Financials Reliance Industries Ltd

Equities

RELIANCE

INE002A01018

Oil & Gas Refining and Marketing

Market Closed - NSE India S.E. Other stock markets 07:43:48 2024-04-26 am EDT			5-day change	1st Jan Change
2,905 ^INR	-0.51%		-1.20%	+12.39%

Apr. 26	India receives oil cargo in Russian SCF tanker after brief halt, sources say	RE
Apr. 25	Stocks in motion: Large caps struggle

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	8,078,441	6,600,576	12,718,171	16,745,613	14,808,378	18,456,926	-	-
Enterprise Value (EV) ¹	10,722,741	9,205,546	14,781,841	19,046,883	17,208,378	21,154,025	20,743,590	20,270,306
P/E ratio	20.4 x	17.5 x	26.6 x	29 x	23.6 x	28.9 x	24.1 x	21.2 x
Yield	0.48%	0.58%	0.35%	0.3%	0.39%	0.34%	0.34%	0.38%
Capitalization / Revenue	1.42 x	1.11 x	2.72 x	2.39 x	1.68 x	2.1 x	1.84 x	1.72 x
EV / Revenue	1.89 x	1.54 x	3.17 x	2.72 x	1.96 x	2.35 x	2.07 x	1.88 x
EV / EBITDA	12.8 x	10.4 x	18.3 x	17.2 x	12 x	13 x	11.4 x	9.97 x
EV / FCF	-22.4 x	42.7 x	-18.6 x	181 x	-66.3 x	358 x	41.9 x	40 x
FCF Yield	-4.47%	2.34%	-5.39%	0.55%	-1.51%	0.28%	2.39%	2.5%
Price to Book	2.09 x	1.56 x	1.84 x	2.29 x	1.92 x	2.53 x	2.2 x	2.02 x
Nbr of stocks (in thousands)	5,925,869	5,926,443	6,349,244	6,355,674	6,352,664	6,353,284	-	-
Reference price ²	1,363	1,114	2,003	2,635	2,331	2,905	2,905	2,905
Announcement Date	4/18/19	4/30/20	4/30/21	5/6/22	4/21/23	4/22/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,671,350	5,967,430	4,669,240	6,999,620	8,794,680	9,010,640	10,038,024	10,760,109
EBITDA ¹	840,210	882,170	807,370	1,104,600	1,429,080	1,622,330	1,819,927	2,033,314
EBIT ¹	630,870	660,140	541,650	806,630	1,025,890	1,114,010	1,297,289	1,459,801
Operating Margin	11.12%	11.06%	11.6%	11.52%	11.66%	12.36%	12.92%	13.57%
Earnings before Tax (EBT) ¹	552,270	536,060	554,610	841,420	948,010	1,047,270	1,210,992	1,383,590
Net income ¹	395,880	393,540	491,280	607,050	667,020	696,210	818,317	931,897
Net margin	6.98%	6.59%	10.52%	8.67%	7.58%	7.73%	8.15%	8.66%
EPS ²	66.80	63.49	75.21	90.85	98.59	102.9	120.6	137.1
Free Cash Flow ¹	-478,900	215,570	-796,520	105,090	-259,560	59,050	494,742	506,234
FCF margin	-8.44%	3.61%	-17.06%	1.5%	-2.95%	0.66%	4.93%	4.7%
FCF Conversion (EBITDA)	-	24.44%	-	9.51%	-	3.64%	27.18%	24.9%
FCF Conversion (Net income)	-	54.78%	-	17.31%	-	8.48%	60.46%	54.32%
Dividend per Share ²	6.500	6.500	7.000	8.000	9.000	10.00	9.927	11.06
Announcement Date	4/18/19	4/30/20	4/30/21	5/6/22	4/21/23	4/22/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	-	-	1,994,890	1,178,600	1,495,750	1,399,490	1,676,110	-	1,850,270	2,073,750	2,193,040	2,300,550	2,171,640	2,129,450	2,075,590	2,244,905	2,339,886	2,364,334	-
EBITDA ¹	434,670	-	358,200	215,660	233,510	233,680	260,200	493,880	297,060	313,660	379,970	312,240	352,470	384,400	380,930	402,820	399,714	425,679	-
EBIT ¹	-	-	-	149,010	163,780	164,850	187,900	-	220,230	233,650	290,510	214,940	250,600	269,840	263,180	284,981	275,692	304,606	278,469
Operating Margin	-	-	-	12.64%	10.95%	11.78%	11.21%	-	11.9%	11.27%	13.25%	9.34%	11.54%	12.67%	12.68%	12.69%	11.78%	12.88%	-
Earnings before Tax (EBT) ¹	-	-	-	149,820	163,820	172,700	192,340	-	252,270	224,110	272,360	203,790	230,720	241,140	243,700	261,832	245,871	269,173	-
Net income ¹	213,660	179,880	228,000	131,010	132,270	122,730	136,800	-	185,490	162,030	179,550	136,560	157,920	192,990	160,110	179,013	171,222	188,230	-
Net margin	-	-	11.43%	11.12%	8.84%	8.77%	8.16%	-	10.03%	7.81%	8.19%	5.94%	7.27%	9.06%	7.71%	7.97%	7.32%	7.96%	-
EPS ²	-	-	35.02	19.93	20.13	18.63	20.60	-	27.76	23.95	26.54	20.18	23.34	28.52	23.66	27.06	26.52	28.89	-
Dividend per Share ²	-	-	-	-	7.000	-	-	-	-	8.000	-	-	-	-	2.180	2.383	2.448	2.330	2.880
Announcement Date	10/18/19	4/30/20	10/30/20	1/22/21	4/30/21	7/23/21	10/22/21	10/22/21	1/21/22	5/6/22	7/22/22	10/21/22	1/20/23	4/21/23	7/21/23	-	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,644,300	2,604,970	2,063,670	2,301,270	2,400,000	2,579,721	2,286,664	1,813,380
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.147 x	2.953 x	2.556 x	2.083 x	1.679 x	1.594 x	1.256 x	0.8918 x
Free Cash Flow ¹	-478,900	215,570	-796,520	105,090	-259,560	138,593	494,742	506,234
ROE (net income / shareholders' equity)	11.6%	9.37%	8.55%	7.82%	8.33%	8.94%	9.66%	9.93%
ROA (Net income/ Total Assets)	4.35%	3.63%	3.95%	4.1%	4.15%	5.76%	5.78%	6.06%
Assets ¹	9,093,791	10,841,621	12,435,579	14,794,911	16,065,803	12,316,281	14,152,031	15,372,766
Book Value Per Share ²	653.0	715.0	1,086	1,152	1,214	1,217	1,321	1,439
Cash Flow per Share ²	77.20	158.0	40.10	166.0	170.0	235.0	240.0	234.0
Capex ¹	936,260	765,170	1,058,370	1,001,450	1,409,880	1,338,350	1,197,339	1,163,903
Capex / Sales	16.51%	12.82%	22.67%	14.31%	16.03%	14.25%	11.93%	10.82%
Announcement Date	4/18/19	4/30/20	4/30/21	5/6/22	4/21/23	4/22/24	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Reliance Industries Ltd

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,905 INR

Average target price

3,134 INR

Spread / Average Target

+7.89%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Oil & Gas Refining and Marketing

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