Reliance Industries Limited

RELIANCE.NS

Oil & Gas Refining & Marketing · Energy

Price

₹1334.80

+9.80 (+0.74%)

Market Cap

₹18.06T

Exchange

National Stock Exchange of India

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 9, 2026 · filings through Jun 30, 2026

Share count rising — dilution

+1.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 13.36B (2022) → 13.53B (2026)

Reliance Industries Limited is one of India's largest companies, operating across energy, retail, and telecommunications. Its core businesses include running one of the world's biggest oil refineries in Jamnagar, India, selling fuels and petrochemicals to industrial and consumer customers, and operating Jio, a massive mobile network with hundreds of millions of subscribers. The company also runs Reliance Retail, one of India's largest retail chains.

Reliance makes money in several ways: selling refined petroleum products and chemicals, charging Jio customers monthly phone and data plans, and earning revenue from its thousands of retail stores across India. It operates almost entirely within India, making it deeply tied to the country's economic growth. Its sheer scale, integrated operations, and dominant position in Indian telecom give it strong competitive advantages. The key growth driver is India's expanding middle class and rising digital consumption, though the company carries significant debt and faces regulatory and execution risks as it continues expanding.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+12.5% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-12.6% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

50.9%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$2.2T cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Reliance Industries Limited is a rare growth stock that's already generating positive cash flow while growing at 12%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

24.3%

Thin — 24.3% gross margin

Operating Margin

10.5%

Modest — 10.5% operating margin

ROCE

2.5%

Weak — 2.5% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+15.0%

Fast-growing sales (+15.0% YoY)

EPS YoY

-8.3%

Earnings shrinking (-8.3% YoY)

Slight earnings drop. Typical near a cyclical low.

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Cash Conversion

Weak — only 0% of profit becomes cash

FCF Margin

0.0%

Thin free cash flow (0.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.42

Conservative — low debt load (0.42)

Interest Cover

4.39x

Adequate interest coverage (4.4x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

24.2x

Growth-priced — P/E 24.2

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+5.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (24.2 → 18.5)

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Dividends

Dividend Yield

0.45%

Small dividend — 0.45% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+8.9%

Dividend growing modestly (8.9% YoY)

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