Reliance Industries
RELIANCE · NSE · Mega Cap
Reliance Industries
Diversified conglomerate building Jamnagar GW-scale solar manufacturing complex (cells 1,238 MW ALMM-II listed but yet to start production at scale) + giga-factories for batteries and electrolysers under New Energy strategy.
Scoring breakdown
SageOne-style fundamental · TQ-100 technical · solar overlays
52-week position
Real snapshot from Screener
Investment thesis
One-liner · bull · bear · monitorables
One-liner. Reliance Industries: domestic cell scarcity + ALMM List-II protection compound margins through FY27.
Bull case for Reliance Industries: continued capacity ramp at attractive unit economics, supportive policy (PLI / ALMM / RPO / open access), benign module + commodity cycle, healthy receivable conversion, and re-rating from current valuation as execution beats consensus.
Bear case for Reliance Industries: module/tariff price crash, working-capital blowout from DISCOM receivables, leverage spiking past 4x net-debt/EBITDA, ALMM/PLI delays, Chinese dumping, and de-rating to historical median multiples on growth disappointment.
- 01Quarterly capacity commissioned vs guidance
- 02Receivable days from DISCOMs and large customers
- 03Net debt / EBITDA trajectory
- 04Order book to revenue cover
- 05Realization per watt vs cost per watt (EBITDA/watt)
- 06Imported BOM dependence and ALMM/PLI compliance
- 07Cell sourcing in light of ALMM List-II
Solar exposure
Directness · policy linkage · BOM
Valuation snapshot
Multiple methods · solar-specific multiples
| Method | Value | Hist %ile |
|---|---|---|
| P/E (TTM) | 23.5x | — |
| Forward P/E | — | — |
| EV/EBITDA | 12.8x | — |
| EV/Sales | 2.2x | — |
| P/B | 2.1x | — |
| FCF Yield | 4.8% | — |
Project pipeline
0 tracked projects
Financials
Source: Screener.in (consolidated) · ticker RELIANCE · last updated 2026-05-11
Ratio analysis (derived from statements)
Growth · profitability · returns · leverage · cash flow · valuation
Annual P&L · 5 years
₹ Crore. Source: Screener.in consolidated.
| Metric | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Sales | 6,94,673 | 8,76,396 | 8,99,041 | 9,62,820 | 10,57,219 |
| Operating Profit | 1,08,581 | 1,42,318 | 1,62,498 | 1,65,598 | 1,78,949 |
| OPM % | 16% | 16% | 18% | 17% | 17% |
| Net Profit | 67,845 | 74,088 | 79,020 | 81,309 | 95,754 |
| EPS (₹) | 44.87 | 49.29 | 51.45 | 51.47 | 59.69 |
Quarterly results · last 4 quarters
₹ Crore.
| Metric | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|---|---|---|---|
| Sales | 2,39,986 | 2,61,388 | 2,43,632 | 2,54,623 |
| OPM % | 18% | 17% | 18% | 18% |
| Net Profit | 21,930 | 22,611 | 30,783 | 22,092 |
Balance sheet · 5 years
₹ Crore.
| Item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Equity Capital | 6,765 | 6,766 | 6,766 | 13,532 | 13,532 |
| Reserves | 7,72,720 | 7,09,106 | 7,86,715 | 8,29,668 | 8,90,498 |
| Borrowings | 3,19,158 | 4,51,664 | 3,50,719 | 3,74,313 | 3,98,000 |
| Fixed Assets | 6,27,798 | 7,24,805 | 7,79,985 | 9,99,393 | 11,70,194 |
| Total Assets | 14,98,622 | 16,05,882 | 17,55,048 | 19,49,713 | 21,78,140 |
Cash flow · 5 years
₹ Crore.
| Activity | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Operating | 1,10,654 | 1,15,032 | 1,58,788 | 1,78,703 | 1,92,113 |
| Investing | -1,09,162 | -93,001 | -1,13,581 | -1,37,535 | -1,01,089 |
| Financing | 17,289 | 10,455 | -16,646 | -31,891 | -51,549 |
| Net Cash Flow | 18,781 | 32,486 | 28,561 | 9,277 | 39,475 |
Shareholding pattern
Latest disclosed
Policy linkages
Schemes where this company is a confirmed or likely beneficiary