NSE: RELINFRA · BSE: 500390
RELIANCE INFRASTRUCTU LTD
Generates, transmits and distributes electricity as its core activity, with smaller infrastructure, engineering and construction, and other businesses. In the year ended 31 March 2026, the Power Business contributed 91.5% of segment revenue at Rs 23,253.55 crore, generating EBIT of Rs 6,387.52 crore. The Infrastructure Business contributed 5.6% (Rs 1,428.92 crore), Engineering and Construction 0.9% (Rs 237.22 crore) and Others 1.9% (Rs 484.84 crore). Filings indicate operations span power generation, transmission and distribution, the Mumbai Metro One urban transit concession, toll road concessions, and defence-related investments. Total consolidated revenue for FY26 stood at Rs 20,440.53 crore against total assets of Rs 71,160.24 crore. The dominant cost bucket is 'other operating expenses' at 87.1% of revenue, while materials account for just 1.9% and employees 6.1%. Capex was 8.3% of revenue and depreciation 7.2%, reflecting an asset-heavy operating model. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Power Business (92%), Infrastructure Business (6%), Others (2%), Engineering and Construction Business (1%). Asset-heavy, capital-intensive integrated power utility with infrastructure, metro and construction diversification
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 18,411 | 20,646 | 22,067 | 23,592 | 20,441 |
| EBITDA (ex other income) | 1,828 | (1,173) | 2,041 | 4,856 | 2,037 |
| margin % | 9.9 | (5.7) | 9.2 | 20.6 | 10.0 |
| Owners' profit | (938) | (3,221) | (1,148) | 4,938 | 2,900 |
| EPS, as reported (₹) | (35.68) | (112.98) | (42.66) | 124.64 | 71.44 |
| ROE % · ROCE % | (4.9) · 4.2 | (18.4) · (7.8) | (8.3) · 4.0 | 38.5 · 10.8 | 16.6 · 2.4 |
| Debt / equity (x) | 0.77 | 0.82 | 0.70 | 0.26 | 0.17 |
| Cash from operations | 2,980 | 3,458 | 4,097 | 3,657 | 2,362 |
| Capex | (810) | (981) | (927) | (1,322) | (1,693) |
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 | 7,258 | 5,033 | 4,108 | 5,908 | 6,235 | 4,297 | 4,001 | 6,344 |
| Profit before tax | 4,552 | (2,905) | (46) | (434) | 2,546 | 307 | (1,762) | (704) |
| Net profit | 4,195 | (3,186) | 8,262 | 305 | 2,575 | 317 | 1,640 | 768 |
| EPS (₹) | 103.06 | (83.26) | 110.75 | 2.20 | 46.67 | 0.27 | 22.47 | 9.10 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Power Business | 18,921 | 74.5 |
| Engineering and Construction Business | 178 | 0.7 |
| Infrastructure Business | 1,056 | 4.2 |
| Others | 346 | 1.4 |
| - Power Business | 4,332 | 17.1 |
| - Engineering and Construction Business | 60 | 0.2 |
| - Infrastructure Business | 373 | 1.5 |
| - Others | 138 | 0.5 |
| Total, before eliminations | 25,405 | 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. % |
|---|---|---|---|---|---|---|---|---|
| ADANI POWER LTD | 3,63,883 | 25.5 | 5.48 | 17.8 | 19.5 | 12.7 | 15.6 | 44.3 |
| TATA POWER CO LTD | 1,08,363 | 28.1 | 2.28 | 11.9 | 10.8 | 3.4 | 14.0 | 23.1 |
| TORRENT POWER LTD | 59,455 | 25.6 | 3.02 | 12.3 | 12.5 | 9.3 | 18.9 | 19.9 |
| CESC LTD | 16,492 | 8.5 | 1.25 | 7.1 | 12.3 | 5.9 | 9.8 | 20.9 |
| RELIANCE INFRASTRUCTU LTD ◆ | 1,942 | 0.6 | 0.07 | 2.0 | 16.6 | (1.6) | 4.1 | 0.8 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 0.6 | 19.4 | 1 of 31 | 100% |
| P/B | 0.1 | 1.4 | 1 of 35 | 100% |
| ROCE | (1.6) | 3.1 | 34 of 38 | 11% |
| ROE | 16.6 | 8.7 | 4 of 35 | 91% |
| Debt / Equity | 0.2 | 0.8 | 6 of 35 | 85% |
| EBITDA margin | 0.8 | 41.1 | 32 of 33 | 3% |
| Revenue growth | 7.4 | 7.8 | 18 of 33 | 47% |
| Profit growth | 151.4 | 7.6 | 4 of 34 | 91% |
| Market cap | 1942 | 6339 | 25 of 38 | 35% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Physical-share conversion window runs through February 4, 2027 | compliance | minimal | — | — |
| 1 Oct 2026 · Reliance Infra named accused in CBI chargesheet in RHFL matter | regulatory legal | critical | — | — |
| 30 Sept 2026 · Reliance Infrastructure JV faces NCLT insolvency petition for USD 182 million | regulatory legal | critical | — | — |
| 25 Sept 2026 · Trading Window Closure for Q2 FY26 Results | compliance | minimal | — | — |
| 2 Sept 2026 · Reliance Infra named proposed accused in ED PMLA case worth Rs 179.66 crore | regulatory legal | high | — | — |
| 22 Aug 2026 · Newspaper notice on special window for physical share dematerialisation | compliance | minimal | — | — |
| 17 Aug 2026 · Reliance Infra receives Pre-Cognizance notice in ED PMLA case worth about Rs 3,000 crore | regulatory legal | high | — | — |
| 14 Aug 2026 · Reliance Infra 97th AGM: All 6 resolutions passed, QIP cleared | board shareholder meetings | low | — | — |
| 14 Aug 2026 · Reliance Infra 97th AGM: All resolutions passed, QIP securities issue approved | board shareholder meetings | low | — | — |
| 11 Aug 2026 · ED files PMLA prosecution complaint naming Reliance Infrastructure as accused | investor communications | low | — | — |
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.