Reliance Infrastructure Limited (RELINFRA)
₹53.62 -1.99% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Reliance Infrastructure's revenue was ₹6,344 Cr, and net profit ₹768 Cr (+151.7% year on year); the operating margin was -2.4%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹6,344 | — | +58.6% |
| Operating profit | ₹-153 | to loss | loss narrowed |
| Net profit | ₹768 | +151.7% | -53.2% |
| EPS (₹) | 9.10 | +523.3% | -59.5% |
| Operating margin | -2.4% | — | — |
RELINFRA exchange data
NSE end-of-day data for
It closed at its lower price band (circuit) on 16 Oct, one of 18 band closes in about the last 20 sessions.
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 Infrastructure Limited disclosed that it has been named as an accused in a second chargesheet filed by the Central Bureau of Investigation (CBI) relating to Reliance Home Finance Limited (RHFL). The company stated it became aware of this development through a CBI press release issued on October 1, 2026. Reliance Infra affirmed it will pursue all appropriate legal remedies to safeguard company and shareholder interests. With the company's market cap at Rs 2,541 Cr and TTM revenue at Rs 20,877 Cr, legal and regulatory overhangs remain a major scrutiny point for investors.
- CBI filed its second chargesheet in the Reliance Home Finance Limited matter naming Reliance Infra as an accused
- Disclosure released under Regulation 30 following a CBI press release dated October 1, 2026
- Company confirmed intent to take all legally advised steps to protect stakeholders
India Infrastructure Finance Co. (UK) Limited (IIFC) has filed an insolvency petition under Section 7 of the IBC against Mumbai Metro One Private Limited (MMOPL), a joint venture of Reliance Infrastructure and MMRDA, seeking recovery of ~USD 182 Million (including interest). Concurrently, National Asset Reconstruction Company Limited (NARCL) has revoked the Master Restructuring Agreement dated July 9, 2026, due to non-fulfilment of conditions precedent regarding IIFC approval. Reliance Infrastructure stated that part of the USD 182 Million claim is disputed and the financial implication remains contingent on the final legal outcome.
- IIFC filed Section 7 IBC petition before NCLT Mumbai against JV MMOPL for ~USD 182 Million
- NARCL revoked the Master Restructuring Agreement dated July 9, 2026, vide letter dated September 29, 2026
- Revocation was triggered by non-fulfilment of conditions precedent regarding approval from IIFC
- Part of the ~USD 182 Million recovery amount is disputed by MMOPL
India Infrastructure Finance Co. (UK) Limited (IIFC) has filed an insolvency petition under Section 7 of the IBC against Mumbai Metro One Private Limited (MMOPL), a joint venture of Reliance Infrastructure and MMRDA, seeking recovery of ~USD 182 Million (including interest). Concurrently, National Asset Reconstruction Company Limited (NARCL) has revoked the Master Restructuring Agreement dated July 9, 2026, due to non-fulfilment of conditions precedent regarding IIFC approval. Reliance Infrastructure stated that part of the USD 182 Million claim is disputed and the financial implication remains contingent on the final legal outcome.
- IIFC filed Section 7 IBC petition before NCLT Mumbai against JV MMOPL for ~USD 182 Million
- NARCL revoked the Master Restructuring Agreement dated July 9, 2026, vide letter dated September 29, 2026
- Revocation was triggered by non-fulfilment of conditions precedent regarding approval from IIFC
- Part of the ~USD 182 Million recovery amount is disputed by MMOPL
Reliance Infrastructure has received a copy of the Prosecution Complaint and relied-upon documents from the Special Judge (PMLA), New Delhi, regarding an alleged amount of ~Rs 179.66 crore investigated by the Directorate of Enforcement (ED). The complaint names the company as a proposed accused for pre-cognizance hearing purposes. The company stated that the expected financial implication is not ascertainable at this stage and it is taking legal steps to safeguard its interests.
- ED complaint involves an alleged amount of ~Rs 179.66 crore under the Prevention of Money Laundering Act, 2002
- Company named as a proposed accused and received Prosecution Complaint for pre-cognizance hearing
- Filing follows the previous corporate disclosure dated August 11, 2026
- Financial implication is not ascertainable at this stage as per the company
Reliance Infrastructure Limited published newspaper notices regarding the opening of a special window for the transfer and dematerialisation of physical shares sold or purchased prior to April 01, 2019. Pursuant to SEBI circular guidelines, the special window is operational from February 05, 2026, until February 04, 2027. Shares transferred under this process will be subject to a mandatory one-year lock-in period from the date of registration. This is a routine regulatory compliance notice and has no operational or financial impact on the company.
- Special window open from February 05, 2026, to February 04, 2027, for physical share dematerialisation and transfer
- Applies to physical shares purchased or sold prior to April 01, 2019
- Transferred shares to be locked in for 1 year from the date of transfer registration
- Notices published in Financial Express (English) and Navshakti (Marathi) on August 22, 2026
Reliance Infrastructure Limited has received a Pre-Cognizance notice under Section 223 of the Bharatiya Nagarik Suraksha Sanhita, 2023, from the Special Judge, CBI, New Delhi. The company is named as one of the proposed accused in a complaint filed by the Enforcement Directorate (ED) under Sections 3 and 4 of PMLA. The matter pertains to Reliance Home Finance Limited & Others with an alleged amount of ~Rs. 3,000 crore. The financial impact is not currently ascertainable, but the alleged amount represents ~83.4% of RELINFRA's current market capitalization of Rs. 3,596 crore.
- Received Pre-Cognizance notice under Section 223 of BNSS, 2023 from Special Judge, CBI, New Delhi on August 17, 2026
- Named as a proposed accused in an ED complaint filed under Sections 3 and 4 of PMLA
- Alleged complaint amount is ~Rs. 3,000 crore in the matter of Reliance Home Finance Limited & Others
- Expected financial implication is currently not ascertainable as per the company filing
Reliance Infrastructure concluded its 97th Annual General Meeting (AGM) on August 14, 2026, with all ordinary and special resolutions approved by shareholders via requisite majority. Key approvals included the adoption of FY26 audited accounts, auditor appointments, and an enabling special resolution to issue securities via Qualified Institutions Placement (QIP). The company also noted that the Company Secretary read the statutory auditors' Disclaimer of Opinion on both standalone and consolidated FY26 financial statements.
- Shareholders approved all 6 resolutions at the 97th AGM held on August 14, 2026.
- Approved enabling resolution for issuance of securities via Qualified Institutions Placement (QIP).
- Remote e-voting was conducted between August 10, 2026 (10:00 AM) and August 13, 2026 (5:00 PM).
- Company Secretary highlighted the Statutory Auditors' Disclaimer of Opinion on FY26 financial statements.
Reliance Infrastructure Limited concluded its 97th Annual General Meeting on August 14, 2026, where shareholders approved all agenda items with the requisite majority. Key approvals included the adoption of FY26 standalone and consolidated financial statements and an enabling resolution for issuing securities via Qualified Institutions Placement (QIP). During the proceedings, the company secretary also read out the statutory auditors' Disclaimer of Opinion on both standalone and consolidated financials. Remote e-voting was conducted from August 10 to August 13, 2026.
- 97th AGM held on August 14, 2026, with all ordinary and special resolutions approved by requisite majority
- Shareholders approved the enabling special resolution for securities issuance via Qualified Institutions Placement (QIP)
- Company Secretary read the Disclaimer of Opinion issued by statutory auditors on FY26 financial statements
- Remote e-voting window was active from August 10, 2026 (10:00 AM) to August 13, 2026 (5:00 PM)
Reliance Infrastructure submitted its Q1 FY27 unaudited financial results with statutory auditors issuing a disclaimer of conclusion due to severe uncertainties. The auditors flagged Rs 4,705.74 crore in unverified carrying value of economic rights in Odisha Discoms and unlisted securities (representing ~130% of market cap). Further, the filing disclosed significant ongoing regulatory challenges, including a CBI chargesheet filed on July 7, 2026 naming the company, searches conducted on July 18, 2026, and SEBI rejecting a settlement application under PFUTP regulations. Key subsidiary Mumbai Metro One (MMOPL) also reported a quarterly loss of Rs 192.45 crore, taking aggregate losses to Rs 5,368.63 crore with ongoing going-concern risks.
- Statutory auditors issued a disclaimer of review conclusion due to inability to obtain sufficient appropriate audit evidence.
- Carrying value of exposure to Odisha Discoms economic rights and unlisted entities stands at Rs 4,705.74 crore.
- CBI filed a chargesheet naming the company in the RCFL matter on July 7, 2026, followed by search and seizure operations on July 18, 2026.
- SEBI rejected the company's settlement application regarding alleged PFUTP violations, with adjudication proceedings pending.
- Subsidiary MMOPL posted a Q1 net loss of Rs 192.45 crore, taking accumulated losses to Rs 5,368.63 crore.
Reliance Infrastructure Limited has been named as an accused in a Prosecution Complaint (PC) filed by the Enforcement Directorate (ED) under the Prevention of Money Laundering Act (PMLA), 2002. The company became aware of this through media reports and an official ED press release. This legal development occurs against a backdrop of a 73.7% decline in share price over the last 12 months and a relatively low promoter holding of 19.1%. The company has stated it will take legal steps to safeguard the interests of its stakeholders.
- Named as an accused in a Prosecution Complaint under the PMLA, 2002
- Disclosure follows an ED Press Release and media reports on August 11, 2026
- Company market capitalization is currently Rs 3,852 Cr
- 12-month price return stands at -73.7%
- Promoter holding remains low at 19.05% as of March 2026
The NCLT Mumbai bench has admitted a Section 7 insolvency petition filed by State Bank of India (SBI) against KM Toll Road Private Limited, a wholly-owned subsidiary of Reliance Infrastructure. The claim amount stands at ₹233.44 crore including interest. Reliance Infrastructure disclosed a total exposure of approximately ₹548 crore to this subsidiary, which it claims has already been fully provided for in its books of accounts. The admission triggers the Corporate Insolvency Resolution Process (CIRP) and a moratorium on the subsidiary's assets.
- Claim amount of ₹233.44 crore filed by State Bank of India admitted by NCLT.
- Parent company exposure of ~₹548 crore in the subsidiary is already provided for in the books.
- Project cost was revised from an initial ₹789 crore to ₹1215.80 crore due to implementation delays.
- Consortium loan facilities involved in the project totaled ₹817.59 crore across multiple lenders.
- NCLT order pronounced on July 22, 2026, and received by the company on August 05, 2026.
The Enforcement Directorate (ED) has issued a provisional attachment order for Reliance Infrastructure's assets worth Rs 179.66 crore. The attachment includes the company's shareholding in Reliance Power Limited and is related to alleged violations of the Prevention of Money Laundering Act (PMLA). While the amount is approximately 5% of the company's market capitalization, the involvement of a central enforcement agency for money laundering allegations represents a significant regulatory headwind.
- Provisional attachment of assets totaling Rs 179.66 crore ordered by the Enforcement Directorate.
- Attached assets specifically include the company's shareholding in M/s Reliance Power Limited.
- The order (No. 36/2026) was received on August 03, 2026, citing alleged PMLA violations.
- The attachment amount represents approximately 5.02% of the company's current market capitalization of Rs 3,577 crore.
Shri Ivan Saha has resigned as the CEO of the Renewable business and Senior Management Personnel, effective July 31, 2026. This departure is significant as the company has identified Renewables (solar/battery) as one of its three 'New Growth Engines' intended to drive its turnaround strategy. Given the company's high TTM revenue of Rs 14,586 Cr and its strategic pivot toward green energy, leadership stability in this vertical is crucial. Investors should note the resignation comes amid a period where the stock has seen an 80.7% decline over the past 12 months.
- Resignation of Ivan Saha as CEO – Renewable business effective July 31, 2026.
- Renewables is a core 'New Growth Engine' alongside Defence and Power Distribution for the company.
- Company reported a TTM revenue of Rs 14,586 Cr and a TTM PAT of Rs 3,867 Cr.
- The company is targeting a strategic growth rate of 7.80% through its business pivot.
- Promoter holding has remained stagnant at 19.05% as of March 2026.
The National Company Law Tribunal (NCLT) Mumbai Bench has allowed the withdrawal of an insolvency petition filed by National Asset Reconstruction Company Limited (NARCL) against Mumbai Metro One Private Limited (MMOPL), a 74% joint venture of Reliance Infrastructure. This follows the execution of a Master Restructuring Agreement (MRA) on July 9, 2026, to restructure the metro unit's financial obligations. While the immediate threat of insolvency is removed, the creditor retains the liberty to revive the petition if MMOPL defaults on the new restructuring terms. This is a significant relief for the company, given MMOPL's scale of 5 lakh+ daily riders.
- 74% stake held by Reliance Infrastructure in the Mumbai Metro One Private Limited (MMOPL) joint venture.
- Master Restructuring Agreement (MRA) executed on July 9, 2026, to settle financial obligations with NARCL.
- NCLT order dated July 10, 2026, formally disposes of the Section 7 IBC petition as withdrawn.
- MMOPL operates an 11.4 km line with a daily ridership exceeding 5 lakh passengers.
- Creditor granted liberty to revive the insolvency petition in case of any future default under the MRA.
Reliance Infrastructure Limited has received a favorable arbitral award against the Mumbai Metropolitan Regional Development Authority (MMRDA) regarding the Mumbai Metro One project. The Arbitral Tribunal, in a 3:0 majority decision, awarded the company Rs 157.64 crore towards the cost of subordinated debt provided to the joint venture. In addition to the principal amount, the company is entitled to receive interest. This award pertains to the Versova-Andheri-Ghatkopar Metro corridor where the company holds a 74% stake.
- Arbitral Tribunal granted a sum of Rs 157.64 crore in favor of the company.
- The award was passed with a unanimous 3:0 majority on July 27, 2026.
- The dispute involves subordinated debt provided to Mumbai Metro One Private Limited (MMOPL).
- Reliance Infrastructure holds a 74% majority stake in the MMOPL joint venture.
- The award includes the principal amount plus interest (specific interest rate not disclosed).
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 6.57% YoY to INR 23,999 Cr in FY25 from INR 22,519 Cr in FY24. Key segments include Power Distribution (BSES), which serves 5.3 million customers, and Roads, with an average daily toll collection of INR 2.57 Cr.
Geographic Revenue Split
The revenue is primarily domestic-focused, with the Power Distribution segment (BSES) powering 2/3rd of Delhi across an 851 sq. km. service area. The Roads segment manages 2,472 lane km across various Indian states.
Profitability Margins
Consolidated EBITDA showed a significant increase to INR 12,289 Cr in FY25, representing a 51.2% margin, compared to INR 4,832 Cr (21.4% margin) in FY24. However, standalone PAT remains negative at INR -1,930.18 Cr for FY24 and INR -1,324.05 Cr for 9MFY25.
EBITDA Margin
EBITDA margin improved dramatically to 51.2% in FY25 from 21.4% in FY24, driven by a 154% YoY increase in absolute EBITDA to INR 12,289 Cr, likely due to debt rebalancing and regulatory asset visibility.
Capital Expenditure
The company is shifting focus toward high-value growth engines including Defence manufacturing and Renewables (Solar and Battery systems). Specific planned INR Cr for future capex is not disclosed, but the strategy emphasizes disciplined capital allocation into India's $5T growth engines.
Credit Rating & Borrowing
Interest coverage ratio was -0.41 in FY24 and worsened to -0.48 in 9MFY25. The company has focused on reducing net debt, which fell 40.5% from INR 11,715 Cr in FY24 to INR 6,968 Cr in FY25.
Operational Drivers
Raw Materials
Specific raw material names like steel or copper are not listed, but the business relies on power purchase for distribution and components for aerospace assemblies (Rafale/Falcon 2000). Ammunition and explosives are key inputs for the new defence vertical.
Import Sources
Aerospace components are sourced via JVs with French partners (Dassault, Thales). Other materials are sourced domestically for the E&C and Infrastructure segments.
Key Suppliers
Strategic partners include Dassault Aviation and Thales (France) for aerospace, and Rheinmetall (Germany) for defence systems. Specific commodity suppliers are not disclosed.
Capacity Expansion
BSES manages a peak power of ~5,700 MW. The Metro segment has an 11.4 km operational length with 5 Lakh+ daily ridership. Defence expansion includes the first Falcon 2000 Final Assembly Line outside France.
Raw Material Costs
Not disclosed as a specific percentage of revenue, but the company is transitioning to a 'de-risked' model by eliminating group guarantees and support letters to ensure standalone financial integrity.
Manufacturing Efficiency
Metro ridership has exceeded 110 Crore since inception; Roads serve 2.85 Lakh+ average daily vehicles with a 2,472 lane km management scale.
Logistics & Distribution
Distribution is a core business via BSES, which is described as the 'perennial cash flow engine' powering 2/3rd of Delhi.
Strategic Growth
Expected Growth Rate
7.80%
Growth Strategy
Growth will be achieved by pivoting to 'New Growth Engines': Defence (aerospace, ammunition, MRO), Renewables (solar/battery), and Power Distribution. The strategy involves 'Rebalancing' the capital structure to eliminate over-leverage and 'Ring-fencing' businesses to isolate financial risks.
Products & Services
Power distribution services (BSES), Toll road operations, Metro rail services, Rafale assemblies, Falcon 2000 business jets, and Ammunition/Explosives.
Brand Portfolio
Reliance Infrastructure, BSES (BRPL and BYPL), Reliance Defence, Mumbai Metro.
New Products/Services
Launch of MRO (Maintenance, Repair, and Overhaul) capability hubs and ammunition manufacturing; expected to contribute to the 'New Growth Engines' vertical.
Market Expansion
Targeting high-value niches in aerospace and defence aligned with 'Make in India' and 'Atmanirbhar Bharat' initiatives.
Market Share & Ranking
BSES is India's largest private Discom. The company is a 'focused niche leader' in the defence market dominated by state players.
Strategic Alliances
Joint Ventures with Dassault Aviation and Thales; Strategic Partnerships with Rheinmetall, DIHEL, and STV for export potential.
External Factors
Industry Trends
The industry is shifting toward renewable energy and domestic defence production. Reliance is positioning itself as a 'de-risked' platform with visible cash flows from utility assets to fund these shifts.
Competitive Landscape
Competes with major state-owned and large private players in the infrastructure and defence sectors.
Competitive Moat
Moat consists of long-term utility concessions (BSES) and high-entry-barrier defence JVs. BSES's 2/3rd market share in Delhi provides a stable, perennial cash flow engine.
Macro Economic Sensitivity
Highly sensitive to India's infrastructure spending and 'Viksit Bharat' roadmap aiming for a $5T economy.
Consumer Behavior
Increasing daily ridership in Metro (5 Lakh+) and vehicle traffic on toll roads (2.85 Lakh+) indicates strong demand for urban infra.
Geopolitical Risks
Defence segment benefits from 'Atmanirbhar Bharat' (self-reliance) policies which favor domestic manufacturing over imports.
Regulatory & Governance
Industry Regulations
Operations are subject to regulatory oversight by SEBI, ED, and SFIO regarding past actions. Power distribution is heavily regulated by electricity commissions regarding tariff and regulatory assets.
Environmental Compliance
The company is expanding into Renewables (Solar and Battery systems) to align with ESG and national sustainability goals.
Legal Contingencies
The company has over INR 10,000 Cr across 15+ arbitration claims. There are also ongoing concerns regarding actions by regulators like SEBI, ED, and SFIO.
Risk Analysis
Key Uncertainties
Business continuity risk in E&C (high impact if new contracts aren't signed). Legal risks from weak implementation of regulatory commitments in contracts.
Geographic Concentration Risk
High concentration in Delhi for the power business (2/3rd of the city's power).
Third Party Dependencies
High dependency on government risk-sharing for infrastructure projects (VGF, revenue guarantees).
Technology Obsolescence Risk
Mitigated by JVs with global leaders like Dassault and Thales for advanced aerospace technology.
Credit & Counterparty Risk
Financial risk where project cash flows might be insufficient to cover debt service, though net debt has been reduced to INR 6,968 Cr.
