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Swing Capital

Reliance Industries Ltd

NSE: RELIANCE BSE: 500325

Reliance was founded by Dhirubhai Ambani and is now promoted and managed by his elder son, Mukesh Dhirubhai Ambani. Ambani's family has about 50% shareholding in the conglomerate.

₹1,335
52W: ₹1290 — ₹1612
PE 41.2 · Book ₹418 · +219% vs book
Market Cap₹18,06,864 Cr
Stock P/E41.2Price to Earnings
ROCE7.89%Return on Capital
ROE7.91%Return on Equity
Div. Yield0.41%Face Value ₹10

Strengths

  • +Company has been maintaining a healthy dividend payout of 18.6%

Weaknesses

  • −Stock is trading at 3.15 times its book value
  • −Company has a low return on equity of 7.64% over last 3 years.
  • −Earnings include an other income of Rs.23,674 Cr.

Shareholding Pattern

Promoters50%
FIIs18.67%
DIIs20.46%
Public10.7%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters50.33%50.24%▼0.150.13%▼0.150.1%▼0.050.07%▼0.050.01%▼0.150%▼0.050%
FIIs21.75%21.3%▼0.419.16%▼2.119.07%▼0.119.21%▲0.118.65%▼0.619.09%▲0.418.67%▼0.4
DIIs17.3%17.61%▲0.319.02%▲1.419.36%▲0.319.72%▲0.420.25%▲0.520.1%▼0.120.46%▲0.4
Public10.43%10.67%▲0.211.52%▲0.811.29%▼0.210.84%▼0.410.92%▲0.110.64%▼0.310.7%▲0.1

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales1,27,6951,46,8321,29,8981,30,1081,24,3811,32,9621,16,3411,26,3351,21,1501,41,823
Expenses1,10,1371,26,8091,15,5831,16,6831,09,1681,17,8461,03,1711,11,9461,06,2601,29,861
Operating Profit17,55820,02314,31513,42515,21315,11613,17014,38914,89011,962
OPM %14%14%11%10%12%11%11%11%12%8%
Net Profit9,92411,2837,6117,7138,72111,21717,9049,1299,3967,422
EPS ₹7.338.345.625.76.448.2913.236.756.945.48

AI Insights

Revenue Trend

Mar 2026 revenue at ₹5,05,649Cr, down 1.9% YoY. OPM at 11%.

Debt Position

Borrowings at ₹2,34,008Cr. Debt-to-equity ratio: 0.42x. Healthy balance sheet.

Capex Cycle

CWIP at ₹1,30,954Cr (42% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 20.46% (+4.33pp change). FIIs: 18.67% (-3.88pp change). Promoters hold 50%.

Margin & Efficiency

ROCE declining from 10% (Mar 2015) to 8% (Mar 2026). Working capital days: -80.

Valuation

PE 41.2x with 7.89% ROCE. Price is 219% above book value of ₹418. Dividend yield: 0.41%.

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