Reliance Industries Limited (RELIANCE) Fair Value & Analysis
Energy · IN · Market cap ₹17.6T (≈ $186B) · ISIN INE002A01018
What is Reliance Industries Limited really worth?
A solid business, but trading 76% above our fair value of ₹751.26.
Strengths
Risks
For context
Fair value as of: Sep 5, 2026
From 26 valuation models · updated today
Share price +3.3% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (₹1,033). 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 (₹485.82 to ₹1,033) 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 Sep 5, 2026.
How to read this chart
60‑month range ₹886.05 – ₹988,084 · fair‑value band ₹485.82 – ₹1,033 · the ₹1,322 price screens above the ₹751.26 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 5, 2026.
Analysis
Reliance Industries Limited (RELIANCE) currently trades at ₹1,322, while our model-based Fair Value estimate is ₹751.26, implying the stock looks roughly 76.0% overvalued today. The Quality Score stands at 50/100 (solid quality), in the Energy sector. Bull case: the Growth Earnings group reads highest at a median of ₹904.38 per share, and 1 of the 26 models we run sit above the ₹1,322 price. Bear case: the Dividend Discount group reads lowest at ₹94.61, and 25 of the 26 models stay below the price. Evidence for this calculation is high.
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 Sep 5, 2026
Our scenario range runs from ₹485.82 (bear case) to ₹1,033 (bull case); at ₹1,322, 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 18% 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 −60% fair-value upside, at −43%, RELIANCE screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2026 figures, and about 5 months have passed since. In that time the company retained roughly ₹23.07 per share, which is 3.1 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.
All 26 models by family
Widest divergence: Growth Earnings (₹904.38) versus Dividend Discount (₹94.61). Highest evidence: FCF DCF (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Sep 5, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 50 · Market factors (momentum, volatility) 51
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
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.
of which total revenue +13.2 % · buybacks/dilution −1.4 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
RELIANCE screens 76% overvalued. Compare with Valero Energy Corporation →
Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Reliance’s JioHotstar takes its streaming empire global — without sports
- Reliance Industries Ltd (WBO:RLI) Q1 2027 Earnings Call Highlights: Strong Revenue Growth Amid ...
- Reliance Founders Lift Stake by Most Since 2019 as Stock Slumps
Peer Group
Oil & Gas Refining & Marketing · 109 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
Strength profile in five axes (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.
Similar stocks
10 more Oil & Gas Refining & Marketing stocks, each showing price versus our Fair Value estimate (as of Sep 5, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Valero Energy Corporation VLO | $352.36 | $127.32 | −64% |
| Marathon Petroleum Corporation MPC | $368.83 | $133.18 | −64% |
| Phillips 66 PSX | $246.58 | $99.41 | −60% |
| Neste Oyj NESTE | €31.28 | €3.83 | −88% |
| Formosa Petrochemical Corporation 6505 | 75.80 TWD | 15.32 TWD | −80% |
| HF Sinclair Corporation DINO | $87.93 | $44.96 | −49% |
| Bharat Petroleum Corporation BPCL | ₹318.00 | ₹846.81 | +166% |
| SK Innovation Co 096770 | 131,500 KRW | 53,541 KRW | −59% |
| Sunoco LP, SUN | $75.55 | $53.36 | −29% |
| S-Oil Corporation 010950 | 140,900 KRW | 19,441 KRW | −86% |
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