Do we like them?

Do we like Reliance Industries?

Indian conglomerate: oil refining, petrochemicals, Jio telecoms, Reliance Retail and a growing clean-energy push. Based in Mumbai.

Our score: 5 out of 10. Mixed. It is a huge, important Indian business with a big clean-energy plan, but it still runs on fossil fuels and has a record of securities-rule fights.

Reliance is India's biggest company by market value. It began as a textiles and petrochemicals business and grew into refining, telecoms (Jio) and retail. The Ambani family still holds roughly half the shares, and Mukesh Ambani is at the top.

The trouble has mostly been with the market regulator. In January 2021 SEBI fined Reliance Rs 25 crore and Ambani Rs 15 crore over share trades in Reliance Petroleum. The tribunal later set aside the penalty on Ambani, and in November 2024 the Supreme Court dismissed SEBI's appeal.

One fine did stick. DNA reported that the Supreme Court upheld a Rs 30 lakh fine on Reliance for late disclosure of price-sensitive information about the Facebook–Jio deal. It's small, but it's a real ruling against them.

On the green side, Reliance is building a big clean-energy complex in Jamnagar covering solar, batteries, electrolysers and fuel cells. It aims for net-zero by 2035. CREA's analyst said it will still keep investing in oil and gas, and big firms need to cut absolute emissions.

Verdict: it's a mixed bag. The clean-energy plans are promising but still mostly promises, and the core business is fossil fuels. We'd stay neutral for now.