Reliance Industries - Public Comps and Valuation Multiples

Reliance Industries Overview

About Reliance Industries

Reliance Industries Ltd is engaged in hydrocarbon exploration and production, refining and marketing, petrochemicals, financial services, retail, and communications. The Group has five principal operating and reporting segments: Oil to Chemicals (O2C), Oil and Gas, Retail, Digital Services, and other services. Reliance's refineries produce a range of petroleum products that find use as fuel variants, feedstock, and fuel for power and cement plants. Fuels produced in refineries are exported to several countries and can be processed into any grade of gasoline or diesel. The Oil to Chemicals segment, which derives the majority of revenue, includes Refining, Petrochemicals, fuel retailing through Reliance BP Mobility Limited, aviation fuel, and bulk wholesale marketing.

Founded

1973

HQ

Employees

247.8K+

Website

ril.com

Sectors

Energy Services
Fossil Fuels

Financials

LTM Revenue $111B

LTM EBITDA $20.0B

EV

$225B

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Reliance Industries Financials

As of September 2025, Reliance Industries reported last 12-month revenue of $111B and EBITDA of $20.0B.

In the same period, Reliance Industries generated $39.7B in LTM gross profit and $8.6B in net income.

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Reliance Industries P&L

In the most recent fiscal year, Reliance Industries reported revenue of $109B and EBITDA of $20.4B.

Reliance Industries expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$111B	XXX	$109B	XXX	XXX	XXX
Gross Profit	$39.7B	XXX	$27.2B	XXX	XXX	XXX
Gross Margin	36%	XXX	25%	XXX	XXX	XXX
EBITDA	$20.0B	XXX	$20.4B	XXX	XXX	XXX
EBITDA Margin	18%	XXX	19%	XXX	XXX	XXX
EBIT	$13.8B	XXX	$12.7B	XXX	XXX	XXX
EBIT Margin	12%	XXX	12%	XXX	XXX	XXX
Net Profit	$8.6B	XXX	$7.8B	XXX	XXX	XXX
Net Margin	8%	XXX	7%	XXX	XXX	XXX
Net Debt	XXX	XXX	$27.8B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Reliance Industries including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $111B. EBITDA for the last twelve months was $20.0B. In the most recent fiscal year, Reliance Industries achieved $109B in revenue and $20.4B in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$111B	Analyst estimates available to subscribers	$109B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$39.7B	Analyst estimates available to subscribers	$27.2B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	35.8% gross margin	Analyst estimates available to subscribers	25.1% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$20.0B	Analyst estimates available to subscribers	$20.4B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	18.1% EBITDA margin	Analyst estimates available to subscribers	18.8% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$13.8B	Analyst estimates available to subscribers	$12.7B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	12.4% EBIT margin	Analyst estimates available to subscribers	11.7% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$8.6B	Analyst estimates available to subscribers	$7.8B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	7.7% net profit margin	Analyst estimates available to subscribers	7.2% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$27.8B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Reliance Industries

This financial data table provides comprehensive performance metrics for Reliance Industries, a company based in India. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Reliance Industries generated $111B in revenue over the last twelve months.
The company achieved $20.0B in EBITDA over the last twelve months.
Gross profit for the last twelve months was $39.7B.
Net income over the last twelve months reached $8.6B.

Fiscal Year Performance

In the most recent fiscal year, Reliance Industries reported $109B in total revenue.
Fiscal year EBITDA was $20.4B.
The company maintained a gross profit margin of 25.1% in the most recent fiscal year.
EBITDA margin for the fiscal year was 18.8%.
Net profit margin reached 7.2% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Reliance Industries. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Reliance Industries Stock Performance

Reliance Industries has current market cap of INR 18.70T (or $210B), and EV of INR 20.01T (or $225B).

Market Cap Evolution

Reliance Industries Stock Data

As of October 13, 2025, Reliance Industries's stock price is INR 1382 (or $16).

See Reliance Industries trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$225B	$210B	XXX	XXX	XXX	XXX	$0.64

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Reliance Industries Valuation Multiples

Reliance Industries's trades at 2.1x EV/Revenue multiple, and 11.1x EV/EBITDA.

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Reliance Industries Financial Valuation Multiples

As of October 13, 2025, Reliance Industries has market cap of $210B and EV of $225B.

Equity research analysts estimate Reliance Industries's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Reliance Industries has a P/E ratio of 24.6x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$210B	XXX	$210B	XXX	XXX	XXX
EV (current)	$225B	XXX	$225B	XXX	XXX	XXX
EV/Revenue	2.0x	XXX	2.1x	XXX	XXX	XXX
EV/EBITDA	11.2x	XXX	11.1x	XXX	XXX	XXX
EV/EBIT	16.4x	XXX	17.8x	XXX	XXX	XXX
EV/Gross Profit	5.7x	XXX	n/a	XXX	XXX	XXX
P/E	24.6x	XXX	26.8x	XXX	XXX	XXX
EV/FCF	55.6x	XXX	65.5x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Reliance Industries Margins & Growth Rates

Reliance Industries's last 12 month revenue growth is 6%

Reliance Industries's revenue per employee in the last FY averaged $0.4M, while opex per employee averaged $0.1M for the same period.

Reliance Industries's rule of 40 is 25% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Reliance Industries's rule of X is 33% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Reliance Industries Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	6%	XXX	6%	XXX	XXX	XXX
EBITDA Margin	18%	XXX	19%	XXX	XXX	XXX
EBITDA Growth	12%	XXX	7%	XXX	XXX	XXX
Rule of 40	25%	XXX	25%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	33%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.4M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	2%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	13%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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