Reliance Infrastructure Limited (RELINFRA.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

+230.9%

₹159.39

vs ₹48.17 price

Levered DCF

₹229.51

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

A-

Overall 4 / 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	0.98×	2.04×	-6.3×	-1.28×	-2.96×	0.82×	0.35×	-0.57×
P/B	0.16×	0.72×	1.16×	0.44×	0.24×	0.08×	0.03×	0.1×
P/S	0.14×	0.44×	0.46×	0.2×	0.16×	0.06×	0.01×	0.07×
EV / EBITDA	5.55×	2.53×	4.76×	4.69×	4.44×	2.32×	4.51×	4.16×
Gross margin	15.9%	34.5%	28.4%	27.2%	31.7%	29.6%	30.2%	35.7%
Operating margin	-2.3%	29.5%	23.3%	21.9%	25.7%	22.9%	24.6%	29.9%
Net margin	14.2%	20.9%	-7.3%	-15.5%	-5.4%	6.7%	4.1%	-12.7%
Current ratio	0.17×	0.25×	0.38×	0.37×	0.45×	0.51×	0.55×	0.51×
Debt / equity	0.28×	0.44×	1.13×	1.24×	1.03×	1.28×	1.75×	1.25×
Interest coverage	-0.28×	4.21×	2.81×	2.42×	2.95×	1.57×	2.31×	2.57×
Dividend yield	0.8%	0.1%	0.1%	0.2%	0.4%	2.4%	7.3%	20.3%
Payout ratio	0.8%	0.2%	-0.5%	-0.2%	-1.0%	2.0%	2.5%	-11.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	16.2%	34.2%	-18.4%	-34.7%	-8.1%	10.4%	7.9%	-17.1%
Return on invested capital	-1.0%	18.1%	16.5%	14.0%	13.2%	10.9%	13.1%	13.6%
Return on assets	4.1%	7.5%	-2.7%	-5.3%	-1.6%	1.8%	1.2%	-3.5%
Free cash flow yield	30.2%	22.4%	30.3%	51.4%	101.2%	49.2%	578.6%	-55.6%
Earnings yield	102.3%	47.5%	-15.9%	-78.3%	-33.8%	121.9%	287.5%	-176.4%
Enterprise value	₹55.7B	₹139B	₹183B	₹147.7B	₹147B	₹142.1B	₹167.2B	₹185.3B
Net debt / EBITDA	2.72×	0.64×	2.13×	3.39×	3.55×	2.16×	4.44×	3.85×
Cash conversion cycle (days)	-337	-374	-268	-329	-418	-509	-439	-479