Reliance Industries (RELIANCE: Rs3,148.50) drops 1.4% on increasing volatility; -Rs45.95 [1.4%] 16 July 2024

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www.buysellsignals.com

Reliance Industries Ltd.'s (NSE: RELIANCE Rs3,148.50) stock price traded between an intraday low of Rs3,138.25 and a high of Rs3,200.0, suggesting a trading opportunity between peaks and troughs.

Reliance Industries' stock price dropped Rs45.95 (1.4%) from its previous trading session to close at Rs3,148.50.

Compared with the BSE SENSEX Index which rose 42.8 points (0.05%) in the day, the relative price change was -1.5%.

Reliance Industries Ltd. is India's largest Integrated oil & gas company by market cap.

There were 4,500,000 shares worth Rs14.2 billion ($169.6 million) traded today. The volume was 0.6 times the average daily trading volume of 7.5 million shares.

RELIANCE INDUSTRIES (RELIANCE) Stock Dashboard [traded in Indian Rupee, INR] End-of-Day Tue, Jul 16

http://www.ril.com

LastRs3,148.50Market CapRs21,303 billion [US$255 billion]
P/E30.6Dividend Yield % (TTM)0.3
EPS (FY2024)Rs102.90DPS (past 12 months)Rs9 or 900 paise
Shares Outstanding6,766,100,000ExchangeINDIAN [BSE, NSE]
RELIANCE in IndicesSENSEX [of 30 stocks]SectorIntegrated Oil & Gas [of 8 stocks]
EPS Growth (FY2024 vs FY2023)4.4%Today's VI*0.6
Today's Volume4,500,000Currency1.000 USD = 83.56 Indian Rupees (INR)
Ave Daily Volume7,549,770 sharesPV$1000 (1 yr)Rs1,249
US$1,228
52-Week Price Range2,220.30 - 3,217.60

A year ago the exchange rate was USD 1 = 82.15 INR. USD1000 would have bought Rs82,148. A year ago the Reliance Industries share price was Rs2,530.07. Rs82,148 would have bought 32.5 Reliance Industries shares on that day. Those 32.5 shares would be worth Rs102,228 at today's share price of Rs3,148.50. At today's exchange rate of USD1=83.57 INR this is equivalent to USD1,223. Dividends reinvested are worth Rs4 ($4). PV$1000= $1,228.

INDEX

SECTION 1 CORPORATE PROFILE AND INDEPENDENT RATINGS

SECTION 2 RECENT NEWS AND RESEARCH

SECTION 3 THE PAST YEAR: PRESS RELEASES

SECTION 4 TODAY'S BULLISH SIGNALS

SECTION 5 ONGOING BULLISH PARAMETERS

SECTION 6 TODAY'S BEARISH SIGNALS

SECTION 7 ONGOING BEARISH PARAMETERS

SECTION 8 FINANCIALS FY 2024

SECTION 9 DIVIDEND

SECTION 10 BOARD OF DIRECTORS

SECTION 11 TOP SHAREHOLDERS

Read more...

ANNEXURE

APPENDIX I DATA & ARCHIVE DOWNLOAD CENTER

APPENDIX II STOCK IDENTIFIERS

GLOSSARY

SECTION 1 CORPORATE PROFILE AND INDEPENDENT RATINGS

1.1 Activities

Reliance Industries Limited (RIL) is India's largest private sector enterprise, with businesses in the energy and materials value chain. The Group's activities span exploration and production of oil and gas, petroleum refining and marketing, petrochemicals (polyester, fibre intermediates, plastics and chemicals), textiles, retail, infotel and special economic zones. Reliance enjoys global leadership in its businesses, being the largest polyester yarn and fibre producer in the world and among the top five to ten producers in the world in major petrochemical products. It is India's largest Integrated oil & gas company by market capitalisation.

1.2 Independent Ratings and Relative Value Indicators

+ Platts 250:

Reliance Industries Ltd. is the 3rd largest company in the Platts Top 250 Global Energy Company Rankings.

+ Newsweek 500:

It was ranked 438 by Newsweek and Corporate Knights Capital in the World's 500 Greenest Companies 2016. It had outstanding scores of 5% in Carbon productivity.

+ Industryweek 1000:

It is a new entrant in the Industry Week list of the world's largest 1000 manufacturers by Revenues in 2016, ranked 83.

+ IHS Energy 50:

It was ranked 25 in IHS Energy's list of Top 50 Energy Companies 2013; a deterioration over a year from rank 21 in 2012.

1.3 Contact Details

Websitehttp://www.ril.com
Physical Address3/F Maker Chambers IV 222 Nariman Point Mumbai, 400 021 India
Phone022-22785000
Fax22785111/22852214
Emailinvestor_relations@ril.com

1.4 Industry & Sector [of 49 stocks]

Classification LevelName of Sector
Economic SectorEnergy
Business SectorEnergy - Fossil Fuels
Industry GroupOil & Gas
IndustryIntegrated Oil & Gas
ActivityIntegrated Oil & Gas

SECTION 2 RECENT NEWS AND RESEARCH

Financial News

Annual Report (FY 2024):

Release Date: April 23, 2024

FY2024 Annual Report: Reliance Industries EPS Growth slows to 4.4%

Reliance Industries (BSE:500325; NSE:RELIANCE), announced EPS of INR102.9 ($1.23) for the year-ended 31 March 2024 [FY2024], up 4.4% from INR98.59 ($1.2) in the previous year-ended 31 March 2023 [FY2023]. EPS growth from the year-ended 31 March 2022 [FY2022] to the year-ended 31 March 2023 [FY2023] was 18%.

Annual growth in Revenue, Net Profit and EPS

Year-ended31 March [FY/2024]31 March [FY/2023]
Revenue, INR930,529 crores903,045 crores
Revenue, $11,165 crores10,835 crores
Growth in Revenue %3.022.6
Net Profit, INR69,621 crores66,702 crores
Net Profit, $835 crores800 crores
Growth in Net Profit %4.49.9
EPS, INR102.998.59
Growth in EPS %4.418.0

VI* Volume Index = Number of shares traded today/Average number of shares traded per day.

Past quarter momentum up: Reliance Industries gains 7.4% on below average volume 0.9 times average.

Past month to HighLowVWAPVolume Index *
16 Jul 20243,217.602,875.003,057.860.9
14 Jun 20243,029.002,718.602,892.171.0
16 May 20242,987.002,768.002,885.550.8

[*Volume Index of 0.9 means volume for the month was 0.9 times its 12-month average]

[VWAP is defined as the Volume Weighted Average Price; High Low prices and VWAP are shown in Indian Rupees]

Stock Buzz

Other Publishers Buzz in the past week

JulHeadlinePublisher
Thu 11Reliance may list Jio at $112 billion valuation next year, Jefferies saysYahoo News Australia
Wed 10Stocks To Watch: Reliance Industries, Wipro, ONGC, RVNL, Mahindra & Mahindra, Bansal Wires, Emcure PharmaThe Financial Express on MSN

SECTION 3 THE PAST YEAR: PRESS RELEASES

3.1 Press Releases and Corporate Wire

Press Release article 1 of 20, Source: National Stock Exchange of India, 97 words

July 12: Reliance Industries: Analysts/Institutional Investor Meet/Con. Call Updates

A meeting of the Board of Directors of the Company is scheduled to be held on Friday,July 19, 2024, inter alia, to consider and approve the standalone and consolidated unauditedfinancial results of the Company for the quarter ended June 30, 2024. A presentation to analysts and media on financial results of the Company for the quarter ended June 30, 2024 shall be made on the same day after the meeting.

Source: National Stock Exchange of India

Press Release article 2 of 20, Source: National Stock Exchange of India, 70 words

April 24: Reliance Industries: Acquisition

This is further to the disclosure dated March 22, 2024. Please note that the Company has today, acquired 100% equity stake of MSKVY Nineteenth Solar SPV Limited and MSKVY Twenty-second Solar SPV Limited from MSEB Solar Agro Power Limited, for an aggregate consideration of Rs. 1 crore.

Source: National Stock Exchange of India

Press Release article 3 of 20, Source: National Stock Exchange of India, 119 words

April 15: Reliance Industries: Analysts/Institutional Investor Meet/Con. Call Updates

A meeting of the Board of Directors of the Company is scheduled to be held on Monday, April 22, 2024, inter alia, to consider and approve the standalone and consolidated audited financial results of the Company for the quarter and year ended March 31, 2024 and recommend dividend on equity shares of the Company for the financial year ended March 31, 2024.A presentation to analysts and media on financial results of the Company for the quarter and year ended March 31, 2024 shall be made on the same day after the meeting.

Source: National Stock Exchange of India

Press Release article 4 of 20, Source: National Stock Exchange of India, 156 words

April 12: Reliance Industries: Listing of further issue

In pursuance of Regulation 3.1.1 of the National Stock Exchange (Capital Market) Trading Regulations Part A, it is hereby notified that the list of securities further admitted to dealings on the National Stock Exchange (Capital Market segment) with effect from April 15, 2024, and the designated security codes thereof shall be as specified in Annexure.

In pursuance of Regulation 2.5.5 of the National Stock Exchange (Capital Market) Trading Regulations Part A, it is hereby notified that the respective lot sizes in respect of securities above shall be as specified in Annexure.

For the purpose of trading on the system, the security shall be identified only by its designated codes and trading in such securities shall be in such lot sizes as specified in Annexure.

This circular shall be effective from April 15, 2024.

Source: National Stock Exchange of India

Press Release article 5 of 20, Source: National Stock Exchange of India, 35 words

March 28: Reliance Industries: Acquisition

Investment in Mahan Energen Limited, a wholly-owned subsidiary of Adani Power Limited

Source: National Stock Exchange of India

Press Release article 6 of 20, Source: National Stock Exchange of India, 156 words

March 27: Reliance Industries: Listing of further issue

In pursuance of Regulation 3.1.1 of the National Stock Exchange (Capital Market) Trading Regulations Part A, it is hereby notified that the list of securities further admitted to dealings on the National Stock Exchange (Capital Market segment) with effect from March 28, 2024, and the designated security codes thereof shall be as specified in Annexure.

In pursuance of Regulation 2.5.5 of the National Stock Exchange (Capital Market) Trading Regulations Part A, it is hereby notified that the respective lot sizes in respect of securities above shall be as specified in Annexure.

For the purpose of trading on the system, the security shall be identified only by its designated codes and trading in such securities shall be in such lot sizes as specified in Annexure.

This circular shall be effective from March 28, 2024.

Source: National Stock Exchange of India

Press Release article 7 of 20, Source: National Stock Exchange of India, 156 words

March 15: Reliance Industries: Listing of further issue

In pursuance of Regulation 3.1.1 of the National Stock Exchange (Capital Market) Trading Regulations Part A, it is hereby notified that the list of securities further admitted to dealings on the National Stock Exchange (Capital Market segment) with effect from March 18, 2024, and the designated security codes thereof shall be as specified in Annexure.

In pursuance of Regulation 2.5.5 of the National Stock Exchange (Capital Market) Trading Regulations Part A, it is hereby notified that the respective lot sizes in respect of securities above shall be as specified in Annexure.

For the purpose of trading on the system, the security shall be identified only by its designated codes and trading in such securities shall be in such lot sizes as specified in Annexure.

This circular shall be effective from March 18, 2024.

Source: National Stock Exchange of India

Press Release article 8 of 20, Source: National Stock Exchange of India, 35 words

March 12: Reliance Industries: Acquisition

Investment by Reliance Ethane Holding Pte Ltd. in three wholly owned subsidiaries

Source: National Stock Exchange of India

Press Release article 9 of 20, Source: National Stock Exchange of India, 156 words

March 01: Reliance Industries: Listing of further issue

In pursuance of Regulation 3.1.1 of the National Stock Exchange (Capital Market) Trading Regulations Part A, it is hereby notified that the list of securities further admitted to dealings on the National Stock Exchange (Capital Market segment) with effect from March 02, 2024, and the designated security codes thereof shall be as specified in Annexure.

In pursuance of Regulation 2.5.5 of the National Stock Exchange (Capital Market) Trading Regulations Part A, it is hereby notified that the respective lot sizes in respect of securities above shall be as specified in Annexure.

For the purpose of trading on the system, the security shall be identified only by its designated codes and trading in such securities shall be in such lot sizes as specified in Annexure.

This circular shall be effective from March 02, 2024.

Source: National Stock Exchange of India

Press Release article 10 of 20, Source: National Stock Exchange of India, 37 words

February 28: Reliance Industries: Acquisition

Reliance Industries Limited has informed the Exchange about Investment in Star India Private Limited

Source: National Stock Exchange of India

Press Release article 11 of 20, Source: National Stock Exchange of India, 158 words

February 15: Reliance Industries: Listing of further issue

In pursuance of Regulation 3.1.1 of the National Stock Exchange (Capital Market) Trading Regulations Part A, it is hereby notified that the list of securities further admitted to dealings on the National Stock Exchange (Capital Market segment) with effect from February 16, 2024 along with the designated security codes thereof shall be as specified in the Annexure.

In pursuance of Regulation 2.5.5 of the National Stock Exchange (Capital Market) Trading Regulations Part A, it is hereby notified that the respective lot sizes in respect of securities above shall be as specified in Annexure.

For the purpose of trading on the system, the security shall be identified only by its designated codes and trading in such securities shall be in such lot sizes as specified in Annexure.

This circular shall be effective from February 16, 2024.

Source: National Stock Exchange of India

Press Release article 12 of 20, Source: National Stock Exchange of India, 34 words

February 02: Reliance Industries: Credit Rating

Reliance Industries Limited has informed the Exchange about Credit Rating

Source: National Stock Exchange of India

Press Release article 13 of 20, Source: National Stock Exchange of India, 156 words

January 31: Reliance Industries: Listing of further issue

In pursuance of Regulation 3.1.1 of the National Stock Exchange (Capital Market) Trading Regulations Part A, it is hereby notified that the list of securities further admitted to dealings on the National Stock Exchange (Capital Market segment) with effect from February 01, 2024, and the designated security codes thereof shall be as specified in Annexure.

In pursuance of Regulation 2.5.5 of the National Stock Exchange (Capital Market) Trading Regulations Part A, it is hereby notified that the respective lot sizes in respect of securities above shall be as specified in Annexure.

For the purpose of trading on the system, the security shall be identified only by its designated codes and trading in such securities shall be in such lot sizes as specified in Annexure.

This circular shall be effective from February 01, 2024.

Source: National Stock Exchange of India

Press Release article 14 of 20, Source: National Stock Exchange of India, 156 words

January 18: Reliance Industries: Listing of further issue

In pursuance of Regulation 3.1.1 of the National Stock Exchange (Capital Market) Trading Regulations Part A, it is hereby notified that the list of securities further admitted to dealings on the National Stock Exchange (Capital Market segment) with effect from January 19, 2024, and the designated security codes thereof shall be as specified in Annexure.

In pursuance of Regulation 2.5.5 of the National Stock Exchange (Capital Market) Trading Regulations Part A, it is hereby notified that the respective lot sizes in respect of securities above shall be as specified in Annexure.

For the purpose of trading on the system, the security shall be identified only by its designated codes and trading in such securities shall be in such lot sizes as specified in Annexure.

This circular shall be effective from January 19, 2024.

Source: National Stock Exchange of India

Press Release article 15 of 20, Source: National Stock Exchange of India, 56 words

January 02: Reliance Industries: Acquisition

The Company has today, at around 11:00 a.m. (IST), subscribed to 3300,00,00,000 9% non-convertible redeemable preference shares of Re. 1/- each of Alok Industries Limited, for cash at par aggregating Rs. 3,300 crore.

Source: National Stock Exchange of India

Press Release article 16 of 20, Source: National Stock Exchange of India, 157 words

December 28 2023: Reliance Industries: Listing of further issue

In pursuance of Regulation 3.1.1 of the National Stock Exchange (Capital Market) Trading Regulations Part A, it is hereby notified that the list of securities further admitted to dealings on the National Stock Exchange (Capital Market segment) with effect from December 29, 2023, and the designated security codes thereof shall be as specified in Annexure.

In pursuance of Regulation 2.5.5 of the National Stock Exchange (Capital Market) Trading Regulations Part A, it is hereby notified that the respective lot sizes in respect of securities above shall be as specified in Annexure.

For the purpose of trading on the system, the security shall be identified only by its designated codes and trading in such securities shall be in such lot sizes as specified in Annexure.

This circular shall be effective from December 29, 2023.

Source: National Stock Exchange of India

Press Release article 17 of 20, Source: National Stock Exchange of India, 157 words

December 18 2023: Reliance Industries: Listing of further issue

In pursuance of Regulation 3.1.1 of the National Stock Exchange (Capital Market) Trading Regulations Part A, it is hereby notified that the list of securities further admitted to dealings on the National Stock Exchange (Capital Market segment) with effect from December 19, 2023, and the designated security codes thereof shall be as specified in Annexure.

In pursuance of Regulation 2.5.5 of the National Stock Exchange (Capital Market) Trading Regulations Part A, it is hereby notified that the respective lot sizes in respect of securities above shall be as specified in Annexure.

For the purpose of trading on the system, the security shall be identified only by its designated codes and trading in such securities shall be in such lot sizes as specified in Annexure.

This circular shall be effective from December 19, 2023.

Source: National Stock Exchange of India

Press Release article 18 of 20, Source: National Stock Exchange of India, 157 words

November 30 2023: Reliance Industries: Listing of further issue

In pursuance of Regulation 3.1.1 of the National Stock Exchange (Capital Market) Trading Regulations Part A, it is hereby notified that the list of securities further admitted to dealings on the National Stock Exchange (Capital Market segment) with effect from December 01, 2023, and the designated security codes thereof shall be as specified in Annexure.

In pursuance of Regulation 2.5.5 of the National Stock Exchange (Capital Market) Trading Regulations Part A, it is hereby notified that the respective lot sizes in respect of securities above shall be as specified in Annexure.

For the purpose of trading on the system, the security shall be identified only by its designated codes and trading in such securities shall be in such lot sizes as specified in Annexure.

This circular shall be effective from December 01, 2023.

Source: National Stock Exchange of India

Press Release article 19 of 20, Source: National Stock Exchange of India, 157 words

November 17 2023: Reliance Industries: Listing of further issue

In pursuance of Regulation 3.1.1 of the National Stock Exchange (Capital Market) Trading Regulations Part A, it is hereby notified that the list of securities further admitted to dealings on the National Stock Exchange (Capital Market segment) with effect from November 20, 2023, and the designated security codes thereof shall be as specified in Annexure.

In pursuance of Regulation 2.5.5 of the National Stock Exchange (Capital Market) Trading Regulations Part A, it is hereby notified that the respective lot sizes in respect of securities above shall be as specified in Annexure.

For the purpose of trading on the system, the security shall be identified only by its designated codes and trading in such securities shall be in such lot sizes as specified in Annexure.

This circular shall be effective from November 20, 2023.

Source: National Stock Exchange of India

Press Release article 20 of 20, Source: National Stock Exchange of India, 53 words

November 09 2023: Reliance Industries: Analysts/Institutional Investor Meet/Con. Call Updates

Please note that the Company executives will be participating in the Institutional Investors' Meeting- Non-Deal Roadshow with Morgan Stanley on November 17, 2023 at Singapore.

Source: National Stock Exchange of India

3.2 Ranking

Source: WEC

Mon May 27, 2024

Mukesh D Ambani Chairman of Reliance Industries in top quartile of publicly traded companies; ranked 9 by Forbes Billionaires in 2024

Mukesh D Ambani's performance as Chairman of Reliance Industries is ranked in the top quartile of BuySellSignals performers for the past five years; a percentile ranking of 79.8. In the last 5 years the average annualized return to shareholders was 16.4%. The 5-year average return is ranked 8,699 out of 43,117 public companies traded globally. A two-bagger, the present value of US$1,000 (PV1000) invested 5 years ago is now worth $2,142, a capital gain of $1,101 and dividends reinvested of $40.

3.3 Reliance Industries issued 25 new patents in the past quarter

Reliance Industries (RELIANCE) has been issued 25 new patents by the USPTO & EPO.

This corresponds to an average of 8 patents a month, down 11.1% from an average of 9 patents per month in 2023.

To view details, click on link shown in the APPENDIX I DATA & ARCHIVE DOWNLOAD CENTER.

SECTION 4 TODAY'S BULLISH SIGNALS

Brand Value/Enterprise Value:

- Brandirectory have estimated Reliance Industries brand value at Rs513.2 billion ($6.1 billion). The Brand Value represents 1.9% of the estimated Enterprise Value of Rs26,643.6 billion ($318.8 billion). Enterprise Value is defined as MCap of Rs21,303.1 billion plus net debt of Rs5,340.5 billion.

4.1 Rank in the top 13% by Relative Valuation in the Indian market

DescriptionValueRank
EV/EBITDA25.4In Top 13%

4.2 Top three traded call options [1 contract is 250 shares]

Exercise PriceExercise DateOption PriceChange %Contracts Traded
Rs3,200.0July 25, 2024Rs61.10100.761624
Rs3,300.0July 25, 2024Rs26.85128.532903
Rs3,100.0July 25, 2024Rs117.7061.725379

4.3 Uptrend

Beta > 1 combined with price rise. The Beta of the stock is 1.0.

Price/Moving Average Price of 1.15 and positive MACD:

- The Price/MAP 200 for Reliance Industries is 1.15. Being higher than 1 is a bullish indicator. It is higher than the Price/MAP 200 for the BSE SENSEX Index of 1.13, a second bullish indicator. The stock is trading above both its MAPs and the 50-day MAP of Rs2,964.15 is higher than the 200-day MAP of Rs2,728.90, a third bullish indicator. The 200-day MAP has increased to Rs2,728.90, a fourth bullish indicator.

- The Moving Average Convergence Divergence (MACD) indicator of 12-day Exponential Moving Average (EMA) of 3,141.67 minus the 26-day EMA of 3,075.51 is positive, suggesting a bullish signal. Both the 12-day EMA as well as the 26-day EMA are rising, another bullish signal.

Past Quarter:

- In the last three months the stock has hit a new 52-week high six times, pointing to an uptrend.

The Best 3 weeks in the past quarter

In the past quarter the week beginning Monday June 24 saw the highest weekly rise of 7.6% for a relative price increase of 5.3%. The rise was propped up by volume of 1.3 times average.

Mon-FriChange %BSE SENSEX Index Change %Vol Ind [1 is avg]
Jun 24-287.62.31.3
May 20-243.120.8
Jun 03-072.83.71.6

4.4 Other Bullish Signals

MCap/Total Assets:

- Tobin's Q Ratio, defined as MCap divided by Total Assets, is 1.2. Compared with the rest of the market the stock is undervalued.

- Net profit margin has averaged 8.6% in the last 3 years. This is better than the sector average of 7.7% and suggests a high margin of safety.

- As per the Du Pont analysis, Return on Equity of 8.5% is better than sector average of 8.0%. This is computed as net profit margin of 8.5% times asset turnover [sales/assets] of 0.53 times leverage factor [total assets/shareholders' equity] of 1.9.

SECTION 5 ONGOING BULLISH PARAMETERS

5.1 Rule of 40

The stock scores a favorable score exceeding 40 when using the Rule of 40 (3 years average annualized Revenue Growth plus EBITDA margin). 3 years average annualized Revenue Growth of 23%, EBITDA margin is 66.3% and the sum of the two 89.7% needs to exceed 40%.

5.2 Past two-years

- The shares rose Rs313.11 (14.5%) a year ago which accelerated to Rs669.09 (27.0%) in the past year.

5.3 Rank in the top 98% by Liquidity in the Indian market

DescriptionValueRank
Ave daily turnoverRs18 billion ($217 million)In top 98%

5.4 Rank in the top 2% by Size in the Indian market

DescriptionValueRank
Annual RevenueRs9,305.3 billion ($111.4 billion)In Top 1%
Ave daily TurnoverRs14.2 billion ($169.6 million)In Top 1%
MCap$255 billionIn Top 2%

5.5 Present Value of Rs1000 Invested in the Past [3 Mo, 1 Yr, 3 Yrs]; The Best Periods with PVRs1000 > 1,073

PVRs1,0003 mo ago1 yr ago3 yrs ago
RELIANCE.NSERs1,074Rs1,249Rs1,687
Integrated Oil & Gas sectorRs1,078Rs1,179Rs1,561
BSE SENSEX IndexRs1,114Rs1,222Rs1,520

5.6 The Best Periods [1 Yr, 3 Yrs] with Price Change % > 24.3

3-Year price change of 67.6% for Reliance Industries outperformed the change of 51.8% in the BSE SENSEX Index for a relative price change of 15.8%.

Price Change %Year3 Years
Reliance Industries24.467.6
Integrated Oil & Gas sector17.956.1
BSE SENSEX Index22.251.8

5.7 MCap: 5-Year Increase of Rs13,214 B [$158B] (163%)

In the past 5 years Market Capitalization has increased by Rs13,214.3 billion (163%) from Rs8,088.8 billion to Rs21,303.1 billion. Based on a dynamic start date of 5 years ago, there has been no decline in MCap over the last 5 years.

PriceMCap (INR B)MCap ($ B)
LastRs3,148.5021,303.1254.9
1 Year agoRs2,530.0718,921.3230.6
2 Years agoRs2,166.3016,260.2203.4
3 Years agoRs1,878.1713,200.9177
4 Years agoRs1,657.8611,689.6155.2
5 Years agoRs1,126.028,088.8118

5.8 EPS growth [FY2024 vs FY2023] of 4.4%:

FYEPS (Rs)Growth %
2024102.94.4
202398.5918.0

5.9 Annualised Period-based Total Shareholder Returns [TSR %]: The Best Periods with TSR > 18.8%

TSR %1 yr3 yrs5 yrs10 yrs20 yrs
RELIANCE.NSE24.918.923.322.719.7

5.10 Improved EBIT Margins:

EBIT margin is positive and has increased from 10.6% to 11.5% in the past year.

FYEBIT Margins (%)
202411.5
202310.6
202211.7
202111.4
20208.8

5.11 Low Debt to Equity (%) and Reducing

The debt to equity ratio of 43.4% is under a safe benchmark figure of 50%. Moreover, it has improved from 48.6% a year ago.

YearsDebt to Equity (%)
Mar 202443.39
Mar 202348.61
Mar 202236.73
Mar 202137.13
Mar 202094.55

5.12 Increased VWAP, up 115% in 5 years

In the past five years Volume Weighted Average Price (VWAP) has increased by 115.3% to Rs2,672.63. Based on a dynamic start date of five years ago, there has been no decline in VWAP over the last 5 years.

Past five years, 12 months ended Jul 16 (INR)

YearHigh PriceVWAPLow Price
20243217.62672.632220.3
20232534.872238.381972.17
20222576.12223.181818.55
20212130.181858.871645.27
20201779.051241.3776.95

5.13 Satisfies one criterion of Benjamin Graham

-"Total debt less than tangible book value"; total debt of INR4017.4 billion (US$48.2 billion) is less than tangible book value of INR7648.7 billion (US$91.8 billion).

5.14 Satisfies 6 out of 9 criteria of Joseph Piotroski [pass mark 5]:

- Positive net income.

- Positive operating cashflow.

- Good quality of earnings [operating cashflow exceeds net income].

- Improvement in current ratio from 1.1 to 1.2.

- Improvement in gross margin [from 28.1% to 36%].

- Improvement in asset turnover [growth in revenue of 36.4% exceeded growth in assets of 9.2%].

But does not meet the following 3 criteria of Joseph Piotroski:

- Return on Assets improvement.

- Improvement in long-term debt to total assets.

- Total shares on issue unchanged (or reduction in total shares on issue).

5.15 Year-over-year (%) Change in Dividend:

Final dividend for FY 2023 was Rs9.0. The year-on-year change was up 24.0% from Rs7.26 in the previous year FY 2022.

FinalFY 2022FY 2023
Dividend (INR)7.269.0

SECTION 6 TODAY'S BEARISH SIGNALS

6.1 Relative Value Indicators: Overvaluation compared with Index averages and bond yield

- Earnings yield of 3.3% is less attractive compared with the Indian average earning yield of 4.9%.

- The earnings yield of 3.3% is below the 10-year bond yield of 7.0%.

(All figures in %)

Earnings Yield3.3
Indian avg4.9
Dividend Yield0.3
Bond Yield7.0

6.2 3-DAY: WEAK MOMENTUM DOWN

RELIANCE dips 0.4% on weak volume 0.6 times average. Compared with the BSE SENSEX Index which rose 727.6 points (or 0.9%) in the 3-days, the relative price change was -1.3%.

Reliance Industries (RELIANCE) underperformed the BSE SENSEX Index in 2 out of 3 days. The price ranged between a low of Rs3,148.50 on Tuesday Jul 16 and a high of Rs3,194.45 on Monday Jul 15.

JulReliance IndustriesClose [INR]Change %Comment
Tue 16Drops 1.4% on increasing volatility3,148.5-1.4Steepest Fall
Mon 15Offers earnings yield of 3.2%3,194.450.03Price rise on rising relative strength
Fri 12Adds Rs221 billion ($3 billion) (1.0%) in MCap, top heavyweight rise in Integrated oil & gas sector3,193.451.0Top Rise

* RPC - Relative Price Change is % price change of stock less % change of the BSE SENSEX Index.

6.3 Rank in the bottom 2% by Relative Valuation in the Indian market

DescriptionValueRank
Price/Earnings/Growth7In Bottom 2%

6.4 Downtrend

Trailing Relative Strength (6 months) at 27 percentile:

- The stock has a 6-month relative strength of 27 in the Indian market of 3,989 stocks indicating it is trailing 73% of the market.

6.5 Other Bearish Signals

- Total Liabilities/EBITDA of 7.9 is more than 5, this compares unfavourably with the Joseph Piotroski benchmark of 5.

6.6 Overbought/Bearish Signals:

- The Money Flow Index [MFI] is 80.7 suggesting an overbought 14-day trend, being above 80. The Money Ratio of 4.2 suggests positive money flow was 4.2 times negative money flow.

- The Stochastic indicator of 88.5 has broken through the overbought line of 80; this indicates the price is close to its 14-day high and is likely to revert to a downtrend.

SECTION 7 ONGOING BEARISH PARAMETERS

7.1 Rank in the bottom 6% by Growth in the Indian market

DescriptionValueRank
EPS Growth %4.4In Bottom 6%

7.2 P/E/G > 1

The price earnings ratio of 30.6 divided by trailing twelve months eps growth of 4.4% corresponds to P/E/G of 7.0 times.

EPS Growth (%)4.37
P/E/G7.0
P/E30.6

7.3 Declining Volume, down 52% in 5 years

In the past five years, Average Daily Volume of Trading (ADVT) has decreased 52.1% to 7.5 million shares.

Avg. Daily Volume Traded 12 months ended Jul 16, million shares

YearADVT
20247.5
20236.0
20227.4
202114.1
202015.8

7.4 Declining share turnover, down 15% in 5 years

In the past five years, average daily share turnover has decreased 15.3% to Rs17.9 billion ($213.8 million). This suggests decreased liquidity.

Past five years, 12 months ended Jul 16 (INR billion)

YearAverage Daily Turnover
202417.9
202314.5
202217.6
202128.9
202021.1

SECTION 8 FINANCIALS FY 2024

8.1 Financials, FY 2024 [year-ended 31 March 2024 ]

Reliance Industries EPS Growth slows to 4.4%

Release Date: April 23, 2024

Reliance Industries (BSE:500325; NSE:RELIANCE), announced EPS of INR102.9 ($1.23) for the year-ended 31 March 2024 [FY2024], up 4.4% from INR98.59 ($1.2) in the previous year-ended 31 March 2023 [FY2023]. EPS growth from the year-ended 31 March 2022 [FY2022] to the year-ended 31 March 2023 [FY2023] was 18%.

8.2 Annual growth in Revenue, Net Profit and EPS

Year-ended31 March [FY/2024]31 March [FY/2023]
Revenue, INR930,529 crores903,045 crores
Revenue, $11,165 crores10,835 crores
Growth in Revenue %3.022.6
Net Profit, INR69,621 crores66,702 crores
Net Profit, $835 crores800 crores
Growth in Net Profit %4.49.9
EPS, INR102.998.59
Growth in EPS %4.418.0

Major changes compared with previous year (FY2024 vs FY2023):

Favourable Changes:

- Net profit up 4.4% from INR66,702.0 crores ($8.1b) to INR69,621.0 crores ($8.4b)

- Total revenue up 3% from INR903,045.0 crores ($110.0b) to INR930,529.0 crores ($111.6b)

- EPS up 4.4% from INR98.59 ($1.2) to INR102.9 ($1.23)

- EBIT Margin up from 10.6% to 11.5%

- Cost of Goods Sold to Sales down from 72.8% to 65.1%

Unfavourable Changes:

- Total revenue to total assets down from 0.6 to 0.5

- Fixed Assets to Total Assets down from 35.5% to 34.5%

- Other non-current assets to Total Assets down from 14.8% to 13.8%

- Total Liabilities to EBITDA of 7.9 compares unfavourably with the Joseph Piotroski benchmark of <5. However, it has improved by 4.2% from the previous year's ratio of 8.3.

- Total Liabilities to Operating Cash Flow of 5.2 compares unfavourably with the Joseph Piotroski benchmark of <4. However, it has improved by 22.7% from the previous year's ratio of 6.8.

Year-on-year comparison of Performance Ratios [FY2024 vs FY2023]

March 31FY2024FY2023Change (%)
Return on Equity (%)8.58.9Down 4.5
Return on Assets (%)4.54.6Down 2.2
Total debt to net tangible assets (%)52.557.9Down 9.3
Debt/Equity0.40.5Down 12.2
Common Size Ratios by Assets %
Non-current inventory to Total Assets 8.7 7.3 Up 19.3
Long-term investments to Total Assets 7.0 7.4 Down 5.9
Current Debtors to Total Assets 1.9 1.8 Up 6.7

Currency Conversion (March 31, 2024): $1 = INR83.35; 1 crore = 10,000,000 and $1 million = Rs8.33 crores.

Currency Conversion (March 31, 2023): $1 = INR82.12

Five-year record of growth and performance:

In the last 5 years Total Revenue averaged INR739,681.8Cr, EBITDA averaged INR78,396.4Cr and Net Profit averaged INR62,830.8Cr. Compound Annual Growth Rate (CAGR) averaged 9.5% for Total Revenue, 12.0% for Net Profit and 13.7% for EBITDA.

DescriptionAnnual (INR Cr)5-year Avg (INR Cr)5-year CAGR %
Total Revenue930,529739,681.89.5
EBITDA104,72778,396.413.7
Operating Profit104,72778,396.413.7
Net Profit69,62162,830.812

Five-year record of EBITDA, Operating Profit, Net Profit, ROE, ROA and ROCE

In 2024 Net Profit Margin of 8.6% was below its 5-year Avg of 8.6% (All Figures in %)

Description20245-year Avg
EBITDA Margin11.310.5
Operating Profit Margin11.510.5
Net Profit Margin8.68.6
Return on Equity8.58.1
Return on Assets4.54.2
Return on Capital Employed7.77

SECTION 9 DIVIDEND

9.1 Dividend History

In the past 2 years annual dividends have increased by INR1.7 from INR7.3 to INR9.0. Based on a start date of 2 years ago, there has been no decline in dividends over the last 2 years.

DateValue (INR)Type
21 Aug 20239Final
Tr 12 Months9
2022 - 20237.26

SECTION 10 BOARD OF DIRECTORS

10.1 Board Of Directors

Board Of Directors [Seven directors with tenure < 1 yr]

NameDesignationSince Appointment
Haigreve KhaitanIndependent Director3 Mos
Kosaraju Veerayya ChowdaryNon-Executive Independent Director-
Raminder Singh GujralNon-Executive Independent Director-
Arundhati BhattacharyaNon-Executive Independent Director-
Yasir Othman H. Al RumayyanNon-Executive Independent Director-
Kundapur Vaman KamathNon-Executive Independent Director-
Shumeet BanerjiNon-Executive Independent Director-

10.2 Resignations in the past 4 years

NameDesignationDate of Resignation
Adil ZainulbhaiIndependent Director31 March 2024
Nita M. AmbaniDirector28 August 2023
P. K. KapilExecutive Director15 May 2023
Ml BhaktaNon-Executive Independent Director12 August 2019

10.3 Independent Ratings of Directors

+ Mukesh D Ambani- Forbes Billionaires Ranking:

Mukesh D Ambani was ranked 9 in the Forbes Billionaires list in the world for 2024, unchanged from the same rank 9 in 2023.According to Forbes, Mukesh D Ambani's net worth had increased by (39.1%) $32.6 billion to $116 billion in 2024.

SECTION 11 TOP SHAREHOLDERS

Top 13 shareholders

Name of the Share HolderNumber Of Shares% of Capital
Srichakra Commercials LLP73959982910.9
Karuna Commercials LLP5455694608.1
Tattvam Enterprises LLP5455694608.1
Devarshi Commercials LLP5455694608.1
Life Insurance Corporation of India4168367086.2
Reliance Industries Holding Private Ltd3040148564.5
Reliance Industrial Investments and Holdings Ltd2409420063.6
Reliance Services and Holdings Limited a company controlled by Petroleum Trust1718828202.5
The Bank of New York Mellon for GDRs1597024702.4
SBI Mutual Funds1410166032.1
Samarjit Enterprises LLP1246252741.8
Government of Singapore986522011.5
Europacific Growth Fund816029161.2

% held by Top 13 shareholders 61.0%

APPENDIX I DATA & ARCHIVE DOWNLOAD CENTER

RELIANCE: EXPORT DATA TO EXCEL:

+ PRICE VOLUME - 5-YEAR HISTORY

+ FINANCIALS - 10-YEAR HISTORY [INCLUDING FY 2024]:

+ PEER COMPARISON

+ PATENTS - CATEGORISED LIST OF 5-YEAR HISTORY OF 212 :

RELIANCE: OTHER INFORMATION:

+ NEWS ARCHIVES - RELIANCE PAST 4 YEARS:

+ PRICE VOLUME CHARTS

+ USD vs INR EXCHANGE RATE CHARTS IN HTML

+ BOARD OF DIRECTORS

APPENDIX II STOCK IDENTIFIERS

ISIN: INE002A01018

PermID: 4295872979

RIC: RELI.NS

LEI: 5493003UOETFYRONLG31

GLOSSARY

ADVT: Average Daily Volume of shares Traded

Annual Return: Dividends Paid In a 12-Month Period/Price at the Beginning of the Period + Capital Gain or Loss over 1 Year/Price 1 Year Ago (%)

Capital Gain/Loss from n Years Ago to n-1 Years Ago: Capital Gain or Loss over 1 Year/Price 1 Year Ago (%)

Current Ratio: Current Assets/Current Liabilities (times)

Debt/Equity: Net Debt/Net Assets %

Dividend Yield: Dividend Per Share/Share Price (%)

EBIT Margin : Earnings Before Interest and Tax/Revenue (%)

Earnings Yield: Earnings Per Share/Share Price (%)

Income during the n years (3/2/1): Dividends received during the Period

Moving Average Price (n periods): Sum of Prices for each Period/Number of Periods

PV1000: Present value of 1000 invested 1 year/'n' years ago

Price Close/Moving Avg Price: Latest Price/Moving Average Price

Price/Earnings: Share Price/Earnings Per Share (times)

Price/NTA: Closing Share Price/Net Tangible Assets Per Share (times)

Price/Sales: Share Price/Sales Per Share (times)

Relative Price Change [RPC]: Relative price change is price change of stock with respect to Benchmark Index

Relative Strength (6 Months): Price close today/Price close 6 months ago, then ranked by percentile within the entire market.

Return on Assets: Net Profit/Total Assets (%)

Return on Equity (Shareholders' Funds): Net Profit/Net Assets (%)

TSR: Total Shareholder Returns is expressed as an annualized rate of return for shareholders after allowing for capital appreciation and dividend

TTM: Trailing 12 Months

Volatility: Highest Price minus Lowest Price/Lowest Price (%)

Volume Index (VI): Number of shares traded in the period/Average number of shares traded for the period

Volume Weighted Average Price (VWAP): The Volume Weighted Average Price (VWAP) is the summation of turnover divided by total volume in the same period.

Disclaimer: While this document is based on information sources which are considered reliable, it has been prepared without consideration of your specific investment objectives, financial situation or needs, so you should carry out your own analysis or seek professional investment advice before an investment decision is made. The document contains unbiased, independent equities data and analysis from Jupiter International (Australia) Pty Ltd trading as BuySellSignals (AFS Licence 222756), who provide round the clock analysis on every stock, every sector, every market, every day. BuySellSignals is not a broker, and does not have executing, corporate advisory or investment banking functions. Jupiter International (Australia) Pty Ltd, its directors, employees and contractors do not represent, warrant or guarantee, expressly or impliedly, that the information contained in this document is complete or accurate.

Data for the BuySellSignals algorithms is drawn from annual reports, company websites and similar sources of publicly available data. It should be used as a guide only.

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