Financials Reliance Industries Ltd

Equities

RELIANCE

INE002A01018

Oil & Gas Refining and Marketing

Market Closed - NSE India Stock Exchange 06:43:31 2023-12-01 am EST Intraday chart for Reliance Industries Ltd 5-day change 1st Jan Change
2,394.30 INR +0.71% +0.02% -6.00%

Valuation

Fiscal Period : March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 8 078 441 6 600 576 12 718 171 16 745 613 14 808 378 15 211 668 - -
Enterprise Value (EV) 1 10 722 741 9 205 546 14 781 841 19 046 883 17 208 378 17 970 350 17 988 876 17 816 192
P/E ratio 20,4x 17,5x 26,6x 29,0x 23,6x 22,4x 19,4x 17,4x
Yield 0,48% 0,58% 0,35% 0,30% 0,39% 0,37% 0,40% 0,44%
Capitalization / Revenue 1,42x 1,11x 2,72x 2,39x 1,68x 1,62x 1,50x 1,40x
EV / Revenue 1,89x 1,54x 3,17x 2,72x 1,96x 1,91x 1,77x 1,64x
EV / EBITDA 12,8x 10,4x 18,3x 17,2x 12,0x 11,2x 9,94x 8,95x
EV / FCF -22,4x 42,7x -18,6x 181x -66,3x 163x 71,0x 43,0x
FCF Yield -4,47% 2,34% -5,39% 0,55% -1,51% 0,61% 1,41% 2,33%
Price to Book 2,09x 1,56x 1,84x 2,29x 1,92x 1,92x 1,77x 1,63x
Nbr of stocks (in thousands) 5 925 869 5 926 443 6 349 244 6 355 674 6 352 664 6 353 284 - -
Reference price 2 1 363 1 114 2 003 2 635 2 331 2 394 2 394 2 394
Announcement Date 04/18/19 04/30/20 04/30/21 05/06/22 04/21/23 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period : March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 5 671 350 5 967 430 4 669 240 6 999 620 8 794 680 9 416 004 10 168 512 10 892 387
EBITDA 1 840 210 882 170 807 370 1 104 600 1 429 080 1 608 438 1 810 022 1 991 575
EBIT 1 630 870 660 140 541 650 806 630 1 025 890 1 142 388 1 303 957 1 443 839
Operating Margin 11,1% 11,1% 11,6% 11,5% 11,7% 12,1% 12,8% 13,3%
Earnings before Tax (EBT) 1 552 270 536 060 554 610 841 420 948 010 1 064 004 1 229 716 1 389 883
Net income 1 395 880 393 540 491 280 607 050 667 020 723 528 838 681 940 654
Net margin 6,98% 6,59% 10,5% 8,67% 7,58% 7,68% 8,25% 8,64%
EPS 2 66,8 63,5 75,2 90,9 98,6 107 124 138
Free Cash Flow 1 -478 900 215 570 -796 520 105 090 -259 560 109 951 253 366 414 433
FCF margin -8,44% 3,61% -17,1% 1,50% -2,95% 1,17% 2,49% 3,80%
FCF Conversion (EBITDA) - 24,4% - 9,51% - 6,84% 14,0% 20,8%
FCF Conversion (Net income) - 54,8% - 17,3% - 15,2% 30,2% 44,1%
Dividend per Share 2 6,50 6,50 7,00 8,00 9,00 8,95 9,69 10,4
Announcement Date 04/18/19 04/30/20 04/30/21 05/06/22 04/21/23 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period : March 2021 S1 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 1 994 890 1 178 600 1 495 750 1 399 490 1 676 110 1 850 270 2 073 750 2 193 040 2 300 550 2 171 640 2 129 450 2 075 590 2 239 647 2 392 500 2 476 500
EBITDA 1 358 200 215 660 233 510 233 680 260 200 297 060 313 660 379 970 312 240 352 470 384 400 380 930 402 820 413 000 421 000
EBIT 1 - 149 010 163 780 164 850 187 900 220 230 233 650 290 510 214 940 250 600 269 840 263 180 284 981 295 389 320 935
Operating Margin - 12,6% 10,9% 11,8% 11,2% 11,9% 11,3% 13,2% 9,34% 11,5% 12,7% 12,7% 12,7% 12,3% 13,0%
Earnings before Tax (EBT) 1 - 149 820 163 820 172 700 192 340 252 270 224 110 272 360 203 790 230 720 241 140 243 700 261 832 273 500 286 000
Net income 1 228 000 131 010 132 270 122 730 136 800 185 490 162 030 179 550 136 560 157 920 192 990 160 110 179 013 205 000 217 500
Net margin 11,4% 11,1% 8,84% 8,77% 8,16% 10,0% 7,81% 8,19% 5,94% 7,27% 9,06% 7,71% 7,99% 8,57% 8,78%
EPS 2 35,0 19,9 20,1 18,6 20,6 27,8 24,0 26,5 20,2 23,3 28,5 23,7 27,1 36,2 40,5
Dividend per Share 2 - - 7,00 - - - 8,00 - - - - - 2,38 2,38 2,38
Announcement Date 10/30/20 01/22/21 04/30/21 07/23/21 10/22/21 01/21/22 05/06/22 07/22/22 10/21/22 01/20/23 04/21/23 07/21/23 - - -
1INR in Million2INR
Estimates

Balance Sheet Analysis

Fiscal Period : March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 2 644 300 2 604 970 2 063 670 2 301 270 2 400 000 2 758 682 2 777 208 2 604 524
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 3,15x 2,95x 2,56x 2,08x 1,68x 1,72x 1,53x 1,31x
Free Cash Flow 1 -478 900 215 570 -796 520 105 090 -259 560 109 951 253 366 414 433
ROE (net income / shareholders' equity) 11,6% 9,37% 8,55% 7,82% 8,33% 9,04% 9,53% 9,88%
Shareholders' equity 1 3 403 077 4 202 198 5 746 704 7 760 505 8 003 216 8 005 544 8 802 633 9 523 032
ROA (Net income/ Total Assets) 4,35% 3,63% 3,95% 4,10% 4,15% 5,01% 5,53% 5,76%
Assets 1 9 093 791 10 841 621 12 435 579 14 794 911 16 065 803 14 440 241 15 162 586 16 320 168
Book Value Per Share 2 653 715 1 086 1 152 1 214 1 245 1 355 1 466
Cash Flow per Share 2 77,2 158 40,1 166 170 253 215 244
Capex 1 936 260 765 170 1 058 370 1 001 450 1 409 880 1 352 053 1 238 182 1 156 113
Capex / Sales 16,5% 12,8% 22,7% 14,3% 16,0% 14,4% 12,2% 10,6%
Announcement Date 04/18/19 04/30/20 04/30/21 05/06/22 04/21/23 - - -
1INR in Million2INR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating :
Investor Rating :
ESG Refinitiv :
B-
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
33
Last Close Price
2,394.30INR
Average target price
2,770.06INR
Spread / Average Target
+15.69%
Consensus
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