Reliance Industries Limited (RELIANCE) Fair Value & Analysis

Energy · IN · Market cap ₹17.6T

A solid business, but screening 37% overvalued on our models.

What matters now

• The price sits above even our optimistic bull case (₹1,176). The favourable scenario is already priced in.
• Solid but not exceptional quality (50/100) and above fair value, neither a clear bargain nor a standout compounder.
• A fairly wide model range (₹595.90 to ₹1,176) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 14, 2026.

How to read this chart

60‑month range ₹859.52 – ₹988,084 · fair‑value band ₹595.90 – ₹1,176 · the ₹1,325 price screens above the ₹835.66 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 14, 2026.

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Analysis

Reliance Industries Limited (RELIANCE) currently trades at ₹1,325, while our model-based Fair Value estimate is ₹835.66, implying the stock looks roughly 36.9% overvalued today. We read business quality at 50/100 (solid quality), in the Energy sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, Reliance Industries Limited generated revenue of ₹10.6T at a net margin of 7.6%. Revenue grew 12.5% year over year. It earns a return on equity of 9.1%. Net debt stands at ₹2.5T. Fundamentals as of Jul 14, 2026

Our scenario range runs from ₹595.90 (bear case) to ₹1,176 (bull case); at ₹1,325, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 17% below its 52-week high and 3% above its 52-week low, currently below its 200-day average. For context, the median of 10 Energy peers we cover trades at -48% fair-value upside, at -37%, RELIANCE screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Widest divergence: DCF Models (₹1,118) versus Dividend Discount (₹94.61). Highest evidence: Growth DCF (80).

Key figures & financial health

Quality Score breakdown

About the company

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.

Full company description

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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Reliance Industries Limited reported revenue of ₹10.6T in FY2026 versus ₹7.0T in FY2022, a compound +11.0%/yr. Reported net income was ₹808B in FY2026, compounding +7.4%/yr from FY2022.

RELIANCE screens 37% overvalued. Compare with Valero Energy Corporation →

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

• Reliance Industries Ltd (WBO:RLI) Q1 2027 Earnings Call Highlights: Strong Revenue Growth Amid ... Yahoo Finance · Jul 25, 2026
• Reliance Founders Lift Stake by Most Since 2019 as Stock Slumps Yahoo Finance · Jul 17, 2026
• Meta (META) Builds Its First India AI Data Center With Reliance Yahoo Finance · Jun 22, 2026

Peer Group

Oil & Gas Refining & Marketing · 114 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Valuation Multiples vs Oil & Gas Refining & Marketing median · lower = cheaper

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0: the price sits above our fair-value range.

Insider activity: 40/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.