Reliance Industries Limited (RELIANCE)
₹1,211.20 -0.31% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Reliance Industries' revenue was ₹3,11,850 Cr (+25.4% year on year, +6.1% on the previous quarter), and net profit ₹23,196 Cr (-24.6% year on year); the operating margin was 15.2%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹3,11,850 | +25.4% | +6.1% |
| Operating profit | ₹47,517 | +10.7% | +7.6% |
| Net profit | ₹23,196 | -24.6% | +12.7% |
| EPS (₹) | 15.48 | -22.4% | +23.4% |
| Operating margin | 15.2% | — | — |
RELIANCE delivery percentage, bulk deals and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 59.55% of the RELIANCE shares traded on NSE were taken to delivery, against the stock's own 20-session average of 60.46%. That is close to its usual level. In RELIANCE futures, open interest fell 0.50% while the futures price fell 0.18%: long unwinding (longs closing out). 2 bulk or block deals were reported in RELIANCE in the last 60 days: ₹240 Cr bought and ₹240 Cr sold.
Delivery in the last 5 sessions: 53.6% · 55.3% · 51.1% · 56.9% · 59.5%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 8 Oct | Buy | Pi Opportunities Aif V Llp | ₹239.93 Cr | ₹1,176.00 | 2,040,212 | Block |
| 8 Oct | Sell | Pioneer Investment Fund Scheme Ii | ₹239.93 Cr | ₹1,176.00 | 2,040,212 | Block |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Reliance Industries subsidiary Jio Platforms Limited (JPL) has finalized the terms for its proposed Initial Public Offer (IPO). The IPO Committee set the price band between ₹1,065 and ₹1,119 per equity share, with a face value of ₹10 each. Eligible employees bidding under the Employee Reservation Portion will receive a discount of ₹54 per share. The minimum bid lot has been established at 12 equity shares and in multiples of 12 thereafter.
- Price band fixed at ₹1,065 to ₹1,119 per equity share
- Employee discount approved at ₹54 per equity share
- Minimum bid lot set at 12 equity shares (face value ₹10 each)
- Follows the filing of the Red Herring Prospectus by Jio Platforms Limited
Reliance Industries subsidiary Jio Platforms Limited (JPL) has filed its Red Herring Prospectus (RHP) with the RoC Gujarat for an Initial Public Offering comprising a fresh issue of up to 27,00,00,000 equity shares (face value Rs. 10 each). The issue reserves up to Rs. 2,500 crore for eligible RIL public shareholders and up to Rs. 500 crore for eligible employees. Anchor bidding opens on October 19, 2026, while public subscription runs from October 21 to October 23, 2026.
- Fresh issue size of up to 27,00,00,000 equity shares of face value Rs. 10 each
- Reservation of up to Rs. 2,500 crore for eligible RIL public shareholders as of October 14, 2026
- Employee reservation portion of up to Rs. 500 crore
- Public subscription dates set for October 21 to October 23, 2026 (Anchor bidding: October 19, 2026)
Reliance Industries Limited received an order dated October 6, 2026, from the Joint Commissioner of Customs (Import), ACC, Mumbai. The order imposes a redemption fine and penalty totaling Rs 18,74,978 due to alleged incorrect classification of imported goods leading to lesser duty discharge. The company stated it intends to appeal the order, noting zero impact on ongoing operations. Financially, the exposure is negligible relative to RIL's annual revenue of over Rs 11 lakh crore.
- Customs penalty and redemption fine aggregating Rs 18,74,978 levied on the company
- Order passed on October 6, 2026, by Joint Commissioner of Customs (Import), ACC, Mumbai
- Received via email on October 7, 2026, at 12:21 p.m. IST
- Company intends to file an appeal against the order
Reliance Industries Limited has allotted 13,00,000 unsecured, redeemable NCDs (PPD Series R) of face value ₹1,00,000 each via private placement. The company mobilized ₹13,008.6095 crore, fully utilizing its ₹12,000 crore base issue and the ₹1,000 crore greenshoe option. The debentures carry an annual coupon rate of 7.90% with a 10-year maturity maturing on October 1, 2036. The issuance is rated AAA/Stable by both CRISIL and CARE.
- Mobilized ₹13,008.6095 crore via 13,00,000 NCDs of face value ₹1,00,000 each
- Base issue size of ₹12,000 crore with full exercise of ₹1,000 crore greenshoe option
- Coupon fixed at 7.90% p.a. payable annually, maturing October 1, 2036 (10-year tenor)
- Rated 'CRISIL AAA/Stable' and 'CARE AAA/Stable'
Reliance Industries Limited received credit rating intimations from CARE Ratings and CRISIL Ratings on September 25, 2026. CARE assigned a 'CARE AAA; Stable' rating to a fresh ₹10,000 crore non-convertible debenture (NCD) facility and reaffirmed 'CARE AAA; Stable' across existing NCD tranches totaling ₹47,000 crore. Commercial paper of ₹34,500 crore was also reaffirmed at 'CARE A1+'. CRISIL similarly assigned/reaffirmed 'CRISIL AAA/Stable', reflecting the conglomerate's robust capital structure and diversified market leadership.
- CARE assigned 'CARE AAA; Stable' rating to fresh ₹10,000.00 crore NCDs
- Existing NCD ratings reaffirmed at 'CARE AAA; Stable' across ₹47,000.00 crore across four tranches (₹6,500 cr, ₹5,500 cr, ₹20,000 cr, ₹15,000 cr)
- Commercial paper rating of ₹34,500.00 crore reaffirmed at 'CARE A1+'
- CRISIL assigned/reaffirmed 'CRISIL AAA/Stable' rating for its debt instruments
Reliance Industries Limited received top-tier credit ratings from CARE Ratings and CRISIL Ratings on September 25, 2026. CARE assigned a 'CARE AAA; Stable' rating to Rs 10,000.00 crore of fresh Non-Convertible Debentures (NCDs) and reaffirmed 'CARE AAA; Stable' on existing NCDs totaling Rs 47,000.00 crore. Additionally, CARE reaffirmed 'CARE A1+' on Rs 34,500.00 crore Commercial Paper, while CRISIL also assigned/reaffirmed 'CRISIL AAA/Stable'. The ratings reflect RIL's market leadership across O2C, telecom, and retail, supported by robust liquidity against Rs 2,34,008 crore total debt.
- CARE assigned 'CARE AAA; Stable' rating to Rs 10,000.00 crore of fresh NCDs
- CARE reaffirmed 'CARE AAA; Stable' on four existing NCD tranches totaling Rs 47,000.00 crore
- Commercial Paper rating of 'CARE A1+' reaffirmed for Rs 34,500.00 crore
- CRISIL assigned and reaffirmed its highest rating of 'CRISIL AAA/Stable'
Reliance Industries Limited disclosed that its executives participated in an institutional investor meeting at the Jefferies India Forum 2026 on September 17, 2026, held in Gurgaon. This update follows an earlier intimation given by the company on September 11, 2026. The company confirmed that only one-on-one meetings took place and no unpublished price sensitive information (UPSI) was shared. Given the procedural nature of the filing, there is no direct impact on the company's financial metrics.
- Executives attended the Jefferies India Forum 2026 on September 17, 2026
- Meeting conducted in a one-on-one format in Gurgaon
- Follow-up to the previous disclosure dated September 11, 2026
- No unpublished price sensitive information (UPSI) was disclosed
Reliance Industries Limited announced that company executives will participate in the CITIC CLSA Investors' Forum 2026 in Hong Kong on September 22 and 23, 2026. The interactions are expected to be conducted on a one-on-one basis. The company explicitly confirmed that no unpublished price sensitive information (UPSI) will be discussed or shared during the meetings. This is a standard investor engagement schedule under SEBI LODR Regulation 30.
- Executive participation scheduled for September 22 & 23, 2026
- Event: CITIC CLSA Investors' Forum 2026 held in Hong Kong
- Format consists of one-on-one investor interactions
- Confirmation that zero unpublished price sensitive information (UPSI) will be shared
Reliance Industries Limited announced that company executives will participate in the J.P. Morgan India Conference 2026 on September 21, 2026, in Mumbai. The meetings with institutional investors are planned on a one-on-one basis. The company explicitly stated that no unpublished price sensitive information (UPSI) will be shared or discussed during the sessions.
- Executive participation scheduled for September 21, 2026
- Event: J.P. Morgan India Conference 2026 held in Mumbai
- Format: Expected to be conducted on a one-on-one basis
- Compliance: No unpublished price sensitive information (UPSI) will be discussed
Reliance Industries Limited has allotted 12,00,000 Unsecured, Redeemable, Non-Convertible Debentures (PPD Series Q) at a face value of ₹1,00,000 each, raising ₹12,000 crore on a private placement basis. The issue had a base size of ₹10,000 crore with a ₹2,500 crore greenshoe option and was priced at an annual coupon of 7.47%. The debentures carry a 5-year tenor maturing on September 16, 2031, with AAA ratings from CRISIL and CARE. Against Reliance's existing total debt of ₹2,34,008 crore, this issuance represents approximately 5.1% of borrowings.
- Allotted 12,00,000 NCDs aggregating to ₹12,000 crore on private placement basis
- Coupon rate fixed at 7.47% p.a. with annual interest payments of ₹7,470 per NCD
- Base issue was ₹10,000 crore with an over-subscription green shoe option up to ₹2,500 crore
- Instrument tenor is 5 years, with redemption scheduled on September 16, 2031
- Instruments rated CRISIL AAA/Stable and CARE AAA/Stable
Reliance Industries Limited has informed the exchanges that company executives will participate in the Jefferies India Forum 2026 on September 17, 2026, in Gurgaon. The interactions are scheduled to take place on a one-on-one basis with institutional investors. The company confirmed that no unpublished price-sensitive information (UPSI) will be shared during these discussions. Given the routine nature of investor conferences, this interaction has no direct financial impact on the company's ₹11,34,303 Cr TTM revenue base.
- Participation scheduled for September 17, 2026, at Gurgaon
- Event organized by third party: Jefferies India Forum 2026
- Meetings are expected to be conducted on a one-on-one basis
- Company confirmed 0 unpublished price sensitive information (UPSI) will be shared
Reliance Industries Limited disclosed that company executives attended the UBS India Summit 2026 in Mumbai on September 10, 2026. The meeting followed an earlier intimation dated September 7, 2026. The company confirmed that only one-on-one institutional meetings took place and no unpublished price sensitive information (UPSI) was shared. This is a routine post-meet regulatory disclosure under SEBI LODR rules.
- Meeting conducted on September 10, 2026 at UBS India Summit 2026 in Mumbai
- Follows initial intimation made on September 7, 2026
- Format consisted of one-on-one institutional investor meetings with zero UPSI shared
Reliance Industries Limited received credit rating intimations from CARE Ratings and CRISIL Ratings on September 9, 2026. CARE assigned a 'CARE AAA; Stable' rating to a fresh Rs 15,000 crore Non-Convertible Debenture (NCD) issue and reaffirmed existing NCD ratings totaling Rs 32,000 crore alongside Commercial Paper worth Rs 34,500 crore at 'CARE A1+'. The ratings reflect RIL's integrated O2C operations, retail leadership with 20,169 stores, and robust capital structure with a D/E ratio of 0.41 against total debt of Rs 234,008 crore.
- CARE assigned 'CARE AAA; Stable' to fresh Rs 15,000.00 crore Non-convertible debentures
- CARE reaffirmed 'CARE AAA; Stable' on existing NCD facilities of Rs 6,500 cr, Rs 5,500 cr, and Rs 20,000 cr
- Commercial paper rating of Rs 34,500.00 crore reaffirmed at 'CARE A1+'
- Retail footprint as of June 30, 2026 stood at 20,169 stores covering 78.4 million sq ft
Reliance Industries Limited disclosed that company executives will participate in the UBS India Summit 2026 on September 10, 2026, in Mumbai. The interactions are expected to take place on a one-on-one basis with institutional investors. The company confirmed that no unpublished price sensitive information (UPSI) will be shared during these meetings. This is a routine regulatory intimation under SEBI Listing Regulations.
- Participation in UBS India Summit 2026 scheduled for September 10, 2026
- Meeting format planned on a one-on-one basis with institutional investors
- Location of the investor meetings is Mumbai
- Company confirmed zero unpublished price sensitive information (UPSI) will be shared
Reliance Industries Limited announced that its step-down subsidiary, Roptonal Limited, has been dissolved with effect from August 18, 2026. The dissolution was confirmed via a certificate dated September 4, 2026, issued by the Department of Insolvency, Republic of Cyprus. The filing represents routine corporate rationalisation and has no material impact on the company's consolidated financials or operations.
- Step-down subsidiary Roptonal Limited dissolved effective August 18, 2026
- Certificate issued on September 4, 2026 by Department of Insolvency, Republic of Cyprus
- Intimation received by Reliance on September 4, 2026 at 6:44 p.m. IST
- Follows earlier regulatory disclosure dated May 20, 2026
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 7.1% to INR 10,71,174 Cr in FY 2024-25. Segment-wise: Retail revenue grew 6.6% to INR 2,91,043 Cr; Digital Services (Jio Platforms) grew 15% YoY in Q2 FY26 to INR 36,332 Cr; FMCG revenue grew 100% (2x) YoY to INR 5,300 Cr in H1 FY26.
Geographic Revenue Split
Not disclosed in available documents, though the company emphasizes an 'India-focused' portfolio with global expansion in sports franchises (UK-based MI London and Oval Invincibles).
Profitability Margins
Consolidated Net Profit stood at INR 81,309 Cr with a PAT margin of 8.1% in FY 2024-25, down from 8.5% in FY 2024. Operating margin declined to 7.2% from 9.8% due to weaker transportation fuel and downstream chemical margins in the O2C segment.
EBITDA Margin
Consolidated EBITDA grew 2.9% to INR 1,83,422 Cr in FY 2024-25. Jio Platforms EBITDA margin expanded by 140 bps YoY to 51.6% in Q2 FY26, while Reliance Retail maintained an 8.6% EBITDA margin.
Capital Expenditure
Annual capex for FY 2024-25 was INR 1,31,107 Cr, primarily directed toward O2C projects, Retail store expansion, and Digital infrastructure. Q2 FY26 capex was INR 40,010 Cr.
Credit Rating & Borrowing
Maintains highest credit ratings: CARE AAA (Stable), ICRA AAA, and India Ratings AAA. International ratings are BBB+/Baa2. Gross debt stood at INR 3,47,530 Cr with net debt at INR 1,17,083 Cr as of March 2025.
Operational Drivers
Raw Materials
Crude oil and natural gas are primary feedstocks for the O2C and E&P segments, representing the largest portion of manufacturing costs. Specific percentage of total cost not disclosed.
Import Sources
Not specifically detailed, but operations involve global hydrocarbon exploration and petroleum refining, implying sourcing from the Middle East and domestic fields like KG-D6.
Capacity Expansion
Retail: Expanded to 19,340 stores covering 77.4 million sq. ft. Digital: Reached 500M+ subscribers with 234M on 5G. New Energy: Target of Net Carbon Zero by 2030 with GW-scale data centers and green energy infrastructure.
Raw Material Costs
O2C earnings declined in FY 2024-25 due to weaker downstream chemical margins, though feedstock flexibility was used to mitigate impact. Specific cost as % of revenue not disclosed.
Manufacturing Efficiency
O2C performance supported by feedstock flexibility and operational excellence. Gas production reached 251 BCF (RIL share) from KG-D6 and CBM fields.
Logistics & Distribution
Jio-bp fuel retail outlets increased to 2,057, driving a 34% growth in petrol and diesel volumes through improved domestic placement.
Strategic Growth
Expected Growth Rate
19%
Growth Strategy
The company aims to double EBITDA between FY2024-28 through: 1) Rapid expansion of Retail (400+ stores added in Q2 FY26), 2) Scaling Quick Commerce (200% YoY order growth), 3) 5G monetization and fixed broadband expansion (23M subscribers), and 4) Launching 'Reliance Intelligence' for AI products and GW-scale green data centers.
Products & Services
Petrol, diesel, ATF, LPG, polymers, chemicals, telecom SIM cards (Jio), fixed broadband, groceries, apparel, electronics, FMCG products (Campa, Independence), and media content (JioStar).
Brand Portfolio
Jio, Reliance Retail, Reliance Fresh, JioMart, Campa, Independence, Jio-bp, MI London, Oval Invincibles, JioStar.
New Products/Services
Reliance Intelligence (AI products), Quick Commerce (200% YoY growth), and expansion into UK cricket franchises (MI London, Oval Invincibles).
Market Expansion
Expanding retail footprint in India and international sports markets (UK). Scaling FMCG distribution where General Trade contributes 75% of sales.
Market Share & Ranking
Largest private sector company in India (88th globally). #1 Retailer in India (40th globally). #1 Telecom provider in India by revenue market share.
Strategic Alliances
Partnership with Surrey County Cricket Club for MI London; 49% acquisition of Oval Invincibles from ECB for GBP 60.27M; Jio-bp JV for fuel retailing.
External Factors
Industry Trends
India's retail market is poised to be the 3rd largest by 2030. Telecom is shifting from 'data darkness' to 'data abundance' via 5G and FWA.
Competitive Landscape
Faces intense competition in Retail and AI; Reliance Intelligence must compete with global AI companies like Google, Meta, and OpenAI.
Macro Economic Sensitivity
Sensitive to RBI policy; 100 bps repo rate cut to 5.5% in 2025 supports domestic consumption. India's GDP growth and favorable demographics drive the retail and digital sectors.
Consumer Behavior
Shift toward Quick Commerce (200% growth) and high data consumption (38.7 GB/user/month) drives digital and retail strategy.
Geopolitical Risks
Global volatility impacted capital inflows in H2 FY25, turning FPIs into net sellers.
Regulatory & Governance
Industry Regulations
Operations governed by TRAI (Telecom), Petroleum & Natural Gas Regulatory Board, and environmental norms for O2C plants.
Environmental Compliance
Targeting Net Carbon Zero by 2030; Board committees oversee ESG initiatives and performance.
Taxation Policy Impact
FMCG and Retail segments saw demand deferment due to anticipated GST rate cuts, impacting quarterly revenue timing.
Legal Contingencies
The company filed an appeal against a SAT order dated May 02, 2025, which imposed a penalty of INR 30 lakhs regarding the disclosure of the Jio-Facebook deal.
Risk Analysis
Key Uncertainties
Cyclicality in refining and petrochemical margins (O2C) and potential volatility in crude oil prices impacting E&P earnings.
Geographic Concentration Risk
Highly concentrated in India, which is the primary market for Retail and Digital Services.
Third Party Dependencies
Reliance Intelligence will compete with but also potentially collaborate with third-party AI providers like Google, Meta, and OpenAI.
Technology Obsolescence Risk
Mitigated by 'ahead of the curve' investments in Standalone 5G (2022) and FWA (2024) to lead technology transitions.
Credit & Counterparty Risk
Strong internal cash flow generation (INR 1,46,917 Cr cash profit) supports debt servicing and maintains a conservative balance sheet.
