Reliance Industries

AHold / Watchlist

RELIANCE · NSE · Mega Cap · Modern Trade — Grocery

E-CommerceModern Trade — GroceryModern Trade — FashionModern Trade — SpecialtyPharmacy Retail

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₹1,280

1D 0.2%1M 1.0%1Y 0%

Fundamental (RQ-100)

Technical (TQ-100)

Valuation

Market cap

₹17.50L Cr

Live decision ratingBHold

Fundamental score breakdown

65/100

Growth Quality

11.4 / 20

Rev 1Y 8.0%, 3Y CAGR 16.0%, 5Y CAGR 14.0%

Margin & Profitability

10.3 / 15

EBITDA 18.0%, PAT 8.0%

Return on Capital

6.0 / 20

ROCE 11.0%, ROE 9.0%

Cash Flow Quality

13.0 / 15

OCF/EBITDA 0.85

Leverage

6.0 / 10

ND/EBITDA 1.40

Reinvestment

7.0 / 8

Capex/Sales 10.0%

Accounting

7.0 / 7

Governance

4.0 / 5

Technical score breakdown

47/100

Trend Structure

8.0 / 20

↓ 200 · ↓ 50 · ↓ 20

Momentum

8.0 / 15

1Y 0.0%, 1M 1.0%

Volume Dynamics

8.0 / 15

Vol30 —%

Relative Strength

8.0 / 15

1Y 0.0%

MA Cluster

5.0 / 10

Extension

5.0 / 10

—% from 50DMA

Volatility

4.0 / 8

Price Action

1.0 / 7

-100.0% from 52W H

Business

What this company actually does

RIL houses Reliance Retail (Smart Bazaar, Smart, Trends, Digital, Ajio, Tira, Netmeds, Centro, Hamleys). Largest Indian retailer by revenue. Investable only via parent.

Stores

18,800

Dark stores

—

Cities

—

Listed status

Listed

Format exposure

How direct is this play?

Primary formatModern Trade — Grocery

Exposure typeMeaningful

Revenue visibilityHigh

Operating leverage stageScaling

Policy beneficiary2 mapped

Data confidenceMedium

Financial snapshot

Live · green dot = live, falls back to curated

Revenue

₹8.80L Cr

Rev 1Y growth

Rev 3Y CAGR

16%

EBITDA margin

18.0%

PAT margin

8.0%

ROE

ROCE

11%

OCF/EBITDA

0.85

Net Debt/EBITDA

1.4

Financial statements

Multi-year P&L, balance sheet, cash flow — scraped live from Screener.in

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Valuation

Live multiples + retail-specific (curated)

P/E

Forward P/E

EV/EBITDA

EV/Sales

2.0

P/B

2.4

FCF Yield

4.3%

Trading below 25× EV/EBITDA — relatively reasonable for this segment.

Policy beneficiary

Regulations that move the P&L

DPIIT Press Note 2 (2018) — FDI in E-commerce

Inventory-led model permitted via Indian ownership

Positive

Open Network for Digital Commerce (ONDC)

Optional channel for Reliance Retail SKUs

Positive

+10 bps

Investment thesis

AI-generated · always cite sources before acting

Bull

Best-in-class 11% ROCE with 0.85 OCF conversion. Long-runway TAM with structural tailwinds.

Base

Earnings growth of ~18% over the next 3 years assuming margins hold. Multiple compression risk if growth slows; multiple expansion possible if Modern Trade — Grocery GMV outperforms.

Bear

Format-level risk: regulation, gig-cess, or competitive pressure compress contribution margin.

Variant perception

Consensus views Reliance Industries as a quality compounder. Our differentiated take: the cyclical pessimism in Modern Trade — Grocery has overshot the long-term cash-flow potential.

Key monitorables

Quarterly EBITDA margin trajectory
Revenue growth vs management guidance
Capex discipline (currently elevated)
Promoter holding and ESOP dilution

Peers

Same primary format · sorted by market cap

Avenue Supermarts (DMart)