NSE: RIIL · BSE: 523445
RELIANCE INDUSTRIAL INFRA
Operates pipeline transportation of petroleum products and natural gas, alongside related infrastructure support services, primarily for Reliance Industries Limited. Pipeline transportation contributes 73.3% of revenue (per FY26 disclosures), with infrastructure support services making up the balance. The customer base is heavily concentrated — related party transactions constituted 99.78% of FY26 sales — with operations running across two states and no international presence. Other operating expenses dominate the cost base at 93.3% of revenue, followed by employee costs at 23.7%, with no material input costs, fitting a service-led model with zero reported capex. The company runs with 53 employees on FY26 numbers and has stated it has no current expansion plans. Q1 FY27 consolidated total income fell 18.4% YoY to ₹1,492 lakh as some fixed-term contracts wound down, while full-year FY26 standalone revenue from operations stood at ₹45.42 crore with an EBITDA margin of 34.08%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Pipeline transportation (73%), Infrastructure support services. Concentrated, service-led logistics business dependent on a single dominant customer
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 65 | 68 | 58 | 49 | 45 |
| EBITDA (ex other income) | 4 | 11 | (6) | (12) | (8) |
| margin % | 6.5 | 15.8 | (10.6) | (24.0) | (17.0) |
| Owners' profit | 8 | 18 | 13 | 0 | 12 |
| EPS, as reported (₹) | 5.53 | 11.64 | 8.82 | 7.93 | 8.21 |
| ROE % · ROCE % | 1.9 · 2.2 | 4.1 · 4.0 | 2.8 · 3.2 | 2.6 · 2.4 | 2.6 · 2.9 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 6 | 23 | 2 | (3) | (36) |
| Capex | 0 | 0 | 0 | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 12 | 12 | 12 | 12 | 12 | 12 | 8 | 9 |
| Profit before tax | 3 | 3 | 3 | 3 | 4 | 3 | 4 | 3 |
| Net profit | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| EPS (₹) | 2.07 | 1.81 | 2.12 | 2.05 | 2.03 | 1.99 | 2.13 | 1.88 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| CONTAINER CORP OF IND LTD | 31,836 | 25.5 | 2.44 | 13.5 | 9.5 | 11.6 | 7.2 | 24.5 |
| DELHIVERY LIMITED | 28,831 | 308.0 | 2.98 | 29.4 | 1.6 | 1.2 | — | 8.7 |
| SHADOWFAX TECHNOLOGIES L | 17,055 | 106.0 | 9.77 | 67.6 | 6.4 | 5.7 | — | 8.3 |
| BLUE DART EXPRESS LTD | 10,159 | 35.4 | 5.72 | 10.7 | 13.9 | 13.4 | 13.3 | 16.7 |
| TRANSPORT CORPN OF INDIA | 6,668 | 14.5 | 2.56 | 12.0 | 17.7 | 14.4 | 11.9 | 11.3 |
| TVS SUPPLY CHAIN SOL L | 4,919 | 76.3 | 2.39 | 6.0 | 5.7 | 4.8 | — | 7.2 |
| VRL LOGISTICS LIMITED | 4,707 | 17.6 | 4.12 | — | 20.7 | 14.5 | — | 21.9 |
| MAHINDRA LOGISTIC LIMITED | 4,257 | 115.0 | 3.55 | 10.9 | 0.9 | 2.0 | 16.5 | 6.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 83.2 | 15.6 | 44 of 51 | 14% |
| P/B | 2.1 | 1.6 | 25 of 40 | 39% |
| ROCE | 2.9 | 7.7 | 41 of 55 | 26% |
| ROE | 2.6 | 6.0 | 29 of 40 | 28% |
| Debt / Equity | 0.0 | 0.3 | 1 of 40 | 97% |
| EBITDA margin | 35.4 | 8.7 | 3 of 43 | 95% |
| Revenue growth | (30.7) | 9.5 | 40 of 42 | 5% |
| Profit growth | (8.4) | 22.5 | 27 of 35 | 24% |
| Market cap | 1009 | 121 | 14 of 56 | 76% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · RIIL Q2 FY26-27 Results: Income Down 22%, Net Profit Down 8.5% YoY | compliance | low | — | — |
| 14 Oct 2026 · Q2 FY26 Results: Revenue Down 31% YoY, Operating Cash Flow Stays Negative | results | high | — | — |
| 10 Oct 2026 · Newspaper notice on SEBI special window for physical share demat | compliance | minimal | — | — |
| 7 Oct 2026 · Board meeting on Oct 14 to consider Q2 and H1 FY27 results | results | low | — | — |
| 30 Sept 2026 · Trading Window Closure for Q2 Financial Results | compliance | minimal | — | — |
| 10 Aug 2026 · Newspaper notice on SEBI special window for physical share demat | compliance | minimal | — | — |
| 15 Jul 2026 · RIIL Q1 FY26-27 Results: Revenue Down 18% YoY on Contract Completions | compliance | low | — | — |
| 15 Jul 2026 · RIIL Q1 FY27 Results: Revenue Down About 31%, PAT Nearly Flat | results | high | — | — |
| 8 Jul 2026 · Board meeting on July 15, 2026 to consider Q1 FY27 results | results | low | — | — |
| 30 Jun 2026 · Reliance Industrial Infrastructure Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015 | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.