Financials Reliance Industries Ltd

Equities

RELIANCE

INE002A01018

Oil & Gas Refining and Marketing

Market Closed - NSE India S.E. Other stock markets 07:40:31 2024-09-09 am EDT			5-day change	1st Jan Change
2,924.90 ^INR	-0.16%		-3.12%	+13.15%

Sep. 06	Exclusive-India's Reliance Infra weighs EV push, taps ex-BYD exec, sources say	RE
Sep. 06	Reliance Industries Declares 1:1 Bonus Issue	MT

Projected Income Statement: Reliance Industries Ltd

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	9,894,559	10,615,115	11,379,102
Change	-	-21.75%	49.91%	25.65%	2.46%	9.81%	7.28%	7.2%
EBITDA ¹	882,170	807,370	1,104,600	1,429,080	1,622,330	1,794,647	2,031,108	2,263,556
Change	-	-8.48%	36.81%	29.38%	13.52%	10.62%	13.18%	11.44%
EBIT ¹	660,140	541,650	806,630	1,025,890	1,114,010	1,238,477	1,439,880	1,602,994
Change	-	-17.95%	48.92%	27.18%	8.59%	11.17%	16.26%	11.33%
Interest Paid ¹	-220,270	-211,890	-145,840	-195,710	-231,180	-214,864	-209,172	-197,199
Earnings before Tax (EBT) ¹	536,060	554,610	841,420	948,010	1,047,270	1,184,799	1,393,507	1,548,669
Change	-	3.46%	51.71%	12.67%	10.47%	13.13%	17.62%	11.13%
Net income ¹	393,540	491,280	607,050	667,020	696,210	792,375	931,444	1,043,608
Change	-	24.84%	23.56%	9.88%	4.38%	13.81%	17.55%	12.04%
Announcement Date	4/30/20	4/30/21	5/6/22	4/21/23	4/22/24	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	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	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	1,569,760	1,485,260	1,529,390	1,362,400	882,530	1,112,360	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	2,318,860	2,250,860	2,365,330	2,317,840	2,346,000	2,418,000	2,258,000
Change	-	-5.38%	2.97%	-10.92%	-35.22%	26.04%	5.95%	26.91%	-6.44%	19.77%	10.39%	12.08%	5.75%	4.9%	-5.6%	-1.94%	-2.53%	11.72%	-2.93%	5.09%	-2.01%	-1.38%	3.07%	-6.62%
EBITDA ¹	213,150	221,520	223,860	217,820	168,750	189,450	215,660	233,510	233,680	260,200	297,060	313,660	379,970	312,240	352,470	384,400	380,930	409,680	406,560	425,160	387,650	447,000	479,000	467,000
Change	-	3.93%	1.06%	-2.7%	-22.53%	12.27%	13.83%	8.28%	0.07%	11.35%	14.17%	5.59%	21.14%	-17.83%	12.88%	9.06%	-0.9%	7.55%	-0.76%	4.57%	-8.82%	11.89%	7.16%	-2.51%
EBIT ¹	163,040	168,370	168,410	154,500	105,670	123,190	149,010	163,780	164,850	187,900	220,230	233,650	290,510	214,940	250,600	269,840	263,180	283,830	277,530	289,470	251,690	309,149	358,585	378,658
Change	-	3.27%	0.02%	-8.26%	-31.61%	16.58%	20.96%	9.91%	0.65%	13.98%	17.21%	6.09%	24.34%	-26.01%	16.59%	7.68%	-2.47%	7.85%	-2.22%	4.3%	-13.05%	16.59%	15.99%	5.6%
Charge d'intérêts ¹	-51,090	-54,500	-54,040	-60,640	-67,350	-60,840	-43,260	-40,440	-33,970	-38,190	-38,120	-35,560	-39,970	-45,540	-52,010	-58,190	-58,370	-57,310	-57,890	-57,610	-59,180	-59,000	-59,000	-57,000
Earnings before Tax (EBT) ¹	143,660	150,550	149,620	92,230	135,080	105,890	149,820	163,820	172,700	192,340	252,270	224,110	272,360	203,790	230,720	241,140	243,700	265,510	259,860	278,200	232,310	294,000	325,000	316,000
Change	-	4.8%	-0.62%	-38.36%	46.46%	-21.61%	41.49%	9.34%	5.42%	11.37%	31.16%	-11.16%	21.53%	-25.18%	13.21%	4.52%	1.06%	8.95%	-2.13%	7.06%	-16.5%	18.02%	10.54%	-2.77%
Net income ¹	101,040	112,620	116,400	63,480	132,330	95,670	131,010	132,270	122,730	136,800	185,490	162,030	179,550	136,560	157,920	192,990	160,110	173,940	172,650	189,510	151,380	194,000	216,000	214,000
Change	-	11.46%	3.36%	-45.46%	108.46%	-27.7%	36.94%	0.96%	-7.21%	11.46%	35.59%	-12.65%	10.81%	-23.94%	15.64%	22.21%	-17.04%	8.64%	-0.74%	9.77%	-20.12%	16.62%	11.34%	-0.93%
Announcement Date	7/19/19	10/18/19	1/17/20	4/30/20	7/30/20	10/30/20	1/22/21	4/30/21	7/23/21	10/22/21	1/21/22	5/6/22	7/22/22	10/21/22	1/20/23	4/21/23	7/21/23	10/27/23	1/19/24	4/22/24	7/19/24	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2020 S2	2021 S1	2022 S1
Net sales	-	1,994,890	-
Change	-	-	-100%
EBITDA ¹	-	358,200	493,880
Change	-	-	37.88%
EBIT	-	-	-
Change	-	-	-
Charge d'intérêts	-	-	-
Earnings before Tax (EBT)	-	-	-
Change	-	-	-
Net income	179,880	228,000	-
Change	-	26.75%	-100%
Announcement Date	4/30/20	10/30/20	10/22/21

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	2,179,617	1,782,475	1,349,327
Change	-	-20.78%	11.51%	4.29%	-5.25%	-4.15%	-18.22%	-24.3%
Announcement Date	4/30/20	4/30/21	5/6/22	4/21/23	4/22/24	-	-	-

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	1,205,247	1,180,949	1,128,363
Change	-	38.32%	-5.38%	40.78%	8.44%	-21.17%	-2.02%	-4.45%
Free Cash Flow (FCF) ¹	215,570	-796,520	105,090	-259,560	59,050	446,741	511,114	828,769
Change	-	-469.49%	-113.19%	-346.99%	-122.75%	656.55%	14.41%	62.15%
Announcement Date	4/30/20	4/30/21	5/6/22	4/21/23	4/22/24	-	-	-

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%	18.14%	19.13%	19.89%
EBIT Margin (%)	11.06%	11.6%	11.52%	11.66%	12.36%	12.52%	13.56%	14.09%
EBT Margin (%)	8.98%	11.88%	12.02%	10.78%	11.62%	11.97%	13.13%	13.61%
Net margin (%)	6.59%	10.52%	8.67%	7.58%	7.73%	8.01%	8.77%	9.17%
FCF margin (%)	3.61%	-17.06%	1.5%	-2.95%	0.66%	4.52%	4.81%	7.28%
FCF / Net Income (%)	54.78%	-162.13%	17.31%	-38.91%	8.48%	56.38%	54.87%	79.41%
Profitability
ROA	3.63%	3.95%	4.1%	4.15%	4.14%	5.23%	5.84%	6.39%
ROE	9.37%	8.55%	7.82%	8.33%	9.23%	9.21%	9.88%	10.24%
Financial Health
Leverage (Debt/EBITDA)	2.95x	2.56x	2.08x	1.68x	1.4x	1.21x	0.88x	0.6x
Debt / Free cash flow	12.08x	-2.59x	21.9x	-9.25x	38.51x	4.88x	3.49x	1.63x
Capital Intensity
CAPEX / Current Assets (%)	12.82%	22.67%	14.31%	16.03%	16.97%	12.18%	11.13%	9.92%
CAPEX / EBITDA (%)	86.74%	131.09%	90.66%	98.66%	94.24%	67.16%	58.14%	49.85%
CAPEX / FCF (%)	354.95%	-132.87%	952.95%	-543.18%	2,589.04%	269.79%	231.05%	136.15%
Items per share
Cash flow per share ¹	158.2	40.09	165.6	170	234.7	231.8	237.2	249
Change	-	-74.66%	313.11%	2.67%	38.03%	-1.24%	2.35%	4.97%
Dividend per Share ¹	6.5	7	8	9	10	9.957	10.92	12.14
Change	-	7.69%	14.29%	12.5%	11.11%	-0.43%	9.64%	11.22%
Book Value Per Share ¹	715.1	1,086	1,152	1,214	1,173	1,321	1,442	1,561
Change	-	51.91%	6.06%	5.33%	-3.37%	12.66%	9.18%	8.22%
EPS ¹	63.49	75.21	90.85	98.59	102.9	116.9	137	150.1
Change	-	18.46%	20.8%	8.52%	4.37%	13.57%	17.22%	9.58%
Nbr of stocks (in thousands)	5,926,443	6,349,244	6,355,308	6,352,664	6,765,742	6,765,862	6,765,862	6,765,862
Announcement Date	4/30/20	4/30/21	5/6/22	4/21/23	4/22/24	-	-	-