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STOCK COMPARISON

Reliance Industries vs Turkiye Petrol Rafinerileri AS: Fair Value & Quality

Both stocks run through our valuation models. Here is how Reliance Industries (RELIANCE) and Turkiye Petrol Rafinerileri AS (TUPRS) compare, as of Oct 4, 2026.

As of Oct 4, 2026, Fair Value Calculator sees Reliance Industries as the less overvalued of the two: Reliance Industries trades at ₹1,168 versus a fair value of ₹865 (−25.9%), while Turkiye Petrol Rafinerileri AS trades at TRY 377 versus TRY 244 (−35.2%).
Reliance Industries
RELIANCE.NSE · INR · Energy
−25.9%
upside to fair value
overvalued
Price₹1,168
Fair Value₹865
Quality50/100
Turkiye Petrol Rafinerileri AS
TUPRS.IS · TRY · Energy
−35.2%
upside to fair value
overvalued
PriceTRY 377
Fair ValueTRY 244
Quality52/100
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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

Reliance IndustriesTurkiye Petrol Rafinerileri AS
Valuation
22.1×P/E (TTM)10.8×
16.4×Forward P/E11.1×
1.53×P/S (TTM)0.71×
1.92×P/B2.00×
10.3×EV/EBITDA6.1×
0.82×PEG0.61×
−25.9%Fair value upside−35.2%
0.5%Dividend yield4.5%
₹6.00Dividend per shareTRY 17.13
Profitability
12.3%Operating margin13.8%
0.99×EBIT margin trend (5Y)n/a
9.1%Return on equity17.6%
3.7%Return on assets8.4%
Growth
29.7%Revenue growth (YoY)59.7%
6.4%Avg. growth/yr (3Y)91.5%
17.8%Avg. growth/yr (5Y)63.9%
+10.2%Value creation/yr+19.3%
Balance & size
4.5×Interest coverage (EBIT/interest)2.9×
0.30×Debt / equity0.08×
$180BMarket cap$15B
healthyGrowth 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.

Turkiye Petrol Rafinerileri AS leads: 3 to 11 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.

Reliance Industriesof which business quality 50 · market factors 43 Turkiye Petrol Rafinerileri ASof which business quality 53 · market factors 88
ProfitabilityMargins and returns on capital today
34
46
Quality GrowthAre margins and returns improving?
45
36
CashflowEarnings quality: real cash, not paper profit
49
46
Fin. StrengthBalance sheet, leverage, solvency risk
47
72
InvestmentDisciplined investing over empire-building
51
33
Low VolatilityCalm price path (market factor)
94
69
MomentumPrice trend over the last 3–12 months (market factor)
30
99
52W MomentumDistance to the 52-week high (market factor)
9
92
Net IssuanceShare count: buybacks or dilution?
82
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 familyReliance IndustriesPrice ₹1,168Turkiye Petrol Rafinerileri ASPrice TRY 377
DCF Models−17.7%below the price₹961+24.8%above the priceTRY 470
Earnings-Based−41.3%below the price₹685−31.2%below the priceTRY 259
Dividend Discount−91.7%below the price₹96.77−15.6%below the priceTRY 318
Multiples−28.0%below the price₹840−30.9%below the priceTRY 260
Asset-Based−61.9%below the price₹445−66.4%below the priceTRY 127
Growth DCF−8.1%close to the price₹1,073+55.8%above the priceTRY 588
Economic Profit−43.9%below the price₹655−25.2%below the priceTRY 282
Growth Earnings−22.6%below the price₹904−21.9%below the priceTRY 294
Minimum−91.7%below the price₹96.77−66.4%below the priceTRY 127
Maximum−8.1%close to the price₹1,073+55.8%above the priceTRY 588
Median−34.7%below the price₹763−23.6%below the priceTRY 288
Geometric mean−49.3%below the price₹592−20.9%below the priceTRY 298

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%.

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

Turkiye Petrol Rafinerileri AS: 15 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.

Reliance Industries
Price ₹1,168
Fair Value ₹865
Bear ₹489Bull ₹1,176
Turkiye Petrol Rafinerileri AS
Price TRY 377
Fair Value TRY 244
Bear TRY 181Bull TRY 307

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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.

Reliance Industries · Energy

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

Turkiye Petrol Rafinerileri AS · Energy

Quality score52 · above median
Fair value upside−35.2% · below median

Bottom line

As of Oct 4, 2026, Fair Value Calculator sees Reliance Industries as the less overvalued of the two: Reliance Industries trades at ₹1,168 versus a fair value of ₹865 (−25.9%), while Turkiye Petrol Rafinerileri AS trades at TRY 377 versus TRY 244 (−35.2%).

Turkiye Petrol Rafinerileri AS has the higher quality score (52/100).

Open Reliance Industries live analysis →

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