Whalesbook
Reliance Industries Limited (RIL) has made corporate history by crossing the $120 billion revenue mark, becoming the first Indian company to do so. The conglomerate reported revenues of $124 billion for the fiscal year 2025-26, a significant achievement under Chairman Mukesh Ambani. This impressive revenue was supported by an EBITDA of $21.9 billion and a net profit of $10.1 billion for FY26. This net profit milestone is also a first for an Indian company and surpasses the combined profits of India's three largest IT firms: Tata Consultancy Services (TCS), Infosys, and HCL Technologies, highlighting RIL's expanding competitive edge.
Growth Drivers and Market Position
RIL's continued expansion stems from its diverse business operations. Its digital division, Jio, saw an 18% year-on-year increase in EBITDA, driven by subscriber growth and adoption of 5G and fixed broadband services. Reliance Retail's revenue rose 8% year-on-year, with its expansion in hyperlocal commerce helping to balance slower demand in fashion and lifestyle segments. The established Oil to Chemicals (O2C) business achieved 10% year-on-year EBITDA growth despite facing international sanctions and market fluctuations.
As of May 21, 2026, Reliance Industries (RELI) shares traded around ₹1,354.50 INR, with a market capitalization of approximately ₹18.33 trillion. The company's trailing twelve-month P/E ratio stands at 22.39, near its 10-year median and above the Oil & Gas industry average. Competitors like Bharti Airtel and IT firms such as Infosys trade at different valuation multiples. Reliance's P/E ratio has varied over the last five years, peaking at 31.0x in March 2022 and reaching a low of 23.3x in March 2023.
Historical Context and Future Outlook
Sixty years after Dhirubhai Ambani founded the company with a textile trading business, his son Mukesh Ambani has transformed Reliance into a global conglomerate. With $124 billion in revenue, RIL ranks among Asia's largest companies and is India's largest public company by market capitalization and revenue. The company is poised for rapid target achievement, with substantial growth potential in its digital and retail sectors. Additionally, Reliance's new energy ventures, including green hydrogen and solar manufacturing, are positioned to become a fourth major growth pillar.
Potential Risks and Concerns
Despite its successes, Reliance Industries has faced scrutiny. Reports have alleged political corruption, cronyism, fraud, financial manipulation, and exploitation of customers and natural resources. Regulatory filings indicate reported insider trading activity, with Form 4 disclosures showing changes in stock ownership by company insiders. A recent shareholder meeting did not approve a proposal requiring directors to leave the board within nine months of failing to secure a majority vote, suggesting potential governance concerns. The company maintains a debt-to-equity ratio of 0.44, indicating a moderate level of leverage.