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STOCK COMPARISON

Icahn Enterprises LP vs Reliance Industries: Fair Value & Quality

Both stocks run through our valuation models. Here is how Icahn Enterprises LP (IEP) and Reliance Industries (RELIANCE) compare, as of Sep 24, 2026.

As of Sep 24, 2026, Fair Value Calculator sees Icahn Enterprises LP as the less overvalued of the two: Icahn Enterprises LP trades at $7.10 versus a fair value of $5.82 (-18%), while Reliance Industries trades at ₹1,248 versus ₹904 (-28%).
Icahn Enterprises LP
IEP · USD · Industrials
-18%
upside to fair value
overvalued
Price$7.10
Fair Value$5.82
Quality29/100
Reliance Industries
RELIANCE.NSE · INR · Energy
-28%
upside to fair value
overvalued
Price₹1,248
Fair Value₹904
Quality50/100
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Head-to-head numbers

Green is the better side of a row, red the weaker one (for valuation multiples: lower = cheaper). Grey rows are for reference only and are not scored.

betterweakerfor reference, not scored

Icahn Enterprises LPReliance Industries
Valuation
n/aP/E (TTM)20.9×
0.50×P/S (TTM)1.60×
1.80×P/B1.88×
12.5×EV/EBITDA10.6×
1.15×PEG0.82×
−17.9%Fair value upside−27.5%
5.9%Dividend yield0.5%
$2.00Dividend per share₹6.00
Profitability
-20%Operating margin10%
n/aEBIT margin trend (5Y)0.99×
-10%Return on equity9%
0%Return on assets4%
Growth
20%Revenue growth (YoY)13%
-13.3%Avg. growth/yr (3Y)6.4%
7.1%Avg. growth/yr (5Y)17.8%
n/aValue creation/yr+10.2%
Balance & size
n/aInterest coverage (EBIT/interest)4.5×
2.42×Debt / equity0.30×
$5BMarket cap$176B
weakGrowth qualityhealthy
Valuation multiples (P/E, P/S, P/B, EV/EBITDA) are shown but not scored here: the two companies sit in different sectors, and multiples only compare fairly between similar business models. PEG stays scored, as it relates the P/E to growth.

Reliance Industries leads: 2 to 7 metric wins.

n/a = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

Icahn Enterprises LPof which business quality 29 · market factors 52 Reliance Industriesof which business quality 50 · market factors 46
ProfitabilityMargins and returns on capital today
14
34
Quality GrowthAre margins and returns improving?
51
45
CashflowEarnings quality: real cash, not paper profit
14
49
Fin. StrengthBalance sheet, leverage, solvency risk
29
47
InvestmentDisciplined investing over empire-building
97
51
Low VolatilityCalm price path (market factor)
80
94
MomentumPrice trend over the last 3–12 months (market factor)
39
32
52W MomentumDistance to the 52-week high (market factor)
43
14
Net IssuanceShare count: buybacks or dilution?
0
82

What the models say

How far the median fair value (base case) per model family sits from the current price, in percent. The amount in the currency of the trading venue is shown underneath.

above the price, more than 15% above close to the price, 85% to 115% of the price below the price, more than 15% below

Model familyIcahn Enterprises LPPrice $7.10Reliance IndustriesPrice ₹1,248
DCF Modelsn/a-21%below the price₹992
Earnings-Basedn/a-44%below the price₹704
Dividend Discountn/a-92%below the price₹105
Multiples-3%close to the price$6.88-33%below the price₹840
Asset-Based-62%below the price$2.72-64%below the price₹445
Growth DCFn/a-9%close to the price₹1,141
Economic Profitn/a-43%below the price₹714
Growth Earningsn/a-28%below the price₹904
Minimum-62%below the price$2.72-92%below the price₹105
Maximum-3%close to the price$6.88-9%close to the price₹1,141
Median-32%below the price$4.80-38%below the price₹777
Geometric mean-39%below the price$4.33-51%below the price₹614

Minimum, maximum, median and geometric mean refer to the family values in this table. Geometric because deviations are ratios: half the price and twice the price average to 100%, not 125%.

Icahn Enterprises LP: 2 of 2 models see the stock below the current price.

Reliance Industries: 25 of 26 models see the stock below the current price.

Scenario ranges

From our cautious bear scenario to the optimistic bull scenario. The white tick is the current price (value above it), the green tick the fair value (value below it): if the price sits left of the fair value, there is room to rise.

Icahn Enterprises LP
Price $7.10
Fair Value $5.82
Bear $3.36Bull $8.29
Reliance Industries
Price ₹1,248
Fair Value ₹904
Bear ₹504Bull ₹1,176

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

Icahn Enterprises LP · Industrials

Quality score29 · bottom 25%
Fair value upside-18% · below median

Reliance Industries · Energy

Quality score50 · above median
Fair value upside-28% · below median

Bottom line

As of Sep 24, 2026, Fair Value Calculator sees Icahn Enterprises LP as the less overvalued of the two: Icahn Enterprises LP trades at $7.10 versus a fair value of $5.82 (-18%), while Reliance Industries trades at ₹1,248 versus ₹904 (-28%).

Reliance Industries has the higher quality score (50/100).

Open Icahn Enterprises LP live analysis →

More comparisons

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A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.