Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹19,36,235Cr
Rev Gr TTM
Revenue Growth TTM
9.59%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

RELIANCE
VS
| Quarter | Jun 2023 | Sep 2023 | Dec 2023 | Jun 2024 | Sep 2024 | Dec 2024 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | -5.2 | 1.1 | 3.9 | 11.1 | 11.7 | -0.1 | 6.6 | 10.5 | 5.1 | 10.0 | 10.4 | 12.5 |
| 1,69,466 | 1,90,918 | 1,84,430 | 1,94,017 | 1,93,019 | 1,92,477 | 1,96,197 | 2,17,556 | 2,00,727 | 2,08,738 | 2,18,887 | 2,49,918 |
Operating Profit Operating ProfitCr |
| 18.4 | 17.7 | 18.1 | 18.0 | 16.7 | 16.9 | 18.3 | 16.8 | 17.6 | 18.0 | 17.4 | 15.0 |
Other Income Other IncomeCr | 3,813 | 3,841 | 3,869 | 4,534 | 3,983 | 4,876 | 4,214 | 4,905 | 15,119 | 4,482 | 4,914 | 4,447 |
Interest Expense Interest ExpenseCr | 5,837 | 5,731 | 5,789 | 5,761 | 5,918 | 6,017 | 6,179 | 6,155 | 7,036 | 6,827 | 6,613 | 6,585 |
Depreciation DepreciationCr | 11,775 | 12,585 | 12,903 | 13,569 | 13,596 | 12,880 | 13,181 | 13,479 | 13,842 | 14,416 | 14,622 | 14,808 |
| 24,294 | 26,493 | 25,833 | 27,720 | 23,234 | 25,037 | 28,643 | 29,103 | 37,146 | 29,124 | 29,697 | 27,195 |
| 6,112 | 6,673 | 6,345 | 6,577 | 5,786 | 5,936 | 6,839 | 6,669 | 6,465 | 6,978 | 7,530 | 6,579 |
|
Growth YoY PAT Growth YoY% | -6.5 | 27.8 | 9.4 | -0.9 | -4.0 | -3.6 | 11.9 | 6.1 | 75.8 | 15.9 | 1.7 | -8.1 |
| 8.8 | 8.6 | 8.7 | 8.9 | 7.5 | 8.3 | 9.1 | 8.6 | 12.6 | 8.7 | 8.4 | 7.0 |
| 10.7 | 12.9 | 12.8 | 14.0 | 11.2 | 12.2 | 13.7 | 14.3 | 19.9 | 13.4 | 13.8 | 12.5 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|
|
| -13.6 | -27.0 | 11.4 | 28.3 | 45.3 | 5.0 | -21.9 | 49.0 | 26.1 | 2.6 | 7.1 | 9.6 |
| 3,38,071 | 2,32,295 | 2,59,188 | 3,27,501 | 4,85,042 | 5,08,526 | 3,86,187 | 5,87,517 | 7,35,673 | 7,38,831 | 7,99,249 | 8,78,270 |
Operating Profit Operating ProfitCr |
| 9.9 | 15.2 | 15.1 | 16.4 | 14.8 | 14.9 | 17.3 | 15.6 | 16.2 | 18.0 | 17.1 | 16.9 |
Other Income Other IncomeCr | 8,613 | 12,289 | 9,335 | 10,008 | 8,489 | 8,827 | 22,485 | 18,074 | 11,758 | 16,057 | 17,978 | 28,962 |
Interest Expense Interest ExpenseCr | 3,316 | 3,691 | 3,849 | 8,052 | 16,495 | 22,027 | 21,189 | 14,584 | 19,571 | 23,118 | 24,269 | 27,061 |
Depreciation DepreciationCr | 11,547 | 11,565 | 11,646 | 16,706 | 20,934 | 22,203 | 26,572 | 29,782 | 40,303 | 50,832 | 53,136 | 57,688 |
| 31,114 | 38,737 | 40,034 | 49,426 | 55,227 | 53,606 | 55,461 | 82,154 | 94,046 | 1,04,340 | 1,06,017 | 1,23,162 |
| 7,474 | 8,876 | 10,201 | 13,346 | 15,390 | 13,726 | 1,722 | 15,970 | 20,376 | 25,707 | 25,230 | 27,552 |
|
| 4.8 | 26.3 | -0.1 | 20.9 | 10.4 | 0.1 | 34.8 | 23.2 | 11.3 | 6.7 | 2.7 | 18.4 |
| 6.3 | 10.9 | 9.8 | 9.2 | 7.0 | 6.7 | 11.5 | 9.5 | 8.4 | 8.7 | 8.4 | 9.0 |
| 18.0 | 22.7 | 22.8 | 27.4 | 30.1 | 28.4 | 34.7 | 41.8 | 44.8 | 51.5 | 51.5 | 59.7 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|
Equity Capital Equity CapitalCr | 2,943 | 2,948 | 2,959 | 5,922 | 5,926 | 6,339 | 6,445 | 6,765 | 6,766 | 6,766 | 13,532 | 13,532 |
| 2,15,539 | 2,28,600 | 2,60,746 | 2,87,569 | 3,81,184 | 4,42,826 | 6,53,884 | 7,72,720 | 7,09,106 | 7,86,715 | 8,29,668 | 8,90,498 |
Current Liabilities Current LiabilitiesCr | 1,38,553 | 1,85,154 | 2,35,315 | 3,13,852 | 3,14,023 | 4,12,916 | 2,77,568 | 3,08,662 | 3,95,743 | 3,97,367 | 4,53,737 | 5,41,254 |
Non Current Liabilities Non Current LiabilitiesCr | 1,44,396 | 1,78,931 | 2,10,398 | 2,05,451 | 2,92,991 | 2,91,652 | 2,44,212 | 3,02,019 | 3,82,807 | 4,32,831 | 4,86,758 | 5,51,020 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 1,36,577 | 1,27,785 | 1,46,813 | 1,83,786 | 2,27,386 | 2,58,260 | 3,73,011 | 3,47,019 | 4,25,296 | 4,70,100 | 4,99,270 | 5,94,249 |
Non Current Assets Non Current AssetsCr | 3,67,909 | 4,71,212 | 5,65,526 | 6,32,562 | 7,75,020 | 9,07,655 | 9,48,201 | 11,52,646 | 11,82,135 | 12,85,886 | 14,50,851 | 15,83,891 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|
Operating Cash Flow Operating Cash FlowCr | 34,374 | 38,134 | 49,550 | 71,459 | 42,346 | 94,877 | 26,958 | 1,10,654 | 1,15,032 | 1,58,788 | 1,78,703 | 1,92,113 |
Investing Cash Flow Investing Cash FlowCr | -64,898 | -36,190 | -66,292 | -68,290 | -95,128 | -72,520 | -1,42,409 | -1,10,103 | -91,235 | -1,13,581 | -1,37,535 | -1,01,089 |
Financing Cash Flow Financing Cash FlowCr | 8,444 | -3,210 | 8,617 | -2,001 | 55,906 | -2,541 | 1,01,904 | 17,289 | 10,455 | -16,646 | -31,891 | -51,549 |
|
Free Cash Flow Free Cash FlowCr | -28,588 | -8,420 | -27,077 | -1,495 | -50,431 | 19,324 | -76,560 | 13,646 | -16,770 | 21,212 | 41,079 | |
| 145.4 | 127.7 | 166.1 | 198.1 | 106.3 | 237.9 | 50.2 | 167.2 | 156.1 | 201.9 | 221.2 | 200.9 |
CFO To EBITDA CFO To EBITDA% | 92.0 | 91.4 | 107.3 | 111.3 | 50.3 | 106.6 | 33.4 | 102.0 | 80.9 | 97.9 | 108.0 | 107.4 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 2,66,847 | 3,38,700 | 4,28,909 | 5,59,223 | 8,63,996 | 7,05,212 | 12,92,958 | 17,81,841 | 15,77,093 | 20,14,010 | 17,25,377 | 18,19,102 |
Price To Earnings Price To Earnings | 10.6 | 10.4 | 13.1 | 14.5 | 20.4 | 17.9 | 26.3 | 29.4 | 23.6 | 28.9 | 24.8 | 22.5 |
Price To Sales Price To Sales | 0.7 | 1.2 | 1.4 | 1.4 | 1.5 | 1.2 | 2.8 | 2.6 | 1.8 | 2.2 | 1.8 | 1.7 |
Price To Book Price To Book | 1.1 | 1.3 | 1.5 | 1.8 | 2.1 | 1.6 | 2.0 | 2.3 | 2.2 | 2.5 | 2.0 | 2.0 |
| 11.0 | 12.1 | 13.6 | 11.8 | 13.6 | 11.1 | 19.3 | 19.0 | 13.8 | 13.9 | 12.0 | 11.4 |
Profitability Ratios Profitability Ratios |
| 21.7 | 31.1 | 30.5 | 31.7 | 30.7 | 32.2 | 37.3 | 32.0 | 33.0 | 35.0 | 34.7 | 34.9 |
| 9.9 | 15.2 | 15.1 | 16.4 | 14.8 | 14.9 | 17.3 | 15.6 | 16.2 | 18.0 | 17.1 | 16.9 |
| 6.3 | 10.9 | 9.8 | 9.2 | 7.0 | 6.7 | 11.5 | 9.5 | 8.4 | 8.7 | 8.4 | 9.0 |
| 9.2 | 10.3 | 9.4 | 11.6 | 10.6 | 10.0 | 8.2 | 8.8 | 9.8 | 11.2 | 10.7 | 11.8 |
| 10.8 | 12.9 | 11.3 | 12.3 | 10.3 | 8.9 | 8.1 | 8.5 | 10.3 | 9.9 | 9.6 | 10.6 |
| 4.7 | 5.0 | 4.2 | 4.4 | 4.0 | 3.4 | 4.1 | 4.4 | 4.6 | 4.5 | 4.1 | 4.4 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **1. New Energy & Green Manufacturing Ecosystem**
RIL is building the world’s most fully integrated **“sun-to-storage” and “sand-to-electrons”** green energy value chain, centered at the **Dhirubhai Ambani Green Energy Giga Complex** in Jamnagar—a 5,000-acre, AI-driven, robotics-powered industrial hub.
- **Solar PV Manufacturing:**
RIL has launched India’s first fully integrated solar giga-factory, covering polysilicon, ingots, wafers, HJT (heterojunction) solar cells, and modules. It has already produced 200 MW of high-efficiency HJT modules (26%+ cell efficiency) and plans to scale production to **10 GW annually by 2026**, with a long-term capacity of **20 GWp**—making it the largest single-site solar complex globally. A dedicated **550,000-acre solar and hydrogen project in Kutch** aims to deliver giga-scale renewable power.
- **Battery & Storage:**
A **40 GWh battery energy storage system (BESS) giga-factory** is under rapid construction in Jamnagar, with plans to expand modularly to **100 GWh**. RIL will produce LFP and sodium-ion batteries, leveraging acquisitions (Faradion, Lithium Werks) and backward integration into cell and chemical manufacturing.
- **Green Hydrogen & Chemicals:**
An **electrolyser giga-factory** (3 GW/year capacity) is set to begin operations by end-2026. RIL plans to produce **green ammonia, green methanol, and sustainable aviation fuel (SAF)**. It aims to scale green hydrogen production to **3 million metric tons per annum (MMTPA) by 2032**, targeting both domestic decarbonization and global export markets.
- **Bio-Energy:**
RIL is establishing **55 compressed biogas (CBG) plants** by 2025 and plans to scale to **over 500 plants by 2030**, converting agricultural waste into clean energy and empowering 30,000+ rural jobs. It operates the world’s largest **Bioenergy R&D Center** in Jamnagar.
- **Sustainability Goals:**
The company aims to achieve **Net Carbon Zero by 2035** and is investing ₹75,000 crore ($8.8B) in new energy and chemicals, including 3 MMTPA PTA and 1 MMTPA specialty polyester facilities.
---
### **2. Digital Platforms & AI Leadership**
RIL’s digital ecosystem, led by Jio Platforms, operates at massive scale and continues to innovate in deep-tech, connectivity, and AI.
- **Jio Networks:**
- Over **500 million data subscribers**, with 200+ million on 5G.
- **JioAirFiber**, a 5G-powered fixed wireless broadband service, adds over **1 million homes per month** and is on track for **100 million premises** in 3–5 years.
- Proprietary **Digital Twin system** enables **24-hour gigabit-speed broadband installation** nationwide.
- **AI & Cloud Infrastructure:**
- **Reliance Intelligence**, a 100% subsidiary and a JV with Meta (70-30), is building **AI solutions for enterprise and SMBs** using the Llama open-source model.
- A **gigawatt-scale AI Data Center (AIDC)** is under development in Jamnagar, fully powered by green energy.
- **Jio Brain**, the in-house AI platform, supports Gen-AI services, diagnostics, and automation, and will be commercialized as an AI-as-a-Service (AIaaS) offering.
- **Google Cloud & Meta Collaboration:**
RIL is co-developing a **green-powered Google Cloud Platform (GCP) region** in Jamnagar—the world’s first cloud region running on 100% renewable energy.
- **Consumer & Enterprise Digital Services:**
- **JioHotstar** (formed from Viacom18-Star merger) is India’s largest OTT platform with **300 million paying subscribers** and **600 million users** in under three months.
- Jio offers a **"Jio True5G Developer Platform"** with network slicing, edge computing, and AI tools for enterprises.
- Products like **JioPC** (cloud-powered computing via TV) and **JioFrames** (multilingual AI glasses) are expanding access to digital services affordably.
---
### **3. Retail & New Commerce Transformation**
Reliance Retail is evolving into one of the world’s most comprehensive omnichannel retail ecosystems, integrating physical stores, digital platforms, and B2B/B2C supply chains.
- **Quick Commerce & E-Grocery (JioMart):**
- JioMart is **India’s fastest-growing hyperlocal platform**, with **68–70% QoQ order growth**.
- Over **2,200 stores** support delivery in **4,300+ pin codes** across 1,000+ cities.
- Offers 30-minute delivery, scheduled orders, and subscription-based morning deliveries with **45% YOY growth in subscription orders**.
- **Digital Fashion (Ajio & Shein):**
- **Ajio** operates as a premium digital fashion platform with **80% repeat customer rate**, 2.7 million SKUs, and **Ajio Rush** 30-minute delivery in 6 cities.
- **Shein India**, launched in partnership, has surpassed **11.4 million monthly active users** and **6 million app downloads**.
- **Consumer Brands & FMCG:**
- **RCPL (Reliance Consumer Products Ltd.)** is being separated into a standalone subsidiary targeting **₹1 lakh crore ($11.7B) revenue in 5 years**.
- Brands include **Campa Cola** (10%+ market share in key states), **Independence** (₹1,000 crore+ revenue), and **Avaasa (fashion), Kelvinator (electronics)**.
- RCPL achieved ₹11,500 crore in annual revenue in just three years—fastest-growing FMCG player in India.
- **Store Expansion & Supply Chain:**
- **19,340+ stores** across 7,000+ towns. Over **2,600 new stores added** in FY25 alone.
- **India’s largest retail supply chain** with 32 million sq. ft. of warehouse space and 1.5 million outlets served.
- **95% of India’s consuming population** is covered through omnichannel (B2C, B2B, digital).
- **Innovation & Premiumization:**
- Launches include **7-Eleven convenience stores**, **EL&N Café**, **Saks Fifth Avenue (franchise)**, **Sandro, Maje**, and **Tira (beauty platform)**.
- **AI-driven design and 30-day ‘mind-to-shelf’ cycle** enhance trend responsiveness.
---
### **4. Advanced Materials & Petrochemicals (O2C)**
RIL remains the **world’s largest single-site refiner** (1.4 MMBPD) and a global top-10 petrochemicals producer.
- **Oil-to-Chemicals (O2C):**
- 100% capacity utilization despite global overcapacity.
- Produces **paraxylene, PTA, polypropylene, polymers, and elastomers** with top-quartile cost efficiency.
- Integrated refinery at Jamnagar processes diverse feedstocks for maximum crude-to-chemicals conversion.
- **Specialty Polymers & Recycling:**
- **REC Solar acquisition** provides access to HJT solar panel technology.
- **Chemical recycling** of plastics into circular polymers is operational.
- Innovations include **R|Elan™ Cotluk (cotton alternative fabric)** and **RELinforce™ (infrastructure strengthening)**.
- **Carbon Fibre:**
A **world-scale carbon fiber plant in Hazira** will rank among the **top 3 global producers**, serving aerospace, defense, and advanced materials.
---
### **5. Strategic Subsidiaries & Growth Engines**
- **Reliance Intelligence:** Focuses on democratizing AI in India, with Meta JV enabling enterprise AI adoption.
- **RCPL:** Positioned to become **India’s largest FMCG company** with manufacturing-led, tech-enabled disruption.
- **Jio-bp Mobility:** Expanding EV charging and battery-swapping network nationwide.
- **Jio Platforms:** Partnering with Microsoft, Google, Intel, and Qualcomm to build end-to-end digital infrastructure.
---
### **6. Technology & Ecosystem Integration**
RIL is uniquely positioned as the **only Indian company** with full integration across:
- **Crude oil to chemicals**
- **Sand to solar modules**
- **Energy to AI infrastructure**
- **Retail to AI-driven logistics**
Its **end-to-end control of technology and supply chains** enables faster innovation cycles, lower costs, and superior margins—supporting global export ambitions.
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