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 5.3% to ₹9,80,136 Cr in FY2025, compared to ₹9,30,529 Cr in FY2024.
Over the past 10 years, revenue has grown at a healthy 10.1% CAGR, from ₹3,75,435 Cr to ₹9,80,136 Cr. That's solid, above-average growth.
With a top line of ₹9,80,136 Cr, Reliance Industries Ltd. operates at a major scale within the refineries sector.
Revenue has moved in the same direction for 4 years running, suggesting the growth trend has structural legs.
| Year | Revenue | YoY % |
|---|---|---|
| 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 | +45.7% |
| FY2021 | ₹5,02,653 Cr | — |
View Reliance Industries Ltd.'s full 10-year revenue trend with CAGR analysis →
Reliance Profitability
In FY2025, Reliance Industries Ltd. earned ₹81,309 Cr in net profit, representing 2.9% year-over-year growth.
Margins stayed in a tight range, with net profit margin at 8.3% in FY2025.
Per-share earnings moved to ₹51.47 in FY2025 from ₹51.45 in FY2024.
Is Reliance Undervalued
Under the P/E Ratio approach, Reliance Industries Ltd.'s estimated fair value is ₹1,444 (10.0% upside).
Reliance Industries Ltd. shares are currently trading at ₹1,313.20.
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 | ₹1,444 | 10.0% 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 3 Jun 2026. Hover blocks for details.
Assets
Liabilities & Equity
Total assets stood at ₹19,501.21B at the end of FY2025, up 11.1% from ₹17,559.86B a year earlier.
Property, Plant & Equipment is the largest block at 48.5%, followed by Intangibles & Goodwill at 16.2% and Cash & ST Investments at 11.5%.
Equity makes up 51.8% of liabilities and equity, with debt at 19.0% and operating liabilities at 29.3%. Over the year, debt is up 6.8% and equity is up 9.1%.
Balance sheet composition — FY 2025
| Category | Value |
|---|---|
| Cash & ST Investments | 2,252.11B |
| Receivables | 421.21B |
| Inventories | 1,460.62B |
| Property, Plant & Equipment | 9,454.60B |
| Investments | 1,236.72B |
| Intangibles & Goodwill | 3,162.91B |
| Other Assets | 1,513.04B |
| Category | Value |
|---|---|
| Equity | 10,096.26B |
| Short-term Debt | 1,155.34B |
| Long-term Debt | 2,540.41B |
| Trade Payables | 1,867.89B |
| Other Liabilities | 3,841.31B |
Reliance Stock Analysis
Bringing the key threads together for Reliance Industries Ltd. (RELIANCE) as a refineries investment opportunity.
Revenue of ₹9,80,136 Cr in FY2025, up 5.3% year-over-year.
Long-term revenue has been compounding at 10.1% annually over 10 years.
The company is profitable, with a net margin of 8.3% and net income of ₹81,309 Cr.
The P/E Ratio model implies 10.0% 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.