Reliance Industries Limited

RIGD.IL

Oil & Gas Refining & Marketing · Energy

Price

$52.80

-0.70 (-1.31%)

Market Cap

$178.65B

Exchange

International Order Book

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 31, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Strong

Cash Flow

Strong

Stability

Strong

Valuation

Strong

Dividends

Weak

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Share count falling — buybacks

−49.4% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 6.68B (2022) → 3.38B (2026)

Winston Score History

The full picture

Reliance Industries is India's largest private-sector company, with businesses spanning oil refining, petrochemicals, telecommunications, and retail. It operates the world's largest single-location oil refinery complex at Jamnagar, Gujarat, processing crude oil into fuels and chemical feedstocks. Through its Jio telecom platform and Reliance Retail chain, it also serves hundreds of millions of Indian consumers.

The company earns revenue from refining and selling petroleum products, manufacturing petrochemicals like polymers and polyester, selling mobile data and digital services through Jio, and operating thousands of retail stores across India. Its massive scale in refining and its dominant position in Indian telecom and retail give it significant pricing and cost advantages. Key growth drivers include expanding Jio's digital ecosystem and scaling its new energy business into solar and green hydrogen, though the company faces risks from volatile oil prices and heavy capital spending across multiple sectors simultaneously.

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

>+1,000% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

₹0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

51.3%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

₹3.8T cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Profit per sale

Gross Margin

26.8%

Modest — 26.8% gross margin

Profit after running costs

Operating Margin

10.5%

Modest — 10.5% operating margin

Return on the money invested

ROCE

9.8%

Below par — 9.8% 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

+15.2%

Fast-growing sales (+15.2% YoY)

Profit growth

EPS YoY

>+1,000%

Earnings growing fast (>+1,000% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

239%

Turns 239% of profit into real cash

Spare cash per sale

FCF Margin

3.4%

Thin free cash flow (3.4%)

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

0.41

Conservative — low debt load (0.41)

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)

23.3x

Growth-priced — P/E 23.3

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

Cheaper or dearer next year

P/E vs Forward

+18.8

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (23.3 → 4.5)

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Dividends

Dividend

Dividend Yield

0.40%

Small dividend — 0.40% yield

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

Dividend record

Dividend Growth

-80.5%

Dividend cut (-80.5% YoY) — warning sign

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