Reliance Industries

RELIANCE · Oil & Gas Operations · INE002A01018

Analyst mean 1.45 · 29 analysts · 56% bullish

₹1,275.90

Close 2026-07-31 · Moderate risk

Reading the Statements forensic interpretation

What the numbers mean when read together — computed from the filings, not a score.

Operating cash flow backs the profit

Operating cash flow is 218% of trailing profit — the earnings are converting to cash, not just accruals.

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Last operating cash flow ₹192,113 cr against trailing net profit ₹88,167 cr. A ratio at or above ~0.9 means reported profit is showing up as real cash.

Profit fell while revenue grew

Over the last year profit declined 6.8% even as revenue grew 15% — margins are compressing, and any premium being paid rests on a year that moved backwards on the bottom line.

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Trailing revenue ₹1,123,055 cr (up 15%) but trailing profit ₹88,167 cr (down 6.8%). Rising sales with falling profit points to cost inflation not passed through, mix shift to lower-margin lines, or one-off gains in the base year.

Net margin compressing

Net margin has narrowed from 12.6% to 7.5% year-on-year — profitability per rupee of sales is shrinking.

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Quarter net margin 7.5% vs 12.6% four quarters earlier. Sustained compression signals pricing pressure, cost inflation, or mix deterioration.

Free cash flow is variable

Free cash flow swings between positive and negative across the cycle.

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Latest ₹70,023 cr, negative in 7 of 12 years.

Price & Valuation 10-year, split-adjusted

Markers show corporate actions (splits, bonus, dividends). Prices are split-adjusted so the series is continuous.

Valuation & Quality

Valuation

P/E (TTM) 23.4x

P/B 1.9x

P/S 1.51x

PEG 3.37

P/FCF 27.8x

Dividend Yield 0.47%

Leverage

Debt / Equity conservative 0.44

Payout Ratio 10.9%

Returns & Margins

Operating Margin (TTM) 10.9%

Net Margin (TTM) 7.7%

Return on Equity 8.8%

Implied Growth (Graham) growth the market is pricing in 7.5%

Rule of 40 38

Growth 27% + Margin 10.9% — below 40

Ownership & Skin in the Game

Promoter50.48% ▲ 0.48

FII17.19%

DII—

Mutual Funds10.11%

Quarterly Financials ₹ cr

Metric	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	231,535	239,986	261,388	243,632	254,623	264,905	294,059	309,468
Expenses	192,477	196,197	217,556	200,727	208,738	218,887	249,918	261,951
Other Income	4,876	4,214	4,905	15,119	4,482	4,914	4,447	6,550
Depreciation	12,880	13,181	13,479	13,842	14,416	14,622	14,808	15,100
Profit before tax	25,037	28,643	29,103	37,146	29,124	29,697	27,195	30,630
Net Profit	19,323	21,930	22,611	30,783	22,092	22,290	20,589	23,196
EPS	12.24	13.70	14.34	19.95	13.42	13.78	12.54	15.48

Balance Sheet ₹ cr, annual

Item	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	6,445	6,765	6,766	6,766	13,532	13,532
Reserves	693,727	772,720	709,106	786,715	829,668	890,498
Borrowings	278,962	319,158	451,664	350,719	374,313	402,962
Fixed Assets	541,258	627,798	724,805	779,985	999,393	1,124,795
CWIP	125,953	172,506	293,752	338,855	262,358	237,686
Investments	364,828	394,264	235,560	225,672	242,381	248,332
Total Assets	1,320,065	1,498,622	1,605,882	1,755,048	1,949,713	2,177,546

DISCLAIMER: FinMinutes is a financial data and analytics platform, not a SEBI-registered investment adviser. Everything here is for educational and informational purposes. Forensic interpretations are computed from disclosed data and are not recommendations. Do your own due diligence.

Reliance Industries

Reading the Statements forensic interpretation

Price & Valuation 10-year, split-adjusted

Valuation & Quality

Ownership & Skin in the Game

Quarterly Financials ₹ cr

Balance Sheet ₹ cr, annual

Filings, Calls & Ratings