RELIANCE
Large CapReliance Industries Limited
Power
Reliance Industries Limited is a diversified conglomerate with interests in Oil to Chemicals (O2C), Oil & Gas exploration & production, Digital Services (Jio Platforms), Retail, FMCG, Media, and New Energy. It reported robust FY26 performance driven by consumer businesses.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100PAT -9% YoY · margin compression · Rev +13% YoY · +11% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,94,059 Cr | +12.5% | +11.0% |
| EBITDA | ₹44,141 Cr | +0.7% | -4.1% |
| Operating margin | 15.0% | -200 bps | -200 bps |
| PAT | ₹20,589 Cr | -8.9% | -7.6% |
| PAT margin | 7.0% | -165 bps | -141 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
RIL reported robust FY26 performance with 9.8% YoY revenue growth and 13.4% YoY EBITDA growth, driven by O2C, Digital Services, and Retail. Q4 FY26 saw 12.9% YoY revenue growth but a slight EBITDA decline (-0.3%) due to energy business headwinds.
RIL's diversified model continues to deliver, with consumer businesses (Digital, Retail) driving robust growth and EBITDA. New Energy projects are progressing. While energy segments faced Q4 headwinds, the overall financial health and strategic direction appear sound.
Consolidated EBITDA by Segment (FY26)
Latest issuer-disclosed distribution across 5 reported categories.
5G and Fixed Broadband Adoption
Rapid growth in 5G user base (+40% YoY) and fixed broadband additions (~10 Mn net additions in FY26) driving Digital Services.
Hyper-local Commerce
JioMart's Q4 average daily orders up 300%+ YoY, expanding reach across 5,100+ pin codes.
New Energy Manufacturing
Scaling Giga Scale Manufacturing for Solar (20 GWp target) and Battery (100 GWh target, 40 GWh first phase this year).
KGD6 Field Management
Focus on optimal well management and 2nd phase of multi-lateral well campaign for CBM production.
Solar PV Manufacturing
Successfully commissioned various lines, targeting 20 GWp annual capacity fully integrated across value chain in next few quarters.
Battery Manufacturing
On track to commission first phase of 40 GWh manufacturing this year, scaling to 100 GWh annual capacity.
Renewable Energy Generation
Work on World’s largest project at Kutch (150 GWp+) on full swing, installations to start in next few quarters.
Retail Store Expansion
333 stores opened during Q4 FY26, total store count at 20,160 with 78.3 Mn sq. ft. of retail space.
Domestic Economic Activity
India remained the fastest growing large economy with robust domestic economic activity.
Consumption Tailwinds
GST rationalization, strong monsoon, easing interest rates provided meaningful consumption tailwinds.
Strong Fuel Cracks
Structurally tight refining and better-than-expected demand growth (+0.8 mb/d for CY25) led to a sharp rebound in fuel cracks.
Ethane Cracking Economics
Ethane cracking economics continue to remain favourable over Naphtha.
Middle East Conflict
Prolonged Middle East conflict altered macro context from March 2026, causing oil/LNG price surges and supply shock.
Rupee Depreciation
Rupee depreciated 11% in FY26 (4.3% in Mar’26), steepest annual decline in over a decade.
Weak Downstream Chemical Deltas
Weak downstream chemical deltas due to oversupply and sharp increase in Naphtha price weighed on Polymer deltas.
Domestic Fuel Under-recoveries
Substantial under-recoveries on domestic fuel sales and reintroduction of SAED.
Geopolitical Volatility
Energy markets likely to remain volatile with geopolitics-linked risk premium and trade tensions.
Policy Risks
Policy risks include price protection and reintroduction of SAED in the refining business.
Currency Weakness
Depreciation bias likely to continue on account of wider CAD and higher energy prices.
Inflation and Yields
Upside risks to inflation and yields with currency weakness and higher energy prices.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The document provides both full-year (FY26 vs FY25) and quarterly (Q4 FY26 vs Q4 FY25) comparisons. Full-year data is crucial for assessing overall strategic progress and annual trends, while quarterly data highlights recent momentum and immediate impacts of market disruptions, especially in volatile energy markets.
Consolidated Revenue
FY26: ₹11,75,919 crore (+9.8% YoY). Q4 FY26: ₹325,290 crore (+12.9% YoY).
Consolidated EBITDA
FY26: ₹2,07,911 crore (+13.4% YoY). Q4 FY26: ₹48,588 crore (-0.3% YoY).
Consolidated PAT
FY26: ₹95,754 crore (+17.8% YoY). Q4 FY26: ₹20,589 crore (-8.9% YoY).
Net Debt to EBITDA
FY26: 0.64x.
Balance Sheet Strength
RIL is well placed in current environment with strong earnings visibility and high cash levels, supporting above sovereign IG rating.
Consumer Business Focus
Expansive reach and superior offerings drive consumer growth, contributing >55% of consolidated EBITDA.
New Energy Integration
Aiming for full integrated, indigenous, and world-scale New Energy business, AI Native and globally cost competitive from inception.
Operational Agility
Sustaining high asset utilization and reliability, maximizing margin realization through end-to-end value chain optimization in O2C.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Jio Platforms ARPU | ₹214.0/month (Q4 FY26) | Continued ARPU uplift via targeted upsell and bundling beyond connectivity. |
| New Energy Commissioning | Solar PV lines commissioned, 40 GWh battery manufacturing on track this year. | Timely commissioning and ramp-up of 150 GWp+ Kutch project installations. |
| Net Debt to EBITDA | 0.64x (FY26) | Maintaining significantly below 1x ratio amidst large capex plans. |
| O2C Margin Capture | Constrained by crude premiums, logistics, SAED. | Resolution of geopolitical conflict and normalization of supply channels to improve margin capture. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
41NeutralSMA20 -4.3% / mo · near 52W low
Technical chart
RELIANCEdaily · 6M-17.4%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 30. Wait for confirmation.
- SMA20 falling (~4.6% over last month) — short-term momentum negative.
- RSI(14) at 30 — oversold zone; bounce conditions.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 5.3%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 46.3%.
Main drags
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Growth is weaker at 11/25; verify the latest quarterly trend.
- Valuation is weaker at 14/30; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 90th percentile of the scored universe and 87th percentile within Power. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Power: 87th pctile, median 67 · Large: 74th pctile, median 74
129 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 5.3%.
- ▸8 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 22.00
- P/B
- 1.89
- EV/EBITDA
- 8.92
- Market Cap
- 1709565.00Cr
Profitability
- ROE
- 8.91%
- ROCE
- 10.30%
- ROA
- 4.40%
- Dividend Y
- 0.47%
Growth (CAGR)
- Revenue 5Y
- 18.00%
- EPS 5Y
- 12.00%
- Revenue 3Y
- 6.00%
- EPS 3Y
- 5.00%
Balance Sheet
- Debt/Equity
- 0.45
- Interest Coverage
- 6.62×
- Altman Z
- 2.28
- Book Value
- 668.00
Cash Flow
- FCF Yield
- 5.32%
- FCF Positive Y
- 8/5
- OCF
- 192113.00 Cr
- EPS TTM
- 59.69
Shareholding
- Promoter Hold
- 50.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 1%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Power — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.