Reliance Infrastructure Ltd Q2 FY26 – ₹ 6,235 Cr Sales, ₹ 2,575 Cr Profit: Anil Ambani’s Resurrection Arc or the Final Lap of the Power Drama?
1. At a Glance
If Bollywood ever needed a script about comeback, controversy, and courtrooms, Reliance Infrastructure (R-Infra) would be the ready-made screenplay. The company, once the crown jewel of the Ambani 2.0 empire, now runs a ₹ 21,283 Cr revenue machine that oscillates between engineering marvels and legal thrillers.
Market cap sits at ₹ 7,624 Cr with the stock closing at ₹ 187 on November 14, 2025 — a far cry from its ₹ 425 peak. In the last 3 months, it’s down 28 %, because clearly investors prefer stable current ratios (not 0.28) over spiritual adventures in corporate karma.
Profit after tax for Q2 FY26 stood at ₹ 2,575 Cr, with an annualised EPS of ₹ 187 × 4 = ₹ 187? No, let’s be real: EPS ₹ 46.77 for the quarter means a possible annualised ₹ 187.1, making the stock trade at P/E ≈ 1.0 ×. Even Lord Krishna in the Gita said, “Karmanye vadhikaraste, ma phaleshu kadachana” — clearly, Ambani Jr took that literally. He keeps doing karmas (arbitrations, M&A, FCCBs) and leaves the “phala” (shareholder returns) to destiny.
2. Introduction
Once upon a time, there were two Ambani brothers. One got Jio, the other got “Jo bacha tha.” While Mukesh built oil-to-AI, Anil took the scenic route through toll roads, metro lines, and Supreme Court corridors.
Reliance Infrastructure is now that unpredictable cousin who shows up late to the family function but somehow still steals the spotlight. With a 37.5 % ROE, 34 % ROCE, and more arbitration awards than Oscars in the family shelf, R-Infra’s balance sheet looks like a mix of engineering pride and forensic-audit anxiety.
The company’s power segment dominates (91 % of revenue), complemented by E&C (2 %), infrastructure (7 %), and a small but strategic defence JV with Dassault Aviation — because when you can’t fight competition in the market, might as well build fighter-jet components.
But here’s where it gets spicy: FY25 saw a massive turnaround. After years of red ink, the company clocked a net profit of ₹ 7,956 Cr, fuelled by other income of ₹ 9,127 Cr. Yes, you read that right — the “Other Income” department is officially the most profitable SBU at Reliance Infra.
So what drives this saga now — divine grace, legal wins, or genuine operational revival? Let’s open the books.
3. Business Model – WTF Do They Even Do?
Reliance Infrastructure basically operates like a mini PSU with a private-sector attitude and a litigation hobby. Its empire spans:
Power (91 % of FY24 revenue): Distribution via BSES Rajdhani and BSES Yamuna, together supplying electricity to ~49 lakh Delhites. Generation via Samalkot (220 MW gas-based), Mormugao (48 MW), and Chitradurga (9.39 MW wind farm).
E&C (Engineering & Construction): Think of it as Reliance’s in-house contractor — designing, procurement, and project management for thermal, nuclear, and metro projects. Small in revenue (2 %), but huge in ego.
Infrastructure (7 %): Eight BOT toll roads (620 km) and five brownfield airports in Maharashtra. Because why settle for traffic when you can own it?
Defence: The Dassault JV produces Falcon-2000 aerostructures and Rafale components. Apparently, Ambani Jr believes “Make in India” works best when your partner is from France.
Reliance Power Stake: A ~33.5 Cr shareholding through preferential allotment (2023), with 5,945 MW operational capacity — a sibling collab no Theranos would dare attempt.
Essentially, R-Infra is an industrial thali — some power, some roads, a dash of defence, and a lot of “other income.”
4. Financials Overview
Source table
Metric
Latest Qtr (Sep 2025)
YoY Qtr (Sep 2024)
Prev Qtr (Jun 2025)
YoY %
QoQ %
Revenue (₹ Cr)
6,235
7,258
5,908
-14.1 %
5.5 %
EBITDA (₹ Cr)
1,055
611
240
72.7 %
339.6 %
PAT (₹ Cr)
2,575
4,195
305
-38.6 %
744.3 %
EPS (₹)
46.77
103.06
1.46
-54.6 %
3,104 %
Commentary: The company finally figured out how to turn “other income” into “our income.” YoY revenue fell 14 %, but PAT of ₹ 2,575 Cr is no joke — unless you ask where it came from. Hint: “Arbitration Awards Ltd.” might as well be its subsidiary.
5. Valuation Discussion – Fair Value Range Only
Let’s approach this like a civil engineer with a calculator and trust issues.
a. P/E Method
TTM EPS ₹ 75.7
Industry P/E ≈ 23.3 × → Fair value ≈ ₹ 1,763
Apply discount (60 % for volatility, litigation, and Gita-level karma) → ₹ 700 – ₹ 1,000 range
