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STOCK COMPARISON

Oil Refineries vs Reliance Industries: Fair Value & Quality

Both stocks run through our valuation models. Here is how Oil Refineries (ORL) and Reliance Industries (RELIANCE) compare, as of Oct 4, 2026.

As of Oct 4, 2026, Fair Value Calculator sees Reliance Industries as the less overvalued of the two: Oil Refineries trades at ILS 2.09 versus a fair value of ILS 1.20 (−42.8%), while Reliance Industries trades at ₹1,168 versus ₹865 (−25.9%).
Oil Refineries
ORL.TA · ILA · Energy
−42.8%
upside to fair value
overvalued
PriceILS 2.09
Fair ValueILS 1.20
Quality54/100
Reliance Industries
RELIANCE.NSE · INR · Energy
−25.9%
upside to fair value
overvalued
Price₹1,168
Fair Value₹865
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

Oil RefineriesReliance Industries
Valuation
5.8×P/E (TTM)22.1×
n/aForward P/E (FY2028)16.4×
0.29×P/S (TTM)1.53×
1.22×P/B1.92×
5.5×EV/EBITDA10.3×
n/aPEG0.82×
−42.8%Fair value upside−25.9%
0.5%Dividend yield0.5%
ILS 0.01Dividend per share₹6.00
Profitability
9.2%Operating margin12.3%
n/aEBIT margin trend (5Y)0.99×
20.5%Return on equity9.1%
3.8%Return on assets3.7%
Growth
83.9%Revenue growth (YoY)29.7%
-16.4%Avg. growth/yr (3Y)6.4%
9.2%Avg. growth/yr (5Y)17.8%
−21.0%Value creation/yr+10.2%
Balance & size
n/aInterest coverage (EBIT/interest)4.5×
0.61×Debt / equity0.30×
$2BMarket cap$180B
weakGrowth qualityhealthy
Forward P/E: price divided by the analyst consensus for the first fiscal year that has not started yet. The current year carries special items from quarters already reported.

Reliance Industries leads: 5 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.

Oil Refineriesof which business quality 52 · market factors 89 Reliance Industriesof which business quality 50 · market factors 43
ProfitabilityMargins and returns on capital today
34
34
Quality GrowthAre margins and returns improving?
17
45
CashflowEarnings quality: real cash, not paper profit
35
49
Fin. StrengthBalance sheet, leverage, solvency risk
66
47
InvestmentDisciplined investing over empire-building
95
51
Low VolatilityCalm price path (market factor)
72
94
MomentumPrice trend over the last 3–12 months (market factor)
100
30
52W MomentumDistance to the 52-week high (market factor)
91
9
Net IssuanceShare count: buybacks or dilution?
84
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 familyOil RefineriesPrice ILS 2.09Reliance IndustriesPrice ₹1,168
DCF Modelsn/a−17.7%below the price₹961
Earnings-Based−80.4%below the priceILS 0.41−41.3%below the price₹685
Dividend Discount−74.2%below the priceILS 0.54−91.7%below the price₹96.77
Multiples−60.8%below the priceILS 0.82−28.0%below the price₹840
Asset-Based−45.5%below the priceILS 1.14−61.9%below the price₹445
Growth DCFn/a−8.1%close to the price₹1,073
Economic Profit−42.1%below the priceILS 1.21−43.9%below the price₹655
Growth Earnings−74.2%below the priceILS 0.54−22.6%below the price₹904
Minimum−80.4%below the priceILS 0.41−91.7%below the price₹96.77
Maximum−42.1%below the priceILS 1.21−8.1%close to the price₹1,073
Median−67.5%below the priceILS 0.68−34.7%below the price₹763
Geometric mean−65.7%below the priceILS 0.72−49.3%below the price₹592

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%.

Oil Refineries: 10 of 10 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.

Oil Refineries
Price ILS 2.09
Fair Value ILS 1.20
Bear ILS 0.76Bull ILS 1.60
Reliance Industries
Price ₹1,168
Fair Value ₹865
Bear ₹489Bull ₹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.

Oil Refineries · Energy

Quality score54 · above median
Fair value upside−42.8% · below median

Reliance Industries · Energy

Quality score50 · above median
Fair value upside−25.9% · below median

Bottom line

As of Oct 4, 2026, Fair Value Calculator sees Reliance Industries as the less overvalued of the two: Oil Refineries trades at ILS 2.09 versus a fair value of ILS 1.20 (−42.8%), while Reliance Industries trades at ₹1,168 versus ₹865 (−25.9%).

Oil Refineries has the higher quality score (54/100).

Open Reliance Industries 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.