Reliance Industries Limited (RELIANCE.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-66.7%

₹429.04

vs ₹1,288.80 price

Levered DCF

₹2,335.49

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.69

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	22.51×	24.34×	28.86×	21.82×	26.43×	24.21×	16.3×	19.23×
P/B	2.02×	2.01×	2.53×	2.03×	2.06×	1.7×	1.43×	1.97×
P/S	1.72×	1.76×	2.23×	1.66×	2.31×	2.55×	1.07×	1.34×
EV / EBITDA	9.95×	10.97×	12.73×	11.23×	14.64×	14.33×	9.99×	11.35×
Gross margin	26.5%	29.2%	29.4%	23.5%	23.6%	27.4%	24.5%	22.1%
Operating margin	11.5%	11.6%	12.4%	11.6%	11.3%	11.6%	11.2%	11.1%
Net margin	7.6%	7.2%	7.7%	7.6%	8.7%	10.5%	6.6%	7.0%
Current ratio	1.1×	1.1×	1.18×	1.07×	1.12×	1.34×	0.63×	0.73×
Debt / equity	0.44×	0.44×	0.44×	0.47×	0.36×	0.37×	0.77×	0.74×
Interest coverage	4.48×	4.63×	5.08×	5.35×	5.45×	3.01×	3.36×	4.08×
Dividend yield	0.4%	0.4%	0.3%	0.3%	0.3%	0.3%	0.7%	0.6%
Payout ratio	9.2%	10.3%	8.7%	7.6%	7.1%	8.0%	11.7%	10.8%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	9.0%	8.3%	8.8%	9.3%	7.8%	7.0%	8.8%	10.2%
Return on invested capital	5.4%	5.3%	5.7%	5.9%	5.0%	4.6%	5.6%	5.9%
Return on assets	3.7%	3.6%	4.0%	4.1%	4.0%	3.7%	3.4%	3.9%
Free cash flow yield	2.9%	0.8%	-1.0%	-2.5%	-0.6%	-7.5%	-1.3%	-9.6%
Earnings yield	4.4%	4.1%	3.5%	4.6%	3.8%	4.1%	6.1%	5.2%
Enterprise value	₹20.7T	₹20.1T	₹22.7T	₹17.2T	₹18.5T	₹14.3T	₹9.6T	₹10.4T
Net debt / EBITDA	1.21×	1.73×	1.48×	1.73×	1.94×	2.43×	3.28×	3.02×
Cash conversion cycle (days)	26	-4	-1	8	-23	17	-6	-14