Reliance Industries financials and balance sheet

NSE: RELIANCEBSE: 500325Petroleum ProductsLarge Cap

₹1,190.00₹5.50 (0.46%)BSE ₹1,190.00

Share price at the NSE close on 23 Oct 2026. Previous close ₹1,184.50.

52-week range of traded prices to 23 Oct 2026

₹1,152.20Low, 13 Oct 2026₹1,611.80High, 5 Jan 2026

Market cap: ₹16,10,372 Cr1st largest listed
P/E: 21.6
P/B: 1.8
Dividend yield: 0.50%
ROE: 8.6%
ROCE: 8.5%
Debt to equity: 0.34
Volume, NSE: 1,49,05,64151.2% delivered

10 years at a glance

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

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 1.3% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2024, part of the business was demerged on 20 Jul 2023, and figures before the change include the part that left.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue10,75,675
Materials and goods−6,88,663
Employee costs−30,318
Other expenses−1,77,745
Operating profit1,78,949
Depreciation−57,688
Other income+28,962
One-off items0.0
Finance costs−27,061
Profit before tax1,23,162
Tax−27,552
Joint ventures+144
Net profit95,754

What the company owns

Plant, investments and other assets₹17,09,300 Cr
Inventory₹1,66,941 Cr
Cash and bank₹1,45,977 Cr
Current investments₹97,431 Cr
Receivables₹58,491 Cr

What pays for it: net worth and liabilities

Net worth₹10,85,866 Cr
Other liabilities₹5,59,011 Cr
Borrowings₹3,74,421 Cr
Owed to suppliers₹1,58,842 Cr

Reliance Industries 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.Reliance Industries segment results by quarter

Revenue by segment

₹13,14,033 CrTotal

Oil to Chemicals (O2C)₹6,62,401 Cr50.4% of total
Retail₹3,71,085 Cr28.2% of total
Digital Services₹1,76,164 Cr13.4% of total
Others₹80,522 Cr6.1% of total
Oil and Gas₹23,861 Cr1.8% of total

Profit by segment

Oil to Chemicals (O2C)₹50,758 Cr37.1% of total
Retail₹20,817 Cr15.2% of total
Digital Services₹48,211 Cr35.3% of total
Others₹3,448 Cr2.5% of total
Oil and Gas₹13,464 Cr9.8% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Oil to Chemicals (O2C)
Revenue, ₹ crore
3,20,008
5,00,900
5,94,649
5,64,749
6,26,921
6,62,401
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
29,773
45,194
53,883
53,617
47,257
50,758
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Retail
Revenue, ₹ crore
1,53,818
1,99,749
2,60,427
3,06,848
3,30,943
3,71,085
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
7,991
10,198
13,994
17,498
19,070
20,817
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Digital Services
Revenue, ₹ crore
46,506
68,462
90,287
1,00,161
1,19,785
1,32,938
1,54,119
1,76,164
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
8,784
14,363
21,181
25,150
29,681
33,124
39,717
48,211
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
22,151
42,463
48,252
71,360
89,521
80,516
55,859
80,522
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1,230
2,721
3,635
5,196
1,045
1,387
530
3,448
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Oil and Gas
Revenue, ₹ crore
5,005
3,211
2,140
7,492
16,508
24,439
25,211
23,861
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−1,379
−1,407
−1,477
2,879
10,933
14,831
15,840
13,464
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	7,70,281	8,11,129	6,16,911	8,81,789	10,81,788	11,09,490	11,93,053	13,14,033
Company revenue, as in its results	5,81,020	6,11,645	4,86,326	7,21,634	8,92,944	9,14,472	9,80,136	10,75,675
Revenue	–	–	3,20,008	5,00,900	5,94,649	5,64,749	6,26,921	6,62,401
Revenue growth	–	–	–	56.5%	18.7%	−5.0%	11.0%	5.7%
Profit	–	–	29,773	45,194	53,883	53,617	47,257	50,758
Profit growth	–	–	–	51.8%	19.2%	−0.5%	−11.9%	7.4%
Margin	–	–	9.3%	9.0%	9.1%	9.5%	7.5%	7.7%
Return on capital	–	–	9.5%	14.2%	16.3%	18.5%	19.3%	21.6%
Assets	–	–	3,58,964	3,79,209	3,85,504	4,16,322	4,40,859	5,18,432
Liabilities	–	–	44,284	61,336	55,757	1,27,177	1,95,845	2,83,079
Capital employed	–	–	3,14,680	3,17,873	3,29,747	2,89,145	2,45,014	2,35,353
Revenue	–	–	1,53,818	1,99,749	2,60,427	3,06,848	3,30,943	3,71,085
Revenue growth	–	–	–	29.9%	30.4%	17.8%	7.9%	12.1%
Profit	–	–	7,991	10,198	13,994	17,498	19,070	20,817
Profit growth	–	–	–	27.6%	37.2%	25.0%	9.0%	9.2%
Margin	–	–	5.2%	5.1%	5.4%	5.7%	5.8%	5.6%
Return on capital	–	–	10.3%	11.5%	14.0%	14.1%	14.6%	13.1%
Assets	–	–	98,361	1,24,736	1,68,311	1,98,765	2,18,219	2,49,862
Liabilities	–	–	20,879	36,031	68,221	74,618	87,554	91,345
Capital employed	–	–	77,482	88,705	1,00,090	1,24,147	1,30,665	1,58,517
Revenue	46,506	68,462	90,287	1,00,161	1,19,785	1,32,938	1,54,119	1,76,164
Revenue growth	–	47.2%	31.9%	10.9%	19.6%	11.0%	15.9%	14.3%
Profit	8,784	14,363	21,181	25,150	29,681	33,124	39,717	48,211
Profit growth	–	63.5%	47.5%	18.7%	18.0%	11.6%	19.9%	21.4%
Margin	18.9%	21.0%	23.5%	25.1%	24.8%	24.9%	25.8%	27.4%
Return on capital	4.2%	7.1%	8.9%	9.9%	10.4%	10.4%	11.2%	12.2%
Assets	3,60,404	2,77,439	3,05,965	3,71,907	5,06,248	5,55,269	5,98,015	6,33,700
Liabilities	1,50,083	75,837	68,328	1,17,938	2,21,920	2,37,800	2,43,664	2,37,786
Capital employed	2,10,321	2,01,602	2,37,637	2,53,969	2,84,328	3,17,469	3,54,351	3,95,914
Revenue	22,151	42,463	48,252	71,360	89,521	80,516	55,859	80,522
Revenue growth	–	91.7%	13.6%	47.9%	25.4%	−10.1%	−30.6%	44.2%
Profit	1,230	2,721	3,635	5,196	1,045	1,387	530	3,448
Profit growth	–	121.2%	33.6%	42.9%	−79.9%	32.7%	−61.8%	550.6%
Margin	5.6%	6.4%	7.5%	7.3%	1.2%	1.7%	0.9%	4.3%
Return on capital	2.3%	4.0%	3.0%	3.8%	0.6%	0.6%	0.2%	1.2%
Assets	66,047	92,522	1,34,879	1,60,961	2,17,126	2,52,435	3,44,853	3,91,869
Liabilities	11,782	25,180	14,272	24,371	43,364	38,759	72,263	92,622
Capital employed	54,265	67,342	1,20,607	1,36,590	1,73,762	2,13,676	2,72,590	2,99,247
Revenue	5,005	3,211	2,140	7,492	16,508	24,439	25,211	23,861
Revenue growth	–	–	–	–	–	48.0%	3.2%	−5.4%
Profit	−1,379	−1,407	−1,477	2,879	10,933	14,831	15,840	13,464
Profit growth	–	–	–	–	–	35.7%	6.8%	−15.0%
Margin	−27.6%	−43.8%	−69.0%	38.4%	66.2%	60.7%	62.8%	56.4%
Return on capital	–	−2,100.0%	−7.1%	12.0%	34.4%	59.8%	71.8%	86.8%
Assets	36,135	42,693	35,163	34,938	37,812	36,625	35,863	30,833
Liabilities	54,160	42,626	14,359	10,899	6,042	11,842	13,806	15,320
Capital employed	−18,025	67	20,804	24,039	31,770	24,783	22,057	15,513
Revenue	–	1,271	2,406	2,127	898	–	–	–
Profit	–	473	1,357	708	494	–	–	–
Margin	–	37.2%	56.4%	33.3%	55.0%	–	–	–
Return on capital	–	1.9%	1.7%	0.7%	0.5%	–	–	–
Assets	–	25,258	80,420	1,08,597	1,00,823	–	–	–
Liabilities	–	78	71	190	46	–	–	–
Capital employed	–	25,180	80,349	1,08,407	1,00,777	–	–	–
Revenue	3,93,988	3,87,522	–	–	–	–	–	–
Revenue growth	–	−1.6%	–	–	–	–	–	–
Profit	19,868	21,334	–	–	–	–	–	–
Profit growth	–	7.4%	–	–	–	–	–	–
Margin	5.0%	5.5%	–	–	–	–	–	–
Return on capital	74.4%	11.2%	–	–	–	–	–	–
Assets	2,20,107	2,29,070	–	–	–	–	–	–
Liabilities	1,93,397	38,265	–	–	–	–	–	–
Capital employed	26,710	1,90,805	–	–	–	–	–	–
Revenue	1,72,065	1,45,264	–	–	–	–	–	–
Revenue growth	–	−15.6%	–	–	–	–	–	–
Profit	32,173	25,547	–	–	–	–	–	–
Profit growth	–	−20.6%	–	–	–	–	–	–
Margin	18.7%	17.6%	–	–	–	–	–	–
Return on capital	70.7%	21.5%	–	–	–	–	–	–
Assets	1,29,955	1,30,866	–	–	–	–	–	–
Liabilities	84,432	12,129	–	–	–	–	–	–
Capital employed	45,523	1,18,737	–	–	–	–	–	–
Revenue	1,30,566	1,62,936	–	–	–	–	–	–
Revenue growth	–	24.8%	–	–	–	–	–	–
Profit	5,546	8,263	–	–	–	–	–	–
Profit growth	–	49.0%	–	–	–	–	–	–
Margin	4.2%	5.1%	–	–	–	–	–	–
Return on capital	42.5%	43.7%	–	–	–	–	–	–
Assets	35,560	38,165	–	–	–	–	–	–
Liabilities	22,508	19,276	–	–	–	–	–	–
Capital employed	13,052	18,889	–	–	–	–	–	–

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

Profit and loss

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

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 19 Apr	Mar 2020Filed 2 May	Mar 2021Filed 3 May	Mar 2022Filed 9 May	Mar 2023Filed 25 Apr	Mar 2024Filed 23 Apr	Mar 2025Filed 12 Jun	Mar 2026Filed 24 Apr
Revenue from operations	3,30,180	4,08,265	5,81,020	6,11,645	4,86,326	7,21,634	8,92,944	9,14,472	9,80,136	10,75,675
	2,83,986	–	4,97,102	5,23,428	4,05,589	6,11,174	7,50,036	7,52,239	8,14,692	8,96,726
Materials and goods bought	2,12,300	2,67,466	3,94,487	4,05,240	2,92,701	4,74,912	5,89,280	5,85,343	6,29,689	6,88,663
Employee costs	–	–	12,488	14,075	14,817	18,775	24,894	25,679	28,559	30,318
Other expenses	–	–	90,127	1,04,113	98,071	1,17,487	1,35,862	1,41,217	1,56,444	1,77,745
Operating profit before depreciation	46,194	–	83,918	88,217	80,737	1,10,460	1,42,908	1,62,233	1,65,444	1,78,949
Operating margin	14.0%	–	14.4%	14.4%	16.6%	15.3%	16.0%	17.7%	16.9%	16.6%
Materials, % of revenue	–	–	67.9%	66.3%	60.2%	65.8%	66.0%	64.0%	64.2%	64.0%
Employee costs, % of revenue	–	–	2.1%	2.3%	3.0%	2.6%	2.8%	2.8%	2.9%	2.8%
Other expenses, % of revenue	–	–	15.5%	17.0%	20.2%	16.3%	15.2%	15.4%	16.0%	16.5%
Depreciation and amortisation	11,646	–	20,934	22,203	26,572	29,797	40,319	50,832	53,136	57,688
Operating profit after depreciation	34,548	–	62,984	66,014	54,165	80,663	1,02,589	1,11,401	1,12,308	1,21,261
Other income	9,443	8,862	8,635	13,956	16,327	14,947	11,826	16,057	17,978	28,962
Finance costs	3,849	8,052	16,495	22,027	21,189	14,584	19,571	23,118	24,269	27,061
Profit before one-off items and tax	40,142	48,280	55,124	57,943	49,303	81,026	94,844	1,04,340	1,06,017	1,23,162
One-off items	0	1,146	0	−4,444	5,642	2,836	0	0	0	0
Profit before tax	40,142	49,426	55,124	53,499	54,945	83,862	94,844	1,04,340	1,06,017	1,23,162
	10,201	13,346	15,390	13,726	1,722	16,297	20,713	25,707	25,230	27,552
Current tax	8,880	10,098	11,683	8,630	2,205	3,161	8,725	13,590	12,758	9,736
Deferred tax	1,321	3,248	3,707	5,096	−483	13,136	11,988	12,117	12,472	17,816
Share of profit of joint ventures and associates	−108	–	103	107	516	280	−43	387	522	144
	29,833	36,080	39,837	39,880	53,739	67,845	74,088	79,020	81,309	95,754
Belonging to the company's shareholders	29,833	36,080	39,588	39,354	49,128	60,705	66,702	69,621	69,648	80,775
Belonging to outside owners of subsidiaries	–	–	249	526	4,611	7,140	7,386	9,399	11,661	14,979
Other comprehensive income	–	–	58,765	15,293	33,798	22,260	−18,812	3,669	−2,436	−11,547
Total comprehensive income	–	–	98,602	55,173	87,537	90,105	55,276	82,689	78,873	84,207
Net margin	9.0%	8.8%	6.9%	6.5%	11.1%	9.4%	8.3%	8.6%	8.3%	8.9%
Net margin without joint ventures and associates	9.1%	–	6.8%	6.5%	10.9%	9.4%	8.3%	8.6%	8.2%	8.9%

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.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 19 Apr	Mar 2020Filed 2 May	Mar 2021Filed 3 May	Mar 2022Filed 9 May	Mar 2023Filed 25 Apr	Mar 2024Filed 23 Apr	Mar 2025Filed 12 Jun	Mar 2026Filed 24 Apr
	3,95,392	4,61,347	7,99,432	8,88,984	9,34,162	9,25,788	10,09,626	10,85,866
	3,87,112	4,53,331	7,00,172	7,79,485	8,21,153	7,93,481	8,43,200	9,04,030
Share capital	5,926	6,339	6,445	6,765	6,766	6,766	13,532	13,532
Reserves	3,81,186	4,46,992	6,93,727	7,72,720	8,14,387	7,86,715	8,29,668	8,90,498
Belonging to outside owners of subsidiaries	8,280	8,016	99,260	1,09,499	1,13,009	1,32,307	1,66,426	1,81,836
	2,71,942	2,91,417	2,23,764	2,66,305	3,14,708	3,24,622	3,47,530	3,74,421
Repayable after a year	2,07,506	1,97,631	1,63,683	1,87,699	1,83,176	2,22,712	2,36,899	2,70,751
Repayable within a year	64,436	93,786	60,081	78,606	1,31,532	1,01,910	1,10,631	1,03,670
	3,14,023	4,12,916	2,77,568	3,08,662	3,96,534	3,97,367	4,53,737	5,41,254
Trade payables	1,08,309	96,799	1,08,897	1,59,330	1,47,178	1,78,377	1,86,789	1,58,842
Other financial liabilities	87,051	1,44,778	73,052	47,206	72,713	59,707	62,046	72,041
Other liabilities	52,901	75,663	33,034	21,584	42,931	55,198	90,124	2,01,503
Provisions	1,326	1,890	2,504	1,936	2,180	2,175	4,147	5,198
	2,89,692	2,91,652	2,44,212	3,02,019	3,82,810	4,32,831	4,86,758	5,51,020
Other financial liabilities	10,020	18,804	21,564	62,215	1,36,781	1,31,354	1,32,461	1,53,583
Other liabilities	19,387	19,304	19,339	608	919	4,480	5,641	6,932
Provisions	2,856	1,790	2,625	1,853	1,607	2,044	28,304	21,793
Deferred tax	49,923	54,123	37,001	49,644	60,327	72,241	83,453	97,961
Liabilities going with businesses held for sale	3,299	–	–	–	–	–	–	–
	10,02,406	11,65,915	13,21,212	14,99,665	17,13,506	17,55,986	19,50,121	21,78,140
Held for sale or for a demerger	4,667	–	–	–	–	–	–	–
	7,71,651	9,07,655	9,48,201	11,52,646	12,71,528	12,85,886	14,50,851	15,83,891
Plant in use, after depreciation	3,02,115	4,35,920	4,51,066	5,00,454	5,70,543	6,06,084	6,83,102	7,51,087
Plant being built	1,50,178	59,096	71,171	68,052	1,17,259	1,52,382	1,69,710	1,92,287
Intangible assets	84,262	86,479	79,980	1,14,335	1,39,050	1,58,912	2,91,761	3,45,246
Goodwill	11,997	10,259	10,212	13,009	13,662	14,989	24,530	28,462
Intangible assets being developed	29,285	50,010	54,782	1,04,454	1,76,531	1,86,473	92,648	45,399
Investments	1,64,549	2,03,852	2,12,382	2,86,146	2,07,914	1,19,502	1,23,672	1,50,901
Loans given	6,813	21,732	2,484	1,588	1,525	899	742	826
Other financial assets	–	0	0	2,377	2,523	2,622	6,088	4,899
Deferred tax	4,776	2,900	1,147	1,043	1,543	938	408	594
Other assets	17,676	37,407	64,977	61,188	40,978	43,085	58,190	64,190
	2,26,088	2,58,260	3,73,011	3,47,019	4,41,978	4,70,100	4,99,270	5,94,249
Inventories	67,561	73,903	81,672	1,07,778	1,40,008	1,52,770	1,46,062	1,66,941
Trade receivables	30,089	19,656	19,014	23,640	28,451	31,628	42,121	58,491
Cash and cash equivalents	7,512	30,920	17,397	36,178	74,708	97,225	1,06,502	1,45,977
Current investments	70,939	72,915	1,52,446	1,08,118	1,28,719	1,06,170	1,18,709	97,431
Loans given	545	669	65	130	217	2,517	5,182	4,870
Other financial assets	12,638	27,434	61,124	23,896	19,990	23,965	23,546	57,926
Other assets	36,804	32,763	41,293	47,279	49,885	55,825	57,148	62,613
Net debt	1,93,491	1,87,582	53,921	1,22,009	1,11,281	1,21,227	1,22,319	1,31,013

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 3 May	Mar 2022Filed 9 May	Mar 2023Filed 25 Apr	Mar 2024Filed 23 Apr	Mar 2025Filed 12 Jun	Mar 2026Filed 24 Apr
	26,185	1,10,654	1,15,032	1,58,788	1,78,703	1,92,113
	29,398	1,14,451	1,21,329	1,70,749	1,90,628	2,01,721
	−50,731	725	−19,634	6,366	23,724	12,497
Receivables	186	−14,180	13,194	−15,674	−17,837	−53,322
Inventories	−7,769	−24,983	−32,228	−12,756	3,134	−20,790
Payables	−43,148	39,888	−600	34,796	38,427	86,609
Tax paid	−3,213	−3,797	−6,297	−11,961	−11,925	−9,608
Capital spending	1,05,837	1,00,145	1,40,988	1,52,883	1,39,967	1,22,916
Free cash flow	−79,652	10,509	−25,956	5,905	38,736	69,197
	−1,41,634	−1,10,103	−91,235	−1,14,301	−1,37,535	−1,01,089
Plant and property sold	2,319	3,137	9,186	15,307	2,343	826
Interest received	8,400	5,933	11,103	10,648	15,833	13,538
Dividends received	26	19	20	75	612	9,100
	1,01,902	17,289	10,455	−16,646	−31,891	−51,549
Borrowings raised	33,211	59,343	67,134	44,317	51,002	38,871
Borrowings repaid	−1,16,921	−49,493	−29,059	−35,055	−31,755	−36,052
Interest paid	−18,340	−26,349	−21,650	−37,173	−41,024	−39,981
Lease payments	−1,022	−2,132	−1,406	−2,483	−2,956	−6,508
Dividends paid	3,921	4,297	5,083	6,089	7,180	7,879
Shares bought back	0	0	0	0	0	0
Shares issued	13,215	39,767	40	7	22	0
Net change in cash	−13,547	17,840	34,252	27,841	9,277	39,475

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 Industries dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 19 Apr	Mar 2020Filed 2 May	Mar 2021Filed 3 May	Mar 2022Filed 9 May	Mar 2023Filed 25 Apr	Mar 2024Filed 23 Apr	Mar 2025Filed 12 Jun	Mar 2026Filed 24 Apr
	₹25.33	₹30.47	₹33.41	₹31.75	₹38.19	₹46.00	₹49.30	₹51.45	₹51.47	₹59.69
As stated that year	₹101.33	₹60.94	₹66.82	₹63.49	₹76.37	₹92.00	₹98.59	₹102.90	₹51.47	₹59.69
	₹25.29	₹30.45	₹33.40	₹31.75	₹37.61	₹45.43	₹49.30	₹51.45	₹51.47	₹59.69
As stated that year	₹101.14	₹60.89	₹66.80	₹63.49	₹75.21	₹90.85	₹98.59	₹102.90	₹51.47	₹59.69
	₹2.75	₹3.00	₹3.25	₹3.25	₹3.50	₹4.00	₹4.50	₹5.00	₹5.50	₹6.00
As declared that year	₹11.00	₹6.00	₹6.50	₹6.50	₹7.00	₹8.00	₹9.00	₹10.00	₹5.50	₹6.00
	–	–	₹326.62	₹357.57	₹543.19	₹576.12	₹606.82	₹586.37	₹623.12	₹668.07
On that year's share count	–	–	₹653.24	₹715.15	₹1,086.38	₹1,152.23	₹1,213.65	₹1,172.75	₹623.12	₹668.07
Dividend payout	12.0%	10.5%	9.7%	10.5%	9.2%	8.9%	9.1%	9.7%	10.7%	10.1%
Shareholder yield	–	–	–	–	−0.7%	−2.0%	0.3%	0.3%	0.4%	0.4%
Market cap at the year end (₹ crore)	4,28,446	5,59,058	8,64,104	7,06,029	13,54,510	17,82,670	15,77,187	20,10,685	17,25,513	18,18,629

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from.

Ratios

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

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 19 Apr	Mar 2020Filed 2 May	Mar 2021Filed 3 May	Mar 2022Filed 9 May	Mar 2023Filed 25 Apr	Mar 2024Filed 23 Apr	Mar 2025Filed 12 Jun	Mar 2026Filed 24 Apr
Revenue growth	–	23.6%	42.3%	5.3%	−20.5%	48.4%	23.7%	–	7.2%	9.7%
Operating profit growth	–	–	–	5.1%	−8.5%	36.8%	29.4%	–	2.0%	8.2%
Net profit growth	–	20.9%	10.4%	0.1%	34.8%	26.2%	9.2%	–	2.9%	17.8%
Earnings per share growth	–	20.3%	9.6%	−5.0%	20.3%	20.5%	7.2%	–	0.0%	16.0%
	–	–	10.2%	9.4%	8.5%	8.2%	8.3%	8.6%	8.5%	9.2%
	–	–	–	−0.9 pts	−0.8 pts	−0.3 pts	0.1 pts	0.3 pts	−0.1 pts	0.7 pts
From the net margin	–	–	–	−0.6 pts	5.3 pts	−1.4 pts	−0.9 pts	0.2 pts	−0.6 pts	0.5 pts
From asset turnover	–	–	–	−0.3 pts	−4.5 pts	2.2 pts	0.6 pts	−0.4 pts	0.0 pts	−0.1 pts
From borrowing	–	–	–	0.0 pts	−1.7 pts	−1.1 pts	0.4 pts	0.6 pts	0.4 pts	0.4 pts
Return on capital employed	–	–	9.4%	8.8%	5.3%	7.0%	8.2%	8.9%	8.3%	8.3%
Cash conversion	–	–	–	–	48.7%	163.1%	155.3%	200.9%	219.8%	200.6%
Interest cover	9.0	–	3.8	3.0	2.6	5.5	5.2	4.8	4.6	4.5
Debt to equity	–	–	0.69	0.63	0.28	0.30	0.34	0.35	0.34	0.34
Receivable days	–	–	19	12	14	12	12	13	16	20
Inventory days	–	–	63	67	102	83	87	95	85	88
Payable days	–	–	100	87	136	122	91	111	108	84
Cash conversion cycle, days	–	–	−19	−9	−20	−28	7	−3	−8	24
Working capital days	–	–	−64	−98	−11	−14	−11	−11	−26	−29
Asset turnover	–	–	0.58	0.56	0.39	0.51	0.56	0.53	0.53	0.52
Assets per rupee of net worth	–	–	2.59	2.58	2.16	1.91	2.01	2.15	2.26	2.36
Sales per rupee of plant	–	–	1.92	1.40	1.08	1.44	1.57	1.51	1.43	1.43
Capital spending to depreciation	–	–	–	–	3.98	3.36	3.50	3.01	2.63	2.13
Plant being built, % of plant in use	–	–	49.7%	13.6%	15.8%	13.6%	20.6%	25.1%	24.8%	25.6%

Revenue growth, operating profit growth, net profit growth and earnings per share growth are left blank for the year to Mar 2017: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. Revenue growth, operating profit growth, net profit growth and earnings per share growth are left blank for the year to Mar 2024: between the two periods the company demerged a business, 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: 3.9%
Cash from operations against operating profit: 107.4%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	14.5%	17.2%	6.4%
Profit growth, yearly rate	11.3%	10.5%	6.6%
Return on equity, average	–	8.6%	8.8%
Return on capital employed, average	–	8.1%	8.5%
Operating margin, average	15.8%	16.5%	17.1%
Net margin, average	8.6%	8.7%	8.6%
Asset turnover, average	–	0.53	0.53
Cash conversion cycle, days, average	–	−2	4
Interest cover, average	4.8	4.9	4.6
Debt to equity, average	–	0.34	0.35

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	7,55,290	5,29,604	1,92,113
Cash from investing	−5,54,263	−3,52,925	−1,01,089
Cash from financing	−72,342	−1,00,086	−51,549
Capital spending	6,56,899	4,15,766	1,22,916
Dividends paid	30,528	21,148	7,879
Shares bought back	0	0	0
Shares issued for cash	39,836	29	0
Borrowings raised	2,60,667	1,34,190	38,871
Borrowings repaid	1,81,414	1,02,862	36,052

Accounting checks

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

Check	Mar 2017	Mar 2018	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	–	–	–	–	6	5	5	6	6	6
Altman Z-scorePublished threshold 1.81	–	–	2.04	1.72	2.86	3.20	2.65	2.89	2.45	2.32
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.40	−2.16	−2.37	−2.59	−2.41	−2.39
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	13.61	4.77	3.13	1.99	2.17	0.23
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.29	1.74	1.93	2.07
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−39.94	17.22	−24.06	−3.39	8.76	26.00	29.12
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	6.66	38.28	−30.29	5.82	9.78	−11.97	4.93
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	1.76	8.68	−4.33	−0.15	1.08	0.09	3.70
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.38	1.71	0.86	1.06	1.76	1.30	1.53
Effective tax ratePublished threshold 17.16 per cent	25.41	27.00	27.92	25.66	3.13	19.43	21.84	24.64	23.80	22.37
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	14.91	15.20	13.17	12.55	14.57

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	Outlook	Amount, ₹ Cr
21 Oct 2026	ICRA Limited (opens in a new tab)	Non Convertible DebenturesLong-term scale	[ICRA]AAAReview, Re-affirm	Stable	3,500
21 Oct 2026	ICRA Limited (opens in a new tab)	Fund-based/Non-fund based-OthersLong-term scale	[ICRA]AAANew, New	Stable	50,000
21 Oct 2026	ICRA Limited (opens in a new tab)	Commercial PaperShort-term scale	[ICRA]A1+Review, Re-affirm		10,000
30 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Commercial Paper	Crisil A1+Review, Other		34,500
30 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1+Review, Other		50,510
30 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Non Convertible Debentures	Crisil AAAReview, Other	Stable	3,000
30 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AAAReview, Other	Stable	3,000
25 Sep 2026	CARE Ratings Limited (opens in a new tab)	Commercial Paper	CARE A1+Review, Re-affirm		34,500
25 Sep 2026	CARE Ratings Limited (opens in a new tab)	Debentures-Non Convertible Debentures	CARE AAAReview, Re-affirm	Stable	3,000
23 Dec 2025	India Ratings and Research Private Limited (opens in a new tab)	Commercial paper	IND A1+Review, Re-affirm		5,000
23 Dec 2025	India Ratings and Research Private Limited (opens in a new tab)	Issuer Rating	IND AAAReview, Re-affirm	Stable
23 Dec 2025	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND AAA; IND A1+Review, Re-affirm	Stable	15,000

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