Financials Reliance Industries Ltd

Equities

RELIANCE

INE002A01018

Oil & Gas Refining and Marketing

Market Closed - NSE India S.E. Other stock markets 15:05:09 13/05/2026 +04			5-day change	1st Jan Change
1,358.80 ^INR	-0.38%		-7.16%	-13.47%

05-12	Reliance Industries May Offer Only Fresh Shares in Jio IPO to Limit Capital Outflows	MT
05-11	India to shrink zones around nuclear reactors to free up land, sources say	RE

Projected Income Statement: Reliance Industries Ltd

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	4,669,240	6,999,620	8,794,680	9,010,640	9,646,930	10,572,190	11,396,450	12,127,805
Change	-	49.91%	25.65%	2.46%	7.06%	9.59%	7.8%	6.42%
EBITDA ¹	807,370	1,104,600	1,429,080	1,622,330	1,654,440	1,789,490	2,018,828	2,251,031
Change	-	36.81%	29.38%	13.52%	1.98%	8.16%	12.82%	11.5%
EBIT ¹	541,650	806,630	1,025,890	1,114,010	1,123,080	1,212,610	1,412,003	1,589,535
Change	-	48.92%	27.18%	8.59%	0.81%	7.97%	16.44%	12.57%
Interest Paid ¹	-211,890	-145,840	-195,710	-231,180	-242,690	-255,075	-274,751	-270,428
Earnings before Tax (EBT) ¹	554,610	841,420	948,010	1,047,270	1,060,170	1,231,620	1,324,570	1,505,979
Change	-	51.71%	12.67%	10.47%	1.23%	16.17%	7.55%	13.7%
Net income ¹	491,280	607,050	667,020	696,210	696,480	807,750	868,105	996,133
Change	-	23.56%	9.88%	4.38%	0.04%	15.98%	7.47%	14.75%
Announcement Date	30/04/21	06/05/22	21/04/23	22/04/24	25/04/25	24/04/26	-	-

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	2027 Q1	2027 Q2	2027 Q3	2027 Q4
Net sales ¹	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	2,315,350	2,399,860	2,613,880	2,436,320	2,489,413	2,559,218	2,826,340	3,078,491	3,099,543	3,181,925	3,200,488
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%	10.44%	8.92%	0.68%	2.66%	0.58%
EBITDA ¹	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	390,580	437,890	438,320	429,050	445,618	478,636	464,438	457,057	476,581	487,441	490,043
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%	-2.97%	-1.59%	4.27%	2.28%	0.53%
EBIT ¹	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	261,780	306,080	303,530	290,630	311,325	333,276	327,033	310,233	326,975	334,753	336,539
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%	-1.87%	-5.14%	5.4%	2.38%	0.53%
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	-70,355	-69,767	-67,487	-71,086	-71,086	-71,086	-71,086
Earnings before Tax (EBT) ¹	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	250,370	286,430	291,030	371,460	287,322	305,958	305,946	292,473	309,215	316,993	318,780
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%	-0%	-4.4%	5.72%	2.52%	0.56%
Net income ¹	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	165,630	185,400	194,070	269,940	192,682	192,223	189,465	179,355	191,912	197,745	199,085
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%	-1.43%	-5.34%	7%	3.04%	0.68%
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	493,880
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	2,063,670	2,301,270	2,400,000	2,273,970	2,410,280	2,373,688	2,295,323	1,780,949
Change	-	11.51%	4.29%	-5.25%	5.99%	-1.52%	-3.3%	-22.41%
Announcement Date	30/04/21	06/05/22	21/04/23	22/04/24	25/04/25	24/04/26	-	-

¹INR in Million

Estimates

Cash Flow Forecast: Reliance Industries Ltd

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	1,058,370	1,001,450	1,409,880	1,528,830	1,399,670	1,272,333	1,296,736	1,264,584
Change	-	-5.38%	40.78%	8.44%	-8.45%	-9.1%	1.92%	-2.48%
Free Cash Flow (FCF) ¹	-796,520	105,090	-259,560	59,050	387,360	446,744	663,277	736,168
Change	-	113.19%	-346.99%	122.75%	555.99%	15.33%	48.47%	10.99%
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%	16.93%	17.71%	18.56%
EBIT Margin (%)	11.6%	11.52%	11.66%	12.36%	11.64%	11.47%	12.39%	13.11%
EBT Margin (%)	11.88%	12.02%	10.78%	11.62%	10.99%	11.65%	11.62%	12.42%
Net margin (%)	10.52%	8.67%	7.58%	7.73%	7.22%	7.64%	7.62%	8.21%
FCF margin (%)	-17.06%	1.5%	-2.95%	0.66%	4.02%	4.43%	5.82%	6.07%
FCF / Net Income (%)	-162.13%	17.31%	-38.91%	8.48%	55.62%	54.05%	76.41%	73.9%
Profitability
ROA	3.95%	4.1%	4.15%	4.14%	3.76%	5.17%	4.92%	5.17%
ROE	8.55%	7.82%	8.33%	9.23%	8.51%	8.91%	8.91%	9.24%
Financial Health
Leverage (Debt/EBITDA)	2.56x	2.08x	1.68x	1.4x	1.46x	1.29x	1.14x	0.79x
Debt / Free cash flow	-2.59x	21.9x	-9.25x	38.51x	6.22x	5.31x	3.46x	2.42x
Capital Intensity
CAPEX / Current Assets (%)	22.67%	14.31%	16.03%	16.97%	14.51%	12.62%	11.38%	10.43%
CAPEX / EBITDA (%)	131.09%	90.66%	98.66%	94.24%	84.6%	68.98%	64.23%	56.18%
CAPEX / FCF (%)	-132.87%	952.95%	-543.18%	2,589.04%	361.34%	284.8%	195.5%	171.78%
Items per share
Cash flow per share ¹	20.04	82.8	85.01	117.3	132.1	142	133.4	130.9
Change	-	313.11%	2.67%	38.03%	12.54%	7.5%	12.22%	-1.9%
Dividend per Share ¹	3.5	4	4.5	5	5.5	6.216	6.774	7.468
Change	-	14.29%	12.5%	11.11%	10%	13.02%	8.97%	10.25%
Book Value Per Share ¹	543.2	576.1	606.8	586.4	623.1	681.4	730.2	792.9
Change	-	6.06%	5.33%	-3.37%	6.27%	9.36%	7.15%	8.59%
EPS ¹	37.6	45.42	49.3	51.45	51.47	59.69	63.93	72.36
Change	-	20.8%	8.52%	4.37%	0.04%	15.97%	3.69%	13.19%
Nbr of stocks (in thousands)	12,698,488	12,710,615	12,705,329	13,531,484	12,706,723	13,532,539	13,532,539	13,532,539
Announcement Date	30/04/21	06/05/22	21/04/23	22/04/24	25/04/25	24/04/26	-	-