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India's largest conglomerate, spanning oil refining/petrochemicals, telecom (Jio), and retail.
India's largest conglomerate, spanning oil refining/petrochemicals, telecom (Jio), and retail.
Refining and petrochemicals have long been the cash engine, with Jio's monthly subscriptions and Reliance Retail's stores now the other two large pillars. The Ambani family controls it, with Mukesh Ambani as chairman. In 2020 it sold minority stakes in Jio to investors including Facebook and Google.
In one line: A combination of ExxonMobil, Verizon and Walmart under one roof.
Moat: narrow (scale, distribution, brand). World-scale refining complex plus a subscriber base and retail footprint few Indian rivals can match.
Headquarters: Mumbai, India · Founded: 1966
Size Reliance Industries (RELIANCE.NS) is an India Energy company (Oil Refining/Marketing) with a market value of $189B, the largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,320 on 6 Nov 2026.
Performance Over six months the shares fell 8.1%, against +25.9% for the median peer and 0.0% for the India market (cap-weighted) — lowest of 7 in its peer set.
Growth Revenue grew 19.9% over the last twelve months (peer median +16.2%); the operating margin is 11.2% (peer median 9.1%).
Valuation It trades at 19.3× forward earnings against a peer median of 7.5× (most expensive of 7).
Price implies For today's price to make sense, revenue must grow about 19% a year for seven years (Req g). Recent delivered growth is +18%, so the hurdle is +1 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 6.1 points below its cost of capital (13.0% WACC).
Credit Reliance Industries has 6 bonds outstanding ($6.05B), rated A- by the agencies and trading like BBB+ at a weighted spread of 91 bp.
Next results Next results expected around 15 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹12.0T | ₹10.6T | ₹9.63T | ₹8.99T | ₹8.76T |
| Revenue growth | — | +10% | +7% | +3% | — |
| Gross profit | ₹2.99T | ₹2.42T | ₹2.14T | ₹2.00T | ₹1.81T |
| EBITDA | ₹1.94T | ₹1.82T | ₹1.68T | ₹1.65T | ₹1.45T |
| Net income | ₹821B | ₹808B | ₹696B | ₹696B | ₹667B |
| Free cash flow | n/a | ₹519B | ₹142B | -₹205B | -₹365B |
| Capital expenditure | n/a | ₹1.23T | ₹1.40T | ₹1.53T | ₹1.41T |
| Total debt | ₹4.05T | ₹3.98T | ₹3.70T | ₹3.46T | ₹3.39T |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Reliance Industries RELIANCE.NS | $189B | -8% | +20% | 11% | 19.3× | 19.1% |
| Indian Oil IOC.NS | $21.9B | 0% | +23% | 7% | 20.8× | -2.3% |
| Bharti Airtel BHARTIARTL.NS | $139B | +15% | +20% | 32% | 33.3× | 20.4% |
| Adani Enterprises ADANIENT.NS | $39.3B | +9% | +37% | 8% | 50.6× | n/a |
| ExxonMobil XOM | $677B | +16% | +21% | 14% | 11.8× | -5.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | RELIANCE.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.3% | -6.0% | highest of 7 |
| 6-month return | -8.1% | +25.9% | lowest of 7 |
| Distance from 52-week high | -18.1% | -21.2% | 4th highest of 7 |
| Revenue growth (TTM) | +19.9% | +16.2% | 4th highest of 7 |
| Operating margin | 11.2% | 9.1% | 3rd highest of 7 |
| Forward P/E | 19.3× | 7.5× | most expensive of 7 |
| Growth the price implies (Req g, 7 yrs) | 19.1% | -5.2% | 2nd most demanding of 7 |
| Growth delivered (Del g) | +17.8% | +13.5% | highest of 7 |
| Hurdle (Req g minus delivered) | +1.3 pp | -19.7 pp | 3rd most demanding of 7 |
| ROIC minus cost of capital | -6.1 pp | +9.4 pp | lowest of 7 |
| EV / EBITDA | 10.9× | 5.8× | most expensive of 6 |
| Net debt / EBITDA | 0.8× | 1.1× | 3rd least indebted of 7 |
| Bond spread | 91 bp | 85 bp | 2nd widest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Reliance Industries RELIANCE.NS | India | $189B | -8% | +20% | 11% | 19.3× | 19.1% | +17.8% |
| Marathon Petroleum MPC | United States | $101B | +53% | +32% | 12% | 5.1× | -16.8% | +13.9% |
| China Petroleum & Chemical 600028.SS | China | $99.2B | +8% | -10% | 2% | 15.8× | 9.0% | +6.3% |
| Sinopec 0386.HK | Hong Kong | $97.3B | +7% | +7% | 0% | 11.1× | 31.5% | +5.8% |
| Valero Energy VLO | United States | $96.6B | +44% | +25% | 12% | 5.6× | -16.1% | +13.6% |
| Phillips 66 PSX | United States | $95.8B | +44% | +29% | 10% | 6.6× | -11.3% | +15.7% |
| Eni ENI.MI | Italy | $82.2B | +6% | +4% | 9% | 8.4× | 0.8% | +13.3% |
Reliance Industries has 6 bonds outstanding with $6.05B face value. The agencies rate it A-; its bonds trade like BBB+. Weighted yield 5.83%, a spread of 91 bp over government bonds.