# Reliance Industries (RIGD.LSE)

Canonical: https://gigainvestors.com/s/RIGD.LSE

Analysis as of: 2026-10-16T07:33:33.074Z. Financial observations: FY2005–FY2026.

Listing currency: USD. Reporting currency: INR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $51.40 per share; close as of 2026-10-15.

Estimated value: low $41.68 per share, central $56.40 per share, high $64.97 per share. Buy at or below the central value $56.40 per share. Valuation as of 2026-10-16T07:33:33.074Z; scenarios are not confidence intervals.

Expected annual return: 10.8% at the stated quote. About 10.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; GB 10-year bond 5.4% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.03×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.11×

- FY2018: 0.12×

- FY2019: 0.11×

- FY2020: 0.11×

- FY2021: 0.12×

- FY2022: 0.11×

- FY2023: 0.12×

- FY2024: 0.12×

- FY2025: 0.12×

- FY2026: 0.11×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 7.9%

- ROIC, second-lowest year: 6.7%

- Typical minus recent gross margin: -5.4 pp

- Typical gross margin (annual median): 24.0%

- Recent gross margin (lower of latest and 3-year median): 29.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 16.3%

- ROIC including acquisitions, ten-year median: 5.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 6.5%

- FY2018: 7.8%

- FY2019: 7.9%

- FY2020: 7.3%

- FY2021: 6.7%

- FY2022: 7.0%

- FY2023: 9.4%

- FY2024: 8.7%

- FY2025: 8.9%

- FY2026: 9.7%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.67×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: INR 2.32T

- Net income, five-year total: INR 3.47T

- Return on incremental invested capital: 8.5%

- Working capital / revenue, annual change: 1.1 pp

- Working capital / revenue, change between three-year averages: 7.6 pp

- Working capital / revenue, final three-year average: 2.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 0.95×

- FY2023: 0.94×

- FY2024: -0.08×

- FY2025: 0.59×

- FY2026: 0.95×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 7.8% vs 8.9%

- Per-share earnings: 100.31 to 205.87 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -11.8%

- Ordinary dilution, 5-year annual growth: -24.0%

- Market cap gain: INR -1.04T

- Cumulative retained earnings: INR 4.54T

- Diluted shares, 10-year annual growth: -11.8%

- Diluted shares, 5-year annual growth: -24.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 9.4%

- Per-share value change: INR 105.56

- Per-share value, starting three-year median: INR 100.31

- Per-share value, ending three-year median: INR 205.87

- Buybacks concentrated in cheaper years (correlation): -0.50

- Average buyback yield: 0.5%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: INR 3.35T

- Cumulative net income, 10 years: INR 5.41T

- ROIC, first three-year median: 7.8%

- ROIC, last three-year median: 8.9%

Chart: Earnings per share; fiscal year observations.

- FY2017: INR 100.31

- FY2018: INR 120.62

- FY2019: INR 124.07

- FY2020: INR 119.74

- FY2021: INR 147.05

- FY2022: INR 179.44

- FY2023: INR 197.17

- FY2024: INR 205.78

- FY2025: INR 205.87

- FY2026: INR 955.14

### accounting: pass

- Sloan accruals: -5.1%

- Receivables to sales index (DSRI): 1.22×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.38×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.46×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -1.1%

- FY2018: -2.5%

- FY2019: 1.9%

- FY2020: -5.0%

- FY2021: 1.7%

- FY2022: -3.3%

- FY2023: -3.0%

- FY2024: -3.6%

- FY2025: -4.3%

- FY2026: -5.1%

## Holders

## Price story

Down 31% since Jun 2024 · sales +9.6%

Story as of 2026-10-16T09:59:56.654Z; price observation 2026-10-15.

Price needs cash profits to grow 5.1% a year for ten years

### Sales · FY2025–2026

sales +9.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: INR 3.05T 

- FY2018: INR 3.92T 

- FY2019: INR 5.69T 

- FY2020: INR 5.98T 

- FY2021: INR 4.67T 

- FY2022: INR 6.96T 

- FY2023: INR 8.78T 

- FY2024: INR 9.01T 

- FY2025: INR 9.65T 

- FY2026: INR 10.57T 

### Gross margin · FY2026

gross margin 29.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 20.0% 

- FY2018: 21.5% 

- FY2019: 22.1% 

- FY2020: 24.5% 

- FY2021: 27.4% 

- FY2022: 23.6% 

- FY2023: 23.5% 

- FY2024: 29.4% 

- FY2025: 29.2% 

- FY2026: 29.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in oil & gas refining & marketing; annual sales are INR 10.6 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:33.074Z); FY2026: revenue 10572190000000; grossProfit 3108680000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); RIGD.LSE: 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.

### Why customers stay

Margins ranged from 29.2% to 29.4% during 2024–26; it earns 7.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:33.074Z); FY2024: grossProfit / revenue = 29.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:33.074Z); FY2025: grossProfit / revenue = 29.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:33.074Z); FY2026: grossProfit / revenue = 29.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:33.074Z); 10-year return on capital observations [[2017,0.06463039663459162],[2018,0.07816865129125079],[2019,0.07893401785275894],[2020,0.0733047671560324],[2021,0.0672653347337034],[2022,0.07017850936313857],[2023,0.09425225833945515],[2024,0.08658864574168011],[2025,0.08900185877897937],[2026,0.09682264135622871]]; median 0.07855133457200486. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 84.9% of cash earnings on expansion; earns 8.5% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:33.074Z); FY2018: growth capex 572470000000; upkeep 167060000000; owner earnings 360750000000. Growth capex / owner earnings = 1.586888426888427.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:33.074Z); FY2019: growth capex 726920000000; upkeep 209340000000; owner earnings 395880000000. Growth capex / owner earnings = 1.8362129938365161.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:33.074Z); FY2020: growth capex 311769922974.17926; upkeep 453400077025.82074; owner earnings 144775922974.17926. Growth capex / owner earnings = 2.1534652763345417.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:33.074Z); FY2022: growth capex 703630000000; upkeep 297820000000; owner earnings 575712000000. Growth capex / owner earnings = 1.2221909565894058.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:33.074Z); FY2023: growth capex 1006850000000; upkeep 403030000000; owner earnings 630240628117.9138. Growth capex / owner earnings = 1.5975644144154177.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:33.074Z); FY2025: growth capex 576392078008.4974; upkeep 823277921991.5026; owner earnings 408660942443.4667. Growth capex / owner earnings = 1.410440827944389.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:33.074Z); FY2026: growth capex 652280000000; upkeep 576880000000; owner earnings 767969025314.8694. Growth capex / owner earnings = 0.8493571726184704.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:33.074Z); Incremental return on capital 0.08492520695515196, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:33.074Z); Dividend observations: [[2017,530000000],[2018,39160000000],[2019,42820000000],[2020,45920000000],[2021,39210000000],[2022,42970000000],[2023,50830000000],[2024,60890000000],[2025,71800000000],[2026,74430000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); RIGD.LSE SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 5.1% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:33.074Z); Ten-year compound average after fade. Initial solved rate 0.06057735228229999. Price 51.4; FX 0.01054; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share -18.723652063748204 → FY2026 908.0997073564594. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $15.85 per share

- 2016-11: $14.33 per share

- 2016-12: $15.78 per share

- 2017-01: $15.50 per share

- 2017-02: $18.45 per share

- 2017-03: $20.15 per share

- 2017-04: $21.63 per share

- 2017-05: $20.63 per share

- 2017-06: $21.20 per share

- 2017-07: $24.80 per share

- 2017-08: $24.73 per share

- 2017-09: $23.85 per share

- 2017-10: $28.70 per share

- 2017-11: $27.85 per share

- 2017-12: $28.55 per share

- 2018-01: $30.20 per share

- 2018-02: $29.15 per share

- 2018-03: $27.10 per share

- 2018-04: $28.90 per share

- 2018-05: $26.50 per share

- 2018-06: $28.10 per share

- 2018-07: $34.20 per share

- 2018-08: $34.60 per share

- 2018-09: $34.35 per share

- 2018-10: $28.55 per share

- 2018-11: $33.10 per share

- 2018-12: $31.85 per share

- 2019-01: $34.45 per share

- 2019-02: $34.70 per share

- 2019-03: $40.10 per share

- 2019-04: $40.05 per share

- 2019-05: $38.55 per share

- 2019-06: $36.15 per share

- 2019-07: $33.65 per share

- 2019-08: $34.70 per share

- 2019-09: $37.30 per share

- 2019-10: $41.05 per share

- 2019-11: $43.20 per share

- 2019-12: $42.55 per share

- 2020-01: $39.10 per share

- 2020-02: $36.35 per share

- 2020-03: $30.80 per share

- 2020-04: $38.25 per share

- 2020-05: $38.45 per share

- 2020-06: $46.20 per share

- 2020-07: $55.10 per share

- 2020-08: $57.90 per share

- 2020-09: $60.80 per share

- 2020-10: $54.90 per share

- 2020-11: $52.30 per share

- 2020-12: $54.70 per share

- 2021-01: $50.70 per share

- 2021-02: $57.40 per share

- 2021-03: $55.30 per share

- 2021-04: $54.10 per share

- 2021-05: $57.65 per share

- 2021-06: $56.60 per share

- 2021-07: $55.30 per share

- 2021-08: $61.85 per share

- 2021-09: $68.10 per share

- 2021-10: $68.00 per share

- 2021-11: $63.90 per share

- 2021-12: $63.95 per share

- 2022-01: $63.75 per share

- 2022-02: $62.80 per share

- 2022-03: $69.00 per share

- 2022-04: $72.60 per share

- 2022-05: $67.20 per share

- 2022-06: $65.05 per share

- 2022-07: $63.10 per share

- 2022-08: $65.90 per share

- 2022-09: $58.50 per share

- 2022-10: $61.05 per share

- 2022-11: $66.15 per share

- 2022-12: $61.50 per share

- 2023-01: $57.30 per share

- 2023-02: $55.70 per share

- 2023-03: $56.35 per share

- 2023-04: $59.60 per share

- 2023-05: $59.10 per share

- 2023-06: $62.30 per share

- 2023-07: $62.50 per share

- 2023-08: $58.10 per share

- 2023-09: $55.90 per share

- 2023-10: $54.60 per share

- 2023-11: $57.30 per share

- 2023-12: $62.50 per share

- 2024-01: $69.40 per share

- 2024-02: $71.20 per share

- 2024-03: $71.40 per share

- 2024-04: $70.70 per share

- 2024-05: $69.50 per share

- 2024-06: $74.60 per share

- 2024-07: $72.10 per share

- 2024-08: $70.60 per share

- 2024-09: $69.60 per share

- 2024-10: $62.60 per share

- 2024-11: $60.30 per share

- 2024-12: $56.80 per share

- 2025-01: $58.70 per share

- 2025-02: $54.60 per share

- 2025-03: $58.70 per share

- 2025-04: $65.30 per share

- 2025-05: $65.80 per share

- 2025-06: $69.80 per share

- 2025-07: $63.00 per share

- 2025-08: $60.10 per share

- 2025-09: $61.00 per share

- 2025-10: $66.30 per share

- 2025-11: $70.60 per share

- 2025-12: $70.00 per share

- 2026-01: $60.70 per share

- 2026-02: $61.30 per share

- 2026-03: $58.10 per share

- 2026-04: $60.40 per share

- 2026-05: $55.90 per share

- 2026-06: $55.40 per share

- 2026-07: $54.70 per share

- 2026-08: $52.80 per share

- 2026-09: $49.00 per share

- 2026-10: $49.00 per share

## Annual estimated value (USD per share)

- FY2020: low $8.02 per share, central $8.72 per share, high $9.65 per share

- FY2021: low $9.43 per share, central $10.66 per share, high $11.61 per share

- FY2022: low $22.77 per share, central $28.38 per share, high $32.50 per share

- FY2023: low $28.76 per share, central $36.50 per share, high $41.91 per share

- FY2024: low $12.21 per share, central $14.80 per share, high $16.68 per share

- FY2025: low $22.11 per share, central $28.24 per share, high $32.16 per share

- FY2026: low $158.07 per share, central $213.18 per share, high $245.27 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.