Reliance Infrastructure Limited (RELINFRA)

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Reliance Infrastructure Limited (RELINFRA) · mywealthgrid

About

Reliance Infrastructure Limited operates integrated power utilities in India's energy sector, with a market cap of ₹2,742.52 Cr. The company faces severe distress: the stock has declined 73.49% over one year, trading near its 52-week low of ₹60.04 compared to a peak of ₹417.4.

Face value: ₹10

Market cap

₹1,899 Cr

P/E

0.6×

P/B

0.1×

Dividend yield

ROE

18%

ROCE

-0.1%

Debt / equity

0.27

OPM

4.9%

EPS (TTM)

₹78.6

Book value

₹437.3

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Stock has fallen 73.49% in one year with P/E of 0.95—verify whether valuation reflects temporary operational distress or structural impairment

Quarterly results alternate between substantial losses (Dec 2025: -₹139.64 Cr; Sep 2025: -₹601.45 Cr) and strong profits (Sep 2025: ₹2,575 Cr; Mar 2026: ₹1,640 Cr)—underlying cause of volatility and segment breakdown must be clarified

Operating margins swing from -219% to +28% across quarters, indicating acute distress in certain periods or business segments

Shareholding heavily skewed to public (75.12%) with minimal institutional backing (FII 4.95%, DII 0.76%) signals limited insider confidence in recovery

Generated analysis · source review pending

Growth drivers

Best-case performance achieved substantial profits: Sep 2025 ₹2,575 Cr net profit at 28.47% OPM and Mar 2026 ₹1,640 Cr net profit—recovery to sustained profitability at this level would reverse shareholder destruction

D/E ratio of 0.27 provides balance-sheet headroom for capex investment; verify whether capex plans exist in grid expansion, generation capacity, or distribution infrastructure

Power sector structurally benefits from India's electrification, grid modernization, and renewable energy transition—verify this company's specific strategic exposure and competitive position in these trends

Generated analysis · source review pending

2,422 historical price candles were omitted because the exchange source has not been verified.

₹46.5+7%1Y

Quick read

rule-based

Pros

No positive flags triggered.

Cons

−Thin operating margin of 4.9%
−Modest revenue growth of 4.1% a year over the last 5 years
−Weak interest coverage of 0×
−Low promoter holding of 19.1%

Research score

Structured signal from quality, growth, valuation and momentum.

58/100

Business quality: 28
Growth: 47
Valuation: 100

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Adani Power LimitedADANIPOWERADANIPOWER	₹3,78,385 Cr	₹4,31,941 Cr	₹59,033 Cr	₹22,070 Cr	36.5%	₹14,255 Cr	23.9%	17.3%	21.2%	89
Adani Energy Solutions LimitedADANIENSOLADANIENSOL	₹1,59,340 Cr	₹2,08,239 Cr	₹30,480 Cr	₹9,778 Cr	32.9%	₹2,919 Cr	8.7%	11.1%	9.6%	-139
Jsw Energy LimitedJSWENERGYJSWENERGY	₹88,925 Cr	₹1,64,771 Cr	₹18,965 Cr	₹10,149 Cr	53.3%	₹1,967 Cr	14.6%	8.6%	7.7%	28
Ntpc Green Energy LimitedNTPCGREENNTPCGREEN	₹76,755 Cr	₹1,06,013 Cr	₹3,285 Cr	₹2,860 Cr	86.6%	₹607 Cr	18.2%	3.3%	2.8%	-32
Nhpc LimitedNHPCNHPC	₹72,073 Cr	₹1,24,207 Cr	₹12,210 Cr	₹5,787 Cr	45.1%	₹3,797 Cr	36.3%	4.4%	9.3%	77
Torrent Power LimitedTORNTPOWERTORNTPOWER	₹62,630 Cr	₹76,363 Cr	₹29,184 Cr	₹5,596 Cr	19.1%	₹2,324 Cr	8.5%	13.2%	13.2%	-285
Nlc India LimitedNLCINDIANLCINDIA	₹35,109 Cr	₹62,911 Cr	₹18,381 Cr	₹6,125 Cr	32%	₹3,367 Cr	21.6%	8.2%	17.5%	171
Acme Solar Holdings LimitedACMESOLARACMESOLAR	₹30,577 Cr	₹49,565 Cr	₹2,370 Cr	₹2,058 Cr	88%	₹603 Cr	24.6%	8.5%	10.4%	63
Sjvn LimitedSJVNSJVN	₹22,757 Cr	₹54,860 Cr	₹5,005 Cr	₹3,492 Cr	74%	₹639 Cr	14.2%	5.9%	4.5%	100
Cesc LimitedCESCCESC	₹17,448 Cr	₹38,767 Cr	₹18,853 Cr	₹3,478 Cr	18.6%	₹1,551 Cr	8.7%	10.2%	12.6%	11
Nava LimitedNAVANAVA	₹15,652 Cr	₹17,873 Cr	₹4,310 Cr	₹1,656 Cr	40%	₹756 Cr	24.2%	12.5%	9.6%	178
Juniper Green Energy LimitedJNPRJNPR	₹15,263 Cr	₹28,184 Cr	₹719 Cr	₹606 Cr	84.3%	₹40 Cr	5.6%	—	1.2%	—

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	17,885	19,174	18,870	16,705	18,411	20,646	22,067	23,592	20,441
COGS	—	—	13,161	11,765	12,539	15,103	70	206	385
Gross profit	—	—	5,709	4,939	5,872	5,544	—	—	20,055
	14,272	16,992	4,445	4,690	4,173	4,415	20,448	18,942	19,136
	3,613	2,183	1,264	250	1,699	1,128	1,549	4,444	919
OPM %	20.2%	11.4%	6.7%	1.5%	9.2%	5.5%	7%	18.8%	4.5%
Depreciation	1,254	1,292	1,387	1,352	1,283	1,449	1,503	1,421	1,466
Interest	5,204	2,581	2,396	2,727	2,060	2,393	2,310	1,784	1,660
	2,458	-3,151	1,973	1,087	721	-1,878	442	1,507	1,455
Profit before tax	—	—	858	-302	-785	-2,557	-1,107	9,171	4,212
Tax	56	73	-51	-167	23	7	41	-6	-627
Tax %	—	—	-5.9%	-55.4%	2.9%	0.3%	3.7%	-0.1%	-14.9%
	1,214	-2,323	908	-134	-808	-2,564	-1,148	9,177	4,838
PAT margin %	6.8%	-12.1%	4.8%	-0.8%	-4.4%	-12.4%	-5.2%	38.9%	23.7%
EPS (₹)	—	—	29.3	-20.2	-35.7	-113	-42.7	124.6	71.4
EPS adjusted (₹)	47.7	92.3	29.3	-20.2	-35.7	-91.6	-29	124.6	71
Annual report	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	263	263	263	263	263	263	263	352	396	396	409
Reserves	21,830	23,084	23,417	13,913	9,529	10,597	12,301	8,942	8,351	14,034	17,464
Minority interest	1,695	1,597	1,576	1,690	1,829	3,775	3,927	4,660	5,111	9,383	11,216
	26,737	20,675	20,407	15,860	14,300	13,830	12,647	11,448	9,671	6,293	4,804
	46,404	52,730	54,454	36,657	39,181	33,698	33,551	35,592	35,652	35,735	37,268
Total equity & liabilities	96,929	98,349	1,00,117	68,383	65,103	62,163	62,689	60,993	59,181	65,841	71,160
	31,969	25,169	25,003	10,495	10,661	19,505	19,002	19,756	17,757	17,714	17,679
CWIP	2,027	1,305	1,347	1,115	1,122	875	860	911	1,018	991	842
Investments	10,998	13,143	13,092	6,742	1,394	1,769	4,856	4,338	4,029	8,671	10,319
	51,935	58,733	60,674	50,030	51,926	40,015	37,971	35,989	36,377	38,465	42,320
Total assets	96,929	98,349	1,00,117	68,383	65,103	62,163	62,689	60,993	59,181	65,841	71,160

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Power Business	23,253.55	6,387.52	46,179.58	22,009.25	24,170.33	26.43
Infrastructure Business	1,428.92	144.87

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	30.3%	29.6%	31.9%	26.9%	—	—	98.1%
EBITDA margin %	11.4%	6.5%	1.4%	9.9%	5.9%	9.3%	15.9%	4.9%
EBIT margin %	4.6%	-0.9%	-6.7%	3%	-1.1%	2.5%	9.9%	-2.3%
PAT margin %	-12.1%	4.8%	-0.8%	-4.4%	-12.4%	-5.2%	38.9%	23.7%
Working capital
Receivable days	85	97	86	82	45	28	24	21
Inventory days	1	2	2	2	2	2	3	144
Payable days	426	558	511	491	424	328	313	16,321
NWC days	-340	-459	-423	-408	-377	-298	-286	-16,156
Leverage
Current ratio	0.51	0.52	0.48	0.42	0.35	0.35	0.21	0.17
Debt to EBITDA	7.27	11.72	57.72	6.92	9.39	4.72	1.68	4.79
Debt to equity	1.12	1.46	1.27	1.01	1.23	1.11	0.44	0.27
Interest coverage	1.5	0.8	-0.1	0.6	0.1	0.4	1.5	-0
Asset turnover	0.28	0.29	0.27	0.29	0.34	0.37	0.36	0.29
Return ratios
Return on assets %	-3.4%	1.4%	-0.2%	-1.3%	-4.2%	-1.9%	13.9%	6.8%
Return on capital employed %	8.3%	5.8%	-0.5%	4.3%	1%	3.9%	9.1%	-0.1%
Return on equity %	-16.4%	9.3%	-1.2%	-6.4%	-27.6%	-13.1%	63.6%	27.1%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	16.5%	16.5%	16.5%	19.05%	19.05%	19.05%	19.05%	19.05%
	8.39%	9%	11.35%	10.26%	7.08%	5.73%	5.53%	4.95%
	1.4%	1.35%	1.36%	1.37%	1.26%	1.05%	1.24%	0.76%
	0.02%	0.02%	0.02%	0.02%	0.02%	0.01%	0.01%	0.01%
	73.58%	73.02%	70.66%	69.19%	72.48%	74.05%	74.06%	75.12%
No. of shareholders	7,12,104	6,91,842	6,81,395	7,12,587	7,17,783	6,72,172	6,60,302	6,54,736

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Reliance Infrastructure Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results14 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

11 announcementsExport CSV

30 Sept 2026, 10:48 pmCompany Update

Disclosure Under Regulation 30 Of The Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations, 2015

General PDF

2 Sept 2026, 7:58 pmCompany Update

Disclosure Under Regulation 30 Of The Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations, 2015

General PDF

22 Aug 2026, 9:57 pmCompany Update

Newspaper Publication - Special Window For Transfer And Dematerialisation Of Physical Shares

General PDF

17 Aug 2026, 10:55 pmCompany Update

Disclosure Under Regulation 30 Of The Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations, 2015

General PDF

14 Aug 2026, 8:59 pmAGM/EGM

Voting Results Of 97Th Annual General Meeting Held On Friday, August 14, 2026

AGM PDF

14 Aug 2026, 8:45 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

14 Aug 2026, 8:14 pmCompany Update

Report Of The Monitoring Agency For The Quarter Ended June 30, 2026

General PDF

14 Aug 2026, 8:06 pmResult

Unaudited Financial Results (Both Consolidated And Standalone) For The Quarter Ended June 30, 2026

Financial Results PDF

Date	Category	Subject	Filing
30 Sept 2026, 10:48 pm	Company Update General	Disclosure Under Regulation 30 Of The Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations, 2015	PDF
2 Sept 2026, 7:58 pm	Company Update General	Disclosure Under Regulation 30 Of The Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations, 2015

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	30.3%	29.6%	31.9%	26.9%	—	—	98.1%
EBITDA margin %	11.4%	6.5%	1.4%	9.9%	5.9%	9.3%	15.9%	4.9%
EBIT margin %	4.6%	-0.9%	-6.7%	3%	-1.1%	2.5%	9.9%	-2.3%
PAT margin %	-12.1%	4.8%	-0.8%	-4.4%	-12.4%	-5.2%	38.9%	23.7%
Working capital
Receivable days	85	97	86	82	45	28	24	21
Inventory days	1	2	2	2	2	2	3	144
Payable days	426	558	511	491	424	328	313	16,321
NWC days	-340	-459	-423	-408	-377	-298	-286	-16,156
Leverage
Current ratio	0.51	0.52	0.48	0.42	0.35	0.35	0.21	0.17
Debt to EBITDA	7.27	11.72	57.72	6.92	9.39	4.72	1.68	4.79
Debt to equity	1.12	1.46	1.27	1.01	1.23	1.11	0.44	0.27
Interest coverage	1.5	0.8	-0.1	0.6	0.1	0.4	1.5	-0
Asset turnover	0.28	0.29	0.27	0.29	0.34	0.37	0.36	0.29
Return ratios
Return on assets %	-3.4%	1.4%	-0.2%	-1.3%	-4.2%	-1.9%	13.9%	6.8%
Return on capital employed %	8.3%	5.8%	-0.5%	4.3%	1%	3.9%	9.1%	-0.1%
Return on equity %	-16.4%	9.3%	-1.2%	-6.4%	-27.6%	-13.1%	63.6%	27.1%

₹ Cr	Mar 2016	Mar 2017	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	9,846	8,896	-260	2,875	1,436	2,980	3,458	4,097	3,657	2,362
	-6,202	-28	2,929	-808	18	-502	-1,333	415	-1,731	-1,273
	-4,363	-8,714	-1,028	-1,979	-1,531	-2,122	-2,242	-3,648	-1,252	-1,775
Net cash flow	-98	165	109	88	-77	356	-117	865	674	-686
Free cash flow	9,846	8,896	-260	2,875	764	2,170	2,477	3,171	2,335	669
CFO / Operating profit %	—	—	-11.9%	235.5%	599.4%	163%	283.6%	199.8%	97.3%	235.4%

Reliance Infrastructure Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Events

1

Announcements

1

Not in the F&O segment

Announcements

Annual reports

No fund holdings on record

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

- Engineering and Construction Business · revenue

Reliance Infrastructure Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Events

Board meetings1

Announcements

Board meetings1

Not in the F&O segment

Announcements

Annual reports

Quarterly record

Board and management

Ratio timeline

No fund holdings on record

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

- Engineering and Construction Business · revenue

1

1