Financials Reliance Industries Ltd

Equities

RELIANCE

INE002A01018

Oil & Gas Refining and Marketing

Market Closed - NSE India S.E. Other stock markets 04:35:04 11/02/2026 pm IST			5-day change	1st Jan Change
1,468.70 ^INR	+0.70%		+0.82%	-6.48%

10/02	Reliance Industries says Reliance Consumer Products acquires Tamil Nadu's Southern Health Foods	RE
09/02	Indian Oil, HPCL buy 2 million barrels Venezuelan oil from Trafigura, sources say	RE

Projected Income Statement: Reliance Industries Ltd

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	46,69,240	69,99,620	87,94,680	90,10,640	96,46,930	1,00,69,849	1,08,78,148	1,18,08,027
Change	-	49.91%	25.65%	2.46%	7.06%	4.38%	8.03%	8.55%
EBITDA ¹	8,07,370	11,04,600	14,29,080	16,22,330	16,54,440	18,39,791	20,73,533	22,83,051
Change	-	36.81%	29.38%	13.52%	1.98%	11.2%	12.7%	10.1%
EBIT ¹	5,41,650	8,06,630	10,25,890	11,14,010	11,23,080	12,64,155	14,48,115	16,10,869
Change	-	48.92%	27.18%	8.59%	0.81%	12.56%	14.55%	11.24%
Interest Paid ¹	-2,11,890	-1,45,840	-1,95,710	-2,31,180	-2,42,690	-2,55,241	-2,58,810	-2,59,907
Earnings before Tax (EBT) ¹	5,54,610	8,41,420	9,48,010	10,47,270	10,60,170	12,30,679	13,62,721	15,43,737
Change	-	51.71%	12.67%	10.47%	1.23%	16.08%	10.73%	13.28%
Net income ¹	4,91,280	6,07,050	6,67,020	6,96,210	6,96,480	8,34,748	8,97,396	10,02,822
Change	-	23.56%	9.88%	4.38%	0.04%	19.85%	7.5%	11.75%
Announcement Date	30/04/21	06/05/22	21/04/23	22/04/24	25/04/25	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	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	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	23,15,350	23,99,860	26,13,880	24,36,320	24,89,413	25,59,218	26,45,824
Change	-	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%	-0.11%	3.65%	8.92%	-6.79%	2.18%	2.8%	3.38%
EBITDA ¹	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	3,90,580	4,37,890	4,38,320	4,29,050	4,45,618	4,78,636	4,91,910
Change	-	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%	0.76%	12.11%	0.1%	-2.11%	3.86%	7.41%	2.77%
EBIT ¹	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	2,61,780	3,06,080	3,03,530	2,90,630	3,11,325	3,33,276	3,68,714
Change	-	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%	4.01%	16.92%	-0.83%	-4.25%	7.12%	7.05%	10.63%
Charge d'intérêts ¹	-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	-60,170	-61,790	-61,550	-70,360	-70,194	-68,920	-69,146
Earnings before Tax (EBT) ¹	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	2,50,370	2,86,430	2,91,030	3,71,460	2,87,322	3,05,958	3,17,920
Change	-	-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%	7.77%	14.4%	1.61%	27.64%	-22.65%	6.49%	3.91%
Net income ¹	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	1,65,630	1,85,400	1,94,070	2,69,940	1,92,682	1,92,223	2,06,637
Change	-	-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%	9.41%	11.94%	4.68%	39.09%	-28.62%	-0.24%	7.5%
Announcement Date	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	14/10/24	16/01/25	25/04/25	18/07/25	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2022 S1
Net sales	-
Change	-
EBITDA ¹	4,93,880
Change	-
EBIT	-
Change	-
Charge d'intérêts	-
Earnings before Tax (EBT)	-
Change	-
Net income	-
Change	-
Announcement Date	22/10/21

¹INR in Million

Estimates

Forecast Balance Sheet: Reliance Industries Ltd

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	20,63,670	23,01,270	24,00,000	22,73,970	24,10,280	21,56,445	19,44,644	14,16,751
Change	-	11.51%	4.29%	-5.25%	5.99%	-10.53%	-9.82%	-27.15%
Announcement Date	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	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	10,58,370	10,01,450	14,09,880	15,28,830	13,99,670	12,25,270	12,34,941	12,16,228
Change	-	-5.38%	40.78%	8.44%	-8.45%	-12.46%	0.79%	-1.52%
Free Cash Flow (FCF) ¹	-7,96,520	1,05,090	-2,59,560	59,050	3,87,360	4,48,037	5,57,233	7,63,551
Change	-	113.19%	-346.99%	122.75%	555.99%	15.66%	24.37%	37.03%
Announcement Date	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	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	17.29%	15.78%	16.25%	18%	17.15%	18.27%	19.06%	19.33%
EBIT Margin (%)	11.6%	11.52%	11.66%	12.36%	11.64%	12.55%	13.31%	13.64%
EBT Margin (%)	11.88%	12.02%	10.78%	11.62%	10.99%	12.22%	12.53%	13.07%
Net margin (%)	10.52%	8.67%	7.58%	7.73%	7.22%	8.29%	8.25%	8.49%
FCF margin (%)	-17.06%	1.5%	-2.95%	0.66%	4.02%	4.45%	5.12%	6.47%
FCF / Net Income (%)	-162.13%	17.31%	-38.91%	8.48%	55.62%	53.67%	62.09%	76.14%
Profitability
ROA	3.95%	4.1%	4.15%	4.14%	3.76%	5.09%	5.33%	5.7%
ROE	8.55%	7.82%	8.33%	9.23%	8.51%	8.93%	9.09%	9.39%
Financial Health
Leverage (Debt/EBITDA)	2.56x	2.08x	1.68x	1.4x	1.46x	1.17x	0.94x	0.62x
Debt / Free cash flow	-2.59x	21.9x	-9.25x	38.51x	6.22x	4.81x	3.49x	1.86x
Capital Intensity
CAPEX / Current Assets (%)	22.67%	14.31%	16.03%	16.97%	14.51%	12.17%	11.35%	10.3%
CAPEX / EBITDA (%)	131.09%	90.66%	98.66%	94.24%	84.6%	66.6%	59.56%	53.27%
CAPEX / FCF (%)	-132.87%	952.95%	-543.18%	2,589.04%	361.34%	273.48%	221.62%	159.29%
Items per share
Cash flow per share ¹	20.04	82.8	85.01	117.3	132.1	118.9	117.8	139.9
Change	-	313.11%	2.67%	38.03%	12.54%	-9.94%	-0.91%	18.69%
Dividend per Share ¹	3.5	4	4.5	5	5.5	6.021	6.65	7.449
Change	-	14.29%	12.5%	11.11%	10%	9.47%	10.44%	12.02%
Book Value Per Share ¹	543.2	576.1	606.8	586.4	623.1	680	735.8	805.8
Change	-	6.06%	5.33%	-3.37%	6.27%	9.13%	8.21%	9.51%
EPS ¹	37.6	45.42	49.3	51.45	51.47	61.76	65.84	73.3
Change	-	20.8%	8.52%	4.37%	0.04%	19.99%	6.6%	11.34%
Nbr of stocks (in thousands)	1,26,98,488	1,27,10,615	1,27,05,329	1,35,31,484	1,27,06,723	1,35,32,473	1,35,32,473	1,35,32,473
Announcement Date	30/04/21	06/05/22	21/04/23	22/04/24	25/04/25	-	-	-