Reliance Industrial Infrastructure Limited (RIIL.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

-125.4%

-₹176.05

vs ₹693.00 price

Levered DCF

-₹79.85

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

14.44

Safe zone

Rating

Overall 2 / 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	81.21×	102.87×	149.77×	67.17×	140.74×	57.05×	31.82×	54.08×
P/B	2.12×	2.67×	4.23×	2.74×	2.7×	1.34×	0.83×	1.36×
P/S	22.15×	24.88×	34.34×	17.35×	18.03×	10.13×	3.87×	5.96×
EV / EBITDA	-135.67×	-103.36×	-337.73×	-32.03×	275×	103.35×	41.8×	45.84×
Gross margin	48.9%	90.6%	32.8%	40.0%	39.1%	38.4%	18.7%	21.9%
Operating margin	-19.4%	-26.4%	-14.7%	-7.8%	-8.6%	-13.6%	-7.9%	-3.2%
Net margin	27.3%	24.2%	22.9%	25.8%	12.8%	17.8%	12.2%	11.0%
Current ratio	9.14×	4.12×	5.29×	6.41×	7.81×	4×	2.6×	2.57×
Debt / equity	0×	0×	0×	0×	0×	0×	0×	0×
Interest coverage	0×	0×	0×	0×	0×	0×	0×	0×
Dividend yield	0.5%	0.4%	0.3%	0.4%	0.4%	0.8%	1.8%	1.3%
Payout ratio	42.9%	44.6%	40.3%	26.3%	55.1%	47.7%	57.4%	68.9%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	2.6%	2.6%	2.8%	4.1%	1.9%	2.3%	2.6%	2.5%
Return on invested capital	-1.4%	-2.4%	-1.2%	-1.1%	-1.0%	-1.7%	-1.4%	-0.5%
Return on assets	2.3%	2.2%	2.5%	3.7%	1.8%	2.2%	2.3%	2.3%
Free cash flow yield	-3.5%	-0.2%	0.1%	1.9%	0.5%	-0.6%	0.4%	2.2%
Earnings yield	1.2%	1.0%	0.7%	1.5%	0.7%	1.8%	3.1%	1.8%
Enterprise value	₹10.1B	₹12.3B	₹19.9B	₹11.8B	₹11.7B	₹5.5B	₹3.1B	₹5B
Net debt / EBITDA	0.12×	0.12×	0.18×	0.03×	-0.36×	-0.22×	-0.24×	-0.14×
Cash conversion cycle (days)	-414	-4,011	-266	629	23	41	-3	26