Market Closed -
Other stock markets
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5-day change | 1st Jan Change | ||
1,495.20 INR | -1.45% |
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-1.49% | +23.02% |
09:43am | Indian supermarket chain DMart's Q1 profit falls as competition, higher costs bite | RE |
04:02am | India needs to boost its petchem output to counter China's dominance, Reliance says | RE |
Projected Income Statement: Reliance Industries Ltd
Annual
Quarterly
Halfyear
Annual
Quarterly
Halfyear
Fiscal Period: March | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
---|---|---|---|---|---|---|---|---|
Net sales 1 | 5,967,430 | 4,669,240 | 6,999,620 | 8,794,680 | 9,010,640 | 9,646,930 | 10,209,811 | 10,984,829 |
Change | - | -21.75% | 49.91% | 25.65% | 2.46% | 7.06% | 5.83% | 7.59% |
EBITDA 1 | 882,170 | 807,370 | 1,104,600 | 1,429,080 | 1,622,330 | 1,654,440 | 1,871,318 | 2,085,591 |
Change | - | -8.48% | 36.81% | 29.38% | 13.52% | 1.98% | 13.11% | 11.45% |
EBIT 1 | 660,140 | 541,650 | 806,630 | 1,025,890 | 1,114,010 | 1,123,080 | 1,275,180 | 1,444,853 |
Change | - | -17.95% | 48.92% | 27.18% | 8.59% | 0.81% | 13.54% | 13.31% |
Interest Paid 1 | -220,270 | -211,890 | -145,840 | -195,710 | -231,180 | -242,690 | -236,377 | -235,092 |
Earnings before Tax (EBT) 1 | 536,060 | 554,610 | 841,420 | 948,010 | 1,047,270 | 1,060,170 | 1,224,044 | 1,389,776 |
Change | - | 3.46% | 51.71% | 12.67% | 10.47% | 1.23% | 15.46% | 13.54% |
Net income 1 | 393,540 | 491,280 | 607,050 | 667,020 | 696,210 | 696,480 | 805,912 | 914,226 |
Change | - | 24.84% | 23.56% | 9.88% | 4.38% | 0.04% | 15.71% | 13.44% |
Announcement Date | 4/30/20 | 4/30/21 | 5/6/22 | 4/21/23 | 4/22/24 | 4/25/25 | - | - |
1INR in Million
Estimates
Forecast Balance Sheet: Reliance Industries Ltd
Fiscal Period: March | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
---|---|---|---|---|---|---|---|---|
Net Debt 1 | 2,604,970 | 2,063,670 | 2,301,270 | 2,400,000 | 2,273,970 | 2,410,280 | 2,118,584 | 1,659,390 |
Change | - | -20.78% | 11.51% | 4.29% | -5.25% | 5.99% | -11.65% | -21.67% |
Announcement Date | 4/30/20 | 4/30/21 | 5/6/22 | 4/21/23 | 4/22/24 | 4/25/25 | - | - |
1INR in Million
Estimates
Cash Flow Forecast: Reliance Industries Ltd
Fiscal Period: March | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
---|---|---|---|---|---|---|---|---|
CAPEX 1 | 765,170 | 1,058,370 | 1,001,450 | 1,409,880 | 1,528,830 | 1,399,670 | 1,213,262 | 1,203,234 |
Change | - | 38.32% | -5.38% | 40.78% | 8.44% | -8.45% | -3.4% | -0.83% |
Free Cash Flow (FCF) 1 | 215,570 | -796,520 | 105,090 | -259,560 | 59,050 | 387,360 | 463,073 | 627,711 |
Change | - | -469.49% | 113.19% | -346.99% | 122.75% | 555.99% | 23.22% | 35.55% |
Announcement Date | 4/30/20 | 4/30/21 | 5/6/22 | 4/21/23 | 4/22/24 | 4/25/25 | - | - |
1INR in Million
Estimates
Forecast Financial Ratios: Reliance Industries Ltd
Fiscal Period: March | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
---|---|---|---|---|---|---|---|---|
Profitability | ||||||||
EBITDA Margin (%) | 14.78% | 17.29% | 15.78% | 16.25% | 18% | 17.15% | 18.33% | 18.99% |
EBIT Margin (%) | 11.06% | 11.6% | 11.52% | 11.66% | 12.36% | 11.64% | 12.49% | 13.15% |
EBT Margin (%) | 8.98% | 11.88% | 12.02% | 10.78% | 11.62% | 10.99% | 11.99% | 12.65% |
Net margin (%) | 6.59% | 10.52% | 8.67% | 7.58% | 7.73% | 7.22% | 7.89% | 8.32% |
FCF margin (%) | 3.61% | -17.06% | 1.5% | -2.95% | 0.66% | 4.02% | 4.54% | 5.71% |
FCF / Net Income (%) | 54.78% | -162.13% | 17.31% | -38.91% | 8.48% | 55.62% | 57.46% | 68.66% |
Profitability | ||||||||
ROA | 3.63% | 3.95% | 4.1% | 4.15% | 4.14% | 3.76% | 5.21% | 5.57% |
ROE | 9.37% | 8.55% | 7.82% | 8.33% | 9.23% | 8.51% | 8.82% | 9.21% |
Financial Health | ||||||||
Leverage (Debt/EBITDA) | 2.95x | 2.56x | 2.08x | 1.68x | 1.4x | 1.46x | 1.13x | 0.8x |
Debt / Free cash flow | 12.08x | -2.59x | 21.9x | -9.25x | 38.51x | 6.22x | 4.58x | 2.64x |
Capital Intensity | ||||||||
CAPEX / Current Assets (%) | 12.82% | 22.67% | 14.31% | 16.03% | 16.97% | 14.51% | 11.88% | 10.95% |
CAPEX / EBITDA (%) | 86.74% | 131.09% | 90.66% | 98.66% | 94.24% | 84.6% | 64.83% | 57.69% |
CAPEX / FCF (%) | 354.95% | -132.87% | 952.95% | -543.18% | 2,589.04% | 361.34% | 262% | 191.69% |
Items per share | ||||||||
Cash flow per share 1 | 79.11 | 20.04 | 82.8 | 85.01 | 117.3 | 132.1 | 112.4 | 119.1 |
Change | - | -74.66% | 313.11% | 2.67% | 38.03% | 12.54% | -0.59% | 5.96% |
Dividend per Share 1 | 3.25 | 3.5 | 4 | 4.5 | 5 | 5.5 | 5.674 | 6.644 |
Change | - | 7.69% | 14.29% | 12.5% | 11.11% | 10% | 4.96% | 17.1% |
Book Value Per Share 1 | 357.6 | 543.2 | 576.1 | 606.8 | 586.4 | 623.1 | 687.6 | 745.2 |
Change | - | 51.91% | 6.06% | 5.33% | -3.37% | 6.27% | 8.45% | 8.38% |
EPS 1 | 31.74 | 37.6 | 45.42 | 49.3 | 51.45 | 51.47 | 59.32 | 67.28 |
Change | - | 18.46% | 20.8% | 8.52% | 4.37% | 0.04% | 13.42% | 13.42% |
Nbr of stocks (in thousands) | 11,852,885 | 12,698,488 | 12,710,615 | 12,705,329 | 13,531,484 | 12,706,823 | 12,706,823 | 12,706,823 |
Announcement Date | 4/30/20 | 4/30/21 | 5/6/22 | 4/21/23 | 4/22/24 | 4/25/25 | - | - |
1INR
Estimates
2025 | 2026 * | |
---|---|---|
P/E ratio | 24.8x | 25.2x |
PBR | 2.05x | 2.17x |
EV / Sales | 1.93x | 2.07x |
Yield | 0.43% | 0.38% |
More valuation ratios
* Estimated data
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Sell
Buy

Mean consensus
BUY
Number of Analysts
35
Last Close Price
1,495.20INR
Average target price
1,578.46INR
Spread / Average Target
+5.57%
Quarterly revenue - Rate of surprise
- Stock Market
- Equities
- RELIANCE Stock
- Financials Reliance Industries Ltd
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