Reliance Communications financials and balance sheet

NSE: RCOMBSE: 532712Telecom - ServicesSmall Cap

Formerly Reliance Communication Ventures

₹0.78₹0.00 (0.00%)BSE ₹0.78

Share price at the NSE close on 23 Oct 2026. Previous close ₹0.78.

52-week range of traded prices to 23 Oct 2026

₹0.75Low, 5 Mar 2026₹1.43High, 24 Oct 2025

Delivery only: shares bought must be paid for in full, with no selling on the same day.

Market cap: ₹216 Cr2,207th largest listed
P/E: Lossover the last 12 months
P/B: Net worth zero or below
Dividend yield: Nonein the last 12 months
ROE: Assets held for saleon the latest balance sheet
ROCE: Assets held for saleon the latest balance sheet
Debt to equity: Assets held for saleon the latest balance sheet
Volume, NSE: 26,78,568

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Reliance Communications annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 10 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

The years either side of a change of basis do not compare. From the year to Mar 2018, the company's revenue for that year, ₹4,593 Cr, differs from its quarters added, ₹8,202 Cr. From the year to Mar 2019, the company reports a discontinued business.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue314
Employee costs−32
Other expenses−470
Operating profit−188
Depreciation−111
Other income+32
One-off items−179
Finance costs−44
Profit before tax−490
Tax−5.0
Discontinued businesses−10,630
Net profit−11,125

What the company owns

Plant, investments and other assets₹35,588 Cr
Cash and bank₹440 Cr
Receivables₹308 Cr
Inventory₹2 Cr

What pays for it: net worth and liabilities

Borrowings₹47,212 Cr
Owed to suppliers₹3,994 Cr

Reliance Communications business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit. That year's accounts report a discontinued business: these segments add to ₹349 Cr with it, and the company's revenue from the businesses it kept was ₹314 Cr.Reliance Communications segment results by quarter

Revenue by segment

₹349 CrTotal

India Operation₹345 Cr98.9% of total
Global Operation₹4 Cr1.1% of total

Segment results by year

Consolidated, ₹ crore, years to March.

India Operation
Revenue, ₹ crore
1,808
1,075
758
563
488
411
386
345
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−255
−477
−142
−190
−124
−41
−78
−264
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Global Operation
Revenue, ₹ crore
2,821
726
41
35
34
46
8
4
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−5
−44
−10
5
−5
−26
−17
−6
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	4,629	1,801	799	598	522	457	394	349
Company revenue, as in its results	4,015	1,685	760	556	479	383	358	314
Revenue	1,808	1,075	758	563	488	411	386	345
Revenue growth	–	−40.5%	−29.5%	−25.7%	−13.3%	−15.8%	−6.1%	−10.6%
Profit	−255	−477	−142	−190	−124	−41	−78	−264
Margin	−14.1%	−44.4%	−18.7%	−33.7%	−25.4%	−10.0%	−20.2%	−76.5%
Return on capital	−0.9%	–	–	–	–	–	–	–
Assets	48,300	47,884	47,688	47,313	37,307	36,900	35,407	36,661
Liabilities	18,733	94,710	1,00,375	1,06,947	1,11,594	1,18,690	1,27,925	1,38,939
Capital employed	29,567	−46,826	−52,687	−59,634	−74,287	−81,790	−92,518	−1,02,278
Revenue	2,821	726	41	35	34	46	8	4
Revenue growth	–	−74.3%	−94.4%	−14.6%	−2.9%	35.3%	−82.6%	−50.0%
Profit	−5	−44	−10	5	−5	−26	−17	−6
Margin	−0.2%	−6.1%	−24.4%	14.3%	−14.7%	−56.5%	−212.5%	−150.0%
Return on capital	−0.4%	–	–	–	–	–	−2.4%	–
Assets	7,690	860	830	890	919	789	2,133	849
Liabilities	6,402	1,605	1,536	1,573	1,501	1,424	1,436	1,475
Capital employed	1,288	−745	−706	−683	−582	−635	697	−626
	–	0	0	0	0	0	0	0
Profit	–	0	0	0	0	0	0	0
Assets	–	−2,015	−1,965	−2,039	−1,999	0	0	−1,735
Liabilities	–	−1,732	−1,667	−1,728	−1,661	0	0	−1,743
	–	0	0	0	0	0	0	0
Profit	–	0	0	0	0	0	0	0
Assets	–	1,271	1,273	1,393	541	523	558	563
Liabilities	–	1,257	1,194	1,060	230	242	238	238
	0	–	–	–	–	–	–	–
Profit	0	–	–	–	–	–	–	–
Assets	11,568	–	–	–	–	–	–	–
Liabilities	−1,325	–	–	–	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Reliance Communications quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 28 May	Mar 2020Filed 6 Aug	Mar 2021Filed 28 Jun	Mar 2022Filed 9 Jun	Mar 2023Filed 27 May	Mar 2024Filed 3 Aug	Mar 2025Filed 12 Jun	Mar 2026Filed 30 May
Revenue from operations	19,493	4,593	4,015	1,685	760	556	479	383	358	314
	14,557	–	3,634	1,901	777	618	498	394	369	502
Materials and goods bought	–	–	0	0	0	0	0	0	0	0
Employee costs	–	–	521	210	91	70	52	38	34	32
Other expenses	–	–	3,113	1,691	686	548	446	356	335	470
Operating profit before depreciation	4,936	–	381	−216	−17	−62	−19	−11	−11	−188
Operating margin	25.3%	–	9.5%	−12.8%	−2.2%	−11.2%	−4.0%	−2.9%	−3.1%	−59.9%
Materials, % of revenue	–	–	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Employee costs, % of revenue	–	–	13.0%	12.5%	12.0%	12.6%	10.9%	9.9%	9.5%	10.2%
Other expenses, % of revenue	–	–	77.5%	100.4%	90.3%	98.6%	93.1%	93.0%	93.6%	149.7%
Depreciation and amortisation	4,221	–	820	354	154	151	136	127	117	111
Operating profit after depreciation	715	–	−439	−570	−171	−213	−155	−138	−128	−299
Other income	456	91	179	49	19	28	26	72	33	32
Finance costs	3,561	186	192	62	48	47	47	47	46	44
Profit before one-off items and tax	−2,390	−8	−452	−583	−200	−232	−176	−113	−141	−311
One-off items	3	0	2,008	−10,214	0	0	−106	26	−41	−179
Profit before tax	−2,387	−8	1,556	−10,797	−200	−232	−282	−87	−182	−490
	−1,104	16	2,425	14	10	−1	−3	14	4	5
Current tax	–	–	13	14	15	7	−3	6	4	6
Deferred tax	–	–	2,412	0	−5	−8	0	8	0	−1
Share of profit of joint ventures and associates	–	–	2	4	−1	–	2	–	–	–
Profit from discontinued businesses	–	–	−6,351	−31,870	−5,601	−6,406	−14,507	−7,111	−9,203	−10,630
	−1,283	−23,907	−7,218	−42,677	−5,812	−6,637	−14,784	−7,212	−9,389	−11,125
Belonging to the company's shareholders	−1,283	−23,907	−7,206	−42,671	−5,791	−6,620	−14,499	−7,212	−9,389	−11,125
Belonging to outside owners of subsidiaries	–	–	−12	−6	−21	−17	−285	0	0	0
Other comprehensive income	–	–	12	−25	41	−47	181	−29	35	50
Total comprehensive income	–	–	−7,206	−42,702	−5,771	−6,684	−14,603	−7,241	−9,354	−11,075
Net margin	−6.6%	−520.5%	–	–	–	–	–	–	–	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2017 they do not, so they are left blank. Operating expenses, operating profit before depreciation and operating profit after depreciation are left blank for the year to Mar 2018: the statement does not state its depreciation, which operating profit is worked out from, so operating profit is not given. Net margin is left blank for the years to Mar 2019, Mar 2020, Mar 2021, Mar 2022, Mar 2023, Mar 2024, Mar 2025 and Mar 2026: the profit includes the result of a business the company has discontinued, which the revenue does not, so the two make no margin.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 28 May	Mar 2020Filed 6 Aug	Mar 2021Filed 28 Jun	Mar 2022Filed 9 Jun	Mar 2023Filed 27 May	Mar 2024Filed 3 Aug	Mar 2025Filed 12 Jun	Mar 2026Filed 30 May
	−3,858	−47,840	−53,612	−60,295	−74,896	−82,136	−91,495	−1,02,570
	−4,180	−48,156	−53,906	−60,573	−74,891	−82,130	−91,490	−1,02,565
Share capital	1,383	1,383	1,383	1,383	1,383	1,383	1,383	1,383
Reserves	−5,563	−49,539	−55,289	−61,956	−76,274	−83,513	−92,873	−1,03,948
Belonging to outside owners of subsidiaries	322	316	294	278	−5	−6	−5	−5
	30,267	30,737	30,732	45,572	47,261	47,231	47,216	47,212
Repayable after a year	0	468	463	454	445	436	424	411
Repayable within a year	30,267	30,269	30,269	45,118	46,816	46,795	46,792	46,801
	60,139	86,799	91,805	97,637	1,01,457	1,07,576	1,15,818	1,25,721
Trade payables	3,897	4,183	4,106	4,091	3,608	3,670	3,657	3,994
Other financial liabilities	22,032	47,914	52,943	43,942	49,211	55,332	63,600	73,172
Other liabilities	2,685	2,966	3,019	3,021	593	546	537	523
Provisions	1,238	1,467	1,466	1,465	1,229	1,229	1,232	1,231
Tax owed	20	0	2	0	0	4	0	0
	4,758	1,893	1,796	1,638	795	786	767	746
Other financial liabilities	0	156	0	0	0	0	0	–
Other liabilities	3,040	0	129	114	114	106	103	95
Provisions	433	12	11	10	6	6	2	2
Deferred tax	1,285	1,257	1,193	1,060	230	238	238	238
Liabilities going with businesses held for sale	6,519	7,148	7,837	8,577	9,412	10,328	11,335	12,441
	67,558	48,000	47,826	47,557	36,768	36,554	36,425	36,338
Held for sale or for a demerger	35,327	35,321	35,321	35,350	26,278	26,272	26,256	26,256
	23,107	4,996	4,857	5,180	4,293	4,178	4,028	3,956
Plant in use, after depreciation	7,612	2,222	2,078	1,971	1,630	1,468	1,352	1,241
Plant being built	191	193	196	158	69	64	53	53
Intangible assets	756	19	13	9	7	7	7	7
Goodwill	1,339	1,472	1,470	1,473	1,450	1,420	1,387	1,388
Intangible assets being developed	4	0	0	0	0	0	0	0
Investments	12,005	55	57	50	56	35	36	40
Stakes in joint ventures and associates	28	0	0	0	0	0	0	0
Other financial assets	7	2	2	1	1	2	72	79
Deferred tax	29	8	10	20	5	5	5	5
Other assets	1,136	1,025	1,031	1,498	1,075	1,177	1,116	1,143
	9,124	7,683	7,648	7,027	6,197	6,104	6,141	6,126
Inventories	63	32	29	2	2	2	2	2
Trade receivables	1,346	490	448	295	288	311	311	308
Cash and cash equivalents	832	442	709	479	218	205	194	174
Other bank balances	106	113	117	390	170	181	245	266
Loans given	0	0	0	0	385	387	385	390
Other financial assets	505	386	385	353	132	115	119	112
Tax paid in advance	492	653	380	0	0	0	0	0
Other assets	5,780	5,567	5,580	5,508	5,002	4,903	4,885	4,874
Net debt	29,329	30,182	29,906	44,703	46,873	46,845	46,777	46,772

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 28 Jun	Mar 2022Filed 9 Jun	Mar 2023Filed 27 May	Mar 2024Filed 3 Aug	Mar 2025Filed 12 Jun	Mar 2026Filed 30 May
	328	119	−64	−39	26	−14
	98	149	−73	−41	12	−16
	5,106	5,903	6,105	6,071	8,274	9,445
Receivables	64	164	−382	−594	66	−171
Inventories	3	27	0	0	0	0
Payables	5,039	5,710	6,487	6,665	8,200	9,616
Other working capital	0	2	0	0	8	0
Tax paid	231	−30	9	2	14	2
Capital spending	9	35	1	0	0	0
Free cash flow	319	84	−65	−39	26	−14
	−6	−298	8	65	21	47
Plant and property sold	0	0	0	1	0	0
Interest received	7	10	8	60	24	68
	−55	−51	−205	−39	−58	−53
Borrowings repaid	−7	−5	−9	−30	−9	−4
Interest paid	−48	−46	−13	−8	−49	−48
Dividends paid	0	0	0	0	0	0
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	267	−230	−261	−13	−11	−20

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Reliance Communications dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 28 May	Mar 2020Filed 6 Aug	Mar 2021Filed 28 Jun	Mar 2022Filed 9 Jun	Mar 2023Filed 27 May	Mar 2024Filed 3 Aug	Mar 2025Filed 12 Jun	Mar 2026Filed 30 May
Earnings per share	−₹5.69	−₹92.29	−₹26.26	−₹155.49	−₹21.10	−₹24.12	−₹52.83	−₹26.28	−₹34.36	−₹40.54
Diluted earnings per share	−₹5.69	−₹92.29	−₹26.26	−₹155.49	−₹21.10	−₹24.12	−₹52.83	−₹26.28	−₹34.36	−₹40.54
Book value per share	–	–	−₹15.11	−₹174.10	−₹194.89	−₹218.99	−₹270.76	−₹296.93	−₹330.77	−₹370.81
Shareholder yield	–	–	–	–	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Market cap at the year end (₹ crore)	9,533	6,015	1,148	180	470	733	346	470	390	210

Ratios

Consolidated, years to March.Reliance Communications PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 28 May	Mar 2020Filed 6 Aug	Mar 2021Filed 28 Jun	Mar 2022Filed 9 Jun	Mar 2023Filed 27 May	Mar 2024Filed 3 Aug	Mar 2025Filed 12 Jun	Mar 2026Filed 30 May
Revenue growth	−10.2%	–	–	−58.0%	−54.9%	−26.8%	−13.8%	−20.0%	−6.5%	−12.3%
Interest cover	0.2	–	–	–	–	–	–	–	–	–
Sales per rupee of plant	–	–	0.53	0.76	0.37	0.28	0.29	0.26	0.26	0.25
Capital spending to depreciation	–	–	–	–	0.06	0.23	0.01	0.00	0.00	0.00
Plant being built, % of plant in use	–	–	2.5%	8.7%	9.4%	8.0%	4.2%	4.4%	3.9%	4.3%

Revenue growth is left blank for the year to Mar 2018: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. Interest cover is left blank for the years to Mar 2019, Mar 2020, Mar 2021, Mar 2022, Mar 2023, Mar 2024, Mar 2025 and Mar 2026: operating profit after depreciation is a loss, and a loss covers no interest bill. Return on equity, asset turnover and assets per rupee of net worth are left blank for the years to Mar 2019, Mar 2020, Mar 2021, Mar 2022, Mar 2023, Mar 2024, Mar 2025 and Mar 2026: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Change in return on equity, from the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2019, Mar 2020, Mar 2021, Mar 2022, Mar 2023, Mar 2024, Mar 2025 and Mar 2026: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Debt to equity, receivable days, inventory days, payable days, cash conversion cycle, days, return on capital employed and working capital days are left blank for the years to Mar 2019, Mar 2020, Mar 2021, Mar 2022, Mar 2023, Mar 2024, Mar 2025 and Mar 2026: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Revenue growth is left blank for the year to Mar 2019: between the two periods the company began reporting a business as discontinued, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: −30.6%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	−34.5%	−16.2%	−13.1%
Operating margin, average	−6.8%	−16.2%	−21.9%

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	28	−27	−14
Cash from investing	−157	133	47
Cash from financing	−406	−150	−53
Capital spending	36	0	0
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	0	0	0
Borrowings repaid	57	43	4

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	5	4	2	5	4	3
Altman Z-scorePublished threshold 1.1	−5.10	−16.20	−15.89	−17.36	−24.51	−26.39	−28.84	−31.77
Beneish M-scorePublished threshold −1.78	–	–	−1.96	−2.91	−2.63	−2.36	−2.52	−2.65
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	−12.80	−13.54	−34.93	−19.74	−25.86	−30.67
Receivables growth less revenue growthOur threshold 0 percentage points	–	−5.56	46.32	−7.31	11.48	28.03	6.53	11.33
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	−10.15	−34.34	−87.05	−151.77	−30.29	−3.91	−5.73
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	19.60	3.59	–	–	53.00	–
Effective tax ratePublished threshold 17.16 per cent	155.85	–	–	–	–	–	–	–

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Amount, ₹ Cr
15 Jul 2026	ICRA Limited (opens in a new tab)	Fund-based-Cash credit	[ICRA]D ISSUER NOT COOPERATINGReview, Other	3,365
15 Jul 2026	ICRA Limited (opens in a new tab)	Fund-based-Term loan	[ICRA]D ISSUER NOT COOPERATINGReview, Other	8,658
15 Jul 2026	ICRA Limited (opens in a new tab)	Unallocated limits-Unallocated limits	[ICRA]D ISSUER NOT COOPERATINGReview, Other	12,876
15 Jul 2026	ICRA Limited (opens in a new tab)	Non Convertible Debentures	[ICRA]D ISSUER NOT COOPERATINGReview, Other	3,000
15 Jul 2026	ICRA Limited (opens in a new tab)	Commercial Paper	[ICRA]D ISSUER NOT COOPERATINGReview, Other	2,000
15 Jul 2026	ICRA Limited (opens in a new tab)	Non-fund based-Others	[ICRA]D ISSUER NOT COOPERATINGReview, Other	6,582
2 Feb 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - ST-BG/LC	CARE D; ISSUER NOT COOPERATING*Review, Re-affirm	8,034
2 Feb 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term Loan	CARE D; ISSUER NOT COOPERATING*Review, Re-affirm	9,322
2 Feb 2026	CARE Ratings Limited (opens in a new tab)	Debentures-Non Convertible Debentures	CARE D; ISSUER NOT COOPERATING*Review, Re-affirm	750
2 Feb 2026	CARE Ratings Limited (opens in a new tab)	Short Term Instruments-CP/STD	CARE D; ISSUER NOT COOPERATING*Review, Re-affirm	2,880

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.