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STOCK COMPARISON

Reliance Industries vs Ultrapar Participacoes SA: Fair Value & Quality

Both stocks run through our valuation models. Here is how Reliance Industries (RELIANCE) and Ultrapar Participacoes SA (UGP) compare, as of Sep 8, 2026.

As of Sep 8, 2026, Fair Value Calculator sees Ultrapar Participacoes SA as the less overvalued of the two: Reliance Industries trades at ₹1,310 versus a fair value of ₹751 (-43%), while Ultrapar Participacoes SA trades at $7.28 versus $6.45 (-11%).
Reliance Industries
RELIANCE.NSE · INR · Energy
-43%
upside to fair value
overvalued
Price₹1,310
Fair Value₹751
Quality50/100
Ultrapar Participacoes SA
UGP · USD · Energy
-11%
upside to fair value
overvalued
Price$7.28
Fair Value$6.45
Quality52/100
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Head-to-head numbers

Green value = the better side for that row (for valuation multiples: lower = cheaper).

Reliance IndustriesUltrapar Participacoes SA
Valuation
22.3×P/E (TTM)13.2×
1.66×P/S (TTM)—
1.95×P/B—
11.0×EV/EBITDA—
0.82×PEG0.78×
−42.6%Fair value upside−11.4%
0.5%Dividend yield17.9%
₹6.00Dividend per share$1.30
Profitability
10%Operating margin5%
0.99×EBIT margin trend (5Y)1.62×
9%Return on equity19%
4%Return on assets8%
Growth
13%Revenue growth (YoY)10%
6.4%Avg. growth/yr (3Y)-0.3%
17.8%Avg. growth/yr (5Y)14.0%
+10.2%Value creation/yr+20.7%
Balance & size
4.5×Interest coverage (EBIT/interest)2.0×
0.30×Debt / equity1.01×
$186BMarket cap$5B
healthyGrowth qualityhealthy

Ultrapar Participacoes SA leads: 5 to 7 metric wins.

Dash = 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 50 Ultrapar Participacoes SAof which business quality 50 · market factors 93
ProfitabilityMargins and returns on capital today
34
51
Quality GrowthAre margins and returns improving?
45
39
CashflowEarnings quality: real cash, not paper profit
49
29
Fin. StrengthBalance sheet, leverage, solvency risk
47
43
InvestmentDisciplined investing over empire-building
51
65
Low VolatilityCalm price path (market factor)
94
78
MomentumPrice trend over the last 3–12 months (market factor)
38
98
52W MomentumDistance to the 52-week high (market factor)
22
100
Net IssuanceBuybacks instead of dilution
82
92

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 ₹1,310Ultrapar Participacoes SAPrice $7.28
DCF Models-34%below the price₹866+317%above the price$30.35
Earnings-Based-46%below the price₹704+355%above the price$33.11
Dividend Discount-92%below the price₹105n/a
Multiples-36%below the price₹840+351%above the price$32.83
Asset-Based-66%below the price₹445+35%above the price$9.81
Growth DCF-30%below the price₹915+415%above the price$37.46
Economic Profit-45%below the price₹714+284%above the price$27.93
Growth Earnings-31%below the price₹904+455%above the price$40.40
Minimum-92%below the price₹105+35%above the price$9.81
Maximum-30%below the price₹915+455%above the price$40.40
Median-41%below the price₹777+351%above the price$32.83
Geometric mean-55%below the price₹587+285%above the price$28.05

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.

Ultrapar Participacoes SA: 0 of 24 models see the stock below the current price.

Scenario ranges

From our cautious bear case to the optimistic bull case. The white tick is the current price: left of fair value means room to run.

Reliance Industries
Bear ₹486Fair Value ₹751Bull ₹1,033
₹1,310 = current price (white tick)
Ultrapar Participacoes SA
Bear $4.51Fair Value $6.45Bull $10.23
$7.28 = current price (white tick)

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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-43% · below median

Ultrapar Participacoes SA · Energy

Quality score52 · above median
Fair value upside-11% · above median

Bottom line

As of Sep 8, 2026, Fair Value Calculator sees Ultrapar Participacoes SA as the less overvalued of the two: Reliance Industries trades at ₹1,310 versus a fair value of ₹751 (-43%), while Ultrapar Participacoes SA trades at $7.28 versus $6.45 (-11%).

Ultrapar Participacoes SA has the higher quality score (52/100).

See the full analysis →
Reliance Industries · Ultrapar Participacoes SA

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