Reliance Industries Limited
Quick Take
- • Trading at 22.2× trailing earnings (17.2× forward)
- • Moderate ROE at 8.3%
- • Low leverage (D/E 0.37)
- • Modest dividend yield of 0.48%
- • Operating margin 12.3% · Net margin 6.6%
- • Profit growth -22.40% YoY · Beta 0.15
Latest quarter · Jun 2026
| ₹ Cr | Jun 2026 | QoQ | YoY |
|---|---|---|---|
| Revenue | 3,09,468 | +5.24% | +18.39% |
| Operating Profit | 38,967 | +15.36% | +10.52% |
| Net Profit | 20,946 | +23.42% | +7.93% |
| EPS (₹) | 15.48 | +23.44% | +7.95% |
Shareholding Pattern
| Oct 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|
| Promoters▲0.48 | 50.24% | 50.13% | 50.11% | 50.07% | 50.01% | 50.01% | 50.00% | 50.48% |
| FIIs▼1.47 | 20.17% | 19.15% | 19.06% | 19.21% | 18.65% | 19.09% | 18.67% | 17.20% |
| DIIs▲0.64 | 18.31% | 19.10% | 19.46% | 19.80% | 20.33% | 20.18% | 20.55% | 21.19% |
| Government | 0.10% | 0.10% | 0.09% | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
| Public▲0.35 | 11.18% | 11.51% | 11.28% | 10.82% | 10.91% | 10.63% | 10.69% | 11.04% |
| No. of Shareholders | 42,90,632 | 47,14,958 | 47,65,727 | 44,35,755 | 43,93,763 | 42,06,158 | 44,21,288 | 46,51,862 |
* In accordance with the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, the Company had allotted bonus equity shares in dematerialised form only and bonus equity shares of shareholders holding equity shares in physical form were credited to a separate demat suspense account called RELIANCE INDUSTRIES LIMITED BONUS 2024 SUSPENSE PHY. Voting Rights under Category Public include 48 49 072 equity shares held in the Unclaimed Suspense Account, 1 86 975 equity shares held in Suspense Escrow Demat Account, 2 95 97 971 equity shares held in RELIA
| Date | Party | Type | Side | Qty | Price |
|---|---|---|---|---|---|
| 24 Jun 26 | The Mtbj Ltd. As Trst For Govrnmnt Pension Invstmnt Fund Mtbj400045828 | Block deal | SELL | 7,19,579 | ₹1,309.50 |
| 24 Jun 26 | The Mtbj Ltd. As Trst For Govrnmnt Pension Invstmnt Fund Mutb400045794 | Block deal | BUY | 7,19,579 | ₹1,309.50 |
| 18 Feb 26 | Balanadu Narayan | Insider · Other | Sell | 2,320 | ₹1,419.90 |
| 18 Feb 26 | Shaila Narayan | Insider · Immediate relative | Buy | 3,120 | ₹1,419.90 |
| 9 Feb 26 | Ashwini Darshan Naphade | Insider · Immediate relative | Buy | 960 | ₹1,390.15 |
| 9 Jan 26 | Poornima Dileep Choksi | Insider · Immediate relative | Pledge Revoke | 1,064 | ₹1,577.45 |
| 21 Nov 25 | Bofa Securities Europe Sa | Block deal | BUY | 3,52,107 | ₹1,534.00 |
| 21 Nov 25 | Goldman Sachs Bank Europe Se - Odi | Block deal | SELL | 3,52,107 | ₹1,534.00 |
| 19 Nov 25 | Bluepearl Map I Lp | Block deal | BUY | 3,98,012 | ₹1,519.40 |
| 19 Nov 25 | Goldman Sachs Bank Europe Se - Odi | Block deal | SELL | 3,98,012 | ₹1,519.40 |
| 30 Oct 25 | Bofa Securities Europe Sa | Block deal | BUY | 2,95,600 | ₹1,475.50 |
| 30 Oct 25 | Kadensa Master Fund | Block deal | SELL | 2,95,600 | ₹1,475.50 |
About the company
From latest AR & concallBusiness overview Reliance Industries Limited (RIL) is India's largest private sector enterprise, with diversified businesses spanning across energy and materials, digital services, retail, media and entertainment, green technologies, and Artificial Intelligence (AI). The company primarily serves millions of Indian consumers and enterprises, with a growing international presence in select segments. RIL's operations focus on addressing India's critical needs across energy, connectivity, consumption, and infrastructure, driven by sustained investment and disciplined execution.
Key facts (FY 2025-26 / Q1 FY2026-27)
- Revenue: Consolidated revenue of ₹ 11,75,919 crore for FY 2025-26.
- Key Segments: Significant contributions from Oil to Chemicals (O2C), Digital Services, Retail, Media & Entertainment, and Oil & Gas. In Q1 FY2026-27, consumer businesses comprised approximately 50% of the overall mix.
- Scale: RIL is ranked #1 on Fortune 500 India, #88 on Fortune Global 500, and #45 on Forbes Global 2000. Jio Platforms serves over 533 million subscribers, while Reliance Retail has 387 million registered customers.
- Digital Leadership: Jio Platforms is the world's largest standalone 5G operator outside of China, with 285 million 5G users as of Q1 FY2026-27.
- Promoters: The Ambani family members, including Mukesh D. Ambani, collectively hold 41.46% equity shares as of March 31, 2026.
Recent developments (from concall / AR) (FY 2025-26 / Q1 FY2026-27)
- New Energy Transition: RIL is developing a Gigawatt-scale Integrated Clean Energy Ecosystem in Jamnagar, including Solar PV manufacturing, Battery Gigafactory (40 GWh annual capacity), and Electrolyser Gigafactory for green hydrogen production.
- AI Infrastructure: Announced plans to invest ₹ 10 lakh crore for the development of multi-gigawatt AI-ready data centers to build sovereign AI infrastructure in India.
- Digital Commerce Expansion: Reliance Retail is rapidly expanding its online businesses, including dark stores and omni-channel platforms, with grocery digital orders up 116% year-on-year in Q1 FY2026-27.
- FMCG Growth: Reliance Consumer Products Limited (RCPL) doubled its gross revenue in FY2025-26 to ₹ 22,000 crore, with Campa becoming India's fourth-largest carbonated soft drinks brand.
- Media & Entertainment Innovation: JioStar launched an in-house micro-content hub ("Tadka") and integrated AI for conversational discovery, achieving record engagement metrics.
Key risks flagged by management (FY 2025-26 / Q1 FY2026-27)
- Macroeconomic Volatility: Global economic uncertainties, inflation, trade dynamics, and geopolitical conflicts can significantly impact RIL's diverse businesses.
- Commodity Price Risk: Exposure to price volatility in petroleum, petrochemicals, and energy-related commodities can lead to margin pressure, as evidenced by Q1 FY2026-27 challenges in O2C.
- Technological Disruption: Rapid evolution of new technologies, changing consumer behavior, and content piracy pose risks to digital services and media & entertainment segments.
- Regulatory & Compliance Changes: Increased regulatory scrutiny and evolving legal frameworks across diversified businesses require continuous adaptation and compliance.
Pros (evidenced in the documents) (FY 2025-26 / Q1 FY2026-27)
- Diversified Business Portfolio: RIL's presence across multiple high-growth sectors provides resilience against market volatility and enables cross-segment synergies for sustained growth.
- Strong Financial Performance: Demonstrated robust revenue and EBITDA growth, along with strong cash flow generation, adequately funding significant capital expenditure while maintaining a healthy balance sheet.
- Technological Leadership & Scale: Jio's extensive 5G network, large subscriber base, and RIL's strategic investments in new energy and AI position it as a leader in India's digital transformation.
Cons (weaknesses / watch-points evidenced in the documents) (FY 2025-26 / Q1 FY2026-27)
- Margin Pressure in Retail: Reliance Retail's EBITDA margin saw a slight moderation in Q1 FY2026-27 due to increased contribution from lower-margin hyper-local digital commerce and strategic investments in scaling.
- Profitability Impact from Capitalization: Higher finance costs and depreciation, particularly due to the capitalization of assets in Jio, impacted net profit in Q1 FY2026-27, indicating potential short-term pressure on earnings.
- Commodity Price Volatility & Supply Chain Disruptions: The O2C segment faced significant headwinds in Q1 FY2026-27 from volatile crude prices, higher crude differentials, and increased freight/insurance costs due to geopolitical dislocations.
