Reliance Industries
Reliance Industries is India's largest company by revenue, a conglomerate spanning oil refining and petrochemicals (O2C), telecom (Jio), retail, and new energy.
- P/E ~21-22x
- At 52-week low
- 3Y/5Y price return negative
- Jio IPO opening ~Oct 21
- Zero promoter pledge
Updated on 13 Oct 2026 · Data as of 12 Oct 2026
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Snapshot
- Share price
- ₹1,158.90
- 12 Oct 2026
- 52-week range
- ₹1,158.90 – ₹1,584.97
- All-time peak
- ₹1,584.97
- 2 Jan 2026 · −26.9% from peak
- Dividend yield
- 0.52%
- Price history since
- 1996
- About 30 years of prices
What's happening
The dominant near-term event is the Jio Platforms IPO: SEBI-approved, reportedly priced around ₹1,065-1,119/share, expected to open around October 21, 2026 and list by October 28, valuing Jio at up to ₹10.3 lakh crore (~$107 billion) and raising roughly ₹33,000-37,700 crore by selling about 2.9% of Jio's equity. This lands in the same window as RIL's own Q2 FY27 (Jul-Sep 2026) results, expected mid-to-late October based on last year's October 17 date, though the board meeting date was not yet formally announced as of this writing. The stock has hit a fresh 52-week low (₹1158.9) heading into both events, with analysts citing weaker oil & gas/O2C profitability and rising depreciation.
In plain terms
Reliance runs four very different businesses under one roof - refining and petrochemicals, India's largest telecom network, a large retail chain, and newer energy bets. The tension: sales keep setting records, but the stock has gone almost nowhere in price for 3-5 years and just hit a 52-week low, because profit growth hasn't kept pace and some of the recent 'profit decline' headlines are actually just a one-off gain from last year disappearing, not a real business problem. The balance sheet itself is clean and low-debt - the open question is what the market will decide Jio is worth once a slice of it lists separately this month.
Quarters
Q1 FY27 (Apr-Jun 2026): revenue crossed ₹3 lakh crore in a single quarter for the first time, up roughly 25-27% YoY, but consolidated net profit fell about 22% YoY to ₹20,946 crore. This is not a comparable like-for-like decline - the year-ago quarter included an ₹8,924 crore one-off gain from selling RIL's stake in Asian Paints that did not recur. Strip that out: Jio profit +9.2% YoY on 12% revenue growth (steady), while Reliance Retail profit fell 14.1% YoY with EBITDA down 1.8% and margins contracting - the consumer business cooled. The prior quarter (Q2 FY26, Jul-Sep 2025) had shown PAT +10% YoY and EBITDA +15% with margin up 80bps, so the softness is recent, not a multi-year pattern. O2C/energy margins and rising depreciation were flagged by analysts as a drag heading into Q2 FY27.
Performance
Heads-up on splits: Reliance Industries has split its shares or issued bonus shares before (most recently 2-for-1 on 28 Oct 2024, 2-for-1 on 7 Sept 2017 and 2-for-1 on 26 Nov 2009). A sudden price drop around a split date is usually just the price adjusting for the extra shares, not a crash.
Share price
−15.3% over 1 year
Returns by period
| Period | Reliance Industries | Nifty 50 | Oil & Natural Gas Corporation |
|---|---|---|---|
| 3 months | −10.6% | −7.6% | −11.1% |
| 1 year | −15.3% | −11.3% | −5.1% |
| 3 years | −0.1% | +13.2% | +38.6% |
| 5 years | −4.1% | +24.3% | +81.7% |
₹100 invested on 12 Oct 2021 became…
- Reliance Industries₹96
- Nifty 50₹124
- Oil & Natural Gas Corporation₹182
This is the uncomfortable fact: over 3 and 5 years the stock has essentially gone nowhere in price terms (-0.15% and -4.09%) while the Nifty rose 13-24% and peer ONGC rose 39-82% over the same periods - a genuine, multi-year laggard among India's largest stocks. The price is also 26.9% below its January 2026 peak of ₹1,585 and sits at a fresh 52-week low. One caveat on the raw numbers: RIL demerged Jio Financial Services to shareholders in 2023, a corporate action not included in the split/price data supplied here, so the true total return to a long-term holder is somewhat better than the bare price series suggests - though not verified by how much, and not enough to flip the comparison against Nifty or ONGC.
Dividend
Paid in the last 12 months
₹6.00 per share
Dividend yield
0.52%
Dividend yield is the last 12 months of dividends divided by today's share price. A 0.5% yield means every ₹100 of Reliance Industries shares paid about ₹0.5 in dividends over the past year. Past payouts can change.
Recent dividends
| Date | Per share |
|---|---|
| 5 Jun 2026 | ₹6.00 |
| 14 Aug 2025 | ₹5.50 |
| 19 Aug 2024 | ₹5.00 |
| 21 Aug 2023 | ₹4.50 |
| 18 Aug 2022 | ₹4.00 |
| 11 Jun 2021 | ₹3.50 |
| 2 Jul 2020 | ₹3.25 |
| 2 Aug 2019 | ₹3.22 |
Valuation
P/E clusters around 21-22x (one source showing 23.9x looks like an outlier and is set aside) against a P/B of about 2x. That is a clear premium to the refining-industry median P/E of roughly 10x - the market is pricing RIL as a diversified conglomerate with telecom and retail growth options, not as a pure refiner. Whether that premium is earned is the live question: ROE of roughly 9-11% lags both the premium multiple and the refining-sector median ROE of around 21%. The Jio IPO pricing this month will put an independent market value on one piece of the sum-of-the-parts story for the first time.
Growth
Growth is volume-led at the headline level - revenue is at record highs (+25-27% YoY in Q1 FY27, +9.8% for FY26) - but it's uneven underneath. Jio is growing on both subscribers and tariffs; retail is decelerating with profit and margins both down YoY; O2C is being squeezed by margins and depreciation. The reported 22% profit fall is a base-effect/accounting artifact (last year's Asian Paints gain), not evidence of a shrinking business.
Health
Debt-to-equity of about 0.4 is conservative for a company running capital-intensive refining, telecom, and retail expansion simultaneously - financial risk looks low. The bigger watch item is business/operating risk: O2C margin cyclicality, rising depreciation from past capex, and a retail segment that just posted a profit and margin decline. Whether operating profit is converting cleanly to free cash flow is not verified here - check operating cash flow against EBITDA on Screener.
Ownership
Promoter holding is stable at roughly 50%, with zero shares pledged - a clean signal with no leverage stress at the top. LIC holds about 6.7%, making it the most notable single institutional holder; other large holders (SBI Mutual Fund, Vanguard, ICICI Prudential MF) are passive/institutional rather than any named star investor - unsurprising at this scale, but worth stating plainly: there is no individual marquee investor on this register. Sources disagree sharply on the FII holding figure (7.1% vs 17.2%); the 7.1% figure is used here because it reconciles with the rest of the shareholding breakdown summing to 100%, and the 17.2% figure is set aside as the outlier.
The View
The one thing to watch
The Jio Platforms IPO pricing and listing (expected week of Oct 21-28, 2026), alongside the Q2 FY27 results due around the same time - together these will put the first independent market value on Jio and show whether the recent margin softness in retail and O2C is temporary or a trend.
Strengths
- +Debt-to-equity of ~0.4 despite heavy simultaneous capex across telecom, retail and new energy
- +Zero promoter pledging and a stable ~50% promoter stake
- +Jio Platforms profit +9.2% YoY on 12% revenue growth in Q1 FY27 - telecom remains a steady grower
- +Quarterly revenue crossed ₹3 lakh crore for the first time (Q1 FY27), up ~25-27% YoY
Watchpoints
- !Reliance Retail profit down 14.1% YoY and EBITDA down 1.8% in Q1 FY27 - the consumption business is losing momentum
- !O2C/oil & gas profitability pressured by weaker margins and rising depreciation per analyst commentary into Q2 FY27
- !Stock at a fresh 52-week low, 26.9% below its January 2026 peak, with negative price momentum going into two major events this month
- !The widely-quoted '22% profit decline' in Q1 FY27 is a base-effect artifact from a one-off ₹8,924 crore Asian Paints gain a year earlier - don't read it as an operating trend
How sure are we about the data? · Moderate
Q1 FY27 results and the Asian Paints one-off explanation were cross-checked across Business Standard, Upstox and BusinessUpturn and are consistent. Shareholding sources conflict on FII percentage (7.09% vs 17.2%); used the figure that reconciles with the full breakdown. The exact Q2 FY27 board meeting date was not yet officially confirmed as of this writing - treated as expected, not confirmed. Jio IPO price band, size and dates are pre-listing reports and could change. Operating cash flow conversion was not independently verified - check Screener.
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Ticker Tales is not a SEBI-registered investment adviser or research analyst. This report is for learning only and is not investment advice. Data as of 12 Oct 2026.