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Reliance Industrial Infrastructure Ltd

RIIL

NSE

₹747.95+2.35%19 Oct 2026

Reports

Logistics

Reliance Industrial Infrastructure Ltd

RIIL

NSE

₹747.95

+2.35%

19 Oct 2026

SOICxStockScans Reports

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Logistics

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Reliance Industrial Infrastructure Ltd is fundamentally a midstream utility - it owns and operates the underground pipelines and support systems that connect India’s largest private-sector refineries and petrochemical complexes to ports and water sources, without ever touching the products themselves. Incorporated in 1988, the company has spent over three decades as a dedicated infrastructure provider to its promoter, Reliance Industries Limited (RIL), building a debt-free, asset-heavy model funded entirely by internal cash generation. The recurring approach is simple: own the critical connective hardware between two points, charge for its use under long-standing arrangements, and run it with obsessive attention to safety and uptime - a formula that has produced dividends for more than thirty consecutive years.

Business segments

Three service lines feed a single infrastructure engine - pipeline transportation of petroleum products and water, construction machinery hiring, and IT support - all delivered almost entirely to one anchor customer at five sites across India’s western industrial corridor.

1. Pipeline transportation: the backbone that moves molecules for India’s largest refiner

The company earns its keep by moving petroleum products, natural gas and raw water through its own underground pipelines, with every litre flowing to Reliance Industries’ manufacturing complexes under continuing service arrangements.

One customer, five locations - operations are concentrated at Mumbai, Navi Mumbai (Jawaharlal Nehru Port), Raigad (Patalganga), Surat (Hazira) and Jamnagar, all serving RIL facilities, with no international footprint and no need to source outside materials.
Remote-controlled safety net - a SCADA system monitors pumps, valves and pipeline parameters in real time, letting operators stop pumps from distant control rooms and isolate leaking sections within minutes to minimise product loss and environmental damage.
Leak detection that pinpoints the problem - an online Leak Detection System identifies any breach and its exact location instantly, while cathodic protection stations with SCADA-based remote monitoring guard against corrosion across the network.
Sweating the small efficiencies - switching to ERW pipes for re-routing projects cut material costs by roughly 20%, while upgrading anode beds slashed current consumption from 250 Amp to 100 Amp, a 30% reduction in power for corrosion protection.
Guards with GPS and pipelines with phone numbers - foot patrolling along pipeline routes is tracked by a Guard Tracking system using GPS, and petroleum pipeline markers display contact details so the public can report trouble.

2. Construction machinery hiring: heavy equipment deployed with the operator

The company puts its own fleet of construction machinery and trained professionals onto project sites, earning hire charges rather than selling equipment.

Assets on the balance sheet, not for sale - gross construction machinery stood at ₹45.51 crore as of March 2023, forming part of the company’s property, plant and equipment and deployed with expert operators.
Folded into the broader support umbrella - in earlier years this was a distinct revenue line under industrial activity code 439; more recently it has been reported within the consolidated “Infrastructure Support Services” category alongside other offerings.

3. IT support services: the digital layer on physical infrastructure

The company provides technology support services that keep its own and its customer’s operations running, backed by a software asset base of over ₹76 crore.

From standalone line to integrated service - historically classified under industrial activity code 620 and generating over ₹34 crore in FY20, IT support is now consolidated under the broader infrastructure support services heading.
Software that isn’t home-grown - the company’s intangible assets consist entirely of purchased software, with a gross value of roughly ₹77 crore as of March 2023, none of it internally developed.

Group structure and partners

The company is an associate of Reliance Industries Limited, with the promoter group holding just under half the equity - but a formal request to reclassify from promoter group to public category signals a shift in identity.

Promoter with a 45% stake - RIL and its promoter group held 45.43% of the share capital as of March 2026, exercising significant influence without consolidating the company.
The reclassification request - in July 2021, RIIL’s board asked to be moved from RIL’s promoter group to the public category, and RIL’s board accepted, subject to SEBI regulatory clearance under the listing regulations.
One associate, no subsidiaries - the company holds a stake in Reliance Europe Limited, accounted for under the equity method, and has no subsidiaries or joint ventures anywhere.
A portfolio of Reliance-group shares - quoted equity investments include shares in RIL itself plus smaller holdings in Reliance Capital, Reliance Communications, Reliance Infrastructure, Reliance Power and Reliance Home Finance, all measured at fair value.
Debt-free by design - the company carries no borrowings, funding all its needs through internal accruals and managing liquidity by dealing only with highly rated counterparties.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

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Mkt Cap

Market Capitalization

₹1,122Cr

Close Price

₹743.00

Industry

Logistics

Price To Earnings

94.65

Price To Sales

29.70

Revenue

₹38Cr

Rev Gr TTM

Revenue Growth TTM

-23.65%

PAT Gr TTM

PAT Growth TTM

-1.90%

Consolidated

Standalone

Numbers

Percentage

Quarter	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue RevenueCr	15	15	12	12	12	12	12	12	12	8	9	8
Growth YoY Revenue Growth YoY%	-13.5	-17.7	-13.0	-14.8	-17.3	-13.9	0.4	-0.6	0.0	-32.5	-30.7	-31.4
Expenses ExpensesCr	16	16	15	15	15	16	14	14	15	10	12	11
Operating Profit Operating ProfitCr	-1	-2	-3	-3	-3	-4	-2	-2	-2	-1	-3	-3
OPM OPM%	-5.7	-11.8	-21.0	-23.2	-23.5	-28.3	-16.0	-17.3	-19.2	-14.8	-37.3	-31.5
Other Income Other IncomeCr	7	7	7	7	7	7	6	6	7	6	7	6
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	1	1	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	5	5	4	4	3	3	4	4	4	4	3	3
Tax TaxCr	1	1	1	0	0	0	1	1	1	1	0	0
PAT PATCr	4	4	3	3	3	3	3	3	3	3	3	3
Growth YoY PAT Growth YoY%	53.4	-68.0	2.8	-1.9	-24.3	-13.3	6.9	-1.9	9.8	0.6	-8.4	-8.5
NPM NPM%	24.2	25.4	23.4	25.5	22.2	25.6	24.9	25.1	24.4	38.2	32.9	33.5
EPS EPS₹	2.4	2.5	1.9	2.1	1.8	2.1	2.0	2.0	2.0	2.1	1.9	1.9

Quarter	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue RevenueCr	15	15	12	12	12	12	12	12	12	8	9	8
Growth YoY Revenue Growth YoY%	-13.5	-17.7	-13.0	-14.8	-17.3	-13.9	0.4	-0.6	0.0	-32.5	-30.7	-31.4
Expenses ExpensesCr	16	16	15	15	15	16	14	14	15	10	12	11
Operating Profit Operating ProfitCr	-1	-2	-3	-3	-3	-4	-2	-2	-2	-1	-3	-3
OPM OPM%	-5.7	-11.8	-21.0	-23.2	-23.5	-28.3	-16.0	-17.3	-19.2	-14.8	-37.3	-31.5
Other Income Other IncomeCr	7	7	7	7	7	7	6	6	7	6	7	6
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	1	1	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	5	5	4	4	3	3	4	4	4	4	3	3
Tax TaxCr	1	1	1	0	0	0	1	1	1	1	0	0
PAT PATCr	4	4	3	3	3	3	3	3	3	3	3	3
Growth YoY PAT Growth YoY%	53.4	-68.0	2.8	-1.9	-24.3	-13.3	6.9	-1.9	9.8	0.6	-8.4	-8.5
NPM NPM%	24.2	25.4	23.4	25.5	22.2	25.6	24.9	25.1	24.4	38.2	32.9	33.5
EPS EPS₹	2.4	2.5	1.9	2.1	1.8	2.1	2.0	2.0	2.0	2.1	1.9	1.9

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	90	93	89	85	80	54	65	68	58	49	45	38
Growth Revenue Growth%	-0.4	3.9	-4.7	-4.8	-5.7	-31.9	20.0	4.4	-14.7	-14.8	-8.2	-23.6
Expenses ExpensesCr	68	74	73	74	72	49	61	65	64	61	53	47
Operating Profit Operating ProfitCr	22	19	16	11	7	5	4	3	-6	-12	-8	-9
OPM OPM%	24.5	20.4	18.4	13.0	9.2	9.8	6.5	4.2	-10.6	-24.1	-17.0	-25.1
Other Income Other IncomeCr	12	16	14	17	18	18	17	23	28	27	23	25
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	12	14	14	14	14	13	10	6	3	1	1	1
PBT PBTCr	22	21	16	14	11	10	11	20	19	14	14	14
Tax TaxCr	5	4	5	4	1	0	2	2	6	2	4	2
PAT PATCr	17	17	11	9	10	10	8	18	13	12	10	12
Growth PAT Growth%	-28.0	3.0	-36.1	-14.3	4.2	-0.6	-13.4	110.4	-24.2	-10.1	-13.7	-1.9
NPM NPM%	18.4	18.3	12.2	11.0	12.2	17.8	12.8	25.8	22.9	24.2	22.7	31.4
EPS EPS₹	10.9	11.3	7.2	6.2	6.4	6.4	5.5	11.6	8.8	7.9	8.2	7.8

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	90	93	89	85	80	54	65	68	58	49	45	38
Growth Revenue Growth%	-0.4	3.9	-4.7	-4.8	-5.7	-31.9	20.0	4.4	-14.7	-14.8	-8.2	-23.6
Expenses ExpensesCr	68	74	73	74	72	49	61	65	64	61	53	47
Operating Profit Operating ProfitCr	22	19	16	11	7	5	4	3	-6	-12	-8	-9
OPM OPM%	24.5	20.4	18.4	13.0	9.2	9.8	6.5	4.2	-10.6	-24.1	-17.0	-25.1
Other Income Other IncomeCr	12	16	14	17	18	18	17	23	28	27	23	25
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	12	14	14	14	14	13	10	6	3	1	1	1
PBT PBTCr	22	21	16	14	11	10	11	20	19	14	14	14
Tax TaxCr	5	4	5	4	1	0	2	2	6	2	4	2
PAT PATCr	17	17	11	9	10	10	8	18	13	12	10	12
Growth PAT Growth%	-28.0	3.0	-36.1	-14.3	4.2	-0.6	-13.4	110.4	-24.2	-10.1	-13.7	-1.9
NPM NPM%	18.4	18.3	12.2	11.0	12.2	17.8	12.8	25.8	22.9	24.2	22.7	31.4
EPS EPS₹	10.9	11.3	7.2	6.2	6.4	6.4	5.5	11.6	8.8	7.9	8.2	7.8

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
Equity Capital Equity CapitalCr	15	15	15	15	15	15	15	15	15	15	15	15
Reserves ReservesCr	314	327	339	356	355	397	420	416	456	447	459	448
Current Liabilities Current LiabilitiesCr	29	21	25	22	30	20	19	33	43	59	36	27
Non Current Liabilities Non Current LiabilitiesCr	25	21	19	17	14	17	17	12	19	17	19	17
Total Liabilities Total LiabilitiesCr	382	384	398	410	414	449	470	476	534	537	530	508
Current Assets Current AssetsCr	116	44	48	56	78	80	146	212	229	242	333	203
Non Current Assets Non Current AssetsCr	267	340	350	354	337	369	325	265	305	295	197	305
Total Assets Total AssetsCr	382	384	398	410	414	449	470	476	534	537	530	508

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
Equity Capital Equity CapitalCr	15	15	15	15	15	15	15	15	15	15	15	15
Reserves ReservesCr	314	327	339	356	355	397	420	416	456	447	459	448
Current Liabilities Current LiabilitiesCr	29	21	25	22	30	20	19	33	43	59	36	27
Non Current Liabilities Non Current LiabilitiesCr	25	21	19	17	14	17	17	12	19	17	19	17
Total Liabilities Total LiabilitiesCr	382	384	398	410	414	449	470	476	534	537	530	508
Current Assets Current AssetsCr	116	44	48	56	78	80	146	212	229	242	333	203
Non Current Assets Non Current AssetsCr	267	340	350	354	337	369	325	265	305	295	197	305
Total Assets Total AssetsCr	382	384	398	410	414	449	470	476	534	537	530	508

Consolidated

Standalone

Financial Year	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	16	26	12	13	1	-4	6	23	2	-3	-36
Investing Cash Flow Investing Cash FlowCr	-10	-19	-7	-7	5	7	-1	-19	3	9	41
Financing Cash Flow Financing Cash FlowCr	-6	-6	-6	-6	-6	-5	-5	-5	-5	-5	-5
Net Cash Flow Net Cash FlowCr	0	1	-1	0	1	-2	0	0	0	0	0
Free Cash Flow Free Cash FlowCr	7	11	11	11	1	-4	6	23	8	-3	-36
CFO To PAT CFO To PAT%	97.5	154.6	113.9	140.6	13.2	-36.2	69.5	129.9	15.2	-25.3	-345.5
CFO To EBITDA CFO To EBITDA%	73.2	138.0	75.7	119.4	17.4	-65.8	136.6	804.5	-33.0	25.5	462.9

Financial Year	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	16	26	12	13	1	-4	6	23	2	-3	-36
Investing Cash Flow Investing Cash FlowCr	-10	-19	-7	-7	5	7	-1	-19	3	9	41
Financing Cash Flow Financing Cash FlowCr	-6	-6	-6	-6	-6	-5	-5	-5	-5	-5	-5
Net Cash Flow Net Cash FlowCr	0	1	-1	0	1	-2	0	0	0	0	0
Free Cash Flow Free Cash FlowCr	7	11	11	11	1	-4	6	23	8	-3	-36
CFO To PAT CFO To PAT%	97.5	154.6	113.9	140.6	13.2	-36.2	69.5	129.9	15.2	-25.3	-345.5
CFO To EBITDA CFO To EBITDA%	73.2	138.0	75.7	119.4	17.4	-65.8	136.6	804.5	-33.0	25.5	462.9

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	654	690	655	494	314	551	1,175	1,181	1,926	1,219	944	1,122
Price To Earnings Price To Earnings	43.1	40.5	60.3	53.0	32.4	57.1	140.7	67.2	144.7	101.8	76.2	94.7
Price To Sales Price To Sales	6.4	7.4	7.4	5.8	3.9	10.1	18.0	17.4	33.2	24.6	20.8	29.7
Price To Book Price To Book	2.3	2.0	1.9	1.3	0.8	1.3	2.7	2.7	4.1	2.6	2.0	2.4
EV To EBITDA EV To EBITDA	29.6	36.0	39.9	44.9	42.4	103.3	276.1	416.1	-313.1	-102.3	-122.3	-116.4
Profitability Ratios Profitability Ratios
GPM GPM%	76.2	88.8	91.2	92.1	63.9	70.6	64.2	60.8	46.9	66.9	62.1	62.1
OPM OPM%	24.5	20.4	18.4	13.0	9.2	9.8	6.5	4.2	-10.6	-24.1	-17.0	-25.1
NPM NPM%	18.4	18.3	12.2	11.0	12.2	17.8	12.8	25.8	22.9	24.2	22.7	31.4
ROCE ROCE%	6.6	6.1	4.6	3.6	3.0	2.4	2.5	4.6	4.0	3.0	3.0	3.0
ROE ROE%	5.0	5.0	3.1	2.5	2.6	2.3	1.9	4.1	2.8	2.6	2.2	2.6
ROA ROA%	4.3	4.4	2.7	2.3	2.3	2.1	1.8	3.7	2.5	2.2	1.9	2.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	654	690	655	494	314	551	1,175	1,181	1,926	1,219	944	1,122
Price To Earnings Price To Earnings	43.1	40.5	60.3	53.0	32.4	57.1	140.7	67.2	144.7	101.8	76.2	94.7
Price To Sales Price To Sales	6.4	7.4	7.4	5.8	3.9	10.1	18.0	17.4	33.2	24.6	20.8	29.7
Price To Book Price To Book	2.3	2.0	1.9	1.3	0.8	1.3	2.7	2.7	4.1	2.6	2.0	2.4
EV To EBITDA EV To EBITDA	29.6	36.0	39.9	44.9	42.4	103.3	276.1	416.1	-313.1	-102.3	-122.3	-116.4
Profitability Ratios Profitability Ratios
GPM GPM%	76.2	88.8	91.2	92.1	63.9	70.6	64.2	60.8	46.9	66.9	62.1	62.1
OPM OPM%	24.5	20.4	18.4	13.0	9.2	9.8	6.5	4.2	-10.6	-24.1	-17.0	-25.1
NPM NPM%	18.4	18.3	12.2	11.0	12.2	17.8	12.8	25.8	22.9	24.2	22.7	31.4
ROCE ROCE%	6.6	6.1	4.6	3.6	3.0	2.4	2.5	4.6	4.0	3.0	3.0	3.0
ROE ROE%	5.0	5.0	3.1	2.5	2.6	2.3	1.9	4.1	2.8	2.6	2.2	2.6
ROA ROA%	4.3	4.4	2.7	2.3	2.3	2.1	1.8	3.7	2.5	2.2	1.9	2.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	TCI	SINDHUTRAD	GATEWAY	RIIL	TEJASCARGO	WCIL	ATL
Market CapitalizationMkt CapCr	6,604	3,685	2,443	1,122	980	973	811
Close PriceClose₹	859.50	20.00	48.90	743.00	410.00	95.48	27.79
IndustryIndustry	Logistics	Logistics	Logistics	Logistics	Logistics	Logistics	Logistics
Price To EarningsPE	14.44	45.45	9.98	94.65	38.90	26.52	18.40
Price To SalesPS	1.31	7.55	1.11	29.70	1.56	0.52	0.96
RevenueRevenueCr	5,026	488	2,211	38	629	1,878	848
Revenue Growth TTMRev Gr TTM%	9.6%	-63.7%	17.7%	-23.6%	25.4%	9.3%	12.3%
PAT Growth TTMPAT Gr TTM%	6.7%	12.3%	-35.8%	-1.9%	9.3%	-35.6%	39.2%

	TCI	SINDHUTRAD	GATEWAY	RIIL	TEJASCARGO	WCIL	ATL
Market CapitalizationMkt CapCr	6,604	3,685	2,443	1,122	980	973	811
Close PriceClose₹	859.50	20.00	48.90	743.00	410.00	95.48	27.79
IndustryIndustry	Logistics	Logistics	Logistics	Logistics	Logistics	Logistics	Logistics
Price To EarningsPE	14.44	45.45	9.98	94.65	38.90	26.52	18.40
Price To SalesPS	1.31	7.55	1.11	29.70	1.56	0.52	0.96
RevenueRevenueCr	5,026	488	2,211	38	629	1,878	848
Revenue Growth TTMRev Gr TTM%	9.6%	-63.7%	17.7%	-23.6%	25.4%	9.3%	12.3%
PAT Growth TTMPAT Gr TTM%	6.7%	12.3%	-35.8%	-1.9%	9.3%	-35.6%	39.2%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Sep 26