SV

Street Verdict

Analyst Scorecard

RELIANCE · NSE

Reliance Industries Limited

₹1,226.4

-1.41% (-₹17.5)

Prev. close

₹1,243.9

Volume

1,51,22,715

Delivery %

77.0%

As of

18 Sept 2026

Price history

Bullish

Nomura Analysis · Nomura Global Markets Research · 20 Jul 2026

“Maintained a Buy rating on Reliance Industries, raising its target price to ₹1,690, implying a 27.4% upside. The company delivered a record Q1, with consolidated EBITDA up 11% YoY, beating estimates by 6%, driven by stronger-than-expected O2C and Upstream earnings. Nomura largely retained FY27 EBITDA forecasts, rolling valuation forward by a quarter.”

Published mid-session at 09:37 IST. Tracking counts only prices printed after publication — the chart's dashed divider marks that moment; earlier prices never count toward entry or results.

PENDINGCall pageClear
₹1,226.4-₹96.7 (-7.31%) · CALL
20 Jul 2026 → 18 Sept 2026
₹1,334.8₹1,226.4Entry ₹1,323.120 Jul07 Aug21 Aug04 Sept18 SeptCall published 09:37
Nomura Analysis's call · 20 Jul 2026

Analyst sentiment

Analysts lean bullish

27 analyst stances · last 90 days · one per analyst

Trackable

18 · 17 bull / 0 neutral / 1 bear

Long-Horizon

none in window

Commentary

9 · 8 bull / 0 neutral / 1 bear

Trackable = verdict-bearing calls · Long-Horizon = 1yr+ horizon, verdict pending · Commentary = context, not graded

Bullish 93% (25)Neutral 0% (0)Bearish 7% (2)
Explore by date range →

Analyst opinions

CallAnalystInstrumentVerdictActions
“Maintained a Buy rating on Reliance Industries, raising its target price to ₹1,690, implying a 27.4% upside. The company…”Nomura AnalysisNomura Global Markets ResearchReliance IndustriesPENDING
“Maintained a Buy rating on Reliance Industries, raising its target price to ₹1,690, implying a 27.4% upside. The company delivered a record Q1, with consolidated EBITDA up 11% YoY, beating estimates by 6%, driven by stronger-than-expected O2C and Upstream earnings. Nomura largely retained FY27 EBITDA forecasts, rolling valuation forward by a quarter.”
Rating & targetTrack opinion →

This call hasn't reached its evaluation window yet — the verdict will appear here once it's graded.

Read the original article
Market commentary · 19 · levels, conditionals, previews, macro & hedged views — context, not graded
CallAnalystInstrumentVerdictActions

Fundamentals

About Reliance Industries Limited

Reliance Industries Limited engages in hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, advanced materials and composites, renewable, financial services, retail, and digital services worldwide. It operates through the Oil to Chemicals, Oil and Gas, Retail, Digital Services, and Others segments. The company is involved in refining and marketing products, including liquefied petroleum gas, propylene, naphtha, gasoline, jet/aviation turbine fuel, kerosine oil, diesel, sulfur, and petroleum coke. It also provides polymers comprising high-density and low-density polyethylene (PE), linear low-density PE, homopolymer, random and impact copolymer, and polyvinyl chloride; fiber intermediates that include purified terephthalic acid, and ethylene glycols and oxide; aromatics, such as paraxylene, ortho xylene, benzene, and linear alkyl benzene and paraffin; and textiles that consist of fabrics, apparel, and auto furnishings. In addition, the company offers elastomers, such as polybutadiene rubber, styrene butadiene rubber, and butyl rubber; fiber and yarn polyesters; and bioenergy solutions, including compressed biogas, and pellets and briquettes. Further, it engages in oil and gas exploration and production activities; operation of various stores comprising supermarkets, hypermarket, wholesale cash and carry, specialty, and online stores; operation of media and entertainment platforms, and Network18 and television channels; and publishing of magazines. Additionally, the company provides highway hospitality and fleet management services, as well as digital services, such as connectivity, fiber, mobile devices, apps, business, and other digital solutions. Reliance Industries Limited was founded in 1957 and is based in Mumbai, India.

Details

Sector

Energy

Industry

Oil & Gas Refining & Marketing

CEO

Mr. Mukesh Dhirubhai Ambani

Headquarters

Mumbai

Employees

4,04,501

Website

ril.com

Key stats

Market cap

₹16.84 L Cr

P/E ratio (TTM)

22.5

Dividend yield

0.48%

EPS (TTM)

₹55.35

Beta (1Y · daily vs NIFTY 50)

0.91

Beta (5Y · monthly vs NIFTY 50)

0.99

Shares float

663.82 Cr

EPS · quarter ended Jun 2026

₹15.48

Upcoming earnings

16 Oct 2026

Financial Performance

01 · Financials

0 L Cr5 L Cr10 L Cr15 L Cr₹-25%0%25%50%FY21FY22FY23FY24FY25FY26
RevenueNet incomeEBITDARevenue growth YoY

Revenue for Mar 2021–Mar 2026 is as filed with BSE (consolidated), and the first plotted growth figure is computed against Mar 2020 revenue as filed with BSE; the two sources' revenue definitions differ by 0.0% on Mar 2026. FY21 growth needs FY20 filings, which the data source doesn't provide.

02 · Earnings Per Share (EPS)

0204060₹FY21FY22FY23FY24FY25FY26

03 · Dividend Profile

0246₹0%5%10%15%02 Jul 2011 Jun 2118 Aug 2221 Aug 2319 Aug 2414 Aug 2505 Jun 26
Dividend (₹/share)Annualised yieldAnnual dividend growth (FY)

Growth compares completed fiscal-year dividend totals on the company's own calendar: April–March (Indian FY), taken from its reported period-ends. Payout ledger: NSE corporate actions.

04 · Operating Efficiency (Growth Rates)

Balance-sheet-based · pre-FY23 not filed in verifiable form

-25%0%25%50%FY21FY22FY23FY24FY25FY26
SalesFixed assetsTrade receivablesInventory

05 · Capital Structure & Asset Utilization

Pre-FY23 not filed in verifiable form

0 L Cr10 L Cr20 L Cr30 L Cr₹0×0.2×0.4×0.6×FY21FY22FY23FY24FY25FY26
Total assetsTotal debtDebt / equityAsset turnover

Asset turnover needs a prior year of assets — omitted for the earliest available year.

06 · Asset Base Composition

Pre-FY23 not filed in verifiable form

0 L Cr10 L Cr20 L Cr30 L Cr₹FY21FY22FY23FY24FY25FY26
Fixed assetsCurrent assetsOther assets

07 · Debt Level & Coverage

Pre-FY23 not filed in verifiable form

-2 L Cr0 L Cr2 L Cr4 L Cr₹FY21FY22FY23FY24FY25FY26
DebtFree cash flowCash & equivalents

08 · Profit & Loss

Annual

Line itemFY21FY22FY23FY24FY25FY26
₹4.86 L Cr₹7.18 L Cr₹8.93 L Cr₹9.14 L Cr₹9.80 L Cr₹10.76 L Cr
EBITDA₹97,064.00 Cr₹1.24 L Cr₹1.55 L Cr₹1.78 L Cr₹1.83 L Cr₹2.08 L Cr
₹49,128.00 Cr₹60,705.00 Cr₹66,702.00 Cr₹69,621.00 Cr₹69,648.00 Cr₹80,775.00 Cr
Diluted EPS₹37.61₹45.43₹49.3₹51.45₹51.47₹59.69

Earnings per share for periods ending before 2024-10-28 are restated for the 2024-10-28 bonus issue (Bonus 1:1), so they differ from the figures printed in those years' own annual reports.

09 · Balance Sheet

Annual

Line itemFY21FY22FY23FY24FY25FY26
₹13.21 L Cr₹15.00 L Cr₹16.07 L Cr₹17.56 L Cr₹19.50 L Cr₹21.78 L Cr
₹2.60 L Cr₹2.82 L Cr₹3.34 L Cr₹3.46 L Cr₹3.70 L Cr₹3.82 L Cr
Stockholders' equity₹6.94 L Cr₹7.73 L Cr₹7.16 L Cr₹7.93 L Cr₹8.43 L Cr₹9.04 L Cr

Annual only — the data source doesn’t publish quarterly balance-sheet detail for most NSE-listed companies.

10 · Cash Flow Statement

Annual

Line itemFY21FY22FY23FY24FY25FY26
₹26,958.00 Cr₹67,491.00 Cr₹1.15 L Cr₹1.59 L Cr₹1.79 L Cr₹1.92 L Cr
Investing cash flow₹-1.42 L Cr₹-45,315.00 Cr₹-91,235.00 Cr₹-1.14 L Cr₹-1.38 L Cr₹-1.01 L Cr
₹1.02 L Cr₹-6,035.00 Cr₹10,455.00 Cr₹-16,646.00 Cr₹-31,891.00 Cr₹-51,549.00 Cr
Capital expenditure₹-1.06 L Cr₹-18,154.00 Cr₹-1.41 L Cr₹-1.53 L Cr₹-1.40 L Cr₹-1.23 L Cr
End cash position₹17,397.00 Cr₹21,714.00 Cr₹68,664.00 Cr₹97,225.00 Cr₹1.07 L Cr₹1.46 L Cr

Annual only — the data source has no quarterly cash-flow-statement coverage.

11 · Shareholding Pattern

NSE, quarterly

Line itemSep 21Dec 21Dec 21Mar 22Jun 22Sep 22Dec 22Mar 23Jun 23Sep 23Dec 23Mar 24Jun 24Sep 24–Oct 24(2Q)Dec 24Mar 25Jun 25Sep 25–Dec 25(2Q)Mar 26Jun 26
Promoter50.61%50.62%50.61%50.66%50.62%50.57%50.49%50.41%50.39%50.27%50.30%50.31%50.33%50.24%50.13%50.11%50.07%50.01%50.00%50.48%
Public49.39%49.38%49.39%49.34%49.38%49.43%49.51%49.59%49.61%49.73%49.70%49.69%49.67%49.76%49.87%49.89%49.93%49.99%50.00%49.52%
Employee trusts0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Source: NSE quarterly shareholding-pattern filings, collapsed to periods where the reported percentages held steady — a column spanning several quarters means no change was filed across them. No FII/DII sub-split available from this source — Public includes all non-promoter, non-employee-trust holders.

12 · Peer Comparison

Energy

Company
Reliance Industries Limited₹16.84 L Cr₹1,226.422.51.868.9%0.44+9.6%-13.3%
Adani Enterprises Limited₹4.16 L Cr₹3,02050.85.1411.5%1.32+2.6%+25.7%
Oil & Natural Gas Corporation Limited₹2.92 L Cr₹232.86.70.7911.1%0.47-0.6%-1.2%
Coal India Limited₹2.58 L Cr₹409.98.32.1626.1%0.12+0.1%+4.3%
Indian Oil Corporation Limited₹1.90 L Cr₹1375.50.8619.2%0.60+2.6%-6.9%
Bharat Petroleum Corporation Limited₹1.30 L Cr₹3077.61.2925.8%0.54+2.6%-5.1%
Oil India Limited₹77,654.26 Cr₹475.79.31.3411.4%0.65+4.4%+19.2%
Hindustan Petroleum Corporation Limited₹74,601.46 Cr₹35944.71.1427.5%0.85+1.0%-12.1%
Aegis Logistics Limited₹47,518.38 Cr₹1,415.438.07.8514.8%0.69+26.1%+80.4%
Petronet LNG Limited₹42,517.51 Cr₹292.610.11.9117.6%0.11-14.5%+4.6%
Aegis Vopak Terminals Limited₹32,901.81 Cr₹310.7108.07.677.2%0.87+17.0%+27.3%
Mangalore Refinery and Petrochemicals Limited₹28,702.31 Cr₹165.389.12.0213.6%1.08-6.4%+26.2%

Ranked by market cap within Energy, same metrics as the Fundamentals screener. Click a column to sort.

Documents

Annual reports

Show all 30

Concall transcripts

Show all 11

Official documents linked from their sources — offer documents as filed with SEBI (sebi.gov.in), annual reports and earnings-call transcripts as published on BSE (bseindia.com) and NSE (nseindia.com). Links open the source's own hosting; nothing is re-hosted here.

Index membership

68 indices

Nifty Energy· 34.9%Nifty EV & New Age Automotive· 33.8%BSE Energy· 32.3%Nifty Commodities· 30.8%Nifty Mobility· 27.9%Nifty India Select 5 Corporate Groups (MAATR)· 24.6%Nifty100 Liquid 15· 23.1%BSE SELECT BUSINESS GROUPS· 22.8%Nifty500 Multicap India Manufacturing 50:30:20· 20.0%BSE Oil & Gas· 19.4%Nifty500 Multicap Infrastructure 50:30:20· 19.1%Nifty India Manufacturing· 17.0%

NSE weights are a free-float market-cap-share estimate, not NSE’s own published (and sometimes capped) index weight. BSE weights are BSE’s own published index weight, not an estimate. Indices without weight data are listed without one, in alphabetical order after the weighted ones.

RELIANCE

Reliance Industries falls Thursday, underperforms competitors

MarketWatch · 1 day ago

RELIANCE

BPCL, HPCL, IOCL, Reliance Shares Alert: Why Oil & Gas Stocks Fall After Rs 3/Litre Windfall Tax On Petrol?

Oil and gas stocks declined after the government imposed a Rs 3 per liter windfall tax on petrol, though levies on diesel and ATF were lowered. The Nifty oil and gas index fell by nearly 1.6%. Reliance Industries shares recovered early losses to trade marginally up.

2 days ago·Read at Goodreturns