAN_REVENUE
- Revenue growth per year
- +9.2%over 7 years
- Revenue growth
- +9.7%vs last year
- Net profit growth
- +17.8%vs last year
- Change in net profit since FY19
- +140%
Over 7 years profit compounded at 13.3% a year while revenue compounded at 9.2% a year.
Net profit grew 17.8% year on year (FY2025 → FY2026).
Revenue has compounded at 9.2% a year over 7 years (₹5,81,020 → ₹10,75,675) — though FY2022 saw a one-off step-change of 48% (a merger, restructuring or a recovery off a low base), so the compounding is uneven — steady rather than rapid.
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Watch
Q1 FY27 net profit declined 24.6% while revenue grew 25.4% vs the same quarter last year — a gap of 50.1 percentage points.
Rule QTR_PROFIT_VS_REVENUE_GROWTH
Concern
Q1 FY27 net profit was ₹23,196 cr, down 24.6% from ₹30,783 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
Strength
Q1 FY27 revenue was ₹3,11,850 cr, up 25.4% from ₹2,48,660 cr in Q1 FY26 a year earlier.
Rule QTR_REVENUE_GROWTH_YOY
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 2,35,481 | — | 19,323 | — | 8.2% |
| Q3 FY25 | 2,43,865 | +7.0% | 21,930 | +11.7% | 9.0% |
| Q4 FY25 | 2,64,573 | +9.9% | 22,611 | +6.4% | 8.5% |
| Q1 FY26 | 2,48,660 | +5.3% | 30,783 | +76.5% | 12.4% |
| Q2 FY26 | 2,58,898 | +9.9% | 22,092 | +14.3% | 8.5% |
| Q3 FY26 | 2,69,496 | +10.5% | 22,290 | +1.6% | 8.3% |
| Q4 FY26 | 2,98,621 | +12.9% | 20,589 | −8.9% | 6.9% |
| Q1 FY27 | 3,11,850 | +25.4% | 23,196 | −24.6% | 7.4% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹11,38,865 crTTM
- EBITDA
- ₹2,03,954 crTTM
- EBIT
- ₹1,45,008 crTTM
- PBT
- ₹1,16,646 crTTM
- Net profit
- ₹88,167 crTTM
C. Corporate actions
5 Jun 2026DividendFinal Dividend - Rs. - 6.0000 — ₹6.00/share
14 Aug 2025DividendFinal Dividend - Rs. - 5.5000 — ₹5.50/share
28 Oct 2024Bonus issueBonus issue 1:1 — 1:2
19 Aug 2024DividendFinal Dividend - Rs. - 10.0000 — ₹10.00/share
21 Aug 2023DividendFinal Dividend - Rs. - 9.0000 — ₹9.00/share
20 Jul 2023DemergerSpin Off
18 Aug 2022DividendFinal Dividend - Rs. - 8.0000 — ₹8.00/share
11 Jun 2021DividendFinal Dividend - Rs. - 7.0000 — ₹7.00/share
2 Jul 2020DividendDividend - Rs. - 6.5000 — ₹6.50/share
13 May 2020Rights issueRight Issue of Equity Shares
2 Aug 2019DividendFinal Dividend - Rs. - 6.5000 — ₹6.50/share
27 Jun 2018DividendDividend - Rs. - 6.0000 — ₹6.00/share
7 Sept 2017Bonus issueBonus issue 1:1 — 1:2
13 Jul 2017DividendDividend - Rs. - 11.0000 — ₹11.00/share
17 Mar 2016DividendInterim Dividend - Rs. - 10.5000 — ₹10.50/share
8 May 2015DividendDividend - Rs. - 10.0000 — ₹10.00/share
16 May 2014DividendDividend - Rs. - 9.5000 — ₹9.50/share
10 May 2013DividendDividend - Rs. - 9.0000 — ₹9.00/share
31 May 2012DividendDividend - Rs. - 8.5000 — ₹8.50/share
5 May 2011DividendDividend - Rs. - 8.0000 — ₹8.00/share
10 May 2010DividendDividend - Rs. - 7.0000 — ₹7.00/share
26 Nov 2009Bonus issueBonus issue 1:1 — 1:2
16 Oct 2009DividendDividend - Rs. - 13.0000 — ₹13.00/share
8 May 2008DividendDividend - Rs. - 13.0000 — ₹13.00/share
18 Jan 2006Scheme of arrangementScheme of Arrangement
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Concern
ROE of 9.1% is below the refineries and marketing median of 24.7%.
Rule ROE_BELOW_PEER_MEDIAN
- EBITDA margin now
- 19.3%
- 8-year range
- 15.9–20.0%
- ROE FY2026
- 9.1%
- ROCE FY2026
- 10.7%
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Strength
Operating cash flow has matched or exceeded reported profit in 5 of the last 6 profit-making years (latest 2.01×).
Rule CFO_CONSISTENTLY_EXCEEDS_PAT
Operating cash flowNet profit
- Total debt
- ₹3,74,421 cr
- Operating cash flow ÷ net profit
- 2.01×FY2026
- Free cash flow
- ₹70,023 cr
- Current ratio
- 1.10×
Net worth compounded at 15.5% a year over 7 years (₹3,95,392 → ₹10,85,866) — though FY2021 saw a one-off step-change of 73% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Section 08 · Relative position
How does it compare with peers?
Ranked against 4 refineries & marketing (FY2026, consolidated).
Revenue growth
RELIANCE · 1st of 4 · set median 4.7%
EBITDA margin
RELIANCE · 1st of 4 · set median 8.8%
Return on equity
RELIANCE · 4th of 4 · set median 24.7%
P/E ratio
RELIANCE · 3rd of 4 · set median 12.7×
Context
Trades at 17.90× earnings — 41% above the refineries and marketing median of 12.70×.
Rule PE_ABOVE_PEERS
- P / E
- 17.9×TTM to Jun 26
- P / B
- 1.5×latest book
- P / S
- 1.4×TTM sales
- Earnings yield
- 5.6%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 16.5× · P/S 1.4× · ROE 9.1%.
Section 09 · The stock
How has the stock performed?
Context
Over 5 years profit compounded at 12.2% a year while the stock fell 1.6% a year — the FY2021 base was somewhat depressed, so part of this is recovery rather than trend.
Rule STOCK_LAGGED_EARNINGS · rebound
- 1-year return
- −14.8%
- 3-year return
- −0.6%
- 5-year return
- −7.6%
- From 52-wk high
- −26.8%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹1,282
- vs 200-day avg
- Below₹1,366
- RSI (14)
- 25.0oversold
- MACD histogram
- -7.8
- From 52-wk high
- −26.8%
- From 52-wk low
- 0.0%
- 30-day volatility
- 17.0%ann.
- 6-month return
- −13.5%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- ConcernLess profitable than peersROE of 9.1% is below the refineries and marketing median of 24.7%.ROE_BELOW_PEER_MEDIAN · conviction 54
- Cash-flow-statement facts are unavailable for FY2019, FY2020 — those filings predate SEBI's Cash Flow Statement disclosure requirement. All other loaded years carry full P&L, balance sheet and cash-flow data.
- The price-adjusted series does not correct for a rights issue (ex-date 2020-05-13) — BSE's corporate-actions feed does not carry the subscription price or ratio a rights adjustment needs, unlike splits and bonuses, which are corrected. Returns spanning that date may be modestly overstated or understated.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5,81,020 | 6,11,645 | 4,86,326 | 7,21,634 | 8,92,944 | 9,14,472 | 9,80,136 | 10,75,675 |
| Total income | 5,89,655 | 6,25,601 | 5,02,653 | 7,36,581 | 9,04,770 | 9,30,529 | 9,98,114 | 11,04,637 |
| EBITDA | 92,553 | 1,02,173 | 97,064 | 1,25,407 | 1,54,734 | 1,78,290 | 1,83,422 | 2,07,911 |
| Profit before tax | 55,124 | 53,499 | 54,945 | 83,862 | 94,844 | 1,04,340 | 1,06,017 | 1,23,162 |
| Net profit | 39,837 | 39,880 | 53,739 | 67,845 | 74,088 | 79,020 | 81,309 | 95,754 |
| EPS (₹) | 66.8 | 63.5 | 76.4 | 92.0 | 98.6 | 102.9 | 51.5 | 59.7 |
| Net worth | 3,95,392 | 4,61,347 | 7,99,432 | 8,88,984 | 9,34,162 | 9,25,788 | 10,09,626 | 10,85,866 |
| Total debt | 2,71,942 | 2,91,417 | 2,23,764 | 2,66,305 | 3,14,708 | 3,24,622 | 3,47,530 | 3,74,421 |
| Operating cash flow | — | — | 26,185 | 1,10,654 | 1,15,032 | 1,58,788 | 1,78,703 | 1,92,113 |
| Free cash flow | — | — | −79,652 | 13,646 | −16,770 | 21,212 | 41,079 | 70,023 |
| Ratio | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Growth | ||||||||
| Revenue growth YoY | — | 5.3 | -20.5 | 48.4 | 23.7 | 2.4 | 7.2 | 9.7 |
| Profit growth YoY | — | 0.1 | 34.8 | 26.2 | 9.2 | 6.7 | 2.9 | 17.8 |
| Profitability | ||||||||
| EBITDA margin % | 15.9 | 16.7 | 20.0 | 17.4 | 17.3 | 19.5 | 18.7 | 19.3 |
| Net margin % | 6.8 | 6.4 | 10.7 | 9.2 | 8.2 | 8.5 | 8.1 | 8.7 |
| Return on equity % | 10.1 | 9.3 | 8.5 | 8.0 | 8.1 | 8.5 | 8.4 | 9.1 |
| Return on capital % | 10.7 | 11.3 | 7.9 | 8.8 | 9.5 | 10.2 | 10.0 | 10.7 |
| Leverage & cash | ||||||||
| Debt to equity | 0.69 | 0.63 | 0.28 | 0.30 | 0.34 | 0.35 | 0.34 | 0.34 |
| Cash flow ÷ profit | — | — | 0.49 | 1.63 | 1.55 | 2.01 | 2.20 | 2.01 |
| Current ratio | 0.72 | 0.63 | 1.34 | 1.12 | 1.11 | 1.18 | 1.10 | 1.10 |