Reliance Industrial Infrastructure Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Reliance Industrial Infrastructure Ltd trades at ₹779, in a downtrend and 1 weeks into that stage. That is −2.8% against its own 200-day average. It sits at 46% of a 52-week range of ₹647 to ₹934. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 2 straight weeks.

Today the stock is in a downtrend — week 1 of stage 4, confirmed. At ₹779 it trades −2.8% versus its 200-day average and sits at 46% of its 52-week range (₹647–₹934).

Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +83% while the NIFTY 500 moved +274% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 2 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 51st percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Reliance Industrial Infrastructure Ltd trades at 90.8× P/E, mid-range by its own standards (51st percentile). Its long-run median P/E is 88.7×, measured across 10.1 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 90.8× is mid-range by its own standards (51st percentile), against a long-run median of 88.7× measured over 10.1 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +3.5% against a −18.7% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +0.2%/yr price move, ~+3.9%/yr came from earnings growth and ~−3.7 pp from the multiple (compressing); over 10y, of the +6.0%/yr price move, ~−0.7%/yr came from earnings growth and ~+6.7 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources do not share enough overlapping reported history to be compared. A figure nobody could check is not used to price growth — the gap is a decision, not missing data.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: Deteriorating Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Reliance Industrial Infrastructure Ltd reads as deteriorating on its fundamental arc. Deteriorating — revenue, profit and EPS growth are shrinking (revenue growth −16.0% latest against −4.0% at its 12-quarter best), ROCE holding at 3.0%. The read is built from 8 quarters across 4 curves, on partial evidence.

🚨 Why it matters: falling curves mean every cheap-looking ratio below needs a discount for direction.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

35.3/100 — rank 15 of 18 in Logistics · 81% evidence confidence

Reliance Industrial Infrastructure Ltd scores 35.3 out of 100 against the 18 companies it is compared with in Logistics, ranking 15. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 11.2 + 9.1 + 7.7 + 7.3 = 35.3. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Reliance Industrial Infrastructure Ltd reported ₹8.6 Cr of revenue in the Jun 26 quarter, −30.7% year on year. Over 10 years it has compounded at −7.9% a year. The last full year, FY26, came in at ₹45.0 Cr. The last four reported quarters add to ₹41.6 Cr.

Reliance Industrial Infrastructure Ltd reported ₹8.6 Cr of revenue in the Jun 26 quarter, −30.7% year on year. Over 10 years it has compounded at −7.9% a year. The last full year, FY26, came in at ₹45.0 Cr. The last four reported quarters add to ₹41.6 Cr.

FY26 revenue came in at ₹45.0 Cr (−8.2% on the year), capping 10 years at −7.9% compound. The latest quarter (Jun 26) printed ₹8.6 Cr, −30.7% year on year.

Pace check: the last four quarters averaged −15.9% growth against the decade's −7.9% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew −16.0% over the last 4 quarters against −14.0%/yr over the last 8 — stabilising; TTM profit −0.2% vs −4.8%/yr — accelerating.

→ Revenue slipped — did margins hold as it scaled? Next: −37.3% this quarter (−21.3 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Reliance Industrial Infrastructure Ltd's operating margin is −37.3% in the Jun 26 quarter, −21.3 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −24.0% to 47.0%. The current quarter is running below every full year in that window.

Reliance Industrial Infrastructure Ltd's operating margin is −37.3% in the Jun 26 quarter, −21.3 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −24.0% to 47.0%. The current quarter is running below every full year in that window.

The latest quarter's operating margin is −37.3%, −21.3 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −24.0%–47.0%.

🚨 Why the margin moved: operating margin went −21.3 pp year on year while gross margin went +0.0 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

→ Margins slipped — did that reach the bottom line? Next: profit −8.4% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Reliance Industrial Infrastructure Ltd earned ₹2.8 Cr of net profit in the Jun 26 quarter, −8.4% year on year. Full-year FY26 profit was ₹12.0 Cr. The 10-year compound rate is −3.4%. That is 32.9% of the quarter's revenue. The same quarter a year earlier earned ₹3.1 Cr.

Reliance Industrial Infrastructure Ltd earned ₹2.8 Cr of net profit in the Jun 26 quarter, −8.4% year on year. Full-year FY26 profit was ₹12.0 Cr. The 10-year compound rate is −3.4%. That is 32.9% of the quarter's revenue. The same quarter a year earlier earned ₹3.1 Cr.

Jun 26 profit was ₹2.8 Cr, −8.4% year on year. On the full year, FY26 printed ₹12.0 Cr (+0.0%), and the 10-year compound rate is −3.4%.

🚨 Why profit moved: revenue contributed −30.7% and the margin −21.3 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit +0.0% vs revenue −15.9%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: −100% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years −100% of Reliance Industrial Infrastructure Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹−36.0 Cr of operating cash against ₹12.0 Cr of profit. After ₹0.0 Cr of capital spending, ₹−36.0 Cr was left as free cash.

FY26: operating cash of ₹−36.0 Cr against reported profit of ₹12.0 Cr, leaving free cash of ₹−36.0 Cr after ₹0.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is −100% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at −100%: the cash cycle tightened 109 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

→ So follow the cash to where it goes. Next: a 23-day cycle and ₹−6.0 Cr of building.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Reliance Industrial Infrastructure Ltd's cash conversion cycle runs 23 days in FY26, down from 132 days in FY21. Capital spending ran ₹−6.0 Cr over the last 3 years. At FY26 sales of ₹45.0 Cr each day of that cycle holds about ₹0.1 Cr, so roughly ₹3.0 Cr sits inside the business at any moment.

FY26: debtors at 23 days (an asset-light business — no inventory to speak of) — for a full cycle of 23 days, tighter than FY21's 132.

In money terms: at FY26 sales of ₹45.0 Cr, each day of the cycle holds about ₹0.1 Cr — so the 23-day loop keeps roughly ₹3.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹−6.0 Cr over the last 3 fiscal years against ₹5.0 Cr of depreciation — spending at or below maintenance level. Capital work-in-progress stands at ₹0.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 3% and the ROIC − WACC spread is −16.8 pp.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.⚠ unverified

Reliance Industrial Infrastructure Ltd earns a ROCE of 3% in FY26. That is up from a trough of 2% in FY25. Return on invested capital clears the cost of that capital by −16.8 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 26.7% net margin on 0.08× asset turns.

FY26 ROCE is 3%, recovered from a FY25 trough of 2% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): 26.7% net margin × 0.08× asset turns × 1.12× balance-sheet leverage ≈ 2.4% on equity. Margin is doing the heavy lifting; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: −4.8% − 12.0% = a −16.8 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.00.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Reliance Industrial Infrastructure Ltd carries ₹0.0 Cr of borrowings against ₹474 Cr of equity in FY26, a debt-to-equity of 0.00. Over 5 years borrowings went from ₹0.0 Cr to ₹0.0 Cr. Capital spending ran ₹−6.0 Cr across the last 3 of those years.

FY26: borrowings of ₹0.0 Cr against equity of ₹474 Cr — a debt-to-equity of 0.00. Over 5 years borrowings went from ₹0.0 Cr to ₹0.0 Cr while capital spending ran ₹−6.0 Cr in just the last 3 — the build-out is being paid for out of cash, not debt.

→ Who owns this, and are they adding or leaving? Next: the register is quiet.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of Reliance Industrial Infrastructure Ltd moved a full percentage point over the last two years — the register is quiet. Promoters moved +0.0 points over the same window, to 45.4%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: −0.5 points over 8 quarters to 0.7%; Promoters: +0.0 points over 8 quarters to 45.4%; Domestic institutions: +0.0 points over 8 quarters to 0.0%.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Reliance Industrial Infrastructure Ltd: the Z-score reads 15.31. A Z-score above roughly 3 reads as safe and below roughly 1.8 as the distress zone, so this sits well clear of distress. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.

Why it matters: a Z-score of 15.31 sits well clear of the distress zone — the balance sheet is not the risk here.

The safety line in one sentence: the Z-score reads 15.31.

Frequently asked questions