NSE: RELIANCE · BSE: 500325
RELIANCE INDUSTRIES LTD
Refines crude oil into transportation fuels and produces petrochemicals at its Oil to Chemicals (O2C) complex, which generated Rs 6,62,401 crore of segment revenue in FY26 and around 70% of ethylene capacity is run on ethane cracking. Upstream Oil and Gas operations contributed Rs 23,861 crore of segment revenue from domestic production including the KGD6 field and CBM gas. The Retail business runs physical stores and digital commerce across grocery, fashion, electronics and FMCG, with FMCG revenue doubling year-on-year to Rs 8,600 crore in Q1 FY27, distributed through 5,000+ distributors and 3M+ outlets. Digital Services is anchored by Jio, which has 533 million subscribers including 285 million on 5G, and Q1 FY27 digital services revenue of Rs 39,173 crore carried a 53.3% EBITDA margin; JioStar's media business added 530 million users across platforms. The New Energy build-out targets 20 GW of solar PV capacity by FY30 and 120 GWh of battery capacity, with a 168 MW data centre joint venture with Meta commissioned at Jamnagar. Materials, dominated by crude oil and feedstock, were 41.2% of FY26 revenue and remain the largest cost line, followed by other operating expenses at 16.5%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Oil to Chemicals (O2C) (50%), Retail (28%), Digital Services (13%), Others (6%), Oil and Gas (2%). Diversified, capital-heavy conglomerate spanning cyclical refining and petrochemicals, consumer-facing retail and digital services, plus a new energy build-out.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 7,21,634 | 8,92,944 | 9,14,472 | 9,80,136 | 10,75,675 |
| EBITDA (ex other income) | 1,13,296 | 1,42,908 | 1,62,233 | 1,65,444 | 1,78,949 |
| margin % | 15.7 | 16.0 | 17.7 | 16.9 | 16.6 |
| Owners' profit | 60,705 | 66,702 | 69,621 | 69,648 | 80,775 |
| EPS, as reported (₹) | 92.00 | 98.59 | 102.90 | 51.47 | 59.69 |
| ROE % · ROCE % | 7.6 · 8.3 | 7.9 · 8.7 | 8.5 · 9.4 | 8.1 · 8.7 | 8.8 · 9.2 |
| Debt / equity (x) | 0.30 | 0.34 | 0.35 | 0.34 | 0.34 |
| Cash from operations | 1,10,654 | 1,15,032 | 1,58,788 | 1,78,703 | 1,92,113 |
| Capex | (1,00,145) | (1,40,988) | (1,52,883) | (1,39,967) | (1,22,916) |
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 | 2,35,481 | 2,43,865 | 2,64,573 | 2,48,660 | 2,58,898 | 2,69,496 | 2,98,621 | 3,11,850 |
| Profit before tax | 25,037 | 28,643 | 29,103 | 37,146 | 29,124 | 29,697 | 27,195 | 30,630 |
| Net profit | 19,323 | 21,930 | 22,611 | 30,783 | 22,092 | 22,290 | 20,589 | 23,196 |
| EPS (₹) | 24.48 | 13.70 | 14.34 | 19.95 | 13.42 | 13.78 | 12.54 | 15.48 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Oil to Chemicals (O2C) | 6,62,401 | 50.4 |
| Oil and Gas | 23,861 | 1.8 |
| Retail | 3,71,085 | 28.2 |
| Digital Services | 1,76,164 | 13.4 |
| Others | 80,522 | 6.1 |
| Total, before eliminations | 13,14,033 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| RELIANCE INDUSTRIES LTD ◆ | 16,18,817 | 21.7 | 1.49 | 8.9 | 8.8 | 7.5 | 17.2 | 17.3 |
| INDIAN OIL CORP LTD | 1,86,047 | 5.4 | 0.82 | 3.9 | 19.4 | 17.1 | 11.6 | 1.6 |
| BHARAT PETROLEUM CORP LT | 1,26,297 | 7.4 | 1.26 | 3.8 | 25.8 | 23.2 | 11.4 | (0.6) |
| HINDUSTAN PETROLEUM CORP | 75,325 | 45.1 | 1.15 | 3.8 | 27.5 | 19.3 | 12.1 | (10.7) |
| MRPL | 33,010 | 10.5 | 2.33 | 7.3 | 13.6 | 15.7 | 15.6 | 4.5 |
| CHENNAI PETROLEUM CORP LT | 23,303 | 5.6 | 2.10 | 5.0 | 27.9 | 31.9 | 13.4 | 5.4 |
| SANMIT INFRA LIMITED | 687 | 362.5 | 17.79 | — | 5.1 | 6.1 | — | 10.2 |
| RAJASTHAN SECURITIES LIMITED | 462 | 5.7 | 3.95 | — | 69.3 | 88.6 | — | 119.3 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 21.7 | 8.0 | 9 of 13 | 33% |
| P/B | 1.5 | 1.8 | 6 of 12 | 55% |
| ROCE | 7.5 | 16.4 | 9 of 12 | 27% |
| ROE | 8.8 | 13.6 | 8 of 11 | 30% |
| Debt / Equity | 0.3 | 0.4 | 5 of 12 | 64% |
| EBITDA margin | 17.3 | 5.4 | 2 of 11 | 90% |
| Revenue growth | 25.4 | 24.2 | 4 of 8 | 57% |
| Profit growth | (24.6) | 4.3 | 6 of 9 | 38% |
| Market cap | 1618817 | 687 | 1 of 13 | 100% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Jio Platforms IPO shares to begin trading on October 28, 2026 | capital market events | high | — | — |
| 27 Oct 2026 · Reliance board to consider Sep 2026 results and debt fundraising | results | low | — | — |
| 27 Oct 2026 · Board meeting set for September 2026 results and proposed debt raise | results | low | — | — |
| 24 Oct 2026 · Jio Platforms IPO priced at ₹1,119 per share | capital market events | critical | — | — |
| 21 Oct 2026 · US Secretary of State visits Reliance's Jamnagar refinery and New Energy facilities | compliance | low | — | — |
| 21 Oct 2026 · ICRA reaffirms Reliance AAA rating, assigns new Rs 50000 cr bank loan facility | credit debt | medium | — | — |
| 17 Oct 2026 · Jio Platforms IPO newspaper ad on RIL shareholder reservation filed | compliance | minimal | — | — |
| 16 Oct 2026 · Newspaper clippings filed - Jio Platforms IPO, RIL shareholder reservation | compliance | minimal | — | — |
| 15 Oct 2026 · Newspaper notice on special window for dematerialisation of physical shares | compliance | minimal | — | — |
| 14 Oct 2026 · Jio Platforms IPO: Price band fixed at Rs 1,065 to Rs 1,119 per share | capital market events | critical | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
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| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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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.