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Every ratio from the Fundamental Analysis track, computed on a real company and annotated with what the number actually means. Then the three financial statements, so you can do the cash-flow check yourself.
Reliance Industries Limited engages in hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, advanced materials and composites, renewable, financial services, retail, and digital services worldwide. It operates through the Oil to Chemicals, Oil and Gas, Retail, Digital Services, and Others segments. The company is involved in refining and marketing products, including liquefied petroleum gas, propylene, naphtha, gasoline, jet/aviation turbine fuel, kerosine oil, diesel, sulfur, and petroleum coke. It also provides polymers comprising high-density and low-density polyethylene (PE), linear low-density PE, homopolymer, random and impact copolymer, and polyvinyl chloride; fiber intermediates that include purified terephthalic acid, and ethylene glycols and oxide; aromatics, such as paraxylene, ortho xylene, benzene, and linear alkyl benzene and paraffin; and textiles that consist of fabrics, apparel, and auto furnishings. In addition, the company offers elastomers, such as polybutadiene rubber, styrene butadiene rubber, and butyl rubber; fiber and yarn polyesters; and bioenergy solutions, including compressed biogas, and pellets and briquettes. Further, it engages in oil and gas exploration and production activities; operation of various stores comprising supermarkets, hypermarket, wholesale cash and carry, specialty, and online stores; operation of media and entertainment platforms, and Network18 and television channels; and publishing of magazines. Additionally, the company provides highway hospitality and fleet management services, as well as digital services, such as connectivity, fiber, mobile devices, apps, business, and other digital solutions. Reliance Industries Limited was founded in 1957 and is based in Mumbai, India.
How the price compares to earnings, assets and cash generation.
You are paying 21.5 years of current profit for each share. The earnings yield is 4.7%. The tracked Energy & Oil median is 7.6× (n=5), so this trades richer than its peers.
The market values the company at 1.7× its accounting net worth. High is normal for asset-light businesses and unusual for banks.
This is the only common multiple that accounts for debt — it is what an actual acquirer would look at, because they would inherit the borrowings.
Pays 0.51% of the current price out each year. Remember that yield rises when price falls — check the dividend is covered by cash flow.
Based on the next-year earnings estimate — 16.4× against 21.5× trailing. A forward P/E well below trailing is pricing in an earnings jump; treat the forecast with caution.
Not available.
Returns on capital and margins, the numerical shadow of a moat.
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Keeps ₹12.3 of operating profit from every ₹100 of sales. Compare only against companies in the same industry.
Sustained high net margins are evidence that something is stopping competitors from competing the profits away.
Keeps ₹33.8 of gross profit per ₹100 of sales, before operating costs. A high, stable gross margin is the clearest single sign of pricing power.
Leverage and liquidity. This is where fragility shows up first.
A conservative balance sheet that can absorb a downturn without a crisis.
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Against cash of ₹2,58,147 Cr. Net debt is what matters, not gross borrowings.
Not available.
Revenue and earnings momentum, and how the two compare.
Ask where the growth came from: more volume, higher prices, or an acquisition. They are very different in quality.
Profits are growing slower than sales, meaning margins are compressing. The company may be buying its growth.
EBITDA of ₹1,80,636 Cr and operating cash flow of —.
P/E divided by expected growth. Only as reliable as that growth forecast, which is usually optimistic.
The figures quoted per share, and how much profit is handed back to owners.
₹54.30 of profit earned per share over the last twelve months. Price divided by this is the trailing P/E.
The accounting net worth behind each share is ₹668.04; price-to-book compares the market price with this.
Pays out 21% of profit as dividends and retains the rest. Above roughly 85% leaves little to reinvest and is hard to sustain through a weak year.
Market cap plus net debt — closer to what an acquirer actually pays. Against a market cap of —.
Nine yes/no tests of profitability, funding and efficiency across the last two years; higher is stronger. A test is dropped only where the data is missing, so the score is out of 9.
NOPAT ÷ invested capital. What the business earns on all its capital, debt and equity — harder to flatter with leverage than ROE.
A company creates value only when ROIC clears its cost of capital (WACC) — judge this figure against the company’s cost of capital, and watch the trend across years.
Five weighted ratios in one bankruptcy early-warning number. Read the zone and, over time, the trend.
In the grey zone — some concern; the direction of travel matters more than the level here.
Reported figures, most recent year first. All values in rupees.
| FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Revenue | ₹10,57,219 Cr | ₹9,64,693 Cr | ₹9,01,064 Cr | ₹8,77,835 Cr |
| Cost of revenue | ₹7,86,824 Cr | ₹7,22,687 Cr | ₹6,74,599 Cr | ₹6,71,898 Cr |
| Gross profit | ₹2,70,395 Cr | ₹2,42,006 Cr | ₹2,26,465 Cr | ₹2,05,937 Cr |
| Operating expenses | ₹1,49,018 Cr | ₹1,29,544 Cr | ₹1,14,799 Cr | ₹1,03,922 Cr |
| Operating income | ₹1,21,377 Cr | ₹1,12,462 Cr | ₹1,11,666 Cr | ₹1,02,015 Cr |
| Interest expense | ₹24056.00 Cr | ₹22121.00 Cr | ₹21772.00 Cr | ₹18958.00 Cr |
| Pre-tax income | ₹1,23,162 Cr | ₹1,06,017 Cr | ₹1,04,340 Cr | ₹94046.00 Cr |
| Tax | ₹27552.00 Cr | ₹25230.00 Cr | ₹25707.00 Cr | ₹20376.00 Cr |
| Net profit | ₹80775.00 Cr | ₹69648.00 Cr | ₹69621.00 Cr | ₹66702.00 Cr |