Reliance Industries Limited

RELIANCE.BO

Oil & Gas Refining & Marketing · Energy

Exchange

Bombay Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Weak

Stability

Mixed

Valuation

Good

Dividends

Mixed

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Winston Score History

The full picture

Reliance Industries Limited is one of India's largest companies, operating across several major businesses including oil refining, petrochemicals, retail stores, and telecom. Its refinery in Jamnagar, Gujarat is one of the biggest in the world. Millions of Indian consumers and businesses use its products every day, from fuel and plastics to groceries and mobile data through its Jio telecom network.

Reliance makes money in multiple ways: selling refined petroleum and chemicals to industrial buyers, running thousands of retail stores across India, and charging mobile subscribers through its Jio platform. The company operates almost entirely within India, though it exports refined products globally. Its sheer size, integrated operations, and control of key infrastructure give it a strong competitive position that is hard for rivals to match. The key growth driver is continued expansion of Jio's digital services and its fast-growing retail segment, though heavy capital spending and regulatory changes in India remain ongoing risks.

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

Insider Activity

51.2%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

₹4.0T 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.

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Quality

Profit per sale

Gross Margin

24.3%

Thin — 24.3% gross margin

Profit after running costs

Operating Margin

10.5%

Modest — 10.5% operating margin

Return on the money invested

ROCE

11.5%

Below par — 11.5% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+15.0%

Fast-growing sales (+15.0% YoY)

Profit growth

EPS YoY

-8.3%

Earnings shrinking (-8.3% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

Weak — only 0% of profit becomes cash

Spare cash per sale

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

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

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

Price vs profit

P/E Ratio (TTM)

23.7x

no trend

Growth-priced — P/E 23.7

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

Cheaper or dearer next year

P/E vs Forward

+5.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (23.7 → 18.4)

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Dividends

Dividend

Dividend Yield

0.46%

no trend

Small dividend — 0.46% yield

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

Dividend record

Dividend Growth

+8.9%

no trend

Dividend growing modestly (8.9% YoY)

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