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Reliance Industries — DCF & 3-Statement Model | Excel
RELIANCE INDUSTRIES LIMITED — HISTORICAL FINANCIALS (₹ Crore)
Source: Screener.in / Annual Reports | FY2021 – FY2025 | INR Crore
Line Item (₹ Crore)
INCOME STATEMENT
Revenue from Operations
FY2021
FY2022
FY2023
FY2024
FY2025
4,66,307
6,94,673
8,76,396
8,99,041
9,62,820
3,01,765
4,94,449
6,18,746
5,90,226
6,44,813
9,064
21,457
30,263
4,883
15,124
13,214
17,902
25,062
22,137
23,823
7,687
12,174
19,658
18,276
18,358
Employee Cost
14,817
18,758
24,872
25,679
28,559
Selling & Admin Expenses
56,154
63,513
67,369
77,292
88,760
944
753
8,634
7,816
8,033
62,662
65,667
81,792
1,52,732
1,35,350
Other Income
22,432
19,600
12,020
15,792
17,824
Depreciation & Amortisation
26,572
29,782
40,303
50,832
53,136
58,522
55,485
53,509
1,17,692
1,00,038
Finance Costs (Interest)
21,189
14,584
19,571
23,118
24,269
Profit Before Tax (PBT)
55,461
83,815
94,464
1,04,340
1,06,017
25,230
Raw Material Cost
Change in Inventories
Power & Fuel
Other Manufacturing Expenses
Other Expenses
EBITDA (Operating Profit)
EBIT
1,722
15,970
20,376
25,707
Net Profit (PAT)
Income Tax
49,128
60,705
66,702
69,621
69,648
Dividends Paid
4,511.5
5,412.0
6,089.4
6,766.0
7,442.6
KEY RATIOS & MARGINS
Metric
FY2021
Revenue Growth YoY
FY2022
FY2023
FY2024
FY2025
-
49.0%
26.2%
2.6%
7.1%
EBITDA Margin
13.4%
9.5%
9.3%
17.0%
14.1%
Net Profit Margin
10.5%
8.7%
7.6%
7.7%
7.2%
3.1%
19.1%
21.6%
24.6%
23.8%
Effective Tax Rate
BALANCE SHEET
Line Item (₹ Crore)
EQUITY & LIABILITIES
FY2021
FY2022
FY2023
FY2024
FY2025
Equity Share Capital
6,445
6,765
6,766
6,766
13,532
Reserves & Surplus
6,93,727
7,72,720
7,09,106
7,86,715
8,29,668
Total Equity
7,00,172
7,79,485
7,15,872
7,93,481
8,43,200
Borrowings (Debt)
2,78,962
3,19,158
4,51,664
3,50,719
3,74,313
Other Liabilities
3,40,931
3,99,979
4,38,346
6,10,848
7,32,200
13,20,065
14,98,622
16,05,882
17,55,048
19,49,713
Net Block (PP&E)
5,41,258
6,27,798
7,24,805
7,79,985
9,99,393
Capital Work in Progress
1,25,953
1,72,506
2,93,752
3,38,855
2,62,358
Investments
3,64,828
3,94,264
2,35,560
2,25,672
2,42,381
Other Assets
2,88,026
3,04,054
3,51,765
4,10,536
4,45,581
13,20,065
14,98,622
16,05,882
17,55,048
19,49,713
TOTAL EQUITY & LIABILITIES
ASSETS
TOTAL ASSETS
Trade Receivables
19,014
23,640
28,448
31,628
42,121
Inventory
81,672
1,07,778
1,40,008
1,52,770
1,46,062
Cash & Bank
17,397
36,178
68,664
97,225
1,06,502
Balance Sheet Check (Assets - Liab&Eq)
-
-
-
-
-
FY2022
FY2023
FY2024
FY2025
CASH FLOW STATEMENT
Line Item (₹ Crore)
Cash from Operating Activities
FY2021
26,958
1,10,654
1,15,032
1,58,788
1,78,703
(1,42,385)
(1,09,162)
(93,001)
(1,13,581)
(1,37,535)
Cash from Financing Activities
1,01,904
17,289
10,455
(16,646)
(31,891)
Net Change in Cash
(13,523)
18,781
32,486
28,561
9,277
Cash from Investing Activities
Cash & Bank (End of Year)
Free Cash Flow (CFO - CapEx)
17,397
36,178
68,664
97,225
1,06,502
(1,15,427)
1,492
22,031
45,207
41,168
RELIANCE INDUSTRIES LIMITED — 3-STATEMENT FINANCIAL MODEL
Amounts in ₹ Crore | Historical: FY2021–FY2025 | Forecast: FY2026E–FY2028E | Blue = Input | Black = Formula | Green = Cross-sheet Link
FY2021A
FY2022A
FY2023A
FY2024A
FY2025A
FY2026E
FY2027E
FY2028E
SECTION 1: ASSUMPTIONS & DRIVERS
Income Statement Drivers
Revenue Growth Rate
-
49.0%
26.2%
2.6%
7.1%
8.0%
9.0%
10.0%
EBITDA Margin %
13.4%
9.5%
9.3%
17.0%
14.1%
17.5%
17.8%
18.0%
D&A % of Revenue
5.7%
4.3%
4.6%
5.7%
5.5%
5.5%
5.6%
5.7%
Interest Rate on Borrowings %
7.6%
4.6%
4.3%
6.6%
6.5%
6.5%
6.5%
6.3%
Effective Tax Rate %
3.1%
19.1%
21.6%
24.6%
23.8%
24.0%
24.0%
24.0%
Other Income % of Revenue
4.8%
2.8%
1.4%
1.8%
1.9%
1.8%
1.8%
1.8%
Dividend Payout Ratio %
9.2%
8.9%
9.1%
9.7%
10.7%
10.0%
10.0%
10.0%
Receivable Days (Revenue basis)
14.9
12.4
11.8
12.8
16.0
16.0
16.0
16.5
Inventory Days (Revenue basis)
63.9
56.6
58.3
62.0
55.4
52.0
50.0
48.0
30.5%
15.7%
10.6%
12.6%
14.3%
12.0%
11.0%
10.0%
-
40,196
1,32,506
(1,00,945)
23,594
(20,000)
(20,000)
(20,000)
FY2026E
FY2027E
FY2028E
Balance Sheet & Capex Drivers
CapEx % of Revenue
Incremental Borrowing (₹ Cr) — Net
SECTION 2: INCOME STATEMENT (₹ Crore)
FY2021A
FY2022A
FY2023A
FY2024A
FY2025A
Revenue from Operations
4,66,307
6,94,673
8,76,396
8,99,041
9,62,820
10,39,846
11,33,432
12,46,775
EBITDA (Operating Profit)
62,662
65,667
81,792
1,52,732
1,35,350
1,81,973
2,01,751
2,24,419
Other Income
22,432
19,600
12,020
15,792
17,824
18,717
20,402
22,442
Depreciation & Amortisation
26,572
29,782
40,303
50,832
53,136
57,192
63,472
71,066
58,522
55,485
53,509
1,17,692
1,00,038
1,43,499
1,58,680
1,75,795
Finance Costs (Interest)
21,189
14,584
19,571
23,118
24,269
23,680
22,380
20,432
Profit Before Tax (PBT)
55,461
83,815
94,464
1,04,340
1,06,017
1,19,818
1,36,300
1,55,364
1,722
15,970
20,376
25,707
25,230
28,756
32,712
37,287
49,128
60,705
66,702
69,621
69,648
91,062
1,03,588
1,18,076
EBIT
Income Tax
Net Profit (PAT)
Dividends
4,512
5,412
6,089
6,766
7,443
9,106
10,359
11,808
44,617
55,293
60,613
62,855
62,205
81,956
93,229
1,06,269
EBITDA Margin
13.4%
9.5%
9.3%
17.0%
14.1%
17.5%
17.8%
18.0%
Net Profit Margin
10.5%
8.7%
7.6%
7.7%
7.2%
8.8%
9.1%
9.5%
Addition to Retained Earnings
SECTION 3: BALANCE SHEET (₹ Crore)
FY2021A
FY2022A
FY2023A
FY2024A
FY2025A
FY2026E
FY2027E
FY2028E
ASSETS
Trade Receivables
19,014
23,640
28,448
31,628
42,121
45,582
49,685
56,361
Inventory
81,672
1,07,778
1,40,008
1,52,770
1,46,062
1,48,142
1,55,265
1,63,959
1,13,412
Cash & Bank Balances
17,397
36,178
68,664
97,225
1,06,502
95,326
96,125
Other Assets (excl. Cash, Rec, Inv)
1,69,943
1,36,458
1,14,645
1,28,913
1,50,896
1,62,968
1,77,635
1,95,398
Net Block (PP&E)
5,41,258
6,27,798
7,24,805
7,79,985
9,99,393
10,66,983
11,28,188
11,81,800
Capital Work in Progress
1,25,953
1,72,506
2,93,752
3,38,855
2,62,358
2,62,358
2,62,358
2,62,358
Investments
3,64,828
3,94,264
2,35,560
2,25,672
2,42,381
2,42,381
2,42,381
2,42,381
13,20,065
14,98,622
16,05,882
17,55,048
19,49,713
20,23,740
21,11,637
22,15,669
TOTAL ASSETS
EQUITY & LIABILITIES
Equity Share Capital
6,445
6,765
6,766
6,766
13,532
13,532
13,532
13,532
Reserves & Surplus
6,93,727
7,72,720
7,09,106
7,86,715
8,29,668
9,11,624
10,04,853
11,11,122
TOTAL EQUITY
7,00,172
7,79,485
7,15,872
7,93,481
8,43,200
9,25,156
10,18,385
11,24,654
Borrowings (Total Debt)
2,78,962
3,19,158
4,51,664
3,50,719
3,74,313
3,54,313
3,34,313
3,14,313
Other Liabilities (Balancing Plug)
3,40,931
3,99,979
4,38,346
6,10,848
7,32,200
7,44,272
7,58,939
7,76,702
13,20,065
14,98,622
16,05,882
17,55,048
19,49,713
20,23,740
21,11,637
22,15,669
TOTAL EQUITY & LIABILITIES
✔ BALANCE SHEET CHECK (Assets = Liab + Equity)
CHECK Status (OK / MISMATCH)
-
-
-
✔ OK
✔ OK
✔ OK
✔ OK
✔ OK
-
✔ OK
✔ OK
✔ OK
FY2021A
FY2022A
FY2023A
FY2024A
FY2025A
FY2026E
FY2027E
FY2028E
SECTION 4: CASH FLOW STATEMENT (₹ Crore)
Operating Activities
Net Profit
49,128
60,705
66,702
69,621
69,648
91,062
1,03,588
Add: Depreciation & Amortisation
26,572
29,782
40,303
50,832
53,136
57,192
63,472
71,066
Change in Trade Receivables
-
(4,626)
(4,808)
(3,180)
(10,493)
(3,461)
(4,102)
(6,676)
Change in Inventory
-
(26,106)
(32,230)
(12,762)
6,708
(2,080)
(7,122)
(8,695)
Change in Other Liabilities (Plug — set to 0)
-
59,048
38,367
1,72,502
1,21,352
-
-
-
26,958
1,10,654
1,15,032
1,58,788
1,78,703
1,42,712
1,55,836
1,73,771
Capital Expenditure (CapEx)
(1,42,385)
(1,09,162)
(93,001)
(1,13,581)
(1,37,535)
(1,24,781)
(1,24,677)
(1,24,677)
Net Cash from Investing (CFI)
(1,42,385)
(1,09,162)
(93,001)
(1,13,581)
(1,37,535)
(1,24,781)
(1,24,677)
(1,24,677)
Net Cash from Operations (CFO)
1,18,076
Investing Activities
Financing Activities
Dividends Paid
(4,512)
(5,412)
(6,089)
(6,766)
(7,443)
(9,106)
(10,359)
(11,808)
-
40,196
1,32,506
(1,00,945)
23,594
(20,000)
(20,000)
(20,000)
Net Cash from Financing (CFF)
1,01,904
17,289
10,455
(16,646)
(31,891)
(29,106)
(30,359)
(31,808)
Net Change in Cash
(13,523)
18,781
32,486
28,561
9,277
(11,176)
799
17,286
Cash — Beginning of Period
30,920
17,397
36,178
68,664
97,225
1,06,502
95,326
96,125
Cash — End of Period
17,397
36,178
68,664
97,225
1,06,502
95,326
96,125
1,13,412
(1,15,427)
1,492
22,031
45,207
41,168
17,930
31,158
49,094
Net Change in Borrowings
Free Cash Flow (CFO + CFI)
SECTION 5: KEY METRICS & RATIOS
FY2021A
Revenue (₹ Cr)
FY2022A
FY2023A
FY2024A
FY2025A
FY2026E
FY2027E
FY2028E
4,66,307
6,94,673
8,76,396
8,99,041
9,62,820
10,39,846
11,33,432
12,46,775
EBITDA (₹ Cr)
62,662
65,667
81,792
1,52,732
1,35,350
1,81,973
2,01,751
2,24,419
Net Profit / PAT (₹ Cr)
49,128
60,705
66,702
69,621
69,648
91,062
1,03,588
1,18,076
EBITDA Margin %
13.4%
9.5%
9.3%
17.0%
14.1%
17.5%
17.8%
18.0%
PAT Margin %
10.5%
8.7%
7.6%
7.7%
7.2%
8.8%
9.1%
9.5%
Revenue Growth YoY %
-
49.0%
26.2%
2.6%
7.1%
8.0%
9.0%
10.0%
Return on Equity (ROE)
7.0%
7.8%
9.3%
8.8%
8.3%
9.8%
10.2%
10.5%
Debt / Equity (D/E) Ratio
0.4
0.4
0.6
0.4
0.4
0.4
0.3
0.3
Interest Coverage (EBIT / Interest)
2.8
3.8
2.7
5.1
4.1
6.1
7.1
8.6
RELIANCE INDUSTRIES — FINANCIAL PERFORMANCE DASHBOARD
FY2021A – FY2025A (Historical) | FY2026E – FY2028E (Forecast)
Year
Revenue EBITDA Net Profit- ######## 1,81,973
91,- ######## 2,01,751 1,03,- ######## 2,24,419 1,18,076
CFO
FCF
EBITDA Margin
PAT Margin
26958 -,42,712
17,-,55,836
31,-,73,771
49,-
Revenue (₹ Crore)
EBITDA vs Net Profit (₹ Crore)
-
250000
-
₹ Crore
-
150000
600000
EBITDA
Revenue
Net Profit
100000
-
50000
0
2021
2022
2023
2024
2025
2026
Profitability
(%)
FiscalMargins
Year
2027
2028
0
2021
0.2
2022
Cash
Flow2024
— CFO2025
vs FCF2026
(₹ Crore-
2028
200000
-
0.14
100000
-
EBITDA Margin
0.1
CFO
PAT Margin
0
0.08
FCF
2021
0.06
-50000
0.04
0.02
-100000
0
2021
2022
2023
2024
2025
2026
2027
2028
-150000
2022
2023
2024
2025
2026
2027
2028
RELIANCE INDUSTRIES LIMITED — DISCOUNTED CASH FLOW (DCF) VALUATION MODEL
₹ Crore | Valuation Date: 31-Mar-2026 | Blue = Input | Black = Formula | Green = 3-Statement Model Link | Yellow bg = Key Assumption | Fully Linked & Audited
Line Item (₹ Crore)
FY2021A
FY2022A
FY2023A
FY2024A
FY2025A
FY2026E
◄ HISTORICAL (Linked from 3-Statement Model) ►
FY2027E
FY2028E
DCF OUTPUTS & ASSUMPTIONS
FY2029E
◄ DCF FORECAST PERIOD ►
⚙ CIRCULARITY SWITCH — Toggle to break circular references if model crashes
Circularity Multiplier (1 = ON, 0 = OFF)
1
Set to 0 if circular ref errors appear
01-Apr-2026
31-Mar-2026
1,405.00
1,352
18,99,560
Source: Model Assumption
Source: Reliance Annual Report
Source: NSE, Mar 2026
Source: Reliance FY25 Annual Report
SECTION 1: DCF VALUATION ASSUMPTIONS
A. Market & Company Data
Valuation Date
Fiscal Year End (Reliance: Mar 31)
Current Market Price (₹/share)
Shares Outstanding (Crore)
Market Capitalisation (₹ Crore)
B. Balance Sheet (FY2025A) — Linked from 3-Statement Model
Total Borrowings / Debt (₹ Cr) [FY2025A]
Cash & Bank Balances (₹ Cr) [FY2025A]
Net Debt (₹ Cr) [FY2025A]
3,74,313
1,06,502
2,67,811
SECTION 1B: WACC CALCULATION (Built on 'WACC Build' sheet)
Cost of Equity [CAPM = Rf + β × ERP]
Cost of Debt (Pre-Tax)
Tax Rate (for after-tax Kd)
Weight of Equity (E/V)
Weight of Debt (D/V)
WACC [= Ke×We + Kd×(1-t)×Wd]
← From WACC Build sheet
← From WACC Build sheet
15.4%
6.5%
25.0%
83.5%
16.5%
13.7%
KEY INPUT — drives all discounting
5.0%
12.0x
⚠ India GDP ~7% | Use 4-6% for Reliance
Sector: 10-14x | Reliance FY25 ~11.5x
1,06,979
25,995
Uses XNPV for higher precision
← From WACC Build sheet
SECTION 1C: GROWTH & TERMINAL VALUE ASSUMPTIONS
Terminal Growth Rate (g) — Long-Run Perpetuity
EV/EBITDA Exit Multiple (Cross-check method)
Revenue Growth YoY [Linked to 3SM for FY26-28]
EBITDA Margin Assumption
8.0%
17.5%
9.0%
17.8%
10.0%
18.0%
10.0%
19.0%
31-Mar-,39,846
1,81,973
57,192
1,24,781
31-Mar-,33,432
2,01,751
63,472
1,38,279
31-Mar-,46,775
2,24,419
71,066
1,53,353
31-Mar-
SECTION 2: INCOME STATEMENT BRIDGE (Linked from 3-Statement Model)
Fiscal Year End Date
31-Mar-2021
31-Mar-2022
31-Mar-2023
Time Period (n)
Year Fraction (YEARFRAC for stub period)
Revenue from Operations (₹ Cr)
4,66,307
6,94,673
8,76,396
EBITDA (₹ Cr)
62,662
65,667
81,792
Depreciation & Amortisation (D&A) [₹ Cr]
26,572
29,782
40,303
EBIT [= EBITDA - DA] (excl. non-operating Other 36,090
Income — per DCF
35,885
convention) 41,489
✔ EBIT Audit vs 3SM (should be 0 or ≤1)
(22,432)
(19,600)
(12,020)
Capital Expenditure [Gross CapEx, positive number]1,42,385
(₹ Cr)
NWC [Receivables + Inventory - Other Liabilities] (₹1,00,686
Cr)
Change in NWC [ΔΔ vs prior year, + = cash outflow] -
31-Mar-2024
31-Mar-2025
8,99,041
1,52,732
50,832
1,01,900
9,62,820
1,35,350
53,136
82,214
-,60,576
78,173
1,82,403
(15,792)
(17,824)
93,001
1,68,456
37,038
1,13,581
1,84,398
15,942
1,37,535
1,88,183
3,785
1,24,781
1,93,725
5,542
1,24,677
2,04,949
11,225
1,24,677
2,20,320
15,371
1,37,145
2,42,353
22,032
35,885
8,971
26,914
29,782
(1,09,162)
(30,732)
41,489
10,372
31,117
40,303
(93,001)
(37,038)
1,01,900
25,475
76,425
50,832
(1,13,581)
(15,942)
82,214
20,554
61,661
53,136
(1,37,535)
(3,785)
1,24,781
31,195
93,586
57,192
(1,24,781)
(5,542)
1,38,279
34,570
1,03,709
63,472
(1,24,677)
(11,225)
1,53,353
38,338
1,15,015
71,066
(1,24,677)
(15,371)
1,82,403
45,601
1,36,802
78,173
(1,37,145)
(22,032)
(83,198)
(58,619)
(2,266)
(26,524)
20,454
31,279
46,032
55,798
(12.0%)
(6.7%)
(0.3%)
(2.8%)
2.0%
2.8%
3.7%
4.1%
0.88x
17,995
0.77x
24,210
0.68x
31,346
0.60x
33,428
1,09,162
1,31,418
30,732
SECTION 3: UNLEVERED FREE CASH FLOW (UFCF) BRIDGE
EBIT
Less: Cash Taxes [= EBIT × Tax Rate]
NOPAT [Net Operating Profit After Tax]
Plus: D&A (non-cash add-back)
Less: Capital Expenditure (cash outflow)
Less: Change in NWC (+ = cash used)
36,090
9,023
27,068
26,572
(1,42,385)
-
UNLEVERED FREE CASH FLOW (UFCF) [₹ Cr] (88,746)
UFCF Margin (UFCF / Revenue)
(19.0%)
SECTION 4: DISCOUNTING — Discount Factors & Present Values [Forecast Period Only]
Discount Factor [= 1/(1+WACC)^n]
PV of UFCF [= UFCF × Discount Factor]
Sum of PV (UFCF) — Explicit Forecast Period
% of Total Enterprise Value (check ≤80%)
XNPV Check [Exact-date PV — preferred for stub period]
SECTION 5: TERMINAL VALUE — Gordon Growth & EV/EBITDA Cross-Check
Terminal Year UFCF (FY2029E)
WACC
Terminal Growth Rate (g)
Terminal Value [Gordon Growth = FCFn+1 / (WACC - g)]
PV of Terminal Value [= TV / (1+WACC)^4]
EV/EBITDA Terminal Value Cross-Check [= Multiple × EBITDA_n]
Average Terminal Value (Gordon + EV/EBITDA) / 2
TV % of Total EV (should be 60-80%, >90% = warning)
⚠ Terminal Value Warning Check
⚠ Growth Rate Sanity Check (g vs India GDP)
55,798
13.7%
5.0%
6,76,111
4,05,046
31,26,911
11,39,162
79.1%
⚠ WACC must exceed g
18,73,278
PV of EV/EBITDA TV →
✔ TV Weight OK
✔ Growth Rate Realistic
SECTION 6: ENTERPRISE VALUE → EQUITY VALUE BRIDGE → IMPLIED SHARE PRICE
PV of Explicit Forecast Period UFCF
PV of Terminal Value (Gordon Growth)
1,06,979
4,05,046
ENTERPRISE VALUE (EV)
5,12,025
Less: Total Debt (FY2025A)
Plus: Cash & Bank (FY2025A)
Less: Minorities / Other Adj. (₹ Cr)
EQUITY VALUE (₹ Crore)
Shares Outstanding (Crore)
100.0%
(3,74,313)
1,06,502
-
% of EV
% of EV
Adj. for minority interests if any
2,44,214
1,352
IMPLIED SHARE PRICE (₹ / Share)
180.63
Current Market Price (₹ / Share)
Implied Upside / (Downside)
Share Price Signal
1,405.00
(87.1%)
SELL (>5% downside)
SECTION 7: AUDIT CHECKS & VALIDATION — All checks must show ✔
1. Balance Sheet Check (Assets = L + E) — from 3SM
2. Terminal Growth Rate Sanity (g < WACC)
3. Terminal Value Weight (should be 60-80%)
4. EBIT Audit — DCF EBIT matches 3SM EBIT (FY25A)
5. WACC Reasonableness (8-15% for Indian co.)
6. CapEx Not Double-Counted (Gross CapEx from CFS)
7. XNPV vs Manual PV Check (should be within 5%)
8. Circularity Switch Active
TOTAL AUDIT CHECKS PASSED (out of 8)
✔ BS BALANCED (FY25A)
✔ g < WACC (OK)
✔ TV Weight 79% — Normal
✔ EBIT Match (DCF=EBITDA-DA, correct)
✔ WACC 13.7% — Reasonable
✔ Gross CapEx Positive — 1,37,535 Cr
⚠ Difference > 5% — Check stub period
✔ Circularity ON (Normal)
7/8
Green = Pass | Red/Amber = Fix Required
RELIANCE INDUSTRIES — WACC CALCULATION (CAPM)
All inputs in blue. Outputs (black) feed directly into DCF Model sheet.
Parameter
Value
Notes / Source
A. COST OF EQUITY [Ke = Rf + β × ERP]
Risk-Free Rate (Rf) — India 10Y G-Sec Yield
Equity Risk Premium (ERP) — India
Beta (β) — Reliance Industries
Beta-Adjusted ERP [= β × ERP]
Country Risk Premium (CRP) — India
Size Premium / Company-Specific Premium
Ke check: adjust for systematic risk
6.8%
6.0%
1.10
6.6%
1.5%
0.5%
-
Source: RBI, Mar 2026 | 10Y GOI Yield ≈ 6.8%
Source: Damodaran (2025) | India ERP ≈ 6.0-7.0%
Source: NSE | Reliance diversified co. β ≈ 1.0–1.2
Source: Damodaran | India CRP ≈ 1.0-2.0%
Large-cap Reliance: minimal size premium
Additional adj. if needed (default 0)
Ke — COST OF EQUITY
COST OF EQUITY [Ke = Rf + β×ERP + CRP + Size]
15.4%
← Feeds into DCF Model!N21
3,74,313
24,269
6.5%
Linked from 3SM FY25A Debt
B. COST OF DEBT [Kd Pre-Tax]
Total Borrowings (₹ Cr) — FY2025A
Finance Costs / Interest Expense (₹ Cr) — FY2025A
Implied Pre-Tax Cost of Debt [= Interest / Avg Debt]
Manual Kd Override (leave blank to use implied)
COST OF DEBT [Pre-Tax Kd]
Linked from 3SM FY25A Interest
Implied rate from financials
Optionally enter market rate (e.g., 0.085 for 8.5%)
6.5%
← Feeds into DCF Model!N22
C. CAPITAL STRUCTURE (Market Value Weights)
Market Capitalization (₹ Cr)
Total Debt (₹ Cr)
Weight of Equity [E / (E+D)]
18,99,560
3,74,313
83.5%
Linked from DCF Model
Linked from 3SM FY25A
← Feeds into DCF Model!N24
D. WACC SUMMARY
Cost of Equity (Ke)
Weight of Equity (We)
Cost of Debt (Kd pre-tax)
Tax Rate
Weight of Debt (Wd)
WACC [= Ke×We + Kd×(1-t)×Wd]
15.4%
83.5%
6.5%
25.0%
16.5%
13.7%
← Matches DCF Model!N26
