RELIANCE IN EQUITY
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| CUSTOMER | BASIS | EST ₹CR | RANGE | % REV | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| Business | REV SHARE | 9,50,202 | 9,50,202–9,50,202 | 90.0% | — | 2025-04 | DISC | 90% |
| “Details of business activities (accounting for 90% of the turnover): S. No. Description of Main Activity Description of Business Activity % of Turnover of the …” AR · +2 DOC | ||||||||
| ETERNALEternal Ltd. | REV SHARE | 481 | 481–481 | 0.1% | — | FY25 | DISC | 90% |
| “Total export is 0.05% of total revenue from operations of Eternal Limited for FY25.” AR · +1 DOC | ||||||||
| FINCABLESFinolex Cables Ltd. | UNSTATED | — | — | — | COGS | FY26 | EST | 75% |
| “These primary raw materials include copper, aluminium rod, and PVC resin, which are procured from established manufacturers such as Reliance Industries Limited…” AR DOC | ||||||||
| Mumbai | UNSTATED | — | — | — | — | 2024-04 | EST | 75% |
| “She also serves as an Independent Director on the Board of UPL Limited and Shriram Finance Limited and as a Trustee of Pratham Mumbai, an educational initiativ…” AR · +2 DOC | ||||||||
| Renewable Energy | UNSTATED | — | — | — | — | FY29 | — | 75% |
| “• Reliance has entered into a green ammonia long-term offtake agreement with Samsung C&T Corporation, with supply over a 15-year period commencing in the secon…” AR DOC | ||||||||
| Others | UNSTATED | — | — | — | COGS | FY26 | EST | 75% |
| “Revenue from Operations Disaggregated Revenue Oil to Chemicals 4,91,622 4,87,451 Oil & Gas 24,783 24,425 Retail 10 17 Others 1,013 1,420 Value of Sales 5,17,42…” AR · +1 DOC | ||||||||
| Others | UNSTATED | — | — | — | — | FY24 | EST | 75% |
| “Details on assessment of value chain partners: *% of value chain partners (by value of business done with such partners) that were assessed Sexual harassment *…” AR · +2 DOC | ||||||||
| Mumbai | UNSTATED | — | — | — | SG&A | 2024-04 | EST | 75% |
| “ONGC Partnership: Berthed ONGC rigs Sagar Vijay and Sagar Bhushan, strengthening offshore energy logistics and demonstrating safe, precise handling of complex …” AR · +1 DOC | ||||||||
| China. | UNSTATED | — | — | — | COGS | FY25 | EST | 75% |
| “Transportation fuel margins moderated from elevated levels, and downstream chemicals margins came under significant pressure due to incremental supply addition…” AR DOC | ||||||||
| Australia | UNSTATED | — | — | — | — | 2026-07 | EST | 75% |
| “APPH holds the entities which own and operate the North Queensland Export Terminal (“NQXT”), Australia.” AR · +2 DOC | ||||||||
| Uttar Pradesh | UNSTATED | — | — | — | — | 2026-10 | EST | 75% |
| “Netaji Subhas Dock, the largest container terminal on India’s east coast, serves a wide hinterland across West Bengal, Bihar, Uttar Pradesh, Jharkhand, Assam a…” AR DOC | ||||||||
| Australia | UNSTATED | — | — | — | CAPEX | FY24 | EST | 75% |
| “Improved average vessel waiting times to 4.6 days, from an average of 8.9 days in FY 2024-25 Commenced on-dock TAZARA (Tanzania-Zambia Railway Authority) rail …” AR DOC | ||||||||
| BANKBARODABank of Baroda | UNSTATED | — | — | — | — | 2026-10 | EST | 75% |
| “In 2015, Mr. Jayakumar was selected by the Government of India to serve as the Managing Director and Chief Executive Officer of Bank of Baroda, becoming the fi…” AR DOC | ||||||||
| SHRIRAMFINShriram Finance Ltd. | UNSTATED | — | — | — | — | 2026-10 | EST | 75% |
| “She also serves as an Independent Director on the Board of UPL Limited and Shriram Finance Limited and as a Trustee of Pratham Mumbai, an educational initiativ…” AR DOC | ||||||||
| Ministry of Defence | UNSTATED | — | — | — | — | 2026-10 | EST | 75% |
| “Prior to his current role, Dr. Ajay Kumar served as Joint Secretary in the Ministry of Defence, New Delhi, where he played a significant role in defence procur…” AR DOC | ||||||||
| ETERNALEternal Ltd. | UNSTATED | — | — | — | SG&A | 2026-10 | EST | 75% |
| “There is a limited export for Eternal Limited’s (formerly known as Zomato Limited) IP to its overseas group entities and marketing services to a third party.” AR DOC | ||||||||
| Securities and Exchange Board of India | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “Not applicable to the Company during the Audit Period (f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulat…” AR · +2 DOC | ||||||||
| United States | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “RIL GDR Programme The Global Depository Receipts of the Company are listed on Luxembourg Stock Exchange and are traded on the International Order Book (London …” AR · +1 DOC | ||||||||
| GAILGAIL (India) Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “Matters in relation to Oil and Gas: (a) Disallowance of certain costs under the production sharing contract, relating to Block KG-DWN-98/3 and consequent depos…” AR · +1 DOC | ||||||||
| NTPCNTPC Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “(c) NTPC filed suit in 2006 for specific performance of contract for supply of natural gas of 132 trillion BTU annually for a period of 17 years.” AR · +1 DOC | ||||||||
| Business | UNSTATED | — | — | — | SG&A | FY25 | EST | 70% |
| “1,781.40 1,576.98 Customers dues 0.13 0.38 Finance Lease 136.79 191.62 Gain on Extinguishment of Liability (Senior Notes) 210.74 - Dividend income on non curre…” AR · +1 DOC | ||||||||
| Mumbai | CONTRACT | CT 2,190 | — | — | R&D | FY25 | EST | 70% |
| “(iv) Expenditure incurred on Research and Development: Sr. No. Particulars (K in crore) a) Capital 2,652 b) Revenue 1,533 Total 4,185 C) Foreign exchange earni…” AR DOC | ||||||||
| ADANIENSOLAdani Energy Solutions Ltd. | CONTRACT | CT 59,936 | — | — | — | 2026-10 | EST | 70% |
| “At Adani Energy Solutions Limited, our transmission order book rose from ` 59,936 crore to ` 71,779 crore.” AR DOC | ||||||||
| AMBUJACEMAmbuja Cements Ltd. | UNSTATED | — | — | — | — | 2026-10 | EST | 70% |
| “With effect from March 12, 2026, Sanghi Industries Limited has been merged into Ambuja Cements Limited as per NCLT order dated February 9, 2026.” AR DOC | ||||||||
| ADANIPORTSAdani Ports and Special Economic Zone Ltd. | UNSTATED | — | — | — | CAPEX | FY31 | — | 70% |
| “4140Integrated Annual Report 2025-26 Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements ADANI PORTS AND…” AR DOC | ||||||||
| ADANIPORTSAdani Ports and Special Economic Zone Ltd. | UNSTATED | — | — | — | — | 2026-10 | EST | 70% |
| “Financial Capital Human Capital Intellectual Capital Social and Relationship Capital Manufactured Capital Natural Capital Capitals Deployed 6160Integrated Annu…” AR DOC | ||||||||
| ADANIPORTSAdani Ports and Special Economic Zone Ltd. | UNSTATED | — | — | — | COGS | 2026-10 | EST | 70% |
| “7574Integrated Annual Report 2025-26 Portfolio Overview Corporate Overview Strategic Review ESG Overview Statutory Reports Financial Statements ADANI PORTS AND…” AR DOC | ||||||||
| Authority. | UNSTATED | — | — | — | CAPEX | FY24 | EST | 70% |
| “Improved average vessel waiting times to 4.6 days, from an average of 8.9 days in FY 2024-25 Commenced on-dock TAZARA (Tanzania-Zambia Railway Authority) rail …” AR DOC | ||||||||
| HOMEFIRSTHome First Finance Company India Ltd. | UNSTATED | — | — | — | — | 2026-10 | EST | 70% |
| “In 2008, Mr. Jayakumar also co-founded Home First Finance Limited, a housing finance company licensed by the National Housing Bank (NHB), which provides long-t…” AR DOC | ||||||||
| Joint Commissioner | UNSTATED | — | — | — | — | 2026-10 | EST | 70% |
| “^Additional / Joint Commissioner Appeals passed order against the company and management is in process of filing further appeal with Goods and Service Tax Appe…” AR DOC | ||||||||
| BANKINDIABank of India | UNSTATED | — | — | — | — | 2026-10 | EST | 70% |
| “(a) The Company is not required to be registered under Section 45 IA of the Reserve Bank of India Act, 1934 (2 of 1934) and accordingly, the requirement to rep…” AR DOC | ||||||||
| Others | UNSTATED | — | — | — | SG&A | 2026-10 | EST | 70% |
| “Other non operating Income: Liabilities written back 10 9 Gain on termination of lease contracts (refer note 31) 3 10 Foreign exchange gain (net) - 1 Others 5 …” AR · +1 DOC | ||||||||
| ADANIENTAdani Enterprises Ltd. | UNSTATED | — | — | — | — | 2026-10 | EST | 70% |
| “Limited 6,130.32 2,245.17 - - - - - - Others 7,745.29 4,492.00 928.91 781.48 - - - - 3 Trade Payables (including provisions) 60.45 49.32 1.05 3.00 59.30 39.18 …” AR DOC | ||||||||
| Shell) | UNSTATED | — | — | — | SG&A | 2026-10 | EST | 70% |
| “46 Based on information available with the Group, balances with Struck off Companies are as below: ` In crore Name of the struck off Company Nature of transact…” AR DOC | ||||||||
| Corporate Debtor | CONTRACT | CT 2 | — | — | — | 2026-10 | EST | 70% |
| “Vide Order dated November 25, 2024, the Original Petition was dismissed for want of prosecution without issuance of notice to the Corporate Debtor.” AR · +1 DOC | ||||||||
| Maharashtra | CONTRACT | CT 401 | — | — | — | 2026-10 | EST | 70% |
| “The Company has filed appeals against the demand orders issued by both Maharashtra GST authorities and West Bengal GST authorities before the first appellate a…” AR · +1 DOC | ||||||||
| Others | CONTRACT | CT 28 | — | — | CAPEX | 2026-10 | EST | 70% |
| “Other non operating Income: Liabilities written back 5 4 Gain on termination of lease contracts (refer note 31) 1 1 Profit on sale of property, plant and equip…” AR DOC | ||||||||
| Samsung | UNSTATED | — | — | — | — | 2026-07 | EST | 65% |
| “First on downstream, we already executed the large green ammonia contract with Samsung C&T which demonstrates the commercial traction of our ecosystem.” CONCALL DOC | ||||||||
| Oman | UNSTATED | — | — | — | — | 2026-07 | EST | 65% |
| “But again, India has had ways of looking at sourcing the gas through other destinations besides what was coming from Middle East earlier to manage that, we are…” CONCALL DOC | ||||||||
| Samsung | UNSTATED | — | — | — | COGS | 2026-04 | EST | 65% |
| “We had a very significant event in the last quarter where we have signed probably one of the world's largest green ammonia supply contract with Samsung C&T. Th…” CONCALL DOC | ||||||||
| China. | UNSTATED | — | — | — | — | 2025-10→2026-11 | EST | 65% |
| “19© Reliance Industries Limited 2020 therefore, PVC prices remained under pressure thanks to supplies from China.” CONCALL p.20 · 30-NOV-26 · +1 DOC | ||||||||
| UPLUPL Ltd. | UNSTATED | — | — | — | — | 2026-10 | EST | 65% |
| “She also serves as an Independent Director on the Board of UPL Limited and Shriram Finance Limited and as a Trustee of Pratham Mumbai, an educational initiativ…” AR DOC | ||||||||
| Australia | UNSTATED | — | — | — | COGS | 2026-11 | EST | 65% |
| “but then there is a premium and you sell because Europe, Asia Pacific, Australia, and Africa everyone is buying also at a premium because of the uncertainty, t…” CONCALL p.23 · 30-NOV-26 DOC | ||||||||
| IEXIndian Energy Exchange Ltd. | UNSTATED | — | — | — | — | 2026-10 | EST | 60% |
| “Renewable Power Use: Over 94% of electricity sourced via TPP and IEX, lowering unit electricity cost by 8% Awards and Accolades Won “National Winner” award in …” AR DOC | ||||||||
| CDSLCentral Depository Services (India) Ltd. | UNSTATED | — | — | — | — | 2026-10 | EST | 60% |
| “Now Enter your User ID a. For CDSL: 16 digits beneficiary ID, b. For NSDL: 8 Character DP ID followed by 8 Digits Client ID, c. Shareholders holding shares in …” AR DOC | ||||||||
| BSEBSE Ltd. | UNSTATED | — | — | — | — | 2026-10 | EST | 60% |
| “Further, he is not debarred from holding the office of Director by virtue of any order passed by SEBI or any other such authority pursuant to circulars dated J…” AR DOC | ||||||||
| IRCTCIndian Railway Catering And Tourism Corporation Ltd. | CONTRACT | CT 22,371 | — | — | — | FY25 | EST | 60% |
| “Company Overview: Our key businesses | Statutory Reports | Financial Statements 5 Food rescue Minimizing food wastage by offering orders cancelled during trans…” AR DOC | ||||||||
| DLFDLF Ltd. | UNSTATED | — | — | — | — | 2026-10 | EST | 60% |
| “conditioner Shoes Gym wear Music instruments Gym essentials Home decor Electronics Apparel Home appliances Gurgaon DLF CyberhubSearch “Diljit concert” FOR YOU …” AR DOC | ||||||||
| IIFLIIFL Finance Ltd. | UNSTATED | — | — | — | — | 2026-07 | EST | 50% |
| “Questioner (Balaji Subramanian, IIFL) This would entail serving global customers as well, right because satellite is something which is not, I know, you cannot…” CONCALL DOC | ||||||||
| SUPPLIER | BASIS | EST ₹CR | RANGE | % COST | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| ETERNALEternal Ltd. | UNSTATED | 48,928 | 26,638–48,928 | 5.6% | — | 2026-10 | EST | 70% |
| “As per the policy, all key suppliers and vendors being onboarded by Eternal (standalone) will be evaluated on multiple parameters including energy and emission…” AR DOC | ||||||||
| ADANIENTAdani Enterprises Ltd. | UNSTATED | 20,751 | 15,563–20,751 | 2.4% | — | 2026-10 | EST | 75% |
| “The equity shares have been purchased from the Adani Enterprises Limited, a group company whereby this entity has become a wholly owned subsidiary.” AR DOC | ||||||||
| VOLTASVoltas Ltd. | UNSTATED | 12,820 | 3,732–12,820 | 1.5% | — | FY26 | EST | 70% |
| “9 (c) In respect of the Group’s investment in 2,640 equity shares of Reliance Industries Limited, there is an Injunction Order passed by the Honourable High Co…” AR · +1 DOC | ||||||||
| IIFLIIFL Finance Ltd. | UNSTATED | 12,029 | 12,029–12,029 | 1.4% | — | FY26 | EST | 75% |
| “Earlier, Mr. Jambusaria served as Senior Vice President at Reliance Industries Limited from 2011 until April 2020.” AR p.62 · 31-MAR-26 DOC | ||||||||
| AFCONSAfcons Infrastructure Ltd. | CONTRACT | 10,753 | 10,753–10,753 | — | CAPEX | FY26 | EST | 80% |
| “In accordance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are plea…” ORDER p.1 · 02-JUL-25 · +2 DOC | ||||||||
| NUVAMANuvama Wealth Management Ltd. | UNSTATED | 4,174 | 4,174–4,174 | 0.5% | — | FY26 | EST | 70% |
| “In the last few years as an entrepreneur, Anisha has successfully completed projects for a range of clients including Nestle, Viacom 18, Hindustan Unilever, Wh…” AR p.40 · 31-MAR-26 · +1 DOC | ||||||||
| GALLANTTGallantt Ispat Ltd. | UNSTATED | 3,977 | 3,977–3,977 | 0.5% | — | FY25 | EST | 70% |
| “Our enduring relationships with marquee clients such as Tata Motors, Adani, Reliance Industries, Essar, L&T, Shapoorji Pallonji, Parsvnath, Indian Oil, HP, and…” AR DOC | ||||||||
| FACTFertilisers and Chemicals Travancore Ltd. | UNSTATED | 3,646 | 2,734–3,646 | 0.5% | — | 2026-10 | EST | 60% |
| “Before I start with the numbers and how we have done, I would like to just take you back to the approach to business that we have had over the last several yea…” CONCALL DOC | ||||||||
| GVT&DGE Vernova T&D India Ltd. | UNSTATED | 3,618 | 3,618–3,618 | — | CAPEX | FY25 | EST | 75% |
| “Supply & commissioning of 400kV and 220kV projects for Reliance Industries Limited in Jamnagar.” AR DOC | ||||||||
| WOCKPHARMAWockhardt Ltd. | UNSTATED | 3,036 | 2,739–3,036 | 0.3% | — | FY26 | EST | 75% |
| “Prior to Blackstone, he served as CEO - Corporate Development for Reliance Industries Limited from 1992 till 2005.” AR · +1 DOC | ||||||||
| Samsung | UNSTATED | — | — | — | — | 2026-11 | EST | 80% |
| “We are now the largest retailer in this quarter of premium products, including mobile phones, which is the largest category there from the leading brands like …” CONCALL p.11 · 30-NOV-26 DOC | ||||||||
| GVT&DGE Vernova T&D India Ltd. | UNSTATED | — | — | — | — | FY32 | — | 75% |
| “Target of 596 GW of renewable energy by FY 2032, which will make up 68.4% of total capacity and meetAnnual Repor t 2024-25 Directors’ Repor t GE Vernova T&D In…” AR DOC | ||||||||
| China. | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “Filament and Staple delta remained range bound due to increased China exports and US tariff disruption.” AR DOC | ||||||||
| ONGCOil & Natural Gas Corporation Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “d. The Company, with 40% Participating Interest (PI), was a Joint Operator in Panna-Mukta and Mid & South Tapti Fields along with Reliance Industries Limited (…” AR DOC | ||||||||
| ATGLAdani Total Gas Ltd. | UNSTATED | — | — | — | COGS | FY26 | EST | 70% |
| “intent-based RLNG and domestically-produced gas sourcing for non-priority consumers Domestic gas tie-ups: Agreements with Bharat Petroleum, Exploration (Alph…” AR DOC | ||||||||
| TATACOMMTata Communications Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “ACTO and Reliance Jio filed their separate petitions before TDSAT in pursuance of the Supreme Court’s order dated January 28, 2019 seeking retrospective applic…” AR · +1 DOC | ||||||||
| FINCABLESFinolex Cables Ltd. | UNSTATED | — | — | — | COGS | FY26 | EST | 70% |
| “Trade receivables balance as at 31st March 2026 includes ` 23.08 crores from Telecommunication Consultants India Limited (31st March 2025 included ` 25.43 cror…” AR DOC | ||||||||
| Business | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “(Yes/No) Y Y Y Y Y Y Y Y Y c) Web Link of the Policies, if available Refer to the below policies: Vigil mechanism and whistleblower policy Code of conduct for …” AR · +2 DOC | ||||||||
| Business | UNSTATED | — | — | — | COGS | 2026-10 | EST | 70% |
| “Read more Supplier Code of Conduct Read more Sustainable Procurement Policy Major Supply Chain Components of Code & Policy Ethical Business Conduct Fair Employ…” AR DOC | ||||||||
| ADANIPORTSAdani Ports and Special Economic Zone Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “Complaints filed under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, in the following format: Parameter FY 202…” AR DOC | ||||||||
| NTPCNTPC Ltd. | UNSTATED | — | — | — | — | 2026-10 | EST | 70% |
| “d. The Company, with 40% Participating Interest (PI), was a Joint Operator in Panna-Mukta and Mid and South Tapti Fields along with Reliance Industries Limited…” AR DOC | ||||||||
| Apple | UNSTATED | — | — | — | — | 2026-11 | EST | 70% |
| “We are now the largest retailer in this quarter of premium products, including mobile phones, which is the largest category there from the leading brands like …” CONCALL p.11 · 30-NOV-26 DOC | ||||||||
| Summit Digitel Infrastructure Limited | UNSTATED | — | — | — | — | FY27 | EST | 65% |
| “The liabilities towards Summit Digitel Infrastructure Limited {SDIL, rated [ICRA]AAA (Stable)} and the committed payments towards Pipeline Infrastructure Limit…” RATING p.2 · 21-OCT-26 DOC | ||||||||
| Pipeline Infrastructure Limited | UNSTATED | — | — | — | — | FY27 | EST | 65% |
| “The liabilities towards Summit Digitel Infrastructure Limited {SDIL, rated [ICRA]AAA (Stable)} and the committed payments towards Pipeline Infrastructure Limit…” RATING p.2 · 21-OCT-26 DOC | ||||||||
| Department of Telecommunications | UNSTATED | — | — | — | — | FY27 | EST | 65% |
| “The spectrum payment liabilities of Reliance Jio Infocomm Limited (RJIL) towards the Department of Telecommunications (DoT) have been added to the debt.” RATING p.2 · 21-OCT-26 DOC | ||||||||
| Middle East | UNSTATED | — | — | — | COGS | 2026-11 | EST | 65% |
| “We have gone to the America, sometimes we have imported from the Middle East, so we have kept changing it month to derive the benefit of the advantageous crude…” CONCALL p.16 · 30-NOV-26 DOC | ||||||||
| SOURCE | READ | % | LAST READ |
|---|---|---|---|
| ANNUAL | 4/4 | 100% | 15-OCT-26 |
| CONCALL | 5/5 | 100% | 10-NOV-26 |
| RATINGS | 2/12 | 17% | 10-NOV-26 |
| SCREENER | 1/1 | 100% | 10-NOV-26 |
| SIGNAL | VALUE | AS OF | INPUTS |
|---|---|---|---|
| CUSTOMER HHI | 1.000 | 13-NOV-26 | Eternal Ltd. share 100% |
| CUST MOM 1M | +7.7% | 14-NOV-26 | from 15-OCT-26 · Finolex Cables Ltd. -8.9% w 0 · Eternal Ltd. +12.6% w 0 · DLF Ltd. +13.2% w 0 · Indian Railway Catering And Tourism Corporation Ltd. -2.5% w 0 · BSE Ltd. +14.9% w 0 · Central Depository Services (India) Ltd. +11.9% w 0 |
| DISTRESS SCORE | 0.333 | 13-OCT-26 | roe 0.11 · operatingMargin 0.17 · debtToEquity 0.45 · interestCoverage 5.55 · assetTurnover 0.48 · leverage 2.41 |
| SUPP MOM 1M | +6.0% | 14-NOV-26 | from 15-OCT-26 · GE Vernova T&D India Ltd. +11.9% w 0 · Adani Total Gas Ltd. +0.6% w 0 · Tata Communications Ltd. -1.2% w 0 · Fertilisers and Chemicals Travancore Ltd. +10.0% w 0 · Voltas Ltd. +6.0% w 0 · Nuvama Wealth Management Ltd. +9.8% w 0 |