Financials Reliance Industries Ltd

Equities

RELIANCE

INE002A01018

Oil & Gas Refining and Marketing

Delayed NSE India S.E. Other stock markets 10:29:37 08/07/2025 am IST			5-day change	1st Jan Change
1,535.50 ^INR	-0.39%		+0.48%	+26.35%

07/07	INDIA STOCKS-Indian benchmarks end flat as consumer stocks offset broader losses amid tariff uncertainty	RE
07/07	Jio BlackRock raises more than $2.1 billion through debut mutual fund offers	RE

Projected Income Statement: Reliance Industries Ltd

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	59,67,430	46,69,240	69,99,620	87,94,680	90,10,640	96,46,930	1,02,09,811	1,09,84,829
Change	-	-21.75%	49.91%	25.65%	2.46%	7.06%	5.83%	7.59%
EBITDA ¹	8,82,170	8,07,370	11,04,600	14,29,080	16,22,330	16,54,440	18,71,318	20,85,591
Change	-	-8.48%	36.81%	29.38%	13.52%	1.98%	13.11%	11.45%
EBIT ¹	6,60,140	5,41,650	8,06,630	10,25,890	11,14,010	11,23,080	12,75,180	14,44,853
Change	-	-17.95%	48.92%	27.18%	8.59%	0.81%	13.54%	13.31%
Interest Paid ¹	-2,20,270	-2,11,890	-1,45,840	-1,95,710	-2,31,180	-2,42,690	-2,36,377	-2,35,092
Earnings before Tax (EBT) ¹	5,36,060	5,54,610	8,41,420	9,48,010	10,47,270	10,60,170	12,24,044	13,89,776
Change	-	3.46%	51.71%	12.67%	10.47%	1.23%	15.46%	13.54%
Net income ¹	3,93,540	4,91,280	6,07,050	6,67,020	6,96,210	6,96,480	8,05,912	9,14,226
Change	-	24.84%	23.56%	9.88%	4.38%	0.04%	15.71%	13.44%
Announcement Date	30/04/20	30/04/21	06/05/22	21/04/23	22/04/24	25/04/25	-	-

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	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	15,69,760	14,85,260	15,29,390	13,62,400	8,82,530	11,12,360	11,78,600	14,95,750	13,99,490	16,76,110	18,50,270	20,73,750	21,93,040	23,00,550	21,71,640	21,29,450	20,75,590	23,18,860	22,50,860	23,65,330	23,17,840	23,06,800	23,62,067	23,88,753	23,98,608	24,69,476	26,28,271	26,24,144
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%	-0.48%	2.4%	1.13%	0.41%	2.95%	6.43%	-0.16%
EBITDA ¹	2,13,150	2,21,520	2,23,860	2,17,820	1,68,750	1,89,450	2,15,660	2,33,510	2,33,680	2,60,200	2,97,060	3,13,660	3,79,970	3,12,240	3,52,470	3,84,400	3,80,930	4,09,680	4,06,560	4,25,160	3,87,650	3,99,457	4,19,949	4,37,473	4,48,920	4,60,583	4,84,734	4,88,969
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%	3.05%	5.13%	4.17%	2.62%	2.6%	5.24%	0.87%
EBIT ¹	1,63,040	1,68,370	1,68,410	1,54,500	1,05,670	1,23,190	1,49,010	1,63,780	1,64,850	1,87,900	2,20,230	2,33,650	2,90,510	2,14,940	2,50,600	2,69,840	2,63,180	2,83,830	2,77,530	2,89,470	2,51,690	2,77,790	2,88,176	2,99,293	3,08,300	3,20,323	3,36,594	3,34,121
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%	10.37%	3.74%	3.86%	3.01%	3.9%	5.08%	-0.73%
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	-60,345	-61,554	-63,830	-63,540	-	-13,856	-
Earnings before Tax (EBT) ¹	1,43,660	1,50,550	1,49,620	92,230	1,35,080	1,05,890	1,49,820	1,63,820	1,72,700	1,92,340	2,52,270	2,24,110	2,72,360	2,03,790	2,30,720	2,41,140	2,43,700	2,65,510	2,59,860	2,78,200	2,32,310	2,48,434	2,73,876	2,88,222	3,07,325	2,94,899	3,13,499	3,16,277
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%	6.94%	10.24%	5.24%	6.63%	-4.04%	6.31%	0.89%
Net income ¹	1,01,040	1,12,620	1,16,400	63,480	1,32,330	95,670	1,31,010	1,32,270	1,22,730	1,36,800	1,85,490	1,62,030	1,79,550	1,36,560	1,57,920	1,92,990	1,60,110	1,73,940	1,72,650	1,89,510	1,51,380	1,55,822	1,79,846	1,82,948	2,13,263	-	-	-
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%	2.93%	15.42%	1.73%	16.57%	-	-	-
Announcement Date	19/07/19	18/10/19	17/01/20	30/04/20	30/07/20	30/10/20	22/01/21	30/04/21	23/07/21	22/10/21	21/01/22	06/05/22	22/07/22	21/10/22	20/01/23	21/04/23	21/07/23	27/10/23	19/01/24	22/04/24	19/07/24	-	-	-	-	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2020 S2	2021 S1	2022 S1
Net sales	-	19,94,890	-
Change	-	-	-
EBITDA ¹	-	3,58,200	4,93,880
Change	-	-	37.88%
EBIT	-	-	-
Change	-	-	-
Charge d'intérêts	-	-	-
Earnings before Tax (EBT)	-	-	-
Change	-	-	-
Net income	1,79,880	2,28,000	-
Change	-	26.75%	-
Announcement Date	30/04/20	30/10/20	22/10/21

¹INR in Million

Estimates

Forecast Balance Sheet: Reliance Industries Ltd

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	26,04,970	20,63,670	23,01,270	24,00,000	22,73,970	24,10,280	21,18,584	16,59,390
Change	-	-20.78%	11.51%	4.29%	-5.25%	5.99%	-11.65%	-21.67%
Announcement Date	30/04/20	30/04/21	06/05/22	21/04/23	22/04/24	25/04/25	-	-

¹INR in Million

Estimates

Cash Flow Forecast: Reliance Industries Ltd

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	7,65,170	10,58,370	10,01,450	14,09,880	15,28,830	13,99,670	12,13,262	12,03,234
Change	-	38.32%	-5.38%	40.78%	8.44%	-8.45%	-3.4%	-0.83%
Free Cash Flow (FCF) ¹	2,15,570	-7,96,520	1,05,090	-2,59,560	59,050	3,87,360	4,63,073	6,27,711
Change	-	-469.49%	113.19%	-346.99%	122.75%	555.99%	23.22%	35.55%
Announcement Date	30/04/20	30/04/21	06/05/22	21/04/23	22/04/24	25/04/25	-	-

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%	8.83%	9.2%
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)	1,18,52,885	1,26,98,488	1,27,10,615	1,27,05,329	1,35,31,484	1,27,06,823	1,27,06,823	1,27,06,823
Announcement Date	30/04/20	30/04/21	06/05/22	21/04/23	22/04/24	25/04/25	-	-