Reliance Infrastructure Ltd

₹ 60.0 -4.98%

27 Jul - close price

About

Reliance Infrastructure Ltd. is one of the largest infrastructure companies engaged in developing infrastructure projects through various Special Purpose Vehicles (SPVs) in several sectors such as power, roads, metro rail and airport in the infrastructure space and the defence sector. The Co. is also a leading utility Company having a presence across the value chain of power businesses i.e. generation, transmission, distribution and power trading. ^[1]

Key Points

Business Segments 9M FY24
Power (91%)- The Power segment is engaged in the generation, transmission and distribution of electrical power at various locations. It operates a 220 MW Combined Cycle Power Plant at Samalkot, a 48 MW Combined Cycle Power Plant at Mormugao, and a 9.39 MW wind farm at Chitradurga. BRPL and BYPL (subsidiaries) distribute the power in the city of Delhi. BRPL caters to around 19 lakh subscribers in South and West Delhi, while BYPL caters to around 30 lakh subscribers in East and Central Delhi.

Website BSE NSE - BE

Market Cap ₹ 2,453 Cr.
Current Price ₹ 60.0
High / Low ₹ 304 / 60.0
Stock P/E 1.06
Book Value ₹ 437
Dividend Yield 0.00 %
ROCE 15.4 %
ROE 14.3 %
Face Value ₹ 10.0

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Pros

Company has reduced debt.
Stock is trading at 0.14 times its book value

Cons

Though the company is reporting repeated profits, it is not paying out dividend
The company has delivered a poor sales growth of 3.59% over past five years.
Promoter holding is low: 19.0%
Tax rate seems low
Contingent liabilities of Rs.1,782 Cr.
Earnings include an other income of Rs.6,385 Cr.
Company's cost of borrowing seems high

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Utilities Power Power Integrated Power Utilities

Part of Nifty500 Value 50

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	4,186	5,565	7,153	4,638	4,686	7,193	7,258	5,033	4,108	5,908	6,235	4,297	4,001
	4,349	5,431	6,495	4,113	4,369	6,517	6,647	4,427	4,094	5,668	5,180	3,867	4,722
Operating Profit	-162	134	658	525	317	676	611	606	14	240	1,055	429	-721
OPM %	-3.9%	2.4%	9%	11%	7%	9%	8%	12%	0.3%	4.1%	17%	10%	-18%
	-1,395	313	221	424	616	63	3,744	-2,974	8,949	849	2,303	693	2,574
Interest	643	571	610	578	552	470	472	468	374	427	444	442	348
Depreciation	366	371	387	379	366	348	355	359	360	375	368	373	350
Profit before tax	-2,565	-495	-118	-7	15	-78	3,527	-3,195	8,229	287	2,546	307	1,155
Tax %	-0%	-0%	5%	228%	136%	-11%	0%	0%	-0%	-2%	-0%	-1%	-53%
	-2,484	-567	-182	-301	-98	-93	4,195	-3,186	8,262	305	2,575	317	1,640
EPS in Rs	-76.90	-19.13	-7.42	-10.63	-5.57	-5.90	103.06	-83.26	110.75	1.46	46.77	0.27	22.47
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	16,185	26,952	25,229	18,728	19,731	19,990	17,735	19,689	22,398	22,805	24,441	21,151
	14,389	22,435	20,455	15,545	24,242	18,607	17,471	17,832	20,972	20,653	20,678	20,114
Operating Profit	1,796	4,518	4,774	3,183	-4,511	1,383	264	1,857	1,427	2,151	3,764	1,038
OPM %	11%	17%	19%	17%	-23%	7%	1.5%	9%	6%	9%	15%	4.9%
	2,768	2,563	3,438	4,281	7,206	3,221	6,754	830	-50	1,057	7,926	6,385
Interest	2,347	5,026	5,581	5,204	2,581	2,400	2,727	2,060	2,393	2,310	1,784	1,660
Depreciation	833	1,544	1,688	1,254	1,292	1,389	1,352	1,283	1,448	1,503	1,421	1,466
Profit before tax	1,384	511	943	1,006	-1,178	815	2,939	-656	-2,466	-605	8,484	4,296
Tax %	5%	44%	-15%	-15%	-20%	-6%	-6%	3%	0%	7%	-0%	-15%
	1,725	693	1,394	1,214	-2,323	908	3,116	-868	-2,564	-1,148	9,177	4,838
EPS in Rs	68.45	28.88	54.19	47.74	-92.28	29.32	42.79	-37.98	-91.57	-40.61	124.64	70.97
Dividend Payout %	12%	29%	17%	20%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	-2%
5 Years:	4%
3 Years:	-2%
TTM:	-13%

Compounded Profit Growth
10 Years:	11%
5 Years:	17%
3 Years:	73%
TTM:	-47%

Stock Price CAGR
10 Years:	-21%
5 Years:	-4%
3 Years:	-33%
1 Year:	-81%

Return on Equity
10 Years:	7%
5 Years:	6%
3 Years:	14%
Last Year:	14%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	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	263	352	396	396	409
Reserves	26,711	21,389	23,084	23,417	13,913	9,529	10,597	12,144	8,942	8,351	14,034	17,464
	25,770	30,550	25,814	25,441	17,772	17,147	13,907	12,718	11,510	9,895	6,361	4,937
	18,103	48,567	49,121	50,711	36,247	37,921	37,226	37,277	40,096	40,517	45,049	48,351
Total Liabilities	70,847	100,769	98,282	99,832	68,194	64,861	61,994	62,403	60,899	59,159	65,841	71,160
	17,697	32,887	36,567	39,393	24,948	23,253	19,505	19,002	19,756	17,757	17,714	17,812
CWIP	5,081	4,971	2,360	3,005	2,592	2,529	2,025	2,198	1,015	1,302	1,373	1,240
Investments	17,618	13,200	13,143	13,092	6,742	1,394	1,769	4,700	4,338	3,904	8,672	10,319
	30,451	49,712	46,212	44,342	33,911	37,683	38,696	36,503	35,791	36,196	38,082	41,789
Total Assets	70,847	100,769	98,282	99,832	68,194	64,861	61,994	62,403	60,899	59,159	65,841	71,160

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	3,290	10,296	8,678	8,153	684	2,875	1,436	3,799	3,458	4,097	3,657	2,550
	-1,726	-5,690	-75	-805	2,759	-808	18	-502	-1,333	415	-1,731	-1,462
	-1,707	-4,704	-8,452	-7,428	-3,334	-1,979	-1,531	-2,942	-2,242	-3,648	-1,252	-1,775
Net Cash Flow	-143	-98	152	-80	109	87	-77	356	-117	865	674	-686
Free Cash Flow	1,334	9,151	6,360	6,563	-735	1,567	476	3,047	2,122	3,213	2,201	1,000
CFO/OP	192%	228%	185%	263%	-12%	197%	572%	201%	236%	186%	98%	236%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	124	76	82	106	83	90	81	76	42	27	23	20
Inventory Days
Days Payable
Cash Conversion Cycle	124	76	82	106	83	90	81	76	42	27	23	20
Working Capital Days	-67	-85	-111	-380	-314	-322	-370	-375	-392	-379	-398	-476
ROCE %	6%	11%	10%	12%	18%	11%	19%	5%	9%	7%	34%	15%

Insights

In beta

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

BRPL AT&C/T&D Losses
% ・Standalone data

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x,xxx.xx	x,xxx.xx	xxx.xx	xxx.xx			xxx.xx	xxx.xx	xxx.xx	xxx.xx
						x.xx	x.xx	x.xx	x.xx

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BYPL AT&C/T&D Losses
% ・Standalone data

Delhi Discoms Customers
lakh ・Standalone data

BRPL Peak Power Demand
MW ・Standalone data

BYPL Peak Power Demand
MW ・Standalone data

Mumbai Metro Daily Ridership
lakh passengers/day ・Standalone data

Road Tolling Length
km ・Standalone data

Average Daily Traffic on Roads
lakh vehicles/day ・Standalone data

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	16.56%	16.50%	16.50%	16.50%	16.50%	16.50%	16.50%	19.05%	19.05%	19.05%	19.05%	19.05%
	12.14%	12.69%	11.77%	12.37%	8.38%	9.00%	11.35%	10.26%	7.07%	5.72%	5.53%	4.94%
	2.85%	2.64%	2.16%	2.26%	1.40%	1.34%	1.36%	1.38%	1.27%	1.06%	1.24%	0.78%
	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.01%	0.01%	0.01%	0.01%	0.01%
	68.33%	68.03%	69.42%	68.75%	73.59%	73.01%	70.66%	69.18%	72.47%	74.03%	74.06%	75.10%
	0.11%	0.11%	0.11%	0.11%	0.11%	0.11%	0.11%	0.11%	0.11%	0.11%	0.11%	0.11%
No. of Shareholders	6,94,313	6,59,168	6,65,729	7,01,583	7,12,104	6,91,842	6,81,395	7,12,587	7,17,783	6,72,172	6,60,302	6,54,736

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Jun 2026
	49.63%	49.54%	40.98%	14.70%	4.98%	4.98%	18.67%	16.50%	16.50%	19.05%	19.05%
	20.62%	25.33%	30.73%	13.30%	2.75%	1.43%	12.30%	11.77%	11.35%	5.53%	4.94%
	17.20%	12.85%	8.56%	9.46%	9.45%	4.98%	3.13%	2.16%	1.36%	1.24%	0.78%
	0.05%	0.05%	0.05%	0.05%	0.02%	0.02%	0.02%	0.02%	0.02%	0.01%	0.01%
	12.32%	12.05%	19.50%	62.32%	82.63%	88.42%	65.74%	69.42%	70.66%	74.06%	75.10%
	0.18%	0.18%	0.17%	0.17%	0.17%	0.17%	0.13%	0.11%	0.11%	0.11%	0.11%
No. of Shareholders	10,83,526	8,34,899	7,96,426	7,91,973	7,69,692	7,68,871	7,15,006	6,65,729	6,81,395	6,60,302	6,54,736

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Reliance Infrastructure Ltd

Reliance Infrastructure Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

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