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Model Note · RELIANCE INDUSTRIES LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
RELIANCE INDUSTRIES LTD Discounted cash flow · base FY26
RELIANCE INDUSTRIES LTD
Value per share, this model₹935
CMP 2026-09-10₹1,257.50
Difference(25.7)%
Growth the CMP implies16.9%/yr
This note states the assumptions and the arithmetic of one model of RELIANCE INDUSTRIES LTD, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
9.5% a year
FY26 9.7% · 5-yr CAGR 17.2%
EBITDA margin
16.6%
FY26 16.6% · 5-yr average 16.6%
Depreciation · capex, % of revenue
5.4% · 11.4%, fading to 1.2× depreciation
FY26 5.4% · 11.4%
Working capital, % of added revenue · tax
6.2% · 22.4%
23 working-capital days · effective 22.4%
Discount rate
11.00%
1-yr beta 0.94
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹2,28,444 · ₹0 · ₹0 cr
FY26 net debt ₹2,28,444 cr
Shares
1,353.30 crore
1,353.30 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
10,75,675
11,77,864
12,89,761
14,12,289
15,46,456
16,93,369
growth %
9.7
9.5
9.5
9.5
9.5
9.5
EBITDA
1,78,949
1,95,525
2,14,100
2,34,440
2,56,712
2,81,099
Depreciation
(57,688)
(63,605)
(69,647)
(76,264)
(83,509)
(91,442)
NOPAT
94,099
1,02,371
1,12,096
1,22,745
1,34,406
1,47,174
less capex
(1,22,916)
(1,34,277)
(1,31,169)
(1,26,259)
(1,19,232)
(1,09,730)
less working-capital build
—
(6,336)
(6,938)
(7,597)
(8,318)
(9,109)
Free cash flow to firm
—
25,363
43,636
65,153
90,364
1,19,777
Present value
24,073
37,313
50,191
62,714
74,889
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · RELIANCE INDUSTRIES LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
2,49,182
PV of the terminal value (83% of EV)
12,43,933
Enterprise value
14,93,114
less net debt
(2,28,444)
less non-controlling interest
0
add non-operating investments
0
Equity value
12,64,670
÷ 1,353.30 crore shares
₹935
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
973
1,065
1,175
1,309
1,477
10.5%
877
954
1,043
1,151
1,283
11.0%
796
860
935
1,023
1,129
11.5%
725
780
842
916
1,003
12.0%
663
710
764
826
898
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing 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). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
