A deep dive into Reliance Industries Ltd. (RELIANCE) — examining the financials, valuation picture, and who owns the stock.
Reliance Revenue Trend
Reliance Industries Ltd.'s top line grew 9.7% to ₹10,75,675 Cr in FY2026, compared to ₹9,80,136 Cr in FY2025.
Over the past 10 years, revenue has grown at a healthy 14.5% CAGR, from ₹2,76,544 Cr to ₹10,75,675 Cr. That's solid, above-average growth.
With a top line of ₹10,75,675 Cr, Reliance Industries Ltd. operates at a major scale within the refineries sector.
Revenue has moved in the same direction for 5 years running, suggesting the growth trend has structural legs.
| Year | Revenue | YoY % |
|---|---|---|
| FY2026 | ₹10,75,675 Cr | +9.7% |
| FY2025 | ₹9,80,136 Cr | +5.3% |
| FY2024 | ₹9,30,529 Cr | +3.0% |
| FY2023 | ₹9,03,045 Cr | +23.3% |
| FY2022 | ₹7,32,578 Cr | — |
View Reliance Industries Ltd.'s full 10-year revenue trend with CAGR analysis →
Reliance Profitability
Bottom-line growth was muted: Reliance Industries Ltd. earned ₹80,775 Cr in FY2026, similar to FY2025.
Profitability per rupee of revenue dipped, with net margin at 7.5% against 8.3% in FY2025.
Per-share earnings moved to ₹59.69 in FY2026 from ₹51.47 in FY2025.
Is Reliance Undervalued
Under the P/E Ratio approach, Reliance Industries Ltd.'s estimated fair value is ₹1,669 (27.5% upside).
Reliance Industries Ltd. shares are currently trading at ₹1,309.50.
Craytheon also calculates intrinsic value using the EPS Growth and DCF models. The full breakdown with assumptions is available in the detailed analysis.
| Model | Est. Fair Value | vs. Current Price |
|---|---|---|
| P/E Ratio | ₹1,669 | 27.5% upside to fair value |
| EPS Growth | Upgrade | Upgrade |
| DCF | Upgrade | Upgrade |
See all valuation models for Reliance Industries Ltd. with detailed assumptions →
Reliance Shareholding Pattern
The promoter group has maintained its 50.0% holding through the last 4 quarters.
FII holding stands at 18.7%, down from 19.2% in the year-ago quarter.
DII holding is at 20.6%, up from 19.8% in the year-ago quarter.
| Quarter | Promoter | FII | DII | Public |
|---|---|---|---|---|
| Mar 2026 | 50.0% | 18.7% | 20.6% | 10.7% |
| Dec 2025 | 50.0% | 19.1% | 20.2% | 10.6% |
| Sep 2025 | 50.0% | 18.6% | 20.3% | 10.9% |
| Jun 2025 | 50.1% | 19.2% | 19.8% | 10.8% |
Track quarterly shareholding changes for Reliance Industries Ltd. →
Reliance Balance Sheet
Proportional view as of 23 Jun 2026. Hover blocks for details.
Assets
Liabilities & Equity
Total assets stood at ₹21.78T at the end of FY2026, up 11.7% from ₹19.50T a year earlier.
Property, Plant & Equipment is the largest block at 43.3%, followed by Intangibles & Goodwill at 17.2% and Cash & ST Investments at 11.2%.
Equity makes up 49.9% of liabilities and equity, with debt at 18.3% and operating liabilities at 31.9%. Over the year, debt is up 7.7% and equity is up 7.6%.
Balance sheet composition — FY 2026
| Category | Value |
|---|---|
| Cash & ST Investments | 2,434.08B |
| Receivables | 584.91B |
| Inventories | 1,669.41B |
| Property, Plant & Equipment | 9,433.74B |
| Investments | 1,509.01B |
| Intangibles & Goodwill | 3,737.08B |
| Other Assets | 2,413.17B |
| Category | Value |
|---|---|
| Equity | 10.86T |
| Short-term Debt | 1,110.51B |
| Long-term Debt | 2,869.49B |
| Trade Payables | 1,588.42B |
| Other Liabilities | 5,354.32B |
Reliance Stock Analysis
Bringing the key threads together for Reliance Industries Ltd. (RELIANCE) as a refineries investment opportunity.
Revenue of ₹10,75,675 Cr in FY2026, up 9.7% year-over-year.
Long-term revenue has been compounding at 14.5% annually over 10 years.
The company is profitable, with a net margin of 7.5% and net income of ₹80,775 Cr.
The P/E Ratio model implies 27.5% upside to fair value from the current price. The remaining two models are worth cross-checking before drawing a conclusion — sign up to see the full analysis.
Unlock Full Analysis
There's more to the story. Craytheon's full profile for Reliance Industries Ltd. includes three valuation models, decade-long financials, and insider activity.