# Reliance Industries (NSE: RELIANCE) share analysis

Canonical: https://vestmind.in/stocks/reliance-industries  
Source: VestCall by Vestmind, price as of 14 October 2026.

> Reliance Industries (NSE: RELIANCE) was trading at ₹1,173.3 on 14 October 2026. VestCall scores its business health 55/100 (adequate). On valuation, the price sits in the “Attractive Valuation” zone (₹1,156 – ₹1,176.94) — below the modelled fair-value range. This is a reading of the evidence, not a buy or sell recommendation.

## Valuation zones

| Zone | Price band | Meaning |
| --- | --- | --- |
| Deeply Discounted | ₹1,094.85 – ₹1,156 | Furthest below the modelled fair-value range |
| Attractive Valuation (current) | ₹1,156 – ₹1,176.94 | Below the modelled fair-value range |
| Fairly Valued | ₹1,176.94 – ₹1,208.06 | Inside the modelled fair-value range |
| Valuation Premium | ₹1,208.06 and above | Above the modelled fair-value range |

## The case for and against

- Supports — Shareholding Quality 87/100
- Supports — Capital Allocation 82/100
- Supports — Management Stability 64/100
- Supports — Financial Strength 64/100
- Needs proof — Growth 25/100
- Needs proof — Business Quality 60/100

## Key ratios

| Ratio | Reliance Industries | Sector median |
| --- | --- | --- |
| P/E | 11.34x | — |
| P/B | 0.09x | — |
| Return on equity (ROE) | 16.9% | — |
| Return on capital employed (ROCE) | 21.8% | — |
| Operating margin | 11.3% | — |
| Net margin | 8.8% | — |
| Current ratio | 0.99x | — |

## Bull, base and bear case (model outputs, not forecasts)

| Scenario | Modelled CAGR | Weight | Assumption |
| --- | --- | --- | --- |
| Bear | −1.0% | 19% | Growth decelerates to 3% and the multiple de-rates toward the cohort's trough. |
| Base | +8.2% | 55% | Earnings compound near the measured 8.2% and the multiple drifts toward its quality-adjusted warranted level. |
| Bull | +15.0% | 26% | Growth holds at 11.5% and the market pays the full premium the measured quality supports. |

## Questions

### Is Reliance Industries overvalued or undervalued?

At ₹1,173.3, Reliance Industries sits in VestCall’s “Attractive Valuation” zone (₹1,156 – ₹1,176.94): below the modelled fair-value range. Its valuation scores 99/100 (fair) against Unclassified peers. Zones describe where the price sits against modelled value; they are not an instruction to buy or sell.

### Is Reliance Industries fundamentally strong?

VestCall scores Reliance Industries’s business health 55/100 (adequate). The strongest measured pillars are shareholding quality and capital allocation. The ones that need proof are growth and business quality. Each pillar is computed from reported financials, and a pillar whose inputs were not reported is excluded rather than scored as zero.

### What is Reliance Industries’s P/E ratio?

Reliance Industries trades at a P/E of 11.34x, on VestCall’s latest read. A multiple only means something against the business it buys: the quality-adjusted fair value on this page weighs it against Reliance Industries’s returns and growth.

### What are the risks of investing in Reliance Industries?

The review triggers VestCall watches for Reliance Industries are: revenue growth falls below the thesis floor (revenue cagr below 8%); drawdown from the 52-week high exceeds tolerance (drawdown from 52-week high at or beyond 25%); return on equity falls below the quality floor (roe below 15%). On the fundamentals, growth is the weakest measured pillar at 25/100. A trigger is a named condition that would change the reading, published so the case against the stock is as visible as the case for it.

### Is this a recommendation to buy or sell Reliance Industries?

No. VestCall states where Reliance Industries’s price sits against modelled value, what supports the case and what would break it, with every figure sourced. It does not issue buy, sell or hold calls or price targets. Vestmind is not a SEBI-registered investment adviser or research analyst, and nothing on this page is personalised investment advice.

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Vestmind is not a SEBI-registered investment adviser or research analyst. This is research for information, not a recommendation or personalised investment advice.