Arthneeti

Reliance Infrastructure Q2 FY26 Share Price & Earnings Call Analysis

₹48.17+1.99% today
Market cap
₹1,968 Cr
P/E
0.86
ROE
14.26%
PEG
0.01
Price to sales
0.09
Debt to equity
0.28
52W high / low
₹228 / ₹42.5
Sales growth (5Y)
3.59%
EBITDA margin
2.92%
Net profit margin
18.17%
Promoter holding
19.05%
Sales (last year)
₹20,877 Cr

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]

Potential multibaggers · Q2 FY27

Potential multibaggers in Power
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does Reliance Infrastructure rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Power companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹1,519 Cr7.8
240%+Flat₹28,615 Cr48.0
340%+Flat₹14,613 Cr93.2
440%+Flat₹14,055 Cr532.8
520–40%Flat₹3.64L Cr20.0
620–40%Flat₹2.14L Cr109.5

Sign up free to see every company in the sector ranking and track Reliance Infrastructure.

Pro shows every company guiding 40%+ revenue growth →Full Power ranking

Financials of Reliance Infrastructure

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Financials of Reliance Infrastructure

Quarterly Results

Quarter-by-quarter operating performance

Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales +4,1865,5657,1534,6384,6867,1937,2585,0334,1085,9086,2354,2974,001
Expenses +4,3495,4316,4954,1134,3696,5176,6474,4274,0945,6685,1803,8674,722
Operating Profit-162134658525317676611606142401,055429-721
OPM %-4%2%9%11%7%9%8%12%0%4%17%10%-18%
Other Income +-1,395313221424616633,744-2,9748,9498492,3036932,574
Interest643571610578552470472468374427444442348
Depreciation366371387379366348355359360375368373350
Profit before tax-2,565-495-118-715-783,527-3,1958,2292872,5463071,155
Tax %-0%-0%5%228%136%-11%0%0%-0%-2%-0%-1%-53%
Net Profit +-2,484-567-182-301-98-934,195-3,1868,2623052,5753171,640
EPS in Rs-76.90-19.13-7.42-10.63-5.57-5.90103.06-83.26110.751.4646.770.2722.47

Financials of Reliance Infrastructure

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales +16,18526,95225,22918,72819,73119,99017,73519,68922,39822,80524,44120,441
Expenses +14,38922,43520,45515,54524,24218,60717,47117,83220,97220,65320,67819,437
Operating Profit1,7964,5184,7743,183-4,5111,3832641,8571,4272,1513,7641,004
OPM %11%17%19%17%-23%7%1%9%6%9%15%5%
Other Income +2,7682,5633,4384,2817,2063,2216,754830-501,0577,9266,419
Interest2,3475,0265,5815,2042,5812,4002,7272,0602,3932,3101,7841,660
Depreciation8331,5441,6881,2541,2921,3891,3521,2831,4481,5031,4211,466
Profit before tax1,3845119431,006-1,1788152,939-656-2,466-6058,4844,296
Tax %5%44%-15%-15%-20%-6%-6%3%0%7%-0%-15%
Net Profit +1,7256931,3941,214-2,3239083,116-868-2,564-1,1489,1774,838
EPS in Rs68.4528.8854.1947.74-92.2829.3242.79-37.98-91.57-40.61124.6470.97
Dividend Payout %12%29%17%20%0%0%0%0%0%0%0%0%

Financials of Reliance Infrastructure

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital263263263263263263263263352396396409
Reserves26,71121,38923,08423,41713,9139,52910,59712,1448,9428,35114,03417,464
Borrowings +25,77030,55025,81425,44117,77217,14713,90712,71811,5109,8956,3614,937
Other Liabilities +18,10348,56749,12150,71136,24737,92137,22637,27740,09640,51745,04948,351
Total Liabilities70,847100,76998,28299,83268,19464,86161,99462,40360,89959,15965,84171,160
Fixed Assets +17,69732,88736,56739,39324,94823,25319,50519,00219,75617,75717,71418,210
CWIP5,0814,9712,3603,0052,5922,5292,0252,1981,0151,3021,373842
Investments17,61813,20013,14313,0926,7421,3941,7694,7004,3383,9048,67110,319
Other Assets +30,45149,71246,21244,34233,91137,68338,69636,50335,79136,19638,08341,789
Total Assets70,847100,76998,28299,83268,19464,86161,99462,40360,89959,15965,84171,160

Financials of Reliance Infrastructure

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +3,29010,2968,6788,1536842,8751,4363,7993,4584,0973,6572,550
Cash from Investing Activity +-1,726-5,690-75-8052,759-80818-502-1,333415-1,731-1,273
Cash from Financing Activity +-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-143-98152-8010987-77356-117865674-498
Free Cash Flow1,3349,1516,3606,563-7351,5674763,0472,1223,2132,2011,000
CFO/OP192%228%185%263%-12%197%572%201%236%186%98%244%

Financials of Reliance Infrastructure

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days12476821068390817642272321
Inventory Days
Days Payable
Cash Conversion Cycle12476821068390817642272321
Working Capital Days-67-85-111-380-314-322-370-375-392-379-397-465
ROCE %6%11%10%12%18%11%19%5%9%7%34%15%
2out of 100

Momentum score · price trend

2 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−78.1%0%
Last 6 months−36.8%4%
Last 3 months−25.1%10%

The price is 98.1% below its all-time high of ₹2,514.35 (4 Jan 2008). Stocks more than 20% below their peak have their score halved, so 4 became 2.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Reliance Infrastructure: 0.4 × 0 + 0.4 × 4 + 0.2 × 10 = 4, halved to 2 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 2 Nov 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Reliance Infrastructure's management said in earlier quarters

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